Assessment Criteria: No. Assessment Criteria 1 Statement of financial position 2 Income statement Total Marks Question-1: Presented below are the numbers of statement of financial position items for Kishwauke Corporation, for the current year 2022. Mark 6 4 10 Buildings R.O 1,640,000 Unsecured notes payable 1,600,000 Accumulated depreciation- buildings R.O 270,000 (long-term) Goodwill $ 125,000 Accumulated depreciation- equipment 292,000 Retained Earnings ? Equipment 1,470,000 Payroll taxes payable 177,591 Inventories 239,800 Land 480,000 Long-term rental obligations 480,000 Accounts Payable 490,000 Prepaid Expenses 87,920 Bonds payable 285.000 Rent payable-short-term 45,000 Notes Payable to Banks 265,000 Notes receivable 445,700 Cash 360,000 97,630 Share Capital- preference, $ 10 par value Share Capital-ordinary, $ 1par value Taxes payable Trading securities 150,000 200,000 98,362 121,000 Income taxes receivable Prepare a classified statement of financial position in good form. Share capital- authorized was 400,000 shares, and share capital- preference authorized was 20,000 shares. Assume that notes receivable and notes payable are short term. unless otherwise. Cost and fair value of trading securities are the same Question-2: The Following balance s were taken from the books of Jackson Furniture Corporation on December 31.2021 R.O 120,000 Accounts receivable R.O 150,000 Accrued Liabilities 32,000 Loss on Impairment of plant assets Prepaid Insurance 20,000 Administrative Expenses 97,000 Sales 1,280,000 Cost of goods sold 621,000 Sales Discount 45,000 Interest Expenses 60,000 Sales Returns and allowances 150,000 Interest Revenue 86,000 Selling Expenses 194,000 Land 100,000 a) Assume the total effective tax rate on all items is 34 % b) Prepare an Income statement; 100,000 ordinary shares were outstanding during the year End Page 2 of 2