Need a Balance Sheet, Income Statement for the below Green Corporation is a fictitious retail garden nursery.

Need a Balance Sheet, Income Statement for the below

  

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Green Corporation is a fictitious retail garden nursery. You have been provided the December 31, 2019 balance sheet for Green Corporation, as well as a narrative of transactions that occurred during 2020. Using this information, prepare a December 31, 2020 balance sheet, and an income statement and indirect method statement of cash flows for the year ended December 31, 2020. Note that you will need to make some adjusting entries to account for what occurred with the passage of time (such as the part of the insurance policy being used up by year's end). Use the appropriate spreadsheet tabs to input your work. While not required, I recommend starting this exercise by filling in the pre-fab t-accounts in the "T-accounts" tab. For this case, it will suffice for you to turn in your completed Excel spreadsheet. Green Corporation Balance Sheet December 31, 2019 Assets Current Cash 3,000 2,000 10,000 Accounts Receivable Inventory Total Current Assets 15,000 Property and Equipment (net of $30,000 accumulated depreciation) 3 Total Assets 50,000 65,000 5 Liabilities and Shareholders' Equity 6 Current Accounts Payable 7 26,000 Green Corporation is a fictitious retail garden nursery. You have been provided the December 31, 2019 balance sheet for Green Corporation, as well as a narrative of transactions that occurred during 2020. Using this information, prepare a December 31, 2020 balance sheet, and an income statement and indirect method statement of cash flows for the year ended December 31, 2020. Note that you will need to make some adjusting entries to account for what occurred with the passage of time (such as the part of the insurance policy being used up by year's end). Use the appropriate spreadsheet tabs to input your work. While not required, I recommend starting this exercise by filling in the pre-fab t-accounts in the "T-accounts" tab. For this case, it will suffice for you to turn in your completed Excel spreadsheet. Green Corporation Balance Sheet December 31, 2019 Assets Current Cash 3,000 2,000 10,000 Accounts Receivable Inventory Total Current Assets 15,000 Property and Equipment (net of $30,000 accumulated depreciation) 3 Total Assets 50,000 65,000 5 Liabilities and Shareholders' Equity 6 Current Accounts Payable 7 26,000

Answer rating: 100% (QA)

Journal Entries for the year Particulars Debit Credit Prepaid Insurance 1500 Insurance Expense 500 Cash 2000 2000 insurance paid for 30 June 2020 30 Jun 2022 Expense for this year 2000 x 6 months 2 x ... View the full answer