After you have recorded all David's transactions (Part 1) in a worksheet, you realise that the worksheet may not be the best way to present the information to David. You decide to draw up an Income Statement and a Balance Sheet from your worksheet data instead, to concisely summarise the financial performance and the financial position of MicroSystems. You arrange to meet with David for another coffee, armed with your pre-prepared statements and ready to answer questions with your knowledge of accounting so far. Account List of Accounts and Balances (from Part 1): of 4 Balance $ 27 000 34 280 Accounts Payable Accounts Receivable Accrued Expenses Accum. Depn - Fixtures & Fittings Accum. Depn - Motor Vehicles Advertising Expense Allowance for Doubtful Debts Bank Overdraft Cleaning Expense 2 750 (125) (250) 2 800 (1 714) 520 140 Contributed Capital Cost of Goods Sold Depreciation Expense Doubtful Debts Expense Drawings Electricity Expense 24 000 30 650 375 1 714 (7 200) 1.900 12 000 Fixtures & Fittings Insurance Expense Interest Expense Interest Payable Inventory Loan Maintenance & Repairs Expense Motor Vehicles Office Equipment 350 300 300 21 860 60 000 230 24 000 890 Prepaid Insurance Prepaid Rent Rent Expense Sales Telecommunications Expense Training Expense Wages Expense Wages Payable 3 850 25 000 5 000 58 750 850 120 2 850 950 REQUIREMENTS for Part 2 (100 marks total): a) Prepare an Income Statement (Statement of Financial Performance) for the month ending 31 July 2021. 20 marks b) Prepare a classified Balance Sheet (Statement of Financial Position) in the vertical format using the proprietary approach, as at 31 July 2021. 35 marks c) Answer fifteen (15) multiple choice questions (MCQ) on the material from Weeks 1-5 (Questions will be visible upon opening FLO quiz). 45 marks