Score Part 4:Comprehensive questions (53%) A partial worksheet of Wang's Service as of December 31, 2018, the end of current fiscal year. are presented below: Trial Balance Account Name Debit Credit Cash 164, 640 Accounts Receivable 31.500 Merchandise Inventory 34,860 Store Supplies 2436 Prepaid Insurance 2,520 Equipment 105,000 Accumulated Depreciation: Equipment 4.200 Accounts Payable 32. 310 Wang, Capital 160, 116 Wang, Drawing 2. 100 Sales 496, 440 Sales Returns and Allowances 5,040 Purchases 285,600 Purchases Returns and Allowances 2.856 Purchase discount 1.344 Salary Expense 63,000 Utilities Expense 697,326 697, 326 The data for adjustments are as follows: (1) Ending merchandise inventory. 35000 yuan. (2) Store supplies used during the year, 1218 yuan. (3) Insurance expired during the year. 504 yuan. (4) Depreciation of equipment for the year, 700 yuan. 630 4/7 Using the information above, please answer the following questions: 1. Prepare an income statement. (18%) Wang' s Service Income Statement for the year ended December 31, 2018 Revenue from Sales: Cost of Goods Sold: Gross Profit: Operating Expenses: Net Income 2. Prepare a statement of owner's equity. (10%) Statement of Owner's Equity For the year ended December 31, 2018 3. Prepare a balance sheet. (15%) Balance Sheet For the year ended December 31, 2018 Assets Current Assets: Plant and Equipment: Total Assets Liabilities & Owner's Equity Current Liabilities: Owner's equity: Total Liabilities and Owner's Equity 6/7 4. Journalize the adjusting entries. (10%) Wang's Service Adjusting entries Date Account Name Debit Credit