ACCT 1010 Winter 2022 Test #3 Name: Student Number: Q4: Preparation of Financial Statements The adjusted trial balance for Sweet Maple Syrup as at December 31, 2021 is provided below: Adjusted Trial Balance 101 Cash 106 125 Inventory Accounts Receivable Debit Credit 6,750 153 Vehicles 3,550 5,000 154 193 201 Accounts Payable Other Long-Term Assets Accumulated Depreciation, Vehicles 35,000 $ 8,050 12,000 209 Salaries Payable 7,800 233 Unearned Revenue 3,000 301 M. Tree, capital 2,000 39,600 302 M. Tree, withdrawals 11,500 401 Sales 56,350 501 Cost of Good Sold 15,000 511 Depreciation Expense, Vehicles 4,700 522 Salaries Expense 15,500 540 Rent Expense 3,550 577 Advertising Expenses 4,250 Totals $ 116,800 $ 116,800 At the beginning of the year, the M. Tree, Capital account has a balance of $20,000. During the year M. Tree invested $19,600 into the business. Required: 1. Prepare the Income Statement for the year ended December 31, 2021. (15 marks) 2. Prepare the Statement of Changes in Equity for the year ended December 31, 2021. (10 marks) Page