Financial statement balances for Small and Medium-Sized Entity Objectives: At the end of the exercise, the students should be able to Compute balances of accounts in the statement of financial position, and Compute balances of accounts in the income statement Equipment: . Computer MS Excel The following are the account balances for the interim period ending June 30, 2X18 of PC Corporation, an entity classified as SME: P85,000 Revenues Expenses: Personal computers Hard drive Employees' wages and benefits Lease payments Utilities Advertising Miscellaneous Cash Equipment Accounts Payable Wages Payable Investment by Owner Drawings by Owner 22,800 17.300 10.700 24,000 3,200 900 300 6,200 12,500 650 1,200 12,500 1,450 Procedure: 1. Open MS Excel and start a new worksheet. Then, compute for the following: A Total assets B. Total liabilities C. Total owner's equity D. Total net income E Total expenses 2 Use the following format in encoding your answers Account Titles Font style Arial Font size 11 pts y Exercise