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Below is the draft trial balance for Immune Inc. as at December 31,2022 for the year ended on that date. Using the above account balance
Below is the draft trial balance for Immune Inc. as at December 31,2022 for the year ended on that date. Using the above account balance information, prepare the following: A) An Income Statement for 2022. (10 marks) B) A Statement of Retained Earnings for 2022. (5 marks) C) A classified Balance Sheet at December 31, 2022. Be sure to include all the appropriate headings and sections and subtotals. (20 marks) D) Immune Inc. accounting records reveal the following additional information relating to 2022 transactions: The beginning balances of various accounts at January 1, 2022 were as follows: - Equipment was sold for $12,100 cash. - The company purchased equipment for $34,000 cash. - The company purchased long-term investments for $3,000 cash. - The company issued common shares for $5,000 during the year. - The company paid off $25,000 of the bank loan payable. - The company paid $20,000 of dividends to shareholders. Using the financial statements you created in Parts A - C, and the above information, prepare a Statement of Cash flows for the year ended December 31, 2022. (18 marks) Comment on the strengths and weaknesses of the company's cash flow based on your calculations. (2 marks) Do closing entries for Immune Inc. at December 31, 2022
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