Question

In: Accounting

The adjusted trial balance of Coastal Carolina Corporation at December 31, 2018 are shown as follows:...

The adjusted trial balance of Coastal Carolina Corporation at December 31, 2018 are shown as follows:

Coastal Carolina Corporation

Adjusted Trial Balance

December 31, 2018

Account Title

Debit

Credit

Accounts Payable

        75,000

Accounts Receivable

      150,000

Accumulated Depreciation

        30,000

Bonds Payable (due in 2020)

        90,000

Cash

        85,000

Common Stock

        30,000

Cost of Goods Sold

      280,000

Depreciation Expense

        17,000

Dividends

        20,000

Equipment

      170,000

Interest Expense

          3,000

Interest Payable

          5,000

Inventory

        61,000

Land

      100,000

Notes Payable (18 months)

      105,000

Paid-in Capital in Excess of par-Common

      145,000

Patents, net of amortization

        40,000

Prepaid Rent

          4,000

Rent Expense

        55,000

Retained Earnings, January 1, 2018

        30,000

Salaries Expense

      130,000

Sales Revenue

      600,000

Utilities Expense

        15,000

Wages Payable

        20,000

Total

$1,130,000

$1,130,000

From the adjusted trial balance above, use Excel to prepare the following financial statements of Coastal Carolina Corporation in good form:

a.       Multistep Income Statement

b.      Statement of Retained Earnings

c.       Classified Balance Sheet

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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