Gogoda Enterprise Adjusted Trial Balance 31 December 2021 Dr. Cr. RM RM Cash 15,400 Accounts Receivable 15,000 Prepaid Insurance 7,500 Building and Equipment 700,000 Accumulated Depreciation- 280,000 Building and Equipment Accounts Payable 5,800 Salaries and Wages Payable 1,100 Unearned Rent Revenue 800 Capital Stock 465,000 Retained Earnings 30,500 Cleaning Service Revenue 35,200 Rent Revenue 38,700 Salaries and Wages Expense 8,100 Sundry Expense 1,600 Insurance Expense 21,500 Utilities Expense 18,000 Depreciation Expense - 70,000 Building and Equipment 857,100 857,100 B. State one (1) limitation of the Balance Sheet. (2 marks) C. ITexpert Company sells computers, laptops and technology related accessories with financial year ended 31 December every year. ITexpert had revenues of $360,000 in 2021. The company has not collected on $35,000 of its sales, and still owes $40,000 on $150,000 of inventory they purchased. There was $31,000 inventory on hand at the end of the year. The opening inventory was $23,000. No sales return during the year. The company paid $25,000 in salaries. The owner invested $40,000 in the business and $25,000 was borrowed on a five-year note. The company paid $3,000 in interest that was the amount owed for the year of 2021 and paid $8,000 for a two-year insurance policy effective on 1 January 2021 until 31 December 2022. Rental expenses and depreciation expenses during the year were $23,000 and $2,440 respectively. Prepare the income statement of Itex Company for the year ended 31 December 2021. (16 marks)