Task 4 Background Your client Make Your Trip Policies and Procedures state that the following protocols must be followed: Prepare the financial report using the approved internal templates provided All key totals must be clearly shown with relevant labels. Hint: Highlight Gross profit and Net Profit Financial reports are to be completed in line with Accounting standards Complete the following Using the Trial Balance provided below by Make Your Trip, you are required to prepare for the year ending 30 June 2020: a) An Income Statement, b) A balance Sheet Make Your Trip Trial Balance as at 30 June 2020 DR$ CRS 300,000 21,000 9000 125,000 23000 24000 35000 2000 78700 23400 Account Name Sales Capital Inventory C.O.G.S. Advertising Salaries - Sales Salaries - Office Telephone Accounts Receivables Accounts Payables GST Collected GST Paid Stationery Electricity Bad Debts Bank Charges Rent Commission EXO Bank Drawings Accrued Expenses Prepaid Expenses 42,000 32,000 500 12000 400 100 8700 3600 18,000 14,400 2000 2000 388400 388400