2 Jaspreet Kaur.pdf 201 Fu.ca/pluginfile.php/1378705/mod_resource/content/0/92%20Jaspreet%20Kaur.pdf Question 1 - 13 marks - 26 minutes The following are the accounts of BAQ Company for the year ended December 31. They are presented in the table below in random order: Accounts payable Cash Income tax expense Retained earnings, January 1, 2020 Accumulated depreciation - building Depreciation expense Common shares, January 1, 2020 Short-term notes receivable 48,000 236,000 68,000 372,000 144,000 32,000 8,000 12,000 68,000 28,000 12,000 912,000 8,000 28,000 Insurance expense Accounts receivable Repairs expense Building Interest expense Dividends Unearned travel revenue Marketing expense Short-term notes payable Wages expense Salaries expense Travel revenue Prepaid insurance Bank loan payable 100,000 88,000 28,000 92,000 196,000 756,000 44,000 368,000 Notes: There were no common shares issued or repurchased during the year. The current portion of the bank loan payable was: 62,000 REQUIRED Based on the information above, prepare the following financial statements IN GOOD FORM: a.) An income statement for the year ended December 31, 2020. b.) A statement of changes in equity for the year ended December 31, 2020. C.) A balance sheet as at December 31, 2020, hp f4 f5 f6 f7 18 f9 f10 111 7 8 19 $ % 5 & 7 4. 6 8 9 R T Y o 2 Jaspreet Kaur.pdf 201 Fu.ca/pluginfile.php/1378705/mod_resource/content/0/92%20Jaspreet%20Kaur.pdf Question 1 - 13 marks - 26 minutes The following are the accounts of BAQ Company for the year ended December 31. They are presented in the table below in random order: Accounts payable Cash Income tax expense Retained earnings, January 1, 2020 Accumulated depreciation - building Depreciation expense Common shares, January 1, 2020 Short-term notes receivable 48,000 236,000 68,000 372,000 144,000 32,000 8,000 12,000 68,000 28,000 12,000 912,000 8,000 28,000 Insurance expense Accounts receivable Repairs expense Building Interest expense Dividends Unearned travel revenue Marketing expense Short-term notes payable Wages expense Salaries expense Travel revenue Prepaid insurance Bank loan payable 100,000 88,000 28,000 92,000 196,000 756,000 44,000 368,000 Notes: There were no common shares issued or repurchased during the year. The current portion of the bank loan payable was: 62,000 REQUIRED Based on the information above, prepare the following financial statements IN GOOD FORM: a.) An income statement for the year ended December 31, 2020. b.) A statement of changes in equity for the year ended December 31, 2020. C.) A balance sheet as at December 31, 2020, hp f4 f5 f6 f7 18 f9 f10 111 7 8 19 $ % 5 & 7 4. 6 8 9 R T Y o