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Harper Maize Air Conditioner Company presented the following unadjusted trail for the financial year ended December 31st, 2016.

Harper Maize Air Conditioner Company Trial Balance as at December 31, 2016 

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The following additional information was made available at December 31, 2016 

a) Unearned sales revenue, still not earned at December 31, 2016 amounted $22,000.

 b) The prepaid electricity includes $15,000 which expired during the year. 

c) The Building and Equipment has an estimated life of ten (10) years and is being depreciated on the straight-line method of depreciation, down to a residual value of $10,000. 

d) Store supplies consumed during the year amounted to $45,200. 

e) Interest expenses not paid as at December 31, 2016 amounted to $4,500 

f) Accrued travelling expense amounted to $2,300 at December 31, 2016. 

g) A physical count of inventory at December 31, 2016, reveals $315,000 worth of inventory on hand. 

 1. Prepare the necessary adjusting entries on December 31, 2016 (7 Marks) 

2. Prepare the company’s multiple-step income statement for the year ended December 31, 2016. (8 Marks) 

3. Prepare the company’s statement of owner’s equity for the year ended December 31, 2016 (3 Marks) 

4. Prepare the company’s classified balance sheet at December 31, 2016 (12 Marks)

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