1. Complete the accounting equation for Business Solutions using the amounts in this format: $-$__ +$_ 2. In discussing

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1. Complete the accounting equation for Business Solutions using the amounts in this format: $-$__ +$_ 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line" that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current liabilities and calculate the overage or shortfall cash amount. Does Business Solutions need to improve this situation? If your answer is that no improvement is needed,
Requirement 6: Current assets: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Total current assets Plant assets: Office equipment Accumulated depreciation- office equipment Computer equipment Accumulated depreciation- computer equipment Total plant assets Total assets BUSINESS SOLUTIONS Balance sheet December 31,2020 Assets Total liabilities Accounts payable Wages payable Unearned computer service revenue Common stock Retained earnings Liabilities Total equity Total liabilities and equity Equity S 8,800 S S S $ 52,511 $ 4,368 600 1,485 820 S $ S $ 59,784 440 $ 8,360 23,200 1,450 $21,750 S 30,110 $ 89,894 $ S $ $ 2,100 480 2,400 4,980 $ 67,000 $ 17,914 $ 84,914 $ 89,894
Requirement 4: BUSINESS SOLUTIONS Income Statement For three months Ended December 31,2020 Revenue Computer service revenue Expenses: Depreciation expense- office equipment Depreciation expense- Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repair expense Total expenses Net income S S S S S S S S S S 440 1,450 3,600 495 2,460 4,145 2,688 752 210 1,205 S 42,659 S S 17,445 25,214