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could get some help with this question Question 1 (18 MARKS) Terry, the owner of Terry's Terrific Toyshop, informs you that he has completed all

could get some help with this question

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Question 1 (18 MARKS) Terry, the owner of Terry's Terrific Toyshop, informs you that he has completed all adjusting journal entries. He provides the following adjusted ledger balances for the year ended 31 December 2020. $ Accounts payable 58,650 Accounts receivable 77,220 Accumulated depreciation: Equipment 85,290 Allowance for doubtful debts 17,000 Bad debts expense 6,000 Terry, capital: 1 January 138,600 Terry, drawings 61,240 Cash at bank 15,660 Cost of sales 36, 100 Depreciation expense - equipment 20, 100 Equipment 91,790 GST Clearing (owing to Tax Office) 8,550 Insurance expense 16,610 Interest expense 17,670 Inventory 25,500 Loan from Mac Bank (due 2023) 33,700 Prepaid insurance 6,870 Rent expense 24,000 Salaries expense 86,910 Sales discount 3,000 Sales revenue 298,650 Supplies Expense 20,640 Supplies on hand 11,070 Unearned revenue 10,980 Utilities expense 26,040 Required: Prepare/answer the following: a. An Income Statement for the year ended 31 December 2020. (Classification of expenses not required) (8 marks) b. A Statement of Changes in Equity for the year ended 31 December 2020. (2 marks) C. A classified Balance Sheet as at 31 December 2020. (8 marks)

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