E 2 AaBbCcDd AaBbCcDd a A 2 - A - Answer B Answer Sub Question 3 - Financial Statement Compilation (28 marks; 40 minutes) Kids 4 Us Inc. is a children's toys and clothing retailer located across Eastern Canada. You have been provided the following adjusted account balances at the company's December 31, year-end. Account Adjusted Balance at December 31, 2020 Cash Unknown S Wasss Payable 500 Supplies Expense 4,200 Equipment 23,000 Wasss Expense 25,000 Prepaid Rent 400 Cost of Goods Sold 52,000 Sales Revenue 166,450 Accounts Recsivable 10,000 2,000 4,800 3,800 750 5.000 600 Allowance doubtful account Rent Expense. Bank Loan Payable Advertising Expense Accounts Payable Utilities Expense Dividends. Reclared Depreciation Expense. Common Shares Telephone Expense Interest Expense Accumulated. Depreciation Equipment Retained Earnings 1,200 500 20,000 200 300 1,500 17,600 nited States) Focus 33 21 AaBbCcDd AaBbCcDd Ad A V Answer B Answer Sub 8,000 7,000 400 Inventory cost Inventory mkt value Repairs and Maintenance Expenses Supplies Interest Payable Uncamned revenue cost Temporary Investment 800 300 3 000 10,000 Treasury bills due in 70 days Gain on sale of fixed assets 15,000 6,000 8,000 Income tax expense REQUIRED: Part A: Prepare a multiple step income statement (NOT single step otherwise you lose marks) for the year ending December 31. Use the below template to compile your statement. Add lines or delete lines as needed - so long as your work is clear. Ensure you respect all required formatting to receive full marks I Marks tates) Focus TITI Answer B Answer Sub Norma Part B: Prepare a Statement of Retained Earnings for the year ending December 31. Use the below template to compile your statement. Add lines or delete lines as needed - so long as your work is clear. Ensure you respect all required formatting to receive full marks Marks Part C: Prepare a Classified Statement of Financial Position (classified means ALL titles and subtitles, and totals) as at December 31, 2020. The full balance of the bank loan payable is due on June 30, 2022 Use the below template to compile your statement. Add lines or delete lines as needed - so long as your work is clear. Ensure you respect all required formatting to receive full marks. Marko Page 2 of 2 ed States) O Focus