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6. Prepare a post-closing trial balance as at December 31, 2021. (5 marks) 7. Prepare the comparative financial statements including Income Statement and Balance Sheet (also called Statement of Profit or Loss and Statement of Financial Position) for the year ended 2020 & 2021 as the form provided in the next sheet. (Note: Office Equipment and Perry started Perry's Carpentry Company in 2020 with the financial year ended on December 31. The financial statements of Perry's Carpentry are as follows: Perry's Carpentry Income Statement For the years ended December 31, 2020 2020 Revenue Sales $ 133,400 Sales Returns and Allowances 2,040 Net Sales 131,360 Cost of Goods Sold Gross Profit 88,540 42,820 Operating Expenses Advertising Wages and Salaries Auto expense Telephone Depreciation Utilities Insurance Interest & Bank Charges Total Operating Expenses 1,400 11,590 1,970 1,240 1,110 1,370 965 4,380 24,025 Net income 18,795 Perry's Carpentry Balance Sheet For the years ended as at December 31, 2020 2020 S Assets Current Assets Cash Accounts Receivable, net Inventory Prepaid Insurance Total Current Assets 4,670 3.510 21.000 200 29,380 4,700 Non-current Assets Office Equipment Accumulated Depreciation - Office | Equipment (130) 4.570 Vehicles Accumulated Depreciation - Vehicles 15.500 (500) 15,000 Land Building Total Non-current Assets 50,000 120,000 189,570 Total Assets 218.950 Liabilities Current Liabilities Accounts Payable Total Current Liabilities 2.010 2,010 Long-Term Liabilities Long-term bank loan Mortgage Payable Total Long-Term Liabilities 64,850 64,850 Total Liabilities 66,860 Owner's Equity G. Perry, Capital 152,090 Total Liabilities and Owner's Equity 218,950 Perry's Carpentry Company uses a perpetual inventory system (With FIFO cost flow method). At the beginning of 2021, the trial balance of Perry's Carpentry Company is as follows: Perry's Carpentry Post-closing Trial Balance January 1, 2021 Accounts Debit Credit Cash $ 4,670 Accounts Receivable 3,510 Inventory (200 units at $105) 21,000 Prepaid Insurance 200 Office Equipment 4,700 Accumulated Depreciation - Office Equipment 130 Vehicles 15,500 Accumulated Depreciation - Vehicles 500 Land 50,000 Building 120,000 Accounts Payable 2,010 Long-term bank loan Mortgage Payable 64,850 G. Perry, Capital 152,090 Total 219.580 219.580 S During 2021, Perry's Carpentry incurred transactions as follows: (a) Perry took out a long-term bank loan of $21,400 for the business in cash. Her finance provision is for the expansion of her business after the first year of success. (b) Paid advertising expense of $1,530 for 2021 in cash. (e) Purchase the 12-month insurance of $1,210 in cash (d) Purchased 1,073 units of inventory on account for $107,300. (e) Sold 400 units of inventory for $70,000 in cash. (0) Purchased vehicles for $26,100 with cash. (9) Paid Utilities $1,450; Telephone $1,070; Auto expense $2,030 in cash. (h) Purchased office equipment for $1,420 with cash. 0 Sold 665 units of inventory on account for $82,500. (k) Paid wages and salaries of $10,700. (1) Received a payment of $79,750 in cash from the customer at transaction (i). (m) Paid suppliers $107,550 in cash. (n) Paid the mortgage $10,850 in cash (This transaction relates to the mortgage payable account) On December 31, 2021, Perry has additional information: (1) The bank charged the interest and bank fees of $4,510 for the year of 2020. This transaction had not been recorded. (2) As of December 31, Perry had $300 of Prepaid insurance remaining. (3) Later, after transaction (1), the customer discovered and returned 23 units of defective goods with sales of $2,900, but no accounting entries had been performed to record this transaction. (4) Depreciation on office equipment and vehicles are $390 and $1,000, respectively