Question

In: Accounting

For this project, we will prepare a multi-step income statement and statement of retained earnings, and...

For this project, we will prepare a multi-step income statement and statement of retained earnings, and a classified balance sheet. Make sure that each of your financial statements includes a heading with the appropriate date.

Prepare the Financial Statements for the year for McDuck Corporation -- a multi-step income statement, a statement of retained earnings, and a classified balance sheet

Below is the Trial Balance for McDuck Corporation on December 31, 2020

Accounts Payable 4,160

Accounts Receivable 3,250

Accum. Amort. Copyright 3,900

Accum. Amort. - Patent 3,300

Accum. Depl. - Gold Mine 4,000

Accum. Depr. - Buildings 24,500

Accum. Depr. Equipment 18,600

Adjustment to Market (debit balance) 1,850

Allowance for Bad Debts 420

APIC - Common 28,500

APIC - Preferred 4,200

APIC - Treasury 1,400

Bonds Payable (15 year) 80,000

Buildings 65,000

Cash 7,180

Cash Dividends Declared 4,000

Common Stock 30,000

Common Stock Dividends Distributable 200

Copyright 8,100

Cost of Goods Sold 27,250

Discount on Bonds Payable 13,500

Dividend Revenue 350

Dividends Payable 300

Equipment 34,800

FICA Taxes Payable 690

FIT Payable 1,350

FUTA Taxes Payable 90

Gain on Disposal of Plant Assets 210

General and Admin Expenses 7,520

Gold Mine 14,200

Income Tax Expense 1,230

Income Tax Payable 340

Interest Expense 400

Interest Payable 40

Interest Receivable 10

Interest Revenue 40

Land 10,000

Long-Term Investment in Bonds 21,200

Long-Term Investment in Subsidiary 48,200

Loss on Sale of Marketable Securities 180

Marketable Securities* 10,620

Merchandise Inventory 2,470

Mortgage Note Payable (30-year) 20,000

Notes Receivable (short-term) 400

Patent 5,600

Preferred Stock 10,000

Prepaid Insurance 1,220

Rental Revenue 600

Retained Earnings 3,730

Salaries Payable 2,700

Sales 58,600

Sales Discounts 1,840

Sales Returns and Allowances 4,170

Selling Expenses 9,860

Short-Term Notes Payable 800

SIT Payable 450

Stock Dividends Declared 800

Subsidiary Income 3,820

Supplies 1,160

SUTA Taxes Payable 270

Treasury Stock 3,600

Unrealized Gain on Valuation of MS (debt) 2,090

Unrealized Loss on Valuation of MS (Equity) 240

Unearned Rental Revenue 200

*The Marketable Securities consist of both equity and debt securities. The debit securities were purchased as available for sale securities.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Prepare a multi step income statement, statement of retained earnings and classified balance sheet NFT Consulting...
Prepare a multi step income statement, statement of retained earnings and classified balance sheet NFT Consulting and Sales Inc PARTIALLY ADJUSTED TRIAL BALANCE October 31 2017 Part Adj T/B October Jes Trial Balance Adj Jes Adj T/B DR CR DR CR DR CR DR CR DR CR Cash $332,218         332,218         332,218 Accounts Receivable 146,800 16,275         163,075             4,109         158,966 Allowance for Uncollectible Accounts $3,689             3,689                388             4,077 Supplies 42,600           42,600           42,600...
I need to create a multi step income statement and statement of retained earnings with the...
I need to create a multi step income statement and statement of retained earnings with the following information ( assume a 30% tax rate and 500,000 shares of common stock) Accounts Receivable                       $555,000 Accumulated Depr.-equipment          450,000 Accumulated Depr.-buildings            360,000 Allowance for doubtful accts.              36,000 Common Stock                           2,000,000 Depreciation Expense (equipment)      50,000 Depreciation Expense (buildings)         60,000 Dividends (common stock)               120,000 Dividends Payable                            30,000 Insurance Expense                             35,000 Interest Expense                               40,000 Interest Payable                          ...
I need to create a multi step income statement and statement of retained earnings with the...
I need to create a multi step income statement and statement of retained earnings with the following information ( assume a 30% tax rate and 500,000 shares of common stock) Accounts Receivable                       $555,000 Accumulated Depr.-equipment          450,000 Accumulated Depr.-buildings            360,000 Allowance for doubtful accts.              36,000 Common Stock                           2,000,000 Depreciation Expense (equipment)      50,000 Depreciation Expense (buildings)         60,000 Dividends (common stock)               120,000 Dividends Payable                            30,000 Insurance Expense                             35,000 Interest Expense                               40,000 Interest Payable                          ...
