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Practices Question -Preparation of Financial Statements The Accra City Auto Service has prepared the following...

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Practices Question -Preparation of Financial Statements The Accra City Auto Service has prepared the following year end trial balance dated December 31, 2017 Accra Cty Auto Service Adusted Trial Balance December 31, 2017 in GHE Debits Credits Cash 171.100 Accounts receivable 9,400 Prepaid auto shop rent 3,000 Prepaid insurance 7,200 Shop supplies 500 Equipment 18,000 Accumulated depreciation-equipement 7.200 Short-term bank loan 10,000 Accounts payable 3200 Salaries payable 4,000 Income taxes payable 6,000 Uneamed repairs revenue 8.800 Captal 100,000 Retained eamings 40,000 Dividends 6,000 Repairs revenue 165,000 Salary expense 85,000 Shop supply expense 3.900 Rent expense 12.000 Insurance expense 1,900 Advertising expense s00 Depreciation expense-equipment 1800 Interest expense 900 Income taxes expense 23.000 Totals 344.200 344.200 Required a) Prepare an income statement for the year ended December 31, 2017 b) Prepare a statement of Snancial position at December 31, 2017

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