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Create a multi-step income statement, owner's equity and balance sheet from the following information. Be sure to study the Power Point slides on Financial Statement Flow. KC ANTIQUES Adjusted Trial Balance Decernber 31 Debit Credit Cash $ 17,000 13,000 60.000 1,500 45,600 Accounts receivable Merchandise inventory (ending) Store supplies Equipment Accumulated depreciation Equipment Accounts payable Salaries payable KI Carter, Capital K. Carter. Withdrawals $ 16.600 9.000 2,000 79,000 10,000 Sales 343.250 5.000 6.000 Sales discounts Sales returns and allowances Cost of goods sold Depreciation expense Store equipment Depreciation expenser Office equipment 159.900 4,100 1,600 Sales salaries expensel 30,000 Office salaries expense 34,000 Insurance expense 11,000 16,800 7.200 Rent expense Selling space Rent expense Office space Store supplies expense Advertising expense 5,750 31.400 w 7,200 Rent expense-Office space Store supplies expense Advertising expense Totals 5,750 31,400 $449.850 $449,850 1) Create a multi-statement income statement from the account balances above. 2) Create a statement of owner's equity. Note the net income from step 1 will be used in this statement. Use the provided Power Points on financial statement flow as a reference. Note beginning owner's equity is given above. You have to add net income and subtract withdrawals to obtain the ending owner's equity. 3) Create a simple balance sheet. That means that it doesn't have to be classified into current and non-current for assets and liabilities. Your new owner's equity will come from step 2. Remember to look for your accounting equation to balance. Create these statements in Excel or Google Sheets. Remember to have your headings. The company name and month is given in the information. Use the current current year as the year. VE 12/31/21

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