QUESTION 2 Financial Reporting (15 Marks)

ESCAPE FROM NEW YORK TRIAL BALANCE AS AT 30 JUNE 2021

	Debit ($)		Credit ($)
Cash	38 000
Accounts Receivable	12 100
Electricity Expense	5 900
Insurance Expense	19 800
Building	296 000
Wages Expense	45 500
Delivery Expense	10 340
Telephone Expense Capital (1/7/20)	2 600		226 340
Drawings	22 500
Sales Income			320 400
Cleaning Expense	1 150
Accounts Payable			16 200
Equipment	140 000
Loan Payable Interest Payable			60 500 2 800
Rent Expense	3 600
General Expenses	18 600
Advertising Expense	3 750
Supplies Expense	6 400		. .
	$626 240		$626 240

a. Prepare an Income Statement for the year ended 30 June 2021.

b. Prepare a Statement of Changes in Equity for the period and a balance sheet as at 30 June 2021.