. The objective of general purpose financial reporting d. The issues with financial reportin, 33. Entities must prepare and present the following statements: 1 A Statement of Financial Position II. A Trial Balance III. A Statement of Profitand Loss and Other Comprehensive Income IV. A Statement of Changes in Equity V. A Statement of Cash Flows. a. I, II, III and IV only b. I, III and V only CI, III, IV and V only d. II, IV and V only Untis Verstates the balance of equity is overstated, and assets are overstated d Liabilities are understated 26. During 2018 the Style Hairdressing Salon paid out $45 000 in wages from its bank account. At year-end 2018 wages owing but unpaid were $2 250. The salon uses accrual accounting. How much would be reported as wages expense for 2018? a. $42 750 b. $45 000 c $47 250 d $42 600