Question 13 (10 points) Listen Ellis Electrical has a December 31, 2019 year end. The company wants to prepare financial statements for its year ended December 31, 2019. The income statement and statement of equity have already been prepared below: Ellis Electrical Income Statement Year ended December 31, 2019 Sales Revenue $ 402,600 Cost of Goods Sold Expense 278,800 Gross Margin 123,700 Operating Expenses Amortization Expense 1,500 Bad Debts Expense 10,000 Miscellaneous Expense 64,600 76,100 Operating income 47,600 Interest Expense 5,000 Net Income $ 42.600 Ellis Electrical Statement of Owner's Equity Year ended December 31, 2019 1-Jan-19 Ellis, Capital Contributions Net Income Withdrawals Ellis, Capital 60,000 15,000 42.600 (5,000) $112.600 31-Dec-19 Required (10 marks) Using the below adjusted trial balance, you are to prepare a classified balance sheet in good form. Assume assets and liabilities are current unless somehow indicated otherwise Note: Due to the limitations of D2L, double underlines are not possible but you can do single underlines. Accounts Payablo Accounts Receivable Accumulated Amortization- Equipment Debit Credit 5,000 30,000 10,500 Required (10 marks) Using the below adjusted trial balance you are to prepare a classified balance sheet in good form Assume assets and abilities are current unless somehow indicated otherwise Note: Due to the limitations of DL, double underlines are not possible but you can do single underlines Debit Credit Accounts Payable 5.000 Accounts Receivable 30.000 Accumulated Amortization Equipment 10.500 Allowance for Doubtful Accounts 11.500 Amortization Expense 1,500 Sad Debts Expense 10.000 Cash 28.100 Cost of Goods Sold Expense 278,800 El Capital 75,000 Ellis. Withdrawals 6.000 Equipment 56.000 Interest Expense 5.000 Inventory 52.000 Miscellaneous Expense 64,000 Note Payable due in five years) 24.500 Office Supplies 13.000 Sales Revenue 402 500 Unearned Revenue 15,000 $544,000 $544,000 Puragraph B 1 50