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Financial Statements Project The adjusted trial balance of Midwest Marvels Corporation at December 31, 2018 is...

Financial Statements Project

The adjusted trial balance of Midwest Marvels Corporation at December 31, 2018 is shown as follows:

Midwest Marvels Corporation

Adjusted Trial Balance

December 31, 2018

Account Title

Debit

Credit

Accounts Payable

80,000

Accounts Receivable

120,000

Accumulated Depreciation

29,000

Cash

75,000

Common Stock

125,000

Cost of Goods Sold

280,000

Depreciation Expense

21,000

Dividends

20,000

Equipment

150,000

Interest Expense

3,000

Interest Payable

5,000

Inventory

56,000

Land

115,000

Notes Payable (18 months)

100,000

Paid-in Capital in Excess of par-Common

145,000

Patents, net of amortization

50,000

Prepaid Rent

4,000

Rent Expense

55,000

Retained Earnings, January 1, 2018

40,000

Salaries Expense

120,000

Sales Revenue

560,000

Utilities Expense

25,000

Wages Payable

10,000

Total

$1,094,000

$1,094,000

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

  1. Income Statement
  2. Statement of Retained Earnings
  3. Classified Balance Sheet

Solutions

Expert Solution

ekkarill92 answered 9 months ago
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