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P5-7 Preparing a functional format income statement and a classified balance sheet [30-40 min] Link back to Chapter 4 (Classified balance sheet). The accounts of Taylor Electronics are listed along with their balances before closing for the month ended 31 March 2015: Interest revenue $ 200 Accounts payable $ 16 700 Inventory 45 100 Accounts receivable 33 600 Loan payable, non-current 46000 Accumulated depreciation 37 700 Salary payable 2 700 Taylor, capital, 28 February 2015 54 100 Sales discounts 2 900 Taylor, drawings 20000 Sales returns and allowances 7 500 Cash 8000 Sales revenue 297000 Cost of sales 162 300 Selling expense 38 200 Equipment 129 100 Supplies 6000 General expenses 16 700 Unearned sales revenue 13 800 Interest payable 1 200 Requirements 1 Prepare Taylor Electronics' functional format income statement. 2 Prepare Taylor Electronics' statement of changes in equity. 3 Prepare Taylor Electronics' classified balance sheet in report form