Financial statements You are now asked to prepare the following financial statements: Income statement. This statement is prepared to help assess the financial performance of the business. It summarizes the revenues earned and expenses incurred over the month of June Statement of stockholders' equity. This statement shows the movements in equity over the month of June Balance sheet. This statement reports the financial position of the business at the end of June. It presents the assets, liabilities and equity of the business as at June 30, 2017 Instructions for financial statements Using the company's accounting policies found in the policies and procedures popup, and appropriate information from previous pages of the practice set 1) Prepare an income statement for the month of June To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted are indicated on the income statement with brackets around the input box. To complete the income statement, you are required to select items from drop-down lists. Brackets will be displayed if you select loss After taking a physical count of inventory, the balance of inventory on hand as at June 30 is $73,263 You will need to use this information to calculate cost of goods sold under the periodic inventory System You may not need to use all of the lines in the income statement 2) Prepare a statement of stockholders' equity for the month of June Most values are to be entered in the input boxes as positive amounts, because amounts to be subtracted are already indicated on the statement with brackets around the input box. Note that you are required to select income/loss from a drop-down list. Brackets will be displayed if you select loss 3) Prepare a balance sheet as at the end of June To begin, select the appropriate accounts using a popup link. Note that when you select an account, brackets may automatically appear around the input box in which you are asked to enter the balance of the account. Next, enter all values as positive amounts because amounts to be subtracted will be indicated on the balance sheet with brackets around the input box Remember that the balance of inventory on hand as at June 30 is $73,263. You will need to use this information to complete the balance sheet. You may not need to use all of the lines in the balance sheet