MARINA BAY EVENT MANAGEMENT has been operating for three years, organising first-class events around Sydney. Head of the office, Michael, brought you the accounts to look at and has left you a list of questions he would like answered. Michael is interested to know how well the business is going, and for this he needs you to find out the how much the company earned in terms of trading profit and what the net earnings before interest and taxes were. Michael would also like to know what the value of current and fixed assets is; how much the business owes in total, and what is currently the net value of the business. To answer to Michael's questions, you will first need to prepare a Profit & Loss Statement and a Balance Sheet using the information provided (and the excel spreadsheet titled "T1 2016 Part 1 Brief Assignment – Hint students copy"). Study the following Trial Balance: Trial Balance Marina Bay Event Management as at 31 December 2015 Debit Credit Cash at Bank 74,589 Accounts receivable 22,365 Closing Inventory 2,487 Depreciation expense 3,800 Plant 90,000 Accumulated depreciation 33,250 Sales Revenue 122,550 Cost of Goods Sold 47,623 General operating expenses 29,870 Accounts payable 24,951 Share capital 50,000 Retained earnings 39,983 $270,734 $270,734 Task 1.1 Based on the information in the above trial balance (and using the hint spreadsheet provided to you), prepare a Statement of Financial Performance (P&L) and a Statement of Financial Position (Balance Sheet) for MARINA BAY EVENT MANAGEMENT and answer the following questions in task 1.2\ Task 1.2 What is the value of MARINA BAY Event Management's – a) Gross Profit b) Net Profit c) Current Assets d) Non-current Assets e) Total Liabilities f) Total Owners equity (Shareholders equity)