In this task your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business

• Instructions: In this task you have to:

1. Produce the final accounts for a sole trader business (Horizons Programming Company) from task 1 including profit and loss account, owners equity statement, and balance sheet for the Period ended July 31^st. using the trial balance that you have produced in problem 2/ task1.
2. Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:

• On the 25^th of November 2021, the business purchased supplies for 10000 cash. On 31^st of December, 2021 the business found out that the supplies still on hand were 5000 only.
• The business has a Equipment with book value of 8000, with annual depreciation rate of 12%.
• On the1st of August the business purchased a one-year insurance policy for 1800. Prepare the adjusting entry on 31^st of December 2021.
• The employees are paid salaries on the 29^th of each month. Prepare the adjusting entry of 5000 of the employees salaries that are not yet paid on the 31^st of December, 2021.
• 3)Use the given adjusted trial balance for Cowell Company, LLC (Table 2) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31^st.
• 4)Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content.

Table 2 Adjusted Trial Balance of the Cowell Company, LLC for the Period ended 31" of December Dr. Account Title Cr. Cash 10,700 Accounts Receivable 20,000 Supplies 2000 Prepaid Insurance 15,000 Equipment 35,000 14,000 Accumulated depreciation - Equipment Unearned Service Revenue 11,000 2000 Taxes Payable Accounts payable 600 9,000 Salaries payable Share Capital Retained Earnings 24,000 12,000 Dividends 1,500 Service Revenue 30,000 Insurance expenses 1,600 Salaries and wages expense 5,000 Depreciation Expense 7,000 Advertising expense 4000 Rent expense 800 Total 102.600 102,600 Account DEDE Credit Cash 11,955 Capital 11:00 Equipament 30 Sapplica A 3,5 Services TEVRUC 15,000 OVE LAYERS 2015! Salca. Revenue 10,000E les return 1000 Salca discount Drawinga 200 Linearned. Revenue 2.00E FLERE END BE Salaries. En 2 Llitica. LSD 1025 Prepaid. Insurance - 2 Cast al males TEORI TGB 184,5002 1154 BUDE Horizons Programming Company Income statements for the Period ended July. 31, 2020 Account Title Sub total Total Net sales Services revenue Less: cost of sales Less: Operating expenses Total Expenses = Horizons Programming Company Change in owner equity for the Period ended July 31, 2021 Account Title Capital Add: Less : Dr. Horizons Programming Company Balance sheet at July 31, 2021 Assets $ Labilities and owner equity Current assets Labilities Total Labilities Equity Total current assets Total equity Non current assets Total Non current assets Total assets Total Labilities and owner equity Adjusting entries Transaction Date Account Title Debit Credit # 1 2 2 3 the Cowell Company, LLC Income statements for the Period ended December 31, 2021 Account Title Sub total Total Revenues Total revenues Less : expenses Total Expenses the Cowell Company, LLC Income statements for the Period ended Desember 31, 2021 Account Title Begging RE Add: Less : ABC, LLC Statement of financial position for the Period ended December 31, 2019 Assets $ Labilities and owner equity Current assets Labilities Total current assets Total Labilities Non current assets Equity Less : Net Non curent assets Total Equity Total assets Total Labilities and owner equity Table 2 Adjusted Trial Balance of the Cowell Company, LLC for the Period ended 31" of December Dr. Account Title Cr. Cash 10,700 Accounts Receivable 20,000 Supplies 2000 Prepaid Insurance 15,000 Equipment 35,000 14,000 Accumulated depreciation - Equipment Unearned Service Revenue 11,000 2000 Taxes Payable Accounts payable 600 9,000 Salaries payable Share Capital Retained Earnings 24,000 12,000 Dividends 1,500 Service Revenue 30,000 Insurance expenses 1,600 Salaries and wages expense 5,000 Depreciation Expense 7,000 Advertising expense 4000 Rent expense 800 Total 102.600 102,600 Account DEDE Credit Cash 11,955 Capital 11:00 Equipament 30 Sapplica A 3,5 Services TEVRUC 15,000 OVE LAYERS 2015! Salca. Revenue 10,000E les return 1000 Salca discount Drawinga 200 Linearned. Revenue 2.00E FLERE END BE Salaries. En 2 Llitica. LSD 1025 Prepaid. Insurance - 2 Cast al males TEORI TGB 184,5002 1154 BUDE Horizons Programming Company Income statements for the Period ended July. 31, 2020 Account Title Sub total Total Net sales Services revenue Less: cost of sales Less: Operating expenses Total Expenses = Horizons Programming Company Change in owner equity for the Period ended July 31, 2021 Account Title Capital Add: Less : Dr. Horizons Programming Company Balance sheet at July 31, 2021 Assets $ Labilities and owner equity Current assets Labilities Total Labilities Equity Total current assets Total equity Non current assets Total Non current assets Total assets Total Labilities and owner equity Adjusting entries Transaction Date Account Title Debit Credit # 1 2 2 3 the Cowell Company, LLC Income statements for the Period ended December 31, 2021 Account Title Sub total Total Revenues Total revenues Less : expenses Total Expenses the Cowell Company, LLC Income statements for the Period ended Desember 31, 2021 Account Title Begging RE Add: Less : ABC, LLC Statement of financial position for the Period ended December 31, 2019 Assets $ Labilities and owner equity Current assets Labilities Total current assets Total Labilities Non current assets Equity Less : Net Non curent assets Total Equity Total assets Total Labilities and owner equity