Hi, I need help with this question as I am struggling, Thankyou

QUESTION : Financial Statement

The following adjusted Trial Balance for "Feet Up Furniture" has been prepared at the end of the financial year ended 30 June 2021 by the business owner, Sofia Bed.

REQUIRED:

Using the Trial Balance provided below, prepare the following for the period in question:

a)Fully classified Income Statement

b) Statement of Changes in Equity FEET UP FURNITURE

ADJUSTED TRIAL BALANCE

FOR THE YEAR ENDED 30 JUNE 2021

Debit ($) Credit ($)

Cash at Bank 64,400

Accounts Receivable 68,600

Inventory (30 June 2021) 29,344

Allowance for Doubtful Debts 1,400

Prepaid Advertising 2,156

Shop Furniture & Fittings 35,000

Accumulated Depreciation - Shop Furniture & Fittings 12,628

Sales Equipment 20,160

Advertising Payable 6,300

Accounts Payable 22,400

Interest Payable 840

Loan Payable 47,040

S. Bed - Capital (1 July 2020) 62,734

S. Bed - Drawings 25,900

Sales 766,234

Sales Returns & Allowances 12,082

Discount Received 4,340

Electricity Expense 2,240

COS 540,694

Depreciation Expense - Shop Furniture & Fittings 4,970

Freight Inwards 3,948

Rent Expense 41,020

Discount Allowed 5,180

Salaries Expense - Store 46,760

Advertising Expense 784

Interest Expense 658

Doubtful Debts Expense 1,400

Salaries Expense - Admin 18,620

Totals 923,916 923,916

Sofia has provided the following additional information to assist you with your statement preparation:

$6,700 of the Rent expense specifically relates to the administration office. The remainder of this expense relates to running the store.

20% of the Electricity expense specifically relates to the administration office. The remainder of this expense relates to running the store.