EXERCISE 2: Prepare Income Statement and Balance Sheet from the following Trial Balance ABC Co. Trial Balance (December 2018) Debit Credit Cash 36000 Bank 100000 Accounts Receivable 35000 Supplies / Purchase 45000 Wages 15000 Rent 27000 Equipment 225000 Furniture 55000 Creditors 55000 Bank Loan 150000 Shares 100000 Accounts Payable 48000 Owner, Capital 158000 Owner, Drawing 5000 Sales 100000 Salary Expense 5000 Misc. Expense 15000 Electricity Expenses 25000 Courier 10000 Telephone 8000 Stationery 5000 Sales Return 1000 Purchase Return 1000 Total 612000 612000 Adjustments 1] Prepaid Rent was 500, Prepaid Electricity was 1500 21 Salary outstanding was 500, wages 0/S was 1500 31 Stock on 31st December was 2500 4) Depreciate Equipment and Furniture by 15%