The adjusted trial balance and some additional information for Northern Electronics Limited appears below. NORTHERN ELECTRONICS Adjusted Trial Balance December 31, 2019 

Debit Credit Cash ........................................................................................... $ 23,000

Accounts receivable ............................................................................. 9,500 

Merchandise inventory ......................................................................... 30,000 

Equipment ............................................................................................ 18,000 

Accumulated depreciation—equipment ............................................... $ 4,800 

Accounts payable ................................................................................. 15,200 

Common shares .................................................................................... 8,100

Retained earnings ................................................................................ 21,150 

Dividends ............................................................................................. 1,600 

Sales revenue ...................................................................................... 725,000 

Sales Discounts ................................................................................... 7,500 

Purchases ............................................................................................ 475,000 

Purchase Returns and allowances ...................................................... 3,500 

Freight in .............................................................................................. 10,100 

Salaries and Benefits expense ............................................................ 177,600 

Office supplies expense ....................................................................... 14,500 

Depreciation expense .......................................................................... 3,000 

Income Tax expense ............................................................................ 7,950 

                                                                                                                    $777,750 

Additional Information: 

1. Northern uses a periodic inventory system. Inventory January 1, 2019 was $30,000. 

2. The inventory count on December 31, 2019 was $40,000. 

3. There were no Common Share transactions during the year. 

4. Retained earnings December 31, 2018 were $21,150. Instructions: For the year ended December 31, 2019:

(a) Prepare a multi-step income statement;

(b) Prepare a statement of financial position; 

(c) Prepare a statement of changes in equity (4 marks)