Required: Prepare the Income Statement (Multiple Step Format) Prepare the Statement of Retained Earnings Prepare the...
Required: Prepare the Income Statement (Multiple Step Format) Prepare the Statement of Retained Earnings Prepare the Balance Sheet (Classified Format) Prepare the necessary year-end closing entries Prepare the Year End Trial Balance
Instructions (a) Prepare a multiple-step income statement. (b) Prepare a retained earnings statement. Porter Corporation's capital...
Instructions (a) Prepare a multiple-step income statement. (b) Prepare a retained earnings statement. Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2010 an analysis of the accounts and discussions with company officials revealed the following information: Sales $1,100,000 Purchase discounts 18,000 Purchases 642,000 Income from operations of discontinued product line 35,000 Loss on disposal of discontinued production line 70,000 Selling expenses 128,000 Cash 60,000 Accounts receivable 90,000 Unrealized gain on available for sale securities...
Prepare an income statement and a statement of retained earnings for the month of May (note...
Prepare an income statement and a statement of retained earnings for the month of May (note space provided on two pages) for Shelby, Inc. Also prepare a balance sheet as of May 31, 2017. The financial transactions of Shelby, Inc. for May, their first month of operations, are: On May 1, 2017, Shelby, Inc. issued common stock in exchange for $20,000 cash from a stockholder, Nan. On May 3, the company borrowed $5,100 from a creditor and executed a note...
Required:         Prepare a multiple-step income statement in good form. (Include EPS) Calculate retained earnings as of...
Required:         Prepare a multiple-step income statement in good form. (Include EPS) Calculate retained earnings as of December 31, 2018. Prepare a classified balance sheet in good form. Calculate working capital. Thornhill Companies Trial Balance As of December 31, 2018 Cash $                9,000 $                       -   Accounts Receivable                150,000 Inventory              100,000 Prepaid Rent Expense                  18,000 Land                100,000 Plant                500,000 Equipment            1,000,000 Franchises                200,000 Dividends                  25,000 Cost of Goods Sold            1,200,000 Selling Expenses                200,000...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please help Accounts payable Accounts receivable Accumulated depreciation - building Allowance for uncollectible accounts Bonds payable, due in 2029 Building Cash Common Stock Cost of goods sold current marries of long-term debt deferred revenue depreciation expense discount on bonds payable dividends gains on sale of equipment income tax expense inventory interest expense land note payable due 10/20 preferred stock prepaid insurance rent expense sales revenue...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please help Accounts payable $      40,000 Gain on sale of equipment X $        2,000 Accounts receivable         50,000 Income tax expense X           5,000 Accumulated depreciation - building         10,000 Inventory       100,000 Additional paid-in capital       800,000 Interest expense X           4,000 Allowance for uncollectible accounts           5,000 Land       200,000 Bonds payable, due in 2029       800,000 Note payable, due 10/1/20       100,000 Building       641,000 Preferred stock       300,000 Cash    1,500,000 Prepaid insurance           5,000 Common stock...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please...
how do I prepare a classified balance sheet, multiple step income statement, and retained earnings please help Accounts payable Accounts receivable Accumulated depreciation - building Allowance for uncollectible accounts Bonds payable, due in 2029 Building Cash Common Stock Cost of goods sold current marries of long-term debt deferred revenue depreciation expense discount on bonds payable dividends gains on sale of equipment income tax expense inventory interest expense land note payable due 10/20 preferred stock prepaid insurance rent expense sales revenue...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT