Please answer #2

Create a multi-step income statement owner's equity and balance sheet from the following information. Be sure to study the PowerPoint slides on Financial Statement Flow. KC ANTIQUES Adjusted Trial Balance December 31 Debit Credit Cash S 7,000 13.000 160,000 1,500 45,600 $ 16,600 Accounts receivable Merchandise inventory (ending) Store supplies Equipment Accumulated depreciation Equipment Accounts payable Salaries payable K. Carter, Capital KI CarterWithdrawals Sales 9.000 ho 2.000 70.000 10,000 343,250 5.000 6.000 159.900 Sales discounts Sales returns and allowances Cost of goods sold Depreciation expensel Store equipment Depreciation expense Office equipment Sales salaries expense Office salaries expense 4,100 1.600 0.000 34.000 Insurance expense 11,000 16,800 Rent expense Selling space Rent expense Office space Store supplies expense 7,200 5,750 81.400 Rent expense-Office space 7,200 5.750 Store supplies expense Advertising expense Totals 31,400 $449,850 $449,850 1) Create a multi-statement income statement from the account balances above. 2) Create a statement of owner's equity. Note the net income from step 1 will be used in this statement. Use the provided Power Points on financial statement flow as a reference. Note beginning owner's equity is given above. You have to add net income and subtract withdrawals to obtain the ending owner's equity. 3) Create a simple balance sheet. That means that it doesn't have to be classified into current and non-current for assets and liabilities. Your new owner's equity will come from step 2. Remember to look for your accounting equation to balance. Create these statements in Excel or Google Sheets. Remember to have your headings. The company name and month is given in the information. Use the current current year as the year. VE 12/31/21