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(ga Accounting Theory & Practice 1 In Toronto "me 9 ACC 1004 ' xv Problems (Continued) 34' Below is the year-end adjusted trial balance for a company called Acosta Accounting. Acosta Accounting Adjusted Trial Balance December 3 1, 2015 Dr Cr Cash 3 5,000 Accounts receivable 7,000 Prepaid rent 6 3 Prepaid insurance 93000 Office supplies 3:390 Ofice equipment 8,000 Accumulated depr., Equipment 3 3:200 Building 350,000 Accumulated dept, Building 42500'0 Land 7005000 Accounts payable 5,80-0 Salaries payable 14500 Interest payable '23500 Lon g-tenn noie payable 52900 Ixzfargarita Acosta, Capital ' 910900 hfargariia Acosta, Writhdrawals 10'0,.500 Service fees eamed 361300 Salaries expense lOS,0--00 Insurance expense 5,200 Rent expense Sao-DG Depreciation expense, Equipm ent 800 Depreciation expense, Building '750'00 rows 31593339 3139130'6 N On the following pages, complete part a. (Income Statement), part b. 'gStatemem ni Changes in Equity), and part c. (Balance Sheet) by prepanng the required financial statements for Acosta Accounting based on the Information above.Lamb t ACCO u q Toromocmleg'g Umm?) Theory Ea Practice 1 bum ) roblcms (Continued) 3 Prc a 2012rc an Income Statem ent for Acosta Accounting for the year ending Dcccm'bm "xx h '51 - fl [4 marks] ment of Changes in Equity for Acosta Accounting for the year ending [3 marks} b. Prepare a State December 31, 2015.Problems (Continued) t that a 0. Prepare a classified year-end balance sheet as at Decemberfii: Egalialjo e[4 marks] $7,000 instalment onthe long-term note payable 15 due W1t y