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 Balance Sheet Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Credit Debit Credit 17,000 6,000 4,000 5,000 208,000 Accumulated Depreciation-Equipment Notes Payable Salaries and Wages Payable 28,000 14,000 70,000 6,000 Owner's Capital Owner's Drawings 115,000 13,000 Service Revenue 123,000 Advertising Expense 21,600 Depreciation Expense 10,000 Insurance Expense 3,400 Rent Expense 18,000 Salaries and Wages Expense 44,000 Supplies Expense 6,000 Totals 103,000 123,000 253,000 233,000 Net Income 20,000 20,000 123,000 123,000 253,000 253,000 Instructions (a) Calculate the balance of Owner's Capital that would appear on a balance sheet at December 31, 2020. (b) Prepare a classified balance sheet for Maximum Effort at December 31, 2020 assuming the note payable is a long-term liability. kt Predictions: On Accessibility: Good to go