Financial Statements a. Prepare a Balance Sheet for Faster Pasta as at 30 June 2020 using the following information that was obtained from a finished worksheet: Account Amount Inventory 5 000 Prepaid insurance 28 000 Drawings 58 000 Cost of goods sold 34 000 Land 46 000 Accounts payable 160 000 Unearned revenue 41 000 Beginning capital 153 000 Accounts receivable 105 000 Sales revenue 74 000 Accumulated depreciation - building 156 000 Net profit or loss ? Cash at bank 132 000 Electricity expense 5 000 Building 301 000 b. Explain a liability in accordance with the definition and recognition criteria under the conceptual framework (use the text below the table for your answer)