Coolest Dry Cleaners Balance Sheet As of 31st July 2019 $ Liabilities Current liabilities: Assets Current Assets: $ Cash Accounts payable Supplies Noncurrent Assets: Land Equity Building Capital Equipment Total Assets: Total liabilities and equity: Books-Forever is a book publishing company. On 31st Dec 2019, the company's accountant prepared a list of accounts and its balances. She was getting ready to close the books when a small fire broke out. Her computer was destroyed but she managed to retrieve the information shown below from a backup file. However, this backup file was not updated. Since the accountant is now busy trying to reorganize her office due to the fire, she has asked you for help. Please help her! The following is the list of accounts and their balances: Debit balances Credit balances Cash 6,820 Accounts receivable 34,940 Prepaid insurance 6,550 Supplies 1,800 Land 102.400 Building 273,200 Accumulated depreciation 79,660 - Building Equipment 123,110 Accumulated depreciation 89, 130 - Equipment Accounts payable 11,060 Unearned rent 6 140 Capital 324,000 Revenue - fees earned 295,320 Salaries and wages 175,950 expense Utilities expense 38 560 Advertising expense 20,750 Repairs expense 15,700 Miscellaneous expense 5,530 The following transactions took place but have not been considered in the accounts: a) Unexpired insurance on 31st Dec amounted to $550. b) Supplies on hand on 31st Dec amounted to $610. c) Depreciation of building for the year is $10,920. d) Depreciation of equipment for the year is $7,830. e) Unearned rent on 31st Dec is $2,050, 1) Accrued salaries and wages on 31st Dec amounted to $2,550. g) Fees earned but not yet invoiced on 31st Dec amounted to $9,140 41 Comprehensive Question - Books-Forever Read the PDF attachment about the company Books-Forever and follow the instructions below. The solution to the question is outlined in the space below. Fill in all boxes made available to you with words or numbers. If you cannot fill in a box, it means you need not write in there. This question is graded manually. You are required to answer the following with regards to Books-Forever: 1) Prepare its Income Statement for the year ending 31 Dec 2019. 2) Prepare its Balance Sheet as at 31 Dec 2019. Answer for requirement 1 (Income Statement) ( 17 points): Income Statement For the year ending 31st Dec 2019 Revenues - fees earned Total revenue Less: Expenses Salaries and wages expense Utilities expense Advertising expense Repairs expense Miscellaneous expense Depreciation - Building Net Income