Using the trial balance provided below, prepare the following: 1. Multiple-Step Income Statement (4 points) 2....

  

Transcribed Image Text:

Using the trial balance provided below, prepare the following: 1. Multiple-Step Income Statement (4 points) 2. Retained Earnings Statement (1 points) 3. Classified Balance Sheet (10 points) Part B - Using the financial information provided (see page 2), prepare the Statement of Cash Flows (10 points). Note: Part B is UNRELATED to Part A. Part A - Trial Balance Cashi Accounts Receivable Allowance for Doubtful Accounts Inventory Trading Securities Equipment Accumulated Deperciation Building Accumulated Deperciation Building Land Dividends Payable Accrued Liabilities Franchises Patents Debt Investments (long term) Equity Investments (long term) Accounts Payable Salaries and Wages Payable Notes Payable (short term) Notes Payable (long term) Bonds Payable Common Stock, Par APIC Treasury Stock Retained Earnings Dividends Declared (cost $ 145,000) Equipment $ 5.00 Administrative Expenses Loss due to storm damage Rent Revenue Sales Revenue Sales Discounts Sales Returns and Allowances COGS Selling Expenses Gain on sale of equipment Income Tax Expense $ $ Useh Tele Solutions, Inc. Trial Balance December 31, 2019 Debit 652,000 850, 210 1,586,000 153,000 622,790 1,040,000 260,000 250,000 405,000 650,000 350,000 225,000 500,000 55,000 40,000 6,180,000 2,250,000 1,100,000 238,000 425,000 17,832,000 $ Credit 25,000 60,000 152,000 725,000 18,000 177,000 250,000 125,000 1,325,000 1,500,000 1,000,000 20,000 715,000 11,555,000 110,000 15,000 $ 17,832,000 Part B - Using the financial information provided below, prepare the Statement of Cash Flows. Cash Accounts Receivable Equipment Accumulated Depreciation - Equipment Accounts Payable Common Stock Retained Earnings Other Information Net income reported 12/31/2017 $ 8,550,000 $ 1,100,000 $ 1,750,000 $ (650,000) $10,750,000 Xiong Corporation $ 1,250,000 $ 1,150,000 $ 8,350,000 $10,750,000 $ $ 1,495,000 $ 200,000 Dividends paid New Equipment was puchased and none was sold. Required: 1. Prepare the statement of cash flows for the year 2017. 1/1/2017 $ 6,575,000 1,550,000 1,450,000 $ (415,000) 9,160,000 in $ $ in $ $ ssss $ $ $ $ 955,000 1,150,000 7,055,000 9,160,000 Using the trial balance provided below, prepare the following: 1. Multiple-Step Income Statement (4 points) 2. Retained Earnings Statement (1 points) 3. Classified Balance Sheet (10 points) Part B - Using the financial information provided (see page 2), prepare the Statement of Cash Flows (10 points). Note: Part B is UNRELATED to Part A. Part A - Trial Balance Cashi Accounts Receivable Allowance for Doubtful Accounts Inventory Trading Securities Equipment Accumulated Deperciation Building Accumulated Deperciation Building Land Dividends Payable Accrued Liabilities Franchises Patents Debt Investments (long term) Equity Investments (long term) Accounts Payable Salaries and Wages Payable Notes Payable (short term) Notes Payable (long term) Bonds Payable Common Stock, Par APIC Treasury Stock Retained Earnings Dividends Declared (cost $ 145,000) Equipment $ 5.00 Administrative Expenses Loss due to storm damage Rent Revenue Sales Revenue Sales Discounts Sales Returns and Allowances COGS Selling Expenses Gain on sale of equipment Income Tax Expense $ $ Useh Tele Solutions, Inc. Trial Balance December 31, 2019 Debit 652,000 850, 210 1,586,000 153,000 622,790 1,040,000 260,000 250,000 405,000 650,000 350,000 225,000 500,000 55,000 40,000 6,180,000 2,250,000 1,100,000 238,000 425,000 17,832,000 $ Credit 25,000 60,000 152,000 725,000 18,000 177,000 250,000 125,000 1,325,000 1,500,000 1,000,000 20,000 715,000 11,555,000 110,000 15,000 $ 17,832,000 Part B - Using the financial information provided below, prepare the Statement of Cash Flows. Cash Accounts Receivable Equipment Accumulated Depreciation - Equipment Accounts Payable Common Stock Retained Earnings Other Information Net income reported 12/31/2017 $ 8,550,000 $ 1,100,000 $ 1,750,000 $ (650,000) $10,750,000 Xiong Corporation $ 1,250,000 $ 1,150,000 $ 8,350,000 $10,750,000 $ $ 1,495,000 $ 200,000 Dividends paid New Equipment was puchased and none was sold. Required: 1. Prepare the statement of cash flows for the year 2017. 1/1/2017 $ 6,575,000 1,550,000 1,450,000 $ (415,000) 9,160,000 in $ $ in $ $ ssss $ $ $ $ 955,000 1,150,000 7,055,000 9,160,000

Answer rating: 100% (QA)

B here is the cash flow statement A 1 2 Particulars 3 Sales 4 returns ... View the full answer