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I need the answer as soon as possible Question One: (5 marks) Prepare...

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Accounting

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Question One: (5 marks) Prepare Balance Sheet and statement of owner equity for North Sea Co. for the year ended on December 31", 2017 (note you don't have to use all the information) Cash 45,000 Unearned Revenue 5,600 Sales 275,000 Prepaid insurance 13,700 Account receivable 35,500 TV advertising 12,500 Long term loan 45000 Depreciation expenses - showroom 6,000 Owner's drawing 2,500 Accumulated depreciation - 18,000 Showroom Utility expense for showroom 11,500 Account payable 73,000 Accumulated depreciation - Truck 7,800 Showroom 88,000 Merchandise inventory on January 1, 2017 6,900 Truck 70,750 Owner's investment 150,000 Sales return 18,000 Retain earning 25,000 Interest payable 7,500 Merchandise inventory on December 31, 25,300 Interest expense 11,600 2017 Proportion of bank loan due this years 5,000 Tax payable due in 2020 15,000 *Net income for the year $55,000 **Balance sheet does not balance

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