14 8 D G Grift & Grab, Inc. The adjusted trial balance of Grift & Grab, Inc. at Dec 31, 2020 is shown below: Dr Cr 101,320 320,600 52,000 31,200 112,000 11,000 625,000 21,000 Accounts Payable Accounts Receivable Accrued Expenses Payable Advances to employees Accumulated Depreciation - Equipment Allowance for doubtful accounts Bonds Payable - Due 2025 Bonds Premium Cash Cash Dividends - Common Stock Cash Dividends - Preferred Stock Cash Surrender Value of Officers Life Insurance Common Stock ($ 1 par value. 120,000 issued) Cost of Goods Sold Dividends payable Equipment Franchise (amortired cost) General & Administrative Expenses Goodwill Held to Maturity Securities Income tax allocable to Income from continuing operations Income tax allocable to Operating Gain-discontinued operation Inventory - Ending 317,500 22.000 10,000 98,000 120,000 3,990,000 24,000 520,000 131,000 2,416,000 111,000 146,000 97,600 44,200 492,000+ 362,000 240,000 Land Loss on Sale of Discontinued Operating Net sales Mortgage Note Payable ($32,000 due in 2021) Operating gain.discontinued operation Pald in Capital in excess of par. Common Paid in Capital in excess of par - Preferred Patent - Unamortized cost Preferred Stock (2%, $100 par value, 5,000 shes issued & outstanding Prepaid Expenses Prior period adjustment Retained earnings - January 1, 2020 as originally reported 9,500,000 499,410 145,440 234,000 27,000 333,000 500,000 72,000 260,000 1,233,360 > Bobby - HW Chap. 4 HW Grift & Grab (HW) Income Statement Balance Sheet Chap. 5 HW Workbook Statistics Type here to search Please note that alle dates are at the heni. O G Draw Data File Page Layout Home Formulas Review Insert View Automate Review B 11 Hvar av # 13. General 00 G 131,000 2,416,000 111.000 146,000 97,600 44,200 492,000 362,000 240,000 fi B D E Franchise (amortized cost) General & Administrative Expenses Goodwill Held to Maturity Securities Income tax allocable to income from continuing operations Income tax allocable to Operating Gain - discontinued operation Inventory - Ending Land Loss on Sale of Discontinued Operating Net sales Mortgage Note Payable ($32,000 due in 2021) Operating gain discontinued operation Pald in Capital in excess of par - Common Pald in Capital in excess of par. Preferred Patent - Unamortized cost Preferred Stock (2%, $100 par value, 5,000 shrs issued & outstanding Prepaid Expenses Prior period adjustment Retained earnings - January 1, 2020 as originally reported Salaries Payable Securities Fair value Adj. Trading Securities Selling expenses Tax adjustment allocable to Prior Period Adjustment Tax benefit - Loss on sale of discontinued operation Trading Securities Treasury Stock - Common (15,000 shrs) Unearned revenue 9,500,000 499,410 145,440 234,000 27,000 333,000 500,000 72,000 260,000 1,233,360 61,000 21,000 2,850,000 104,000 82,600 411,000 178,030 21,000 13.474.130 13,474,130 3 + 5 Weighted average common shares outstanding - 100,000 shares 20,000 Preferred shares authorized 500,000 Common shares authorised Instructions: 2. b. c. Prepare a muld-step income Statement for the year ended Dec. 31, 2020 including the required EPS data Prepare a Retained Earnings Statement for the year ended Dec. 31, 2020 Prepare a classified Balance Sheet as of Dec. 31, 2020 2 0 1 2 3 4 3