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Part II - Financial Statements (11 marks) The alphabetized, adjusted...

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Accounting

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Part II - Financial Statements (11 marks) The alphabetized, adjusted trial balance for Zood Services' at the Dec 31, 2020 year-end is as follows. Account Title Accounts Payable Accounts Receivable Accumulated Depreciation, equipment Cash Depreciation Expense Equipment Interest Expense Note Payable (Note 1) Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Steve, Capital (Note 2) Steve, Withdrawals Unearned Revenue Total Debit Credit $26,800 18,400 144,000 209,200 24,000 440,000 30,400 120,000 3,200 4,000 60,000 200,000 546,400 200,000 80,000 32,000 $1,069,200 $1,069,200 Note 1: The note payable is payable in 5 annual payments beginning Jan 1, 2021. Note 2: The owner invested $40,000 of his own money in 2020 REQUIRED: Using the following answer sheets, create a(n): 1. Income Statement (2.5 marks) 2. Statement of Changes in Equity (2 marks) 3. Classified Balance Sheet (6.5 marks) Ensure to use proper formatting. Explain why there are few absolutes in organizational behaviour. Despite this, how are we able to make valid predictions

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