Question 16 (28 points) Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for Sophia's Party Planning Ltd. (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) Credit Sophia's Party Planning Ltd. Adjusted Trial Balance September 30, 2020 Debit Cash 45,000 Accounts receivable 60,000 Equipment 295,000 Accumulated depreciation, Equipment Accounts payable Mortgage payable Common shares Retained earnings Dividends declared 15,000 Service revenue Depreciation expense 7,375 Income tax expense 85,000 General and administrative expense 88,000 Total $595,375 $73,750 55,000 95,000 95,000 31,625 245,000 $595,375 Additional Information Additional Information $15,000 Dividends were declared and paid during the year. 5,000 Common shares were issued for $50,000. $15,000 of the mortgage is due in January, 2021 Paragraph V B 1 UA 6 oo + ... 52 a. Statement of Income (7 marks) Sophia's Party Planning Ltd. Statement of Income b. Statement of Changes in Equity (8 marks) Sophia's Party Planning Ltd. Statement of Changes in Equity
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