May you also please write an explanation of how you got the answer?

Question 3 (16 marks) You have been so helpful to Sahra that she has recommended you to a friend of hers, Jed Skee. Jed set up the business 'Surfs Up' in October 2019 which sells Surf Ski's. Jed completed a basic bookkeeping course before he commenced his business and is able to prepare his business's accounting information up to the point of the Trial Balance, but requires your assistance in preparing the financial statements. Required: Prepare an Income Statement, Statement of Changes in Equity and a Balance Sheet from the Trial Balance provided below. Debit ($) Credit ($) 66 640 9 163 7938 245 000 Surfs Up Trial Balance for the year ended 30th June 2020 Loan Payable Supplies on Hand Fuel Expense Capital Equipment Cash at Bank Telephone Expense Warehouse Sales Accounts Payable Council Rates Expense Accounts Receivable Totals 17 640 100 254 2 450 196 000 43 316 3 038 588 23 961 357 994 357 994