Please see below the company chart of accounts with balances for the year ended Dec 31,2016 in alphabetical order:
Company X
TRIAL BALANCE
December 31st,2016
Account name	Debit	Credit
	$	$
Accounts Payable		8,000
Accounts Receivable	60,000
Accumulated Depreciation – Computer Hardware & furniture		18,000
Advertising Expense	17,000
Allowance for Doubtful accounts		9,000
Bad debt expense	29,000
Cash	50,000
Common Shares (unlimited number of shares authorized, 1,000 issued)		20,000
Depreciation Expenses	6,000
Computer hardware and Furniture	84,000
Office and general expense	34,000
Income tax expense	10,000
Income tax payable		10,000
Prepaid Rent	10,000
Rent Expense	120,000
Retained Earnings, beginning of year		80,000
Revenues		710,000
Salary Expense	417,000
Travel Expense	37,000
Unearned Service Revenue		19,000
Totals	874,000	874,000
1. Prepare a Statement of Financial Position for year ended December 31.2016.

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Firstly Net income is to be calculated see below income statement Income Statement Particulars Amoun... View the full answer