From the adjusted trial balance above, prepare the financial statements of Coastal Carolina Corporation in good form (format will be graded as well as correctness):

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

This must be done in an Excel spreadsheet. Since it is assessing spreadsheet skills as well as financial statement knowledge, you must use formulas where appropriate.

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Account Cash Accounts Receivable Inventory Prepaid Rent Land Equipment Accumulated Depreciation Patents, net of amortization Accounts Payable Wages Payable Interest Payable Note Payable (18 months) Bonds Payable (due in 2020) Common Stock Paid-in Capital in Excess of par - Common Retained Earnings, Jan. 1 Dividends Sales Revenue Cost of Goods Sold Coastal Carolina Corporation Adjusted Trial Balance December 31, 2016 Salaries expense Utilities expense Rent Expense Depreciation Expense Interest Expense Debit 85,000 150,000 61,000 4,000 100,000 170,000 40,000 20,000 Credit 30,000 75,000 20,000 5,000 105,000 90,000 30,000 145,000 30,000 600,000 280,000 130,000 15,000 55,000 17,000 3,000 $ 1,130,000 $ 1,130,000 Account Cash Accounts Receivable Inventory Prepaid Rent Land Equipment Accumulated Depreciation Patents, net of amortization Accounts Payable Wages Payable Interest Payable Note Payable (18 months) Bonds Payable (due in 2020) Common Stock Paid-in Capital in Excess of par - Common Retained Earnings, Jan. 1 Dividends Sales Revenue Cost of Goods Sold Coastal Carolina Corporation Adjusted Trial Balance December 31, 2016 Salaries expense Utilities expense Rent Expense Depreciation Expense Interest Expense Debit 85,000 150,000 61,000 4,000 100,000 170,000 40,000 20,000 Credit 30,000 75,000 20,000 5,000 105,000 90,000 30,000 145,000 30,000 600,000 280,000 130,000 15,000 55,000 17,000 3,000 $ 1,130,000 $ 1,130,000