17:05 1 Task 3 -Income Statement, Statement of Changes in Equity and Balance Sheet Tammy's Book Shop sells novels and cooking books. The amounts below are from the adjusted trial balance of the tutoring service as of 30 June 2023. Required: Prepare an Income Statement, Statement of Changes in Equity and Balance Sheet for the end for the end of the Financial year. Answer the following: Why is a Balance Sheet important? Why do users need both a Balance Sheet and an Income Statement? Accounts Payable 3,700 Accounts Receivable 2,500 Cash at Bank 58,600 Computer 3,500 Cost of Goods Sold 24,910 Cleaning Expense 400 Electricity Expense 1,460 Mortgage 60,000 Prepaid Insurance 17,200 Rent Expense 12,000 Sales Revenue 98,630 Tammy, Capital 27,500 Tammy, Drawings 3,000 Unearned Revenue. 2280 Send a chat