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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.

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ekkarill92 answered 2 years ago
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