The CEO of XYZ, Inc., prepared the firm's balance sheet as of December 31,2019, while the accountant was on vacation. However, the balance sheet contains many mistakes. The owner' equity amount is not correct. All other amounts are accurate. Assets Cash Salary Expense Equipment Accounts Payable Utilities Expenses Advertising Expense Land XYZ, Inc. Balance Sheet December 31, 2019 Liabilities 11,000 Notes Receivable 15,200 2,500 Interest Expenses 2,400 35,650 Office Supplies 800 4,000 Account Receivable 2,600 1,600 Notes Payable 55,550 1,000 Total 76,550 84,000 Owner's Equity Owner's Equity 63,200 139.750 Total Equity and Total 139,750 Liabilities Total Assets Requirements: a) Write the correct balance sheet with the proper headings. Calculate total assets, total liabilities, and owners' equity. (Rubrics: 0.25 mark for each correct element, 0.5 mark for the correct calculations of equity. Total = 3.5 marks) b) a. Identify the accounts that are not supposed to be on the balance sheet. b. Explain why these accounts should be excluded from the balance sheet and on which financial statement should these accounts appear? Lulu Bakeries has short-term assets of OMR 2,800, building and equipment of OMR 4,300; and other assets totaling OMR 1,700. Short-term are OMR 1,700 and account payable are OMR 3,000. Requirements: a) Use the above information to write Lulu Bakeries accounting equation. (Rubrics: 0.5 mark for the correct answer, 0.5 mark for the workings and calculations - Total 1 mark) b) How much in economic resources does Lulu Bakeries owns and controls ? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) c) How much does Lulu Bakeries owe creditors? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) d) How much of the business's assets do the Lulu Bakeries shareholders own? (Rubrics: 0.5 mark for the correct answer. Total 0.5 mark) Selected transactions from the general journal of ABC, Inc. for its first month of operations are presented below. Debit Credit 3,000 3,000 1,800 1,800 4,000 1,500 2,500 Date Accounts and explanations May May. 1 Cash Common Stock 7 Cash Service Revenues 11 Equipment Cash Notes Payable 14 Cash Account Receivables Service Revenues 16 Cash Sales Revenues 28 Cash Account Receivables 30 Salary Expenses Cash 31 Dividends Cash 450 1,000 1.450 900 900 700 700 2,000 2,000 500 500 Requirementar a) Using T accounts port the journal entries to the general ledger (Rubrics: 0.5 mark for each correct T-dccount 0.25 mark for each correct entry in a single T- Account Total marks = 8) b) Prepare a trial balance on May 31, 2019