Question 1: Angelica Vasquez had the following balances. Sales Revenue 3,053,081 Cost of goods sold 1,982,541 Salaries and commissions 509,044 Travel and entertainment expenses 48,940 Advertising expenses 38,315 Freight expenses 41,209 Shipping supplies and expenses 24,712 Postage and stationery 19,663 Telephone and internet expenses 12,215 Depreciation of equipment 25,005 Depreciation of building 18,059 Legal and professional services expenses 23,721 Insurance expense 17,029 Utilities expense 23,275 Miscellaneous office expense 2,612 Other Incomes Dividend revenue 98,500 Rental revenue 42,910 Gain on sale of plant assets 30,000 Required: Prepare Angelicas Income Statement for year ended January 31 2017 From the following TB of Mike, a store owner, prepare an Income Statement for the year ended December 31 2015 and a Balance Sheet as at that date $ Sales Revenue 395,000 Cost of Sales 323,800 Wages and salaries 30,000 Insurance expense 6,000 Telephone expense 1,000 Shop Fittings, cost 40,000 Motor Car, cost 30,000 Account Receivable Machinery 9,800 20,300 Account Payable 61,100 Bad debts 200 Owner, Capital 179,800 Cash balance Building 3,000 50,000 Drawings 1,800 Inventory (December 31, 2016) 120,000 Note 1. Accrued wages $3,500 2. Insurance prepaid $500 3. Provision for doubtful debts to be 2.5% of AR 4. Telephone outstanding $120 5. Depreciate Shop Fittings at 5.5% and motor car at 10% p.a, on cost