Please use the adjusted year-end trial balance and additional information provided below to complete the following...

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Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for ACME Corporation: (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) ACME Corporation Adjusted Trial Balance May 31, 2021 Debit Credit Cash Accounts receivable Equipment Accumulated depreciation, Equipment Accounts payable Bank Loan payable Common shares Retained earnings Dividends declared Service revenue Depreciation expense Income tax expense General and administrative expense Total $12,000 2,500 242,500 $60,625 10,000 22,000 57,000 4,438 4,500 212,000 6,063 13,000 85,500 $366,063 $366,063 Additional Information: $4,500 Dividends were declared and paid during the year. Common shares were issued for $40,000. $7,500 of the bank loan is due in December 2021. Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for ACME Corporation: (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) ACME Corporation Adjusted Trial Balance May 31, 2021 Debit Credit Cash Accounts receivable Equipment Accumulated depreciation, Equipment Accounts payable Bank Loan payable Common shares Retained earnings Dividends declared Service revenue Depreciation expense Income tax expense General and administrative expense Total $12,000 2,500 242,500 $60,625 10,000 22,000 57,000 4,438 4,500 212,000 6,063 13,000 85,500 $366,063 $366,063 Additional Information: $4,500 Dividends were declared and paid during the year. Common shares were issued for $40,000. $7,500 of the bank loan is due in December 2021.

Answer rating: 100% (QA)

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