(Solved): Please solve according to the following excel sheet template (no hand written please) In-class Activ ...

In-class Activity A businessman started his business in $1/1/2016$ by depositing $\$100,000$ in the bank account of the business. He purchased an inventory of goods (for resale) valued at $\$45,000$ on credit. The monthly rent is $\$1,500$ for use of the space. The businessman recorded all his other cash transactions as follows: In addition, the businessman paid himself a salary of $\$1,000$ per week (not included in the above table). The businessman was sure his bank account was correct, but he did not know what else he should record. He went to an accountant to ask for help. The accountant began by examining the chequebook, invoices and other records the businessman had accumulated in his business. The accountant found two outstanding bills (not paid yet): one for a new car of $\$20,000$ (purchased on January 1, 2016) and a $\$12,000$ invoice for an inventory of goods. The furniture and car had an estimated useful life of 3 years and 5 years respectively. The accountant took a physical inventory count and found that there was $\$30,800$. There is a tax rate of 30 percent on net income before tax Required: Prepare an income statement, balance sheet, and statement of cash flows for the year ended 31/12/2016.