Sunshine Enterprise Ltd. started its operation in 2015.The following is the balance sheet of Sunshine Enterprise Ltd as at Dec. 31, 2015.

Required:

1.Record the above transactions in the accounting equation. (Show necessary calculations). Hint: Record the beginning balances from the above Balance Sheet first

2.multi-step income statement.

3. Classified Balance Sheet

It is the second year of its operation. The transactions of the company for the year 2016 are described below:" Net sales for the year were $100,000 All the sales were on credit.(Transaction #1) The company collected 50% of credit sales during the year(Transaction #2) and 90% of the accounts receivable of last year.(Transaction #3) The rest of last year's receivable was uncollectible and written off as bad debt.(Transaction #4) The company uses allowance method for recording allowances for doubtful accounts (AFDA).It calculates AFDA by using the percentage method. It estimates that 1% of credit sales will be uncollectible.(Transaction #5)