Accounts as of December 31, 2020 before closing Income Summary: Accounts payable.... Accounts receivable (trade accounts)....

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Accounts as of December 31, 2020 before closing Income Summary: Accounts payable.... Accounts receivable (trade accounts). Accrued liabilities. Accumulated depreciation.. Allowance for uncollectible accounts. t Amortization expense.. Cash.... Common stock. I Cost of goods sold Deferred revenue (to be collected in the next year).. I Depreciation expense. Dividend revenue. i General and administrative expenses. t Income tax expense. I Income tax payable. Interest expense... Interest payable.. Interest receivable (due in 5 months) I Interest revenue.. Inventories (perpetual method used)... Investment in equity securities (half will be sold in the coming year, with the remainder held indefinitely). Land.. Land held for future plant site.. Loss on discontinued operations. Notes payable (4%, maturity 7/1/24 - $50,000 payment due in 2021).. Notes receivable (6 months, 9%) Patents (net)... Prepaid Insurance (for the next year). Property, Plant & Equipment.. Retained earnings, January 1, 2020. Sales... I Selling expenses.. .60,000. 190,000. 15,000. 180,000. 5,000. ..10,000. .104,000. 250,000. ..836,000. .300,000 45,000. 10,000 380,000. ..??????? 63,376 .??????? 9,000. 4,000. 1,050. 1,850. 125,000 250,000 .200,000. .310,000. 125,000 200,000. ..140,000. 90,000 30,000. .664,800 774,000* $1,900,000. 190,000. Income taxes of 20% have not been recorded yet. They will be paid on January 15, 2021. Check figures: Net income = $253,480; Total Assets = 0 $1,919,850. ACTG 3110 12:40 - Fall 2022 Financial Statement Project - Part 1 Due Friday, September 23, 2022 8 points Background Go Boards, a private company, began its operations on January 1, 2012, making and selling paddle boards and canoes. In 2018, they added a college logo line. The paddle board line has been very successful, but not the canoe line. In 2020, they decided to discontinue the canoe line. The paddle board line is expanding rapidly and they can't keep up with demand. They plan to build a bigger plant and are looking at financing options. Based on the above consideration, as the controller of Go Boards, the owners have asked you to perform the following: Prepare a multiple step income statement including the appropriate earning per share disclosures for the year ended December 31, 2020, using the accounts listed on the next page. There are 100,000 common shares outstanding. Prepare a Statement of Shareholders' Equity for the year nded December 31, 2020, using the accounts listed on the next page. Prepare a classified balance sheet as of December 31, 2020, using the accounts listed on the next page. Make sure you have headings on the financial statements. Prepare all statements in Excel or a spreadsheet software and upload to D2L. Accounts as of December 31, 2020 before closing Income Summary: Accounts payable.... Accounts receivable (trade accounts). Accrued liabilities. Accumulated depreciation.. Allowance for uncollectible accounts. t Amortization expense.. Cash.... Common stock. I Cost of goods sold Deferred revenue (to be collected in the next year).. I Depreciation expense. Dividend revenue. i General and administrative expenses. t Income tax expense. I Income tax payable. Interest expense... Interest payable.. Interest receivable (due in 5 months) I Interest revenue.. Inventories (perpetual method used)... Investment in equity securities (half will be sold in the coming year, with the remainder held indefinitely). Land.. Land held for future plant site.. Loss on discontinued operations. Notes payable (4%, maturity 7/1/24 - $50,000 payment due in 2021).. Notes receivable (6 months, 9%) Patents (net)... Prepaid Insurance (for the next year). Property, Plant & Equipment.. Retained earnings, January 1, 2020. Sales... I Selling expenses.. .60,000. 190,000. 15,000. 180,000. 5,000. ..10,000. .104,000. 250,000. ..836,000. .300,000 45,000. 10,000 380,000. ..??????? 63,376 .??????? 9,000. 4,000. 1,050. 1,850. 125,000 250,000 .200,000. .310,000. 125,000 200,000. ..140,000. 90,000 30,000. .664,800 774,000* $1,900,000. 190,000. Income taxes of 20% have not been recorded yet. They will be paid on January 15, 2021. Check figures: Net income = $253,480; Total Assets = 0 $1,919,850. ACTG 3110 12:40 - Fall 2022 Financial Statement Project - Part 1 Due Friday, September 23, 2022 8 points Background Go Boards, a private company, began its operations on January 1, 2012, making and selling paddle boards and canoes. In 2018, they added a college logo line. The paddle board line has been very successful, but not the canoe line. In 2020, they decided to discontinue the canoe line. The paddle board line is expanding rapidly and they can't keep up with demand. They plan to build a bigger plant and are looking at financing options. Based on the above consideration, as the controller of Go Boards, the owners have asked you to perform the following: Prepare a multiple step income statement including the appropriate earning per share disclosures for the year ended December 31, 2020, using the accounts listed on the next page. There are 100,000 common shares outstanding. Prepare a Statement of Shareholders' Equity for the year nded December 31, 2020, using the accounts listed on the next page. Prepare a classified balance sheet as of December 31, 2020, using the accounts listed on the next page. Make sure you have headings on the financial statements. Prepare all statements in Excel or a spreadsheet software and upload to D2L.

Answer rating: 100% (QA)

1 Computation of Income Statement GO Boards Income Statement Year Ended December 312020 2020 Particu... View the full answer