This week you will finish working on the course project. For your project, you are required to prepare and submit the following financial statements for the Tybalt Company: The income statement The statement of owner's equity The balance sheet (using the given Adjusted Trial Balance) Instructions Use the Microsoft Excel Project template , provided for you. Be sure to review the Project Overview page for complete project requirements. Please note that your weekly concept check assignments are designed to help you successfully complete your project. Save and name your file using the following file naming convention: YourFirst_LastName_Project. Submit your file using the upload instructions below. Your project is due at the end of week 4. In this course, you will have the opportunity to apply the concepts you learn to create financial statements for the Tybalt Corporation as part of your course project. For this project, you will be using Microsoft Excel to create their financial statements. Project Milestones and Schedule of Delivery Your project is due in Week 4. Below is an outline of project deliverables and the weeks in which they are due to help you manage your time effectively. Create Financial Statements - Due Week 4 a. Create an Income Statement b. Create a Statement of Owner's Equity c. Create a Balance Sheet General Instructions You will begin working on your project in Week 3 and will submit your project in Week 4. In this project, you will follow the instructions to create first the Income Statement, then the Statement of Owner's Equity, and finally the Balance Sheet. Be sure to prepare the financial statements in the order given above. Download the Excel Project template. You will use this template to complete your project. 1. Thoroughly read the problem, and address the requirements for your project. The problem is found on the first tab of the Excel template. 2 Submit the project in the required week XYZ Company Adjusted Trial Balance Excel Practice for the Project Instructions: Enter the dollar amount required in the blue cells to make the financial statements correct. Use the Check figures in the yellow cells to check your work. Part 2 XYZ Company Statement of Owner's Equity As of June 30, 2017 For the year ended June 30, 2017 Debits Credits J. Smith, Capital June 30, 2016 $ 60,000 Cash $ 25,000 Add: Net Income $ 13,000 Office Supplies $ 4,000 Less: J. Smith Withdrawals $ (9,000) Prepaid Insurance $ 10,000 Equipment $ 40,000 J. Smith Capital June 30, 2017 Check figure : 64,000 $ 64,000 Accum Depr-Equipment $ 5,000 Accounts Payable $ 5,000 Part 3. XYZ Company Wages Payable $ 5,000 Balance Sheet J. Smith Capital $ 60,000 6/30/2017 J. Smith, Withdrawals $ 9,000 Assets Consulting Revenue $ 60,000 Current Assets Utilities Expense $ 2,000 Cash $ 25,000 Salaries Expense $ 20,000 Office Suplies $ 4,000 Rent Expense $ 25,000 Prepaid Insurance $ 10,000 Total $ 135,000 $ 135,000 Total Current Assets $ 39,000 Plant assets Part 1 XYZ Company Income Statement For the year ended June 30, 2017 Equipmer $ 40,000 Accumula $ (5,000) Total Plant Assets es $ 35,000 Total Assets $ 74,000 Revenues $ 60,000 Liabilities Expenses Current Liabilities Utilities Expense $ 2,000 Accounts Payable $ 5,000 Salaries Expense $ 20,000 Wages Payable $ 5,000 Rent Expense $ 25,000 Total Liabilities $ 10,000 Total Expenses Net Income 47,000 Equity 13,000 J. Smith Capital, June 30, 2017 64,000 Check figure $ 13,000.0 Total Liabilities and Equity 74,000