You are a federal contractor consultant working on a single contract with the Department of Labor using the calendar year as your operating cycle. As a requirement with the Department of Labor, your business is Below is your trial balance for the fiscal year $2021$ now that operations have resumed. First, begin this project by drafting a

complete set of financial statements $($excluding Statement of Cash Flows$)$ from the current information below. Then

proceed to the Operating Cycle scenarios $1-3.$ Once the adjustments are complete from those scenarios, Create the final

set of financial statements with the updated information.

Trial Balance

As of December $31,2021$

required to report financials and billing on an accrual basis. Your mid$-$sized business was approved for a loan with the bank to purchase a large federal contractor company in $2018,$ thus you completed the acquisition

process in late $2019.$ However, in $2020$ your business was affected by the mandatory shutdown order and DID NOT have any operations for the entire year. By February $2021$ your new business was operational again

with the Department of Labor acquiring additional federal contract awards and more employees from the business purchase. Below is your current Balance Sheet as of December $31,2020.$