Learning Task 2 - Preparation of Financial Statements Direction: Using your 10-column worksheet below, do the following learning task. Write your answer in a separate sheet of paper.

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Learning Task 2 - Preparation of Financial Statements of paper. Direction: Using your 10-column worksheet below, do the following learning task. Write your answer in a separate sheet A. Income Statement with complete supporting notes (refer to Exhibit 1) B. Statement of Changes in Equity C. Statement of Financial Position (refer to Exhibit 2) ACCOUNTS TITLE UNADJUSTED T.B. ADJUSTMENTS ADJUSTED TB INCOME STATEMENT Debit Credit BALANCE SHEET Debit Credit Cash Debit Credit Debit 227.200 Credit Debit Credit 227,200 Merchandise Inventory 227.200 50. OUR Store Supplies 50,00 6.300 68.720 4,900 1, 400 Store Equipment 1400 64.000 Accounts Payable 40. 100 40 100 L. Capital 352 080 40,100 352 000 L. Drawing 352 060 Sales 45 000 6.0DO 45010 Sales Ketums and Allowances 45.000 3,00g Sales Discount 3.000 280 Purchases 280 Purchase Returns and Allowances 51.000) 3000 3.000 3.000 Purchase Discount 280 Freight In BOO 2810 Chilitics Expense 800 11,000 11,000 Rent Expense 11:000 Freight Out 20,40g 20.040 Salaries Expense 800 10.004 Salaries Payable 10.00 10,000 10,000 adjustments 10,000 Store supplies Expense 4.900 Depreciation Expense . store equipment 4,900 750 750 750 Accum. Dep. Expense- Store equipment 750 Totals 750 410. 380 440380 15650 750 15650 451,130 Net loss 451130 152530 117000 367.320 402850 402 850 402850