Q.1 A worksheet is an optional working tool used by accountants to facilitate the preparation of financial statements. Consider the steps followed in preparing a worksheet. How does the use of a worksheet assist the accountant? Could financial statements be prepared without a worksheet? Evaluate how the process would differ. Consider factors such as timeliness, accuracy, and efficiency in your evaluation. Q.2 The financial statement columns of the worksheet for Maximum Effort at December 31, 2020, are as follows: MAXIMUM EFFORT Worksheet For the Year Ended December 31, 2020 Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income (a) (b) 21,600 10,000 3,400 18,000 44,000 6,000 103,000 20,000 123,000 123,000 Balance Sheet Credit Debit 17,000 6,000 4,000 5,000 208,000 13,000 28,000 14,000 70,000 6,000 115,000 123,000 253,000 233,000 20,000 123.000 253,000 253.000 Instructions Calculate the balance of Owner's Capital that would appear on a balance sheet at December 31, 2020. Prepare a classified balance sheet for Maximum Effort at December 31, 2020 assuming the note payable is a long-term liability