Required: a) b) c) Prepare Chelsea Ltd's Statement of Income Statement for the year ended 30 June 2020. (10 Marks) Prepare Chelsea Ltd's Statement of Changes in Equity for the year ended 30 June 2020. (4 Marks) (i) Calculate Chelsea Ltd's Current ratio and the Debt-to-total assets ratio at 30 June 2020. (Round off the answers to the nearest 2 decimal places). (2 Marks) (ii) Explain your Current ratio and how it reflects on the company's ability to meet its obligations. (2 Marks) (i) The profit margin for Chelsea Ltd for 2019 and 2020 were 12% and 18% respectively. Interpret the meaning of profit margin for 2020. (1 Mark). (ii) Comment on the profitability trends of Chelsea Ltd from 2019 to 2020. (1 Mark) (Total 20 Marks) d) The adjusted trial balance of Chelsea Ltd as at 30 June 2020 is given below. Chelsea Ltd Adjusted trial balance 30 June 2020 Debit $ Credit $ Cash at Bank 8400 Accounts Receivable 4200 3800 Office Supplies Office Equipment 17 000 Accumulated Depreciation - Office equipment 4000 Accounts Payable 4000 Unearned Revenue 5000 Share Capital 14 500 Retained Earnings 5400 Dividends Paid 1500l Service Revenue 13500 Interest revenue 3500l Wages expense 2400 Utilities expense 1600 Advertising expense 1800 Insurance expense 12000 Office Supplies Expense 1600 Depreciation Expense Equipment 3500 Rent Expense 2900 49 900 49 900