(Agrent Need solution)

Zayan Enterprises adjusts its accounts monthly but closes them only at the end of calendar year. Below are the adjusted balances of different income statement and balance sheet accounts at December 31, 2020 and the ends of earlier months: Dec 31 Sep 30 July 31 June 30 Mar 31 Office Equipment 60,000 70,000 90,000 120,000 150,000 Depreciation Expense 23,000 22,500 16,500 12,400 8,200 Accounts Payable 80,000 60,000 64,000 50,000 57,000 Client Fees Earned 120,000 105,000 85,000 67,000 39,000 Office Supplies Expense 15,000 12,000 7,500 5,300 2,300 Cash 100,000 85,000 64,000 50,000 35,000 Commissions Earned 100,000 85,000 76,000 54,000 31,000 Salaries Expense 32,000 29,000 22.000 18,500 11,300 Insurance Expense 10,200 9,500 7,100 6,200 5,000 Rent Expense 44,000 37,000 32,500 28,000 24,000 Customer Deposits 85,000 70,000 10,000 45,000 17,000 Required: a) On the basis of above information, prepare separate income statements of Zayan Enterprises for all the Quarters of Financial Year, 2020. b) Rank the company's fiscal quarters on the basis of total revenues, expenses, net income. Explain the mechanism of ranking. c) Identify the areas where the company has shown significant improvement over the specified time period and suggest the measures through which company can improve its profitability. Zayan Enterprises adjusts its accounts monthly but closes them only at the end of calendar year. Below are the adjusted balances of different income statement and balance sheet accounts at December 31, 2020 and the ends of earlier months: Dec 31 Sep 30 July 31 June 30 Mar 31 Office Equipment 60,000 70,000 90,000 120,000 150,000 Depreciation Expense 23,000 22,500 16,500 12,400 8,200 Accounts Payable 80,000 60,000 64,000 50,000 57,000 Client Fees Earned 120,000 105,000 85,000 67,000 39,000 Office Supplies Expense 15,000 12,000 7,500 5,300 2,300 Cash 100,000 85,000 64,000 50,000 35,000 Commissions Earned 100,000 85,000 76,000 54,000 31,000 Salaries Expense 32,000 29,000 22.000 18,500 11,300 Insurance Expense 10,200 9,500 7,100 6,200 5,000 Rent Expense 44,000 37,000 32,500 28,000 24,000 Customer Deposits 85,000 70,000 10,000 45,000 17,000 Required: a) On the basis of above information, prepare separate income statements of Zayan Enterprises for all the Quarters of Financial Year, 2020. b) Rank the company's fiscal quarters on the basis of total revenues, expenses, net income. Explain the mechanism of ranking. c) Identify the areas where the company has shown significant improvement over the specified time period and suggest the measures through which company can improve its profitability