A friend who owns a boutique catering business named "Black and White Checkers". The friend knows that you are studying accounting, and has asked if you would help prepare the entity's classified balance sheet statement and an income statement. To perform this task, the friend has provided you with the following list of items generated from the transactions for the year. You are required to classify each item and select the report in which the item will be presented Item $ Classification Report Wages and leave payments owing -3200 . > Wages 18900 > Van 60000 . . 2400 Telephone plan costs Short term loan payable in 5 months -3200 Wages 18900 Van 60000 . 6200 . Food supplies 23080 Food and supplies used . 32000 Interest paid on loans > 6200 . Food supplies 23080 . . 32000 Food and supplies used Deposits for future catering events -2800 Catering equipment + 64600 . Cash at Bank 12800 > > Capital -19040 3560 . . Breakages of plates and dishes Bank loan payable in five years Amounts received for catering performed - 120000 > > -58900 Catering equipment > 64600 > > Cash at Bank 12800 Capital -19040 > -120000 Amounts received for catering performed . . -58900 Advertising prepaid . 32001 Accumulated depreciation -6600 > > select the report in which the item will be presented em $ Classification Report Hages and leave ayments owing . -3200 Hages Current Asset 18900 Non Current Asset Current Liability Non Current Liability 60000 Owners Equity Revenue Expense an lephone plan Osts > 2400 hort term loan ayable in 5 e required to ssify each item and ect the report in which the item will be presented Classification Report > s and leave ents owing -3200 Income Statement Balance Sheet . s 18900 60000 none plan 2400 term loan le in 5 os > -25000