Presented below are the amounts of assets and liabilities of the XYZ company as of December

${31}^{st}2023,$ and the revenues and expenses of the company for the year ended December ${31}^{st}2023.$

The items are listed as below:

Accounts Payable

Accounts Receivable

Advertising Expense

Building

Cash

Computer Equipment

Courier Expense

$$57,000$

$36,000$

Insurance Expense

Interest Expense

$$4,500$

$48,500$ Land

$300,000$ J$.$ Wu$,$ Withdrawals

$15,000$

$37,500$

$103,500$

$15,000$ Note Payable.

$195,000$

$165,000$ Salaries Expense

$7,000$ Salaries Payable

$240,000$

Furniture.

$45,000$

Service Revenue

$22,500$

Supplies

$450,000$

$7,500$

The opening balance of owner's equity was $$300,000.$ During the year the owner made no

investments.

REQUIRED:

Prepare the business's Income statement for the year ended December $31,2023.$ Also

prepare the statement of Owner's equity of the business for the year ended December

$31,2023.(2$ Marks$)$

Prepare the Balance sheet of the business at December ${31}^{1t},2023.(1$ Mark $)$