Practice questions- Class 7 Instructions Prepare a classified statement of financial position in good form as of December 31, 2017. Question 5: The adjusted trial balance columns of Falcetto Company's worksheet for the year ended December 31, 2017, are as follows. (Dr.) Cash 14,500 Accounts Receivable 11,100 Inventory 29,000 Prepaid Insurance 2,500 Equipment 95,000 Dividends 12,000 Sales Returns and Allowances 6,700 Sales Discounts 5,000 Cost of Goods Sold 363,400 Freight-Out 7,600 Advertising Expense 12,000 Salaries and Wages Expense 56,000 Utilities Expense 18,000 Rent Expense 24,000 Depreciation Expense 9,000 Insurance Expense 4,500 Interest Expense 3,600 (other investment) Instructions: 673.900 (Cr.) Accumulated Depreciation Equipment 18,000 Notes Payable 25,000 Accounts Payable 10,600 Share Capital Ordinary 50,000 Retained Earnings 31,000 Sales Revenue 536,800 Interest Revenue 2,500 (other investment) 673,900 1. Prepare an income statement for Falcetto Company. (**cheat: NI S29,500) 2. Prepare classified balance sheet 3. Prepare closing entries