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TASK DETAILS: Text: Financial Accounting CASE STUDY Topic: Conceptual Framework and Financial Statements Learning Objectives: SLO2: Prepare the basic financial statements such as the balance sheet, income statement and the cash flows. DECISION CASE STUDY ANALYZING A COMPANY AS AN INVESTMENT A year out of college, you have KD 20,000 to invest. A friend has started GrandPrize Unlimited, Inc., and she asks you to invest in her company. You obtain the company's financial statements, which are summarized at the end of the first year as follows: GrandPrize Unlimited, Inc. Income Statement Year Ended Dec. 31, 2019 Revenues........... KD140,000 Expenses........... - 95.000 GrandPrize Unlimited, Inc. Balance Sheet Dec. 31, 2019 Cash............... KD 9,000 Liabilities......... KD 76,000 Other assets.... 119.000 Equity.............. _52.000 Total liabilities Total assets...... KD128.000 and equity........ KD128.000 Net income......... KD 85,000 Conversations with your friend turn up the following facts: a. Revenue and receivable of KD35.000 were overlooked and omitted. b. Advertising costs of KD55.000 were recorded as assets. These costs should have been expenses. GrandPrize Unlimited paid cash for these expenses and recorded the cash payment correctly. C. The company owes an additional KD 20,000 for accounts payable. Requirements: 1. Prepare corrected financial statements. 2. Use your corrected statements to evaluate GrandPrize Unlimited results of operations and financial position. 3. Will you invest in GrandPrize Unlimited? Give your reason. Assessment cover Sheet Answer Sheet: Req. 1 - Net Income, total assets and total liabilities/equity each is 2 marks Grand Prize Unlimited, Inc. Income Statement Year Ended Dec. 31, 2019 Revenues........ Expenses.......... Net income..... GrandPrize Unlimited, Inc. Balance Sheet Dec. 31, 2019 9,000 Liabilities......... Cash............ Other assets.... Equity.............. Total assets...... Total liabilities & equity .... Calculations: each 2 marks Revenues = Expenses Other Assets = Liabilities = Equity Req. 2- 2 marks Req. 3 - 2 marks