Q1 -Rose Limited operates a small chain of retail shops, which sell high quality teas and coffees. Prepare the income statement for February 2021, with the following transactions.

Item $

Sales =208,000

Salaries = 30,000

Cost of Sales = 40,000

Interest received from Investments = 20,000

Electricity =10,000

Motor Vehicle Expense = 15,000

Motor Vehicle Depreciation = 2000

Insurance = 4,000

Loan Interest =1,100

Bad debts written off = 15,000

Depreciation Fixtures and Fittings = 3,000

q2-

Pauline Emm is the owner and operator of Power thoughts, a motivational consulting business. At the end of its accounting period, December 31, 2018, Power Thoiughts has assets of $ 382,000, and liabilities of $ 94,000. Using the accounting equation, determine the following amounts. SHOW THE WORKING OUT, STEPS WHILE WORKING OUT THE QUESTION.

A. Owner's Equity as of December 31, 2018.

B. Owner's Equity as of December 31, 2019, assuming that assets decreased by $ 63,000 and liabilities increased by $35,000 during 2019.