The adjusted trial balance for Ezoom Corporation$$s December $31,2023$ year$-$end is as follows:

Account Title Debit Credit

Accounts Payable $$11,100$

Accounts Receivable $$11,800$

Accumulated Depreciation $$33,600$

Allowance for Doubtful Accounts $$800$

Bank Loan $-$ Current Portion $$7,650$

Bank Loan $-$ Non$-$Current Portion $$15,300$

Cash $$44,700$

Common Shares, $10,000$ shares issued and outstanding $$50,000$

Cost of Goods Sold $$39,620$

Depreciation Expense $$5,600$

Income Tax Expense $$8,900$

Insurance Expense $$9,000$

Interest Expense $$690$

Gain on sale of equipment $$1,344$

Prepaid Insurance $$3,000$

Inventory $$8,550$

Property, Plant & Equipment $$134,200$

Repairs Expense $$1,472$

Retained Earnings $$53,042$

Salaries Expense $$23,400$

Sales Discounts $$2,264$

Sales Returns and Allowances $$1,132$

Sales Revenue $$113,200$

Supplies Expense $$1,698$

Unearned Revenue $$9,990$

Total $$296,026$ $$296,026$

Note: No dividends were paid in the period.

Do not enter dollar signs or commas in the input boxes.

Round all answers to the nearest whole number.

Do not use the negative sign for any values.

$($a$)$ Prepare a multistep income statement for the year ended December $31,2023.$

Ezoom Corporation

Income Statement

For the Year Ended December $31,2023$

Sales Revenue Answer

$113200$

Less: Sales Discounts Answer

$2264$

Less: Sales Returns and Allowances Answer

$1132$

Answer

$109804$

Net Sales Answer

Cost of Goods Sold Answer

$39620$

Gross Profit Answer

Operating Expenses

Depreciation Expense Answer

$5600$

Insurance Expense Answer

$9000$

Repairs Expense Answer

$1472$

Salaries Expense Answer

$23400$

Supplies Expense Answer

$1698$

Answer

$41170$

Income from Operations Answer

Other Income $($Expenses$)$

Gain on sale of equipment Answer

Less: Interest Expense Answer

$1344$

Answer

Income before Taxes Answer

Income Tax Expense Answer

$8900$

Net Income Answer

$($b$)$ Prepare the statement of retained earnings for the year ended December $31,2023.$

Ezoom Corporation

Statement of Retained Earnings

For the Year Ended December $31,2023$

Retained Earnings January $1,2023$ Answer

Add: Net Income for the Period Answer

Subtotal Answer

Less: Dividends Answer

Retained Earnings, December $31,2023$ Answer

$($c$)$ Prepare a classified balance sheet as at December $31,2023.$

Ezoom Corporation

Balance Sheet

As at December $31,2023$

Assets

Current Assets

Cash Answer

Accounts Receivable $($net$)$ Answer

Prepaid Insurance Answer

Inventory Answer

Total Current Assets Answer

Long$-$Term Assets

Property, Plant & Equipment $($net$)$ Answer

Total Assets Answer

Liabilities

Current Liabilities

Accounts Payable Answer

Unearned Revenue Answer

Bank Loan $-$ Current Portion Answer

Total Current Liabilities Answer

Long$-$Term Liabilities

Bank Loan $-$ Non$-$Current Portion Answer

Total Liabilities Answer

Shareholders$$ Equity

Common Shares, $10,000$ shares issued and outstanding Answer

Retained Earnings Answer

Total Shareholders$$ Equity Answer

Total Liabilities and Shareholders' Equity Answer