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b) Mr. Andrew is a lawyer and he has a law firm, called, Andrew Law agency. At the end of 2016, his firm has following
b) Mr. Andrew is a lawyer and he has a law firm, called, Andrew Law agency. At the end of 2016, his firm has following accounts with respective balance. He wants to know his firm's financial performance & financial position status. The trial balance of as of December 31, 2017, contains the following- Account Titles Amount Dr. (taka) Amount Cr. (taka) Cash ? Accounts Receivable 6,920 Prepaid Rent 2,280 Equipment 18,050 Accumulated Depreciation Equipment 4,895 Notes Payable 5,700 Accounts Payable 5,472 Owner's Capital 20,000 Bank Loan 11,310 Owner's Drawings 3,000 Service Revenue 11,590 Salaries and Wages Expense 6,840 Rent Expense 2,260 Depreciation Expense 145 Interest Expense 100 Interest Payable 100 Total = 59,067 59,067 Requirement: Suppose you are Andrew Law agency's accountant. i. Help Mr. Andrew by preparing relevant financial statement to find out the net profit or net loss amount for 2017. ii. Prepare an Owner's Equity Statement for 2017. iii. Help Mr. Andrew by preparing relevant financial statement to find out the financial position related status for 2017
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