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Exercise 1 (10 points) Mahmud Bin Saad (MBS), a GUST MBA student, started a business...

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Exercise 1 (10 points) Mahmud Bin Saad (MBS), a GUST MBA student, started a business in 2016 to provide training in new and advanced technologies for local businesses. His company. Master of Business Skills (MBS), had the following balances at December 31, 2017 in the asset, liabilities, and equities. The owner began the year with 30,000 KD capital balance contributed 10,000 KD and withdrew 50,000 KD during the year All amounts are in KD (Kuwaiti Dinar) Notes payable: Rent Expense: Cash: Office supplies Salaries Expense: Supplies Expense: Other revenues . Dep Equipment: 0,000 Office Equipment 29,000 24,000 53,400 1,500 64,500 2,400 Utilities Expense Accounts Payable: Service Revenue Accounts receivable: Other Expenses: Dep. Expense- Eq 6,000 3,000 200,000 41,000 100 500 19,000 Use the above information to answer the following requirements 1. Prepare the income statement for MBS for the year ending December 31, 2017. (5 points) ending December 31, 2017. (2 points) points) 2. Prepare the statement of owner's equity for MBS for the year 3. Prepare the balance sheet for MBS as of December 31, 2017. (3

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