One year ago, Kendrich Richardson founded Richardson Commercial Sales Company, and the business has done very well Richardson comes to you for advice. He with how much net income the business earned during the past year. The accounting records consists of the T-accounts in the ledger, which were prepared by an accountan moved. The accounts at December 31, 2015 follow Additional information: Richardson indicates that at year-end. customers owe the business $1,000 accrued service revenue which the business expect to collect early next year. These revenues been recorded. During the year, the business collected 4.100 service revenue in advance from customers but the business has earned on 5800 of that amount During th Richardson Commercial has incurred 52.400 of advertising expense but the business has not yet paid for it. In addition the business has used up $2.100 of the office su Richardson determines that depreciation on equipment was 57.000 for the year. At December 31, 2015. the business owe its employees 51 200 accrued salary To get a loan to expand the business, Richardson must show the bank that the business stockholders' equity has grown from its original $10.500 balance. You and Richar that you will meet again in one week In order to assist Richardson, prepare a report of your assessment of Richardson Commercial Sales Company business that you will present to Kendrich Richardson 1. Use the additional information provided at year-end to record the adjusting entries and post them into the ledger accounts to calculate the new year end balances 2. Use the updated general ledger balances to prepare the following financial statements in proper order): Income Statement Statement of Retained Earnings Balance sheet 3. Use the information on the financial statements to answer the following questions Was Richardson Commercial Sales Company profitable in 2015? D. Has the stockholders equity grown? Can Richardson expect to get the loan? Give your reasons for your response. [Hint Calculating some appropriate liquidity ratios, such as c ratio cash ratio acid-test ratio ate may help! 4. Kendrich Richardson establishes another branch of the business in Panama City, Panama, what accounting standards will the company use to record the accounting One year ago, Kendrich Richardson founded Richardson Commercial Sales Company, and the business has done very well Richardson comes to you for advice. He with how much net income the business earned during the past year. The accounting records consists of the T-accounts in the ledger, which were prepared by an accountan moved. The accounts at December 31, 2015 follow Additional information: Richardson indicates that at year-end. customers owe the business $1,000 accrued service revenue which the business expect to collect early next year. These revenues been recorded. During the year, the business collected 4.100 service revenue in advance from customers but the business has earned on 5800 of that amount During th Richardson Commercial has incurred 52.400 of advertising expense but the business has not yet paid for it. In addition the business has used up $2.100 of the office su Richardson determines that depreciation on equipment was 57.000 for the year. At December 31, 2015. the business owe its employees 51 200 accrued salary To get a loan to expand the business, Richardson must show the bank that the business stockholders' equity has grown from its original $10.500 balance. You and Richar that you will meet again in one week In order to assist Richardson, prepare a report of your assessment of Richardson Commercial Sales Company business that you will present to Kendrich Richardson 1. Use the additional information provided at year-end to record the adjusting entries and post them into the ledger accounts to calculate the new year end balances 2. Use the updated general ledger balances to prepare the following financial statements in proper order): Income Statement Statement of Retained Earnings Balance sheet 3. Use the information on the financial statements to answer the following questions Was Richardson Commercial Sales Company profitable in 2015? D. Has the stockholders equity grown? Can Richardson expect to get the loan? Give your reasons for your response. [Hint Calculating some appropriate liquidity ratios, such as c ratio cash ratio acid-test ratio ate may help! 4. Kendrich Richardson establishes another branch of the business in Panama City, Panama, what accounting standards will the company use to record the accounting