Please create the following financial statements for MEGA-Unicorn for the July 1, 2020 - June 30, 2021 year in the Excel template provided. 1. Income Statement 2. Balance Sheet 3. Direct Cash Flow Statement 4. Indirect Cash Flow Statement Use the Excel template provided to help you create the financial statements. Submit your Excel spreadsheet on eConestoga Learn by the due date. Submit ONE file per group, ensure that all of your group members' names are noted somewhere on the spreadsheet submitted.

You are the founder of MEGA-Unicorn Inc and just completed the first year of operation ended June 30, 2021 (Companys fiscal year is from July 1, 2020 to June 30, 2021). As an early-stage start-up, you dont have the luxury to hire a full-time accountant, as a result, you decided to put the valuable accounting skills that you learned from the MMEGA program at test. Following are a list of transactions that have occurred in the first year of operation for MEGA-Unicorn. The companys policy is to recognize revenues when sales occur and the product has been successfully delivered to the customer.All amounts in CAD.

1. On July 1, 2020, you contributed $1,000,000 in exchange for 10,000 shares of common stock. The full amountis deposited in cash.
2. On July 1, 2020, MEGA-Unicorn rented an office building for $10,000 a month. The landlord requires the rent to be paid up front for each month and also requires a last month deposit. Therefore, a total of $130,000 were paid in Cash as of June 30, 2021.
3. On July 1, 2020, MEGA-Unicorn bought inventories on account from ABC for $400,000 for a total of 1,000units.
4. On July 1, 2020, MEGA-Unicorn purchased computers (office equipment) for $12,000, fully paid in cash. Straight-line depreciation method is applied and the computers have a useful life of 3 years.
5. On July 31, 2020, MEGA-Unicorn spent $20,000 in advertising, which has been paid in cash.
6. On August 1, 2020, MEGA-Unicorn sold 250 units of its inventories to Customer A for a totalof

$250,000 (fully delivered, revenue can be recognized). Customer A paid $200,000 via cheque which is deposited in the cash accountand the remaining to be paidwithin 30 days.

1. On August 1, 2020, MEGA-Unicorn paid ABC $400,000in cash.
2. On October 31, 2020, MEGA-Unicorn did not receive the remaining payment from Customer A after 90 days and had to write off the receivable amount.
3. On June 1, 2021, MEGA-Unicorn sold another 500 units of its inventories to Customer B for a total of $500,000, which 80% was received in cash and 20% on account to be paid in August 2021. Only 300 units were delivered to Customer B by end of June 30, 2021 (i.e., only revenue associated with the 300 units can be recognized, remaining 200 units cannot be recognized as revenueuntil they are delivered).
4. On June 30, 2021, MEGA-Unicorn purchased XYZ Solution Inc for$300,000 in cash settlement.

XYZs net asset valuewas $200,000.

1. On June 30, 2021, MEGA-Unicorn paid your annualsalary of $50,000in cash.
2. On June 30, 2021, MEGA-Unicorn declared and paid out a dividend of $0.1 per share in cash.
3. On June 30, 2021, MEGA-Unicorn owes the government income taxes. As a CCPC (Canadian- controlled private corporations) located in Ontario, MEGA-Unicorns tax rate is 3.5% on total income before taxes (operating income+gain/losses+other income). The income tax owed is to be paid in the future.

ASSETS=LIABILITIES+OWNER'S EQUITY CurrentLong-term Current Permanent AccountsOperations (Temporary) Account NameCashAccounts ReceivableInterests ReceivableInventoryPrepaid ExpenseOffice EquipmentInvestment in XYZGoodwill APUnearned RevenueIncome Tax Payable Common StockRetained EarningsRevenuesCost of SalesSalary ExpenseRent ExpenseBad Debt ExpenseAdvertising ExpenseDepreciationInc Tax ExpenseInterest IncomeTransaction # 1 2 3 4 5 6 7 8 9 10 11 12 13 Total Net Income Close Net Income to RE Totals00000000 000 00000000000 Total AssetsTotal LiabilityTotal EquityBalance Check Check0000

BET-UnicornBalance Sheet(in dollars) As of June 30Assets Current assets: Cash AR Inventory Prepaid Expense Total current assets 0 PPE Investment in XYZ Goodwill Total Assets 0 Liabilities and Stockholders' Equity Current liabilities: AP Unearned Revenue Income Tax Payable Total current liabilties 0 Total liabilities 0 Stockholders' equity: Common Stock Retained Earnings Total stockholders' equity 0 Total liabilities and stockholders' equity 0 Check 0 Please create the following financial statements for MEGA-Unicorn for the July 1, 2020 - June 30, 2021 year in the Excel template provided. 1. Income Statement 2. Balance Sheet 3. Direct Cash Flow Statement 4. Indirect Cash Flow Statement Use the Excel template provided to help you create the financial statements. Submit your Excel spreadsheet on eConestoga Learn by the due date. Submit ONE file per group, ensure that all of your group members' names are noted somewhere on the spreadsheet submitted. Please create the following financial statements for MEGA-Unicorn for the July 1, 2020 - June 30, 2021 year in the Excel template provided. 1. Income Statement 2. Balance Sheet 3. Direct Cash Flow Statement 4. Indirect Cash Flow Statement Use the Excel template provided to help you create the financial statements. Submit your Excel spreadsheet on eConestoga Learn by the due date. Submit ONE file per group, ensure that all of your group members' names are noted somewhere on the spreadsheet submitted