Required: Using the balances of the General Ledger accounts as of June 30, complete the

financial statements.

Cash $214,373.00

Petty Cash $500

Accounts Receivable $31,730

Merchandise Inventory $100,698.80

Prepaid Insurance $6000

Equipment $166000

Accumulated Depreciation $81000

Accounts Payable $47,520

Interest Payable $345

CPP Payable $ 3,662.00

Ei Payable 2094.20

Income Tax Payable $3600

Saleries Payable $26250

Unearned Revenue $14500

Bank Loan $49950

Common Shares $81600

Retained Earnings 43150

Sales Revenue $491,150

1) Prepare a multistep income statement. 2) Prepare a calculation of retained earnings 3) Prepare a classified balance sheet. Assume that $19,980 of the bank loan will be paid off in the 12 months. 1) Prepare a multistep income statement. 2) Prepare a calculation of retained earnings 3) Prepare a classified balance sheet. Assume that $19,980 of the bank loan will be paid off in the 12 months