Preparation of a Worksheet and Financial Statements The following is a trial balance of for the month of December 20A. Mr. Michael Scofield, CPA Trial Balance December 31, 20A Debit Credit Cash on Hand 35,000 Accounts Receivable 20,000 Office Supplies 15,000 Office Equipment 60,000 Furniture and Fixtures 75,000 Accounts Payable P 27,000 M. Scofield, Capital 126,300 M. Scofield, Drawing 10,000 Accounting & Auditing Fees 85,000 Other Income 5,000 Taxes & Licenses 3,500 Rent Expense 10,500 Utilities Expense 2,300 Salaries Expense 12,000 Total P 243,300 P 243,300 Additional information: 1. 5% of the outstanding Accounts Receivables is estimated to be uncollectible. 2. Office equipment acquired on December 1, 20A is estimated to have a useful life of 5 years. 3. Additional salaries expense for the month of December was not taken up amounting to P5,000 to be paid on January 15, 20B. 4. Rent expense of P10,500 paid on December 1, 20A is good for 2 months covering December 1, 20A to February 1, 20B. Required: 1) Worksheet (10-column) 2) Income Statement 3) Balance Sheet 4) Statement of Changes in Owner's Equity