Question 3 Lily owns and operates "Fashionistas", an exclusive clothing store catering to upmarket customers. Fashionistas is planning to open a second store but she needs to borrow money to make this happen. Lily has scheduled a meeting with her local bank to discuss her borrowing requirements. To make its decision, the bank requires an income statement and balance sheet dated 30th June 2020. Cutie supplies you with the following information and requests you to prepare the necessary financial statements for her. Adjusted Trial Balance 30 June 2020 Account Name Debit Credit Cash 42,000 Delivery Vehicles 74,000 Inventory 11,500 Prepaid Insurance 650 Accounts Receivable 6,600 Depreciation Expense Delivery Vehicles 4,400 Electricity Expense 600 Rent Expense 4,700 Wages Expense 18,800 Cost of Sales 57,000 Accumulated Depreciation Delivery Vehicles Accounts Payable Wages Payable Capital Lily Loan Payable (due 12/5/23) Sales Revenue Total 220,250 8,800 3,500 4,600 64,000 21,000 118,350 220,250 Complete the income statement provided below for the year ended 30th June 2020. When typing in the number, $ sign is not required. Please type in your answers as either 120000 or 120,000 (acceptable with or without comma, but do not include any space). For negative numbers (i.e. Less: Cost of Sales), please type in your number with a - sign (i.e. -10,000). Fashionistas Income Statement For the year ended 30 June 2020 Revenue Sales Revenue Total Revenue Less: Cost of Sales Gross Profit Less Expenses: Depreciation Expense Delivery Vehicles Electricity Expense Rent Expense Wages Expense Total Expenses Net Profit Complete the Balance Sheet provided below for the year ended 30th June 2020. When typing in the number, $ sign is not required. Please type in your answers as either 120000 or 120,000 (acceptable with or without comma, but do not include any space). For negative numbers (i.e. Less: Accumulated Depreciation), please type in your number with a - sign (i.c. -10,000). Fashionistas Balance Sheet As at 30 June 2020 Assets Current Assets Cash Inventory Accounts Receivable Prepaid Insurance Total Current Assets Non-Current Assets Delivery Vehicles Less: Accumulated Depreciation Total Non-Current Assets Total Assets Liabilities Current Liabilities Accounts Payable Wages Payable Total Current Liabilities Non Current Liabilities Loan Payable Total Non Current Liabilities Total Liabilities Net Assets Equity Capital Profit for the year Total Equity