Part 1There are four financial statements - balance sheet, income statement,statement of cash flows, and statement of changes in equity. Briefly describe the information conveyed by the balance sheet relative to that conveyed by the income statement. (3 Marks)

Part 2 - End of Period Adjustments and Closings and Financial Statements (17 Marks)

The unadjusted trial balance of ABC's Financial Consultant, contains the following account balances as at 30 June 2017:

ABC FINACIAL CONSULTAT Unadjusted Trial Balance, as at 30 June 2017

Account Debit Credit

Cash at Bank $5200

Accounts Receivable 9260

GST Receivable 920

Office Supplies 1140

Land 60000

Building 152000

Accumulated Depreciation - Building 64000

Office Equipment 23400

Accumulated Depreciation - Office Equipment 6420

Accounts Payable 7960

Unearned Consulting Fees 1560

GST Payable 2000

Mortgage Payable 88600

C. Delaney, Capital 71490

C. Delaney, Drawings 52780

Consulting Fees Revenue 156860

Insurance Expense 1660

Salaries Expense 87940

Electricity Expense 760

Interest Expense 2090

Telecommunications Expense 1740

Total $398 890$398 890

The following additional account titles are included in the chart of accounts:

Prepaid Insurance

Telecommunications Expense Payable

Office Supplies Expense

Depreciation Expense - Buildings

Depreciation Expense - Office Equipment

Interest Payable

Salaries Payable

The following information is also available: 1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June.

2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June.

3. Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760.

4. A 12-month insurance policy was purchased on 1 April for $780 plus GST.

5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest.

6. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.

7. Salaries of $980 were owing to employees at 30 June 2017.

Required:

1. Prepare 6-column worksheet for the year ended 30 June 2017. Use the same format of the column worksheet provided.(8 marks)

2. Prepare the income statement, balance sheet (Narrative Format) and statement of changes in equity (7 marks)