ACC6001 Managerial Accounting Spring 2018 Assignment 2 Weight 10% Question 1 (Financial Accounting) a) Briefly explain Income statement, statement of Retained eamings and Balance sheet When is it prepared? Why are these statements prepared? The sequence in which they are prepared and why? b) You are given the adjusted trial balance of Emirates Entertainment Company at December 31, 2017 Emirates Entertainment Company Adjusted Trial Balance December 31, 2017 Debit S Credit $ Cash Supplies Prepaid Insurance 24,500 Accumulated Accounts Payable Interest Payable Property Taxes Payable 94,900 9,000 6,750 Mortgage Payable Capital Stock 112,000 246,800 18,000 1,000 Ticket Revenue Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expense Property Tax Expense Interest Expense 630,450 68,600 47,250 47,250 36,900 Supplies Expense Depreciation Expense 1,153,0001,153,000 Totals Prepare an income statement and statement of retained eamings for the year ended December 31, 2017. Also prepare the company's balance sheet dated December 31, 2017