87--Week 13.docx V Search (Alt +Q) Harjot Singh Too yout References Mailings Review View Help Acrobat Table Design Layout 1 1 1 1 . 1 . 1 . 2 . 1 . 3 . 1 . 4 . 1 . 5 . 1 . 6 . 1 . 7 . 1 . 8 . 1 . 9 . 1 10 . 1 . 11 . 1 . 12 1 13. 1 . 14. 1 5 . 1 . 16 1 17. 1 18. 1 19. Shortly aner inishing your studies al Lumbion College, you Joined Ine Labour force. After Joining Ine labour force, you realized the value of your education from Lambton College. You utilized your skills and knowledge on daily basis to solve a wide range of problems, including accounting problems. Today you will utilize your accounting knowledge to Interpret and record business transactions and prepare basic financial statements. Mark's business had the following adjusted trial balance at the end of the year. Go through it and prepare the below listed financial statements Mark's Gas Station Adjusted Trial Balance December 31, 2021 Account Debit Credit Cash $ 36,289.3 $ Accounts Receivable $ 28,763.3 Inventory $ 28,214.0 $ Prepaid Insurance $ 21,542.0 Furniture $ 15,548.7 Equipment $ 82,347.3 Accumulated Depreciation $ $ 33,333.3 Accounts Payable $ $ 23,333.3 Bank Loan $ $ 22,000.0 Mark's Capital $ $ 133,333.3 Mark's Drawings $ 33,333.3 $ Sales Revenue $ $ 159,585.3 I Sales Discounts $ 3,547.3 Purchases $ 66,666.7 Purchase Discounts 2,000.0 Freight-In 2,000.0 Depreciation Expense 7,333.3 Insurance Expense 2,666.7 Rent Expense $ 13,333.3 Salaries Expense $ 26,666.7 Supplies Expense $ 3,333.3 Utilities Expense $ 2,000.0 $ Total $ 373,585.3 $ 373,585.3 Notes: $16,000 of the bank loan will be paid by December 31, 2021. Mark is offering the gas station equipment for sale; he is planning to upgrade the equipment. Inventory opening balance for the year 2021 is $8,214 Focus ibility: Investigate O C m O hpBMAT--0187--Week 13.docx v Search (Alt+Q) Harjot Singh Toor HS Design Layout References Mailings Review View Help Acrobat Table Design Layout Comments Editing 21 1 . 1 1 1 . 1. 2 . 13 . 1 . 4 . 15 1 . 6 . 1 7 . 1 . 8 1 . 9 . 1.10 . 1 . 11 1 . 12 . 1.13 . 1 . 14 15. 1 .16 1.17 . 1 18. 1 19 Your task is: Prepare a multi-step income statement (use the template below to assist you) Prepare a statement of owner's equity (use the template below to assist you) > Prepare a classified balance sheet (use the template below to assist you) ####### Income Statement ####### Sales Revenue Net Sales Cost of Goods Sold H Gross Profit Operating Expenses Operating Income Other Revenue and Expenses Net Income Focus fix Accessibility: Investigate 9:15 AM O W OC 10 0( ) ENG 2022-12-05 O hp art sc Insert f10 mpr.ecr 19 144 O 1/4 1/2 3/4 O P R U# # # # # # ## Statement of Owner's Equity ########## # # # # # #, Equity/Capital at # # # # # # Add: WIL PROJECT CASE STUDY ORIENTATION Week 13 Lace Focus (Canada) Fix Accessibility: Investigate COC 60 0 Ed ( Ch O Ei m O W hp DPI 18 144 16 P & O $ O 14 1/2 3 4 5 E P U E R T Y H C K D F G C V B N MBMAT--0187--Week 13.docx Search (Alt+Q) Harjot Singh Toor HS Draw Design Layout References Mailings Review View Help Acrobat Table Design Layout Comments O E 21 1 1 1 1 1 2 3 1415 1 6 .17 . 1 . 8 1 9 . 1 .10 1 . 11 . 1.12 1 .13. 1.14. 1 5 1 16. 1 .17: 1 18 1 .19 Less # # # # # #, Equity/ Capital at # # # # # # # ## #### # Classified Balance Sheet ######### # Assets Current Assets I Total Current Assets Property Plant and Equipment Net Property Plant and Equipment Total Assets Liabilities Current Liabilities Total Current Liabilities Long term Liabilities Total Long-term liabilities Total Liabilities Owner's Equity Total Owner's Equity Total Liabilities and Owner's Equity FOCUS 6 English (Canada) Ex Accessibility: Investigate W Coco DEW ( () ENG 202 O search hp insert 110 144 144 O 314 1/4 # $ 4 5 E P 8 E R TBMAT--0187--Week 13.docx v 9 Search (Alt+Q) Harjot Singh Toor HS Draw Design Layout References Mailings Review View Help Acrobat Table Design Layout Comments Edit 21 1 . 1 1 1 . 1 2 . 1. 3 . 1 4 1 5 . 1 6 . 1. 7 . 1 8 . 1 . 9 . 1 10 1 11 1 12 1 13 . 1 14 1 5. 1 16 1 17 1 18 1.19. Total Liabilities and Owner's Equity I WIL PROJECT CASE STUDY ORIENTATION Week 13 Deliverables, Format and Marking Scheme for This Week's Case Study Evaluation: Correct income statement (1%). Correct statement of owners' equity (1%). Correct balance sheet (2%). The balance sheet balances (1%). Note: assume any missing information. Clearly state your assumptions in your submissions. Summarize your findings in a two-page word document. FOCUS 6 9:16 AN glish (Canada) Ex Accessibility: Investigate W OC D E ( 4 ) ENG 2022-12 O earch np 112 insert 10 18 19 144 17 16 E C 14 10 Pi 314 1/4 2 4 E P U E R