Q#03: The balances of different accounts extracted from adjusted trial balance of Habeer Enterprises as on November 30, 2018 are in random order; Notes Payable, 300,000; Unexpired Insurance, 200,000; Common Stock 220,000; Accounts Receivable, 500,000; Salaries Payable, 320,000; Inventories, 200,000; Accumulated Depreciation: Equipment, 300,000; Accounts Payable, 382,000; Equipment, 650,000; Cash, 223,000. During the month of December, 2018; the company engaged in different transactions. On December 5, 2018; and additional capital stock of 350,000 was issued. The outstanding accounts payable were paid in full on December 10. Office supplies expected to last for several months were purchased on December 13. These supplies were costing 9,000 and amount is to be paid in 90 days. To facilitate its operations, the companyborrowed 300,000 from a local bank on December 19 at an interest rate of 9% per annum and signed a notes payable. The interest and principal amount is to be paid on maturity of loan and accrual of interest to be start from January, 2019. On December 24, the company purchased vehicles, costing 350,000. 60% down payment was made while remaining amount was committed to be paid in 60 days. The company also paid outstanding salaries to its employees on December 26. Required:a) make balance sheet of Habeer Enterprises in account form at November 30, 2018; by using above information and computing the missing figure of Retained Earnings. Ensure proper format & sequence of items. Further, make balance sheet in report form at December 31, 2018 by using above information. Which balance sheet format is appropriate, and why?b) make statement of cash flows for the month of December. Classify the payments of accounts payable and salaries payable as operating activities. Ensure proper format & sequence of items.

Q#03: The balances of different accounts extracted from adjusted trial balance of Habeer Enterprises as on November 30, 2018 are in random order; Notes Payable, 300,000; Unexpired Insurance, 200,000; Common Stock 220,000; Accounts Receivable, 500,000; Salaries Payable, 320,000; Inventories, 200,000; Accumulated Depreciation: Equipment, 300,000; Accounts Payable, 382,000; Equipment, 650,000; Cash, 223,000. During the month of December, 2018; the company engaged in different transactions. On December 5, 2018', and additional capital stock of 350,000 was issued. The outstanding accounts payable were paid in full on December 10. Ofce supplies expected to last for several months were purchased on December 13. These supplies were costing 9,000 and amount is to be paid in 90 days. To facilitate its operations, the company borrowed 300,000 from a local bank on December 19 at an interest rate of 9% per annum and signed a notes payable. The interest and principal amount is to be paid on maturity of loan and accmal of interest to be start from January, 2019. On December 24, the company purchased vehicles, costing 350,000. 60% down payment was made while remaining amount was committed to be paid in 60 days. The company also paid outstanding salaries to its employees on December 26. Required: a) b) Prepare a balance sheet of Habeer Enterprises in account form at November 30, 2018; by using above information and computing the missing gure of Retained Earnings. Ensure proper format 8: sequence of items. Further, prepare a balance sheet in report form at December 31, 2018 by using above information. Which balance sheet format is appropriate, and why? Prepare a statement of cash flows for the month of December. Classify the payments of accounts payable and salaries payable as operating activities. Ensure proper format & sequence of items