The income statement of a company shows the change in the wealth of shareholders (the equity) over a specific period of time. (E-Bank's income statement) Income statement ($ million) Interest income Fees from services 90 30 + > Interest earned on loans and bonds Commissions from services (ex: credit Card fees) Interest paid on deposits Provisions for losses on loans Noninterest expenses such as wages, computers Interest expenses -70 Provisions for bad debt--10 Operating expenses -22 Profit before tax 18 Corporate tax (40%) -7.2* Profit after tax 10.8 E-Bank's balance sheet is similar to the one presented in Stage One. Balance sheet ($ million), 31 December Assets Liabilities 1100- Debt: 1000 (including deposits) + Equity: 100- 1 > Question 4 and 5 From the Given date, find the values by Accounting Equation and prepare Income Statement, Retain Earnings and Balance Sheet at the End the Year Larson's Accounting Company has the following account balances: Cash, $5,000; Accounts Receivable, $2,000; - Prepaid Rent $1,500; Supplies, $850; Equipment, $6,000; Trucks, $15,000; Accounts Payable, $2,500; Common Stock, $20,000; Retained Earnings $7,850. Business transactions during December are presented as follows:- 1.-Company received cash from clients for services, $4,500 2.-Larson paid to creditors $500, 3.- Paid office rent for the month of December, $750, 4.-Company billed client for accounting services on account, $5,2004 5. Supplies were purchased on account, $650,- 6. Company received cash from clients billed previously, $6,000 7.>Larson received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), $850,- 8.-Larson paid monthly salaries, $2,700, 9.>Utilities expense were paid, $280, 10.-Miscellaneous expense were paid, $350,- 11. Dividends were paid, $550. Find the Calculations on attached Excel Sheet