.Q1 Prepare, in proper format, an income statement for the year ended Dec. 31, 2020. (Corporate income tax rate/ zakat = 20%.)

Q2. Prepare a balance sheet for the company at year end.

Q3. Comment on the company's performance using the information you have at hand. (10 Points) You can upload your answers in a word document or excel file.

Question 3 John Smith Company provides you with the following balances in their accounts as at Dec 31, 2020. The accounts are listed in alphabetical order. John Smith Company Adjusted Trial Balance December 31, 2020 Debit Credit $23,250 11.500 $300,000 62,290 14.050 Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Deferred revenue Depreciation Expense - building Depreciation Expense - equipment Equipment Membership Expense Merchandise inventory Miscellaneous operating expenses Note receivable, due June 1, 2020 Prepaid Membership Rent expense Retained earnings, Dec. 31, 2017 Sales revenue Share capital (10,000 shares) Trade payables Trade receivables Wages expense Totals 750 250 75,000 880 20,000 1,750 30,000 1,380 13,750 219.000 209,500 250,000 41,000 122,500 139,750 $768,300 $763.300 Instructions: 1. Prepare, in proper format, an income statement for the year ended Dec. 31, 2020. (Corporate income tax rate/ zakat = 20%.) (20 Points) 2. Prepare a balance sheet for the company at year end. (20 points) 3. Comment on the company's performance using the information you have at hand. (10 Points) You can upload your answers in a word document or excel file