Toplob Inc. ("Toplob") provides employment consulting services. These services range from maintaining payroll records to taxation services, as well as general business advisory and consulting to new companies. Toplob has performed well in the financial year ended 31 December 2020 and has expanded its customer base significantly. Management of the Toplob have stated that "the financial records need to be accurately recorded so investors and tax authorities can rely on our results". Customers can settle their accounts upfront in cash, or they can settle at a later date, usually within 30 days of the consulting service being provided and invoiced. The company adjusts its accounts monthly but performs closing entries annually on December 31. The adjusting journal entries have been performed for 11 months to November 30. The last month, December, has not been adjusted in the trial balance below. The firm's unadjusted trial balance dated 31 December 2020 is provided below: TopJob Inc. Consulting Services Unadjusted Trial Balance For the 12-month accounting period ended 31 December 2020 Account Debit Credit Cash 319 010 Accounts receivable 94 340 Office supplies 880 Prepaid rent Office equipment cost Accumulated depreciation : office equipment Accounts payable Notes payable Interest payable 4 400 90 000 34 500 4 400 50 000 750 Income taxes payable Dividends payable Unearned consulting fees Capital stock (share capital) Retained earnings Dividends 14 900 13 500 24 200 226 100 44 000 3 500 Consulting fees earned (revenue) 450 000 Rent expense Insurance expense Office supplies expense Depreciation expense : office equipment Salaries expense Utilities expense Interest expense 12 100 3 300 3 950 16 500 263 000 7 380 750 Income taxes expense 43 240 TOTAL 862 350 862 350 Additional information (not taken into account in the above): 1. Consulting fees to the value of $17 500 have been earned by Toplob, at December 31, the customer terms are 30 days. Therefore Toplob, will receive the cash to revenue earned on 31 January 2021. 2. The company determined that $24 200 of previously unearned consulting fees, that had been paid by customers already in full, had now been earned at December 31. 3. After the year end stock count, final office supplies on hand at December 31 total $550 4. The company purchased all of its office equipment when it first began business. At that time, the total estimated useful life of the equipment was five years. There were no additional purchases of office equipment other than when the business first began. 5. The company prepaid its ten-month rent agreement on June 1, 2020. The company only has one property it rents. There have been no escalations in rent in the last 12 months. 6. The company prepaid its six-month insurance policy on December 1, 2020. The annual insurance cost has remained unchanged over the last 3 years and will remain the same for the next year. The insurance policy is renewed every 6 months. The company only has one policy covering all of its assets. 7. Accrued but unpaid salaries total $11 200 at December 31,2020. 8. On September 1, 2020, the company borrowed $50 000 by signing a twelve-month, 6 percent (per annum) note payable. This note is the only liability that accrues interest and the only note payable. The entire amount, plus interest, is due and will be repaid in full on August 31, 2021. No payments of interest or principal are made until August 31, 2021. Instructions: Submission must be in the form of EXCEL. Each of the questions below should be in a separate excel tab. Example: Adj Jnis & Trial Balance (a) IS BS RE (b) Closing entries (c) After closing TB (d) Insurance, Prepare the necessary adjusting journal entries on December 31, 2020. Include narrations to your journal 20 points entries In addition, prepare an adjusted trial balance dated December 31, 2020, taking into account the above adjusting journal entries. Show your workings (calculations/T-accounts). Once you have completed the adjusted trial balance prepared in part a, prepare the following financial b 20 points statements: Income statement Statement of retained earnings for the year ended December 31, 2020 Balance sheet dated December 31, 2020 Prepare the necessary year-end closing entries Prepare an after-closing trial balance Compute the company's average monthly insurance expense for the 2020 year Compute the company's cash outflow (cash paid) to prepay the rent in June 1, 2020 for 10 months If the company purchased all of its office equipment when it first incorporated (first commenced business), for how long has it been in business as of December 31, 2020? Using the financial statements prepared in part b., evaluate the following performance metrics: 15 points 15 points 5 points 5 points 5 points e f h 15 points Profitability Liquidity and Solvency In addition, provide an explanation of the what the above metrics mean.