Prepare the income statement for $2021.$ Include statement of retained earnings for $2021.$

B$.$ Prepare the balance sheet for $2021$ and $2020$

C$.$ Prepare Common$-$Size financial statements for the income statement and balance sheet for $2021.$

D$.$ Prepare Statement of Cash Flows for $2021$

Items $20212020$

Sales $$2,200,000$ $$1,900,000$

Cash $100,00070,000$

Selling$/$Admin Expenses $420,000500,000$

Retained Earnings $600,000500,000$

Long$-$term debt $120,00070,000$

Cost of goods sold $1,300,0001,100,000$

Depreciation $150,000130,000$

Long$-$term investments $70,00080,000$

Gross Fixed Assets $2,400,0002,000,000$

Interest Expenses $90,00070,000$

Shares outstanding $($$$1$ par$)120,000120,000$

Market Price of stock $3\mathrm{.}54$

Accounts Receivable $350,000300,000$

Accounts payable $440,000250,000$

Inventory $430,000410,000$

Notes Payable $400,000400,000$

Accumulated Depreciation $1,150,0001,000,000$

Accruals $50,00070,000$

Tax Rate $33\mathrm{.}34\%33\mathrm{.}34\%$

$($round your actual dollar tax to the nearest thousands$)$

Preferred Stock $($$$100$ par value$)900$ shares $900$ shares

Capital Paid in excess of Par $410,000410,000$

Prepaid Expenses $30,00050,000$

Preferred Stock Dividend paid $10,0000\mathrm{.}00$

Common Stock Dividend paid $50,0000\mathrm{.}00$

Instructions:

As a group, complete the following activities using the financial information above:

Part $1$: Financial Statements

 

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Answer rating: 100% (QA)

Part 1 Financial Statements A Income Statement for 2021 Income Statement for the Year Ended December 31 2021 Sales 2200000 Cost of Goods Sold 1300000 Gross Profit 900000 SellingAdmin Expenses 420000 D... View the full answer