Prepare Income Statement showing EBIT & EAT and classified Balance Sheet for the following Trial balance.

M/S Kareem & Khan

Trial Balance

December 31, 2019

Title of Account	Debit	Credit
Cash	110,350
Account receivable	54600
Note receivable	8000
Inventory-opening	40,500
Supplies	650
Prepaid insurance	1200
Furniture and Fixture	183,200
Accumulated depreciation-furniture		2400
Account payable		47,000
Note payable (long-term)		12,600
Capital-Frank		100,000
Sales revenue		338,000
Sales discount	1400
Sales return and allowance	2000
Interest revenue		600
Purchases	89,300
Purchases discount		3000
Purchases return and allowances		1200
Freight in	5200
Rent expense	8400
TOTAL	504,800	504,800

1. Inventory on hand at the end of the year $ 42,000
2. Depreciation on Furniture book value 2%
3. Tax rate is 10% applied