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Question 1 Not yet answered Marked out of 38.00 Flag question A friend who owns a small bookstore business named "Amazing Read". The friend knows that you are studying accounting, and has asked if you would help prepare the entity's classified balance sheet statement and an income statement. To perform this task, the friend has provided you with the following list of items generated from the transactions for the year. You are required to classify each item and select the report in which the item will be presented item $ Classification Report Accumulated depreciation -6600 . . 5 year bank loan - 124000 Amounts owing to employees . 0 -5600 Amounts owing to family . > - 46000 . 0 Bank 28900 Book inventory 68000 Sales of book related products -38000 Shelving and display cabinets . 23000 > Shop rental 24000 Wages paid 26000 . . Capital -32380 > Cash sales 145800 Cash withdrawn by owner . . - 18000 Cost of books sold -89020 Cost of catalogues used . . 4500 . Depreciation 6800 Insurance premium prepaid . . 14700 Maintenance of website . . 5400 . Marketing costs 12500 Sales of book related products . . -38000 Maintenance of website . 5400 Marketing costs 12500 Current Asset Sales of book related products -38000 Non Current Asset Current Liability Shelving and display cabinets 23000 Non Current Liability Owners Equity Revenue Shop rental 24000 Expense Wages paid 26000 54001 website 12500 Marketing costs e Sales of book related products -38000 Shelving and display cabinets 23000 e Shop rental 24000 MA Wages paid 26000 Income Statement Francine is commencing her business: HAPPY SNAPPY Balance Sheet Transactions for the first week of the businesses onerations naye neen novider