Aakarshan Ltd. had the following account balances at December 31, 2021:

Account Name	Amount
Income tax expense	$12,380
Cash (beginning of year)	39,910
Purchase of intangibles	1,560
Website design	1,500
Supplies expense	1,375
Supplies	3,150
Payment of dividends	7,000
Service revenue	79,480
Cash received from debt	25,000
Dividends	7,000
Payments to suppliers	56,925
Retained earnings (beginning of year)	28,365
Bank loan payable, due in 2025	25,000
Website expense	1,000
Advertising expense	1,750
Owner's capital	17,500
Prepaid insurance	1,800
Contributions by owners	8,500
Business licence	60
Insurance expense	3,600
Interest expense	1,800
Accounts receivable	52,375
Prepaid expenses	2,700
Income tax payable	2,775
Deferred revenue	2,450
Collections from customers	58,450
Accounts payable	33,845
Cash (end of year)	66,375
Salaries expense	32,550

Using the above information create the following: income statement, statement of retained earnings, balance sheet and the statement of cash flows. Then use the information to answer the following questions.

Question 14 (1 point)

What is the correct title for this company's single step income statement?

Question 14 options:

a)	Aakarshan Ltd., December 31, 2021, Income Statement

b)	Income Statement, Aakarshan Ltd., Year ended December 31, 2021

c)	December 31, 2021, Income Statement, Aakarshan Ltd.

d)	Aakarshan Ltd., Income Statement, December 31, 2021

e)	Aakarshan Ltd., Income Statement, Year ended December 31, 2021

Question 15 (2 points)

Question 15 options:

What is Total Operating Expenses on this company's single step income statement?

Question 16 (2 points)

Question 16 options:

What is Profit before Income Tax (also called Income before Income Tax) on this company's single step income statement?

Question 17 (2 points)

Question 17 options:

What is Profit (also called Net Income) on this company's single step income statement?

Question 18 (1 point)

What is the correct title for this company's statement of retained earnings?

Question 18 options:

a)	Aakarshan Ltd., Statement of Retained Earnings, December 31, 2021

b)	Aakarshan Ltd., Statement of Retained Earnings, Year ended December 31, 2021

c)	Aakarshan Ltd., December 31, 2021, Statement of Retained Earnings

d)	Statement of Retained Earnings, Aakarshan Ltd., Year ended December 31, 2021

e)	December 31, 2021, Statement of Retained Earnings, Aakarshan Ltd.

Question 19 (2 points)

Question 19 options:

What is ending Retained Earnings on this company's statement of retained earnings?

Question 20 (1 point)

What is the correct title for this company's balance sheet?

Question 20 options:

a)	Aakarshan Ltd., Balance Sheet, Year ended December 31, 2021

b)	Aakarshan Ltd., Balance Sheet, December 31, 2021

c)	Balance Sheet, Aakarshan Ltd., Year ended December 31, 2021

d)	December 31, 2021, Balance Sheet, Aakarshan Ltd.

e)	Aakarshan Ltd., December 31, 2021, Balance Sheet

Question 21 (2 points)

Question 21 options:

What is total current assets on this company's balance sheet?

Question 22 (1 point)

What is the correct order for the current assets section of this company's balance sheet?

Question 22 options:

a)	Cash (end of year), Accounts receivable, Prepaid insurance, Supplies

b)	Cash (end of year), Accounts receivable, Prepaid insurance, Supplies, Website design, Business licence

c)	Cash (beginning of year), Accounts receivable, Prepaid insurance, Supplies

d)	Cash (end of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies

e)	Cash (beginning of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies

Question 23 (1 point)

What is the correct order for the intangible section of the balance sheet?

Question 23 options:

a)	Business licence, Prepaid expenses, Website design

b)	Business licence, Supplies, Website design

c)	Website design, Prepaid insurance, Prepaid expenses

d)	Website design, Business licence, Prepaid insurance, Prepaid expenses

e)	Website design, Business licence

f)	Prepaid insurance, Prepaid expenses, Supplies

Question 24 (2 points)

Question 24 options:

What is total assets on this company's balance sheet?

Question 25 (2 points)

Question 25 options:

What is total current liabilities on this company's balance sheet?