On August 1 2021, the beginning of its current fiscal year, the following opening account balances listed in alphabetical order were reported by ABC Corp.: Accounts payable 2,300 Interest re Accounts receivable 4,310 Note rece 31, 2021 2,000 Retained Accumulated depreciation - equipm... Cash 6,020 Salaries p Common Shares 12,000 Supplies Equipment 10,000 Unearned During August, the following summary transactions were completed: Aug. 1 - Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Use Prepaid Advertising account) Aug. 3 - Paid August rent of $380. (Use prepaid rent account) Aug. 6 - Received $3,200 cash from customers in payment of accounts. Aug. 10 - Paid $3,120 for salaries due employees, of which $1,700 is for August and $1420s tor my salaries pavable Interest is due at maturity. x 8. Income tax of $350 is estimated to be owed for the month of August. Instructions: Note: Show calculations where applicable. Financial statements and journal entries should be in proper format.

Set up T-accounts, enter any opening balances, and post the general journal entries completed from part (1). (12 marks)

Prepare a trial balance at August 31.07 marks)

Prepare and post the August adjusting entries. Use the same T-accounts in part (2). (8 marks)

Prepare an adjusted trial balance as at August 31. (9 marks)

Prepare (a) an income statement, (b) statement of changes in equity, and (c) statement of financial position. (25 marks)

Prepare the closing journal entries assuming ABC Corp closes its books monthly. You may omit posting to T- accounts for this part. (5 marks).

Prepare a post-closing trial balance. (7 marks)

Analysis: Using the financial statements in part (6), answer the below questions:

Based on the income tax estimate amount, what is ABC Corp's tax rate? (2 marks)

In what month and year will the equipment be fully depreciated? (3 marks)

Please describe and evaluate the company's financial performance and position, including its ability to satisfy long and short term obligations. Use data to support your argument. (10 marks)

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