Based on the Chart of Accounts in Appendix B for BVC Inc. create the Income Statement, Balance Sheet and Statement of Changes of Owners Equity for 2021. BVC is a small manufacturer of

• Use the templates provided in Appendix C for how they should look.
  • Ensure you include all the accounts (do not just put totals). Example, there should be no Net Fixed Assets etc.
• Companys tax rate is 35%.
• Retained Earnings are beginning balances, as of January 1^st each year. You must calculate their ending balances for the Statement of Changes of Owners Equity.

BVC Inc. Income Statement ......... Revenues: **list of accounts here** Gross Profit Operating Expenses: **list of accounts here** Total Operating Expenses EBIT **account here** Earnings before Tax **account here** Earnings After Tax BVC Inc. Statement of Changes in Owner's Equity Common Stock Retained Earnings **list of accounts here** Retained Earnings Owner's Equity BVC Inc. Balance Sheet Assets Current Assets: **list of accounts here** Total Current Assets Property, plant and equipment: **list of accounts here** Total property, plant and equipment Total Assets Liabilities Current liabilities **list of accounts here** Total Current Liabilities Long Term Liabilities **list of accounts here** Total Long Term Liabilities Total Liabilities Shareholders Equity BVC Inc Equity Total Owner's Equity Total Liabilities & Equity Appendix B Chart of Accounts BVC Inc. 31-Dec-21 Balance Account Debit Credit $ $ $ 200,000 71,000 333,500 2,634,000 Acc. Depreciation Equipment Accounts Payable Accounts Receivable Advertising Cash Common Stock Cost of Goods Sold Depreciation Expense Equipment Dividends Exercise Equipment Sales Income Tax Expense Income Taxes Payable Insurance Interest Expense Interest Payable Inventory IT Network Expense Long-term Notes Payable Maintenance & Repair Expense Manufacturing Equipment Office Salaries Office Supplies Owners Withdrawals Rent Retained Earnings @ Jan 1st Sales Salaries & Commissions Utilities Total $ $ $ $ $ $ $ $ $ $ $ $ 78,500 $ $ 129,000 88.000 276,000 $ 1,685,000 50,000 33,500 $ 78,500 $ 6,500 12,500 $ 143,500 21,000 $ 40,500 500,000 300,000 29,000 25,000 80,000 $ 86,500 40,000 3,624,500 $ 12,500 208,500 $ $ $ $ $ $ $ $ $ $ 86,500 3,624,500