You are given financial documentation for various business related accounts, and you have been asked to...

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You are given financial documentation for various business related accounts, and you have been asked to document those transactions and create two financial statements to share with the Finance Manager. You will be creating a Balance Sheet and an Income Statement. The following are the accounts and their balances as of December 31, 20XX. Using the list of accounts below, prepare the Income Statement and Balance Sheet for Your Company as of December 31, 20xx. Each account can only be used one time, so if you use an account in the Income Statement, you cannot use it again in the Balance Sheet. Account Accounts Receivable Rent Expense Balance 2,600 4,000 Supplies Cash Retained Earnings 2,000 79,500 16,500 Repair expense 500 Advertising Expense 2,000 Inventory 1,200 Accounts Payable 2,200 Common Stock 55,000 Equipment Note Payable Salary Expense Service Revenue 10,000 21,600 9,500 60,800 1 2 Prepare the Income Statement for the period ending December 31, 20XX. Prepare the Balance Sheet for December 31, 20XX. < > Assignment Directions Student Assignment | + dy Accessibility: Investigate 1 50F Clear Q Search H - 8:50 PM 12/6/2023 100% You are given financial documentation for various business related accounts, and you have been asked to document those transactions and create two financial statements to share with the Finance Manager. You will be creating a Balance Sheet and an Income Statement. The following are the accounts and their balances as of December 31, 20XX. Using the list of accounts below, prepare the Income Statement and Balance Sheet for Your Company as of December 31, 20xx. Each account can only be used one time, so if you use an account in the Income Statement, you cannot use it again in the Balance Sheet. Account Accounts Receivable Rent Expense Balance 2,600 4,000 Supplies Cash Retained Earnings 2,000 79,500 16,500 Repair expense 500 Advertising Expense 2,000 Inventory 1,200 Accounts Payable 2,200 Common Stock 55,000 Equipment Note Payable Salary Expense Service Revenue 10,000 21,600 9,500 60,800 1 2 Prepare the Income Statement for the period ending December 31, 20XX. Prepare the Balance Sheet for December 31, 20XX. < > Assignment Directions Student Assignment | + dy Accessibility: Investigate 1 50F Clear Q Search H - 8:50 PM 12/6/2023 100%