Olivia's Music Studio (OMS) Olivia Lewis, a passionate pianist and teacher, has over 20 years of teaching experience. She started Olivia's Music Studio (OMS) on January 1, 2020. OMS, located in Toronto, ON, offers piano and music theory lessons and sells instrument accessories such as metronomes, adjustable benches, music stand lamps, and cleaning kits and tools. After what Olivia feels was a successful first year, she is eager to see how the company has performed. The company's year-end is December 31. She has asked you to create a set of financial statements, excluding the statement of cash flows, as she feels she has a good understanding of her cash spending as compared to her budget. Olivia will use these statements for her own use to assist with planning for the future of the company Exhibit 1 includes an unadjusted trial balance at December 31, 2020. Exhibit 2 includes information on 2020 transactions which require analysis and recording using Accounting Standards for Private Enterprises (ASPE) Olivia's Music Studio (OMS) Olivia Lewis, a passionate pianist and teacher, has over 20 years of teaching experience. She started Olivia's Music Studio (OMS) on January 1, 2020. OMS, located in Toronto, ON, offers piano and music theory lessons and sells instrument accessories such as metronomes, adjustable benches, music stand lamps, and cleaning kits and tools. After what Olivia feels was a successful first year, she is eager to see how the company has performed. The company's year-end is December 31. She has asked you to create a set of financial statements, excluding the statement of cash flows, as she feels she has a good understanding of her cash spending as compared to her budget. Olivia will use these statements for her own use to assist with planning for the future of the company Exhibit 1 includes an unadjusted trial balance at December 31, 2020. Exhibit 2 includes information on 2020 transactions which require analysis and recording using Accounting Standards for Private Enterprises (ASPE)