- On September 1, 2020, Jacob & Sons Ltd. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at September 30 follow: Cash $ 26,900 Accounts receivable 22,600 Supplies 15,000 Equipment 372,500 Accounts payable 6,400 Bank loan payable 241,000 Common shares 180,000 Service revenue 215,300 Interest expense 12,500 Rent expense 12,100 Repair and maintenance expense 40,900 Fuel expense 85,400 Office expense 12,700 Salaries expense 36,600 Income tax expense 2,800 Dividends declared 2,700 Instructions (a) Prepare an income statement, statement of changes in equity, and staternent of financial position for the month of September. (b) Explain why it is necessary to prepare the financial statements in the order listed in part (a)