Question 5: Financial statements (13 marks) Longford Ltd has provided the following information at the end of May 2020 LONGFORD LTD Trial Balance 31 May 2020 Cr Dr. $ 2.000 3,900 1,500 800 18,000 Cash Accounts Receivable Prepaid Rent Supplies Motor vehicle Accumulated Depreciation-Motor vehicle Accounts Payable Interest Payable Salaries Payable Revenue Received in Advance Loan Payable (payable in 2025) Share capital (31 May 2020) Retained earnings (1 May 2020) Dividends paid Service Revenue Salaries Expense Electricity Expense Rent Expense Supplies Expense Depreciation Expense-Motor vehicle Interest Expense Totals $ 1,500 3,000 120 600 4,360 10,000 6,000 1,200 3,200 9,200 2,660 2,100 1,100 400 200 120 $35,980 $35.980 Additional information - During the month of May there was a new share issue of $1,500. Required (a) Prepare a Statement of Profit or Loss (also referred to as an Income Statement) for the month (3 marks) (b) Prepare a statement of Changes in Owner's Equity (3 marks) (c) Prepare a classified Statement of Financial (also referred to as a Balance Sheet) (7 marks) Answer Part (a) S $ Part (b) $ $ $ $ $