Based on the given worksheet below, students are required to prepare the following individually:

Comparative Financial Statements

a. Statement of Financial Position

b. Statement of Income

c. Statement of Changes in Shareholders Equity

d. Statement of Cash Flows

e. Notes to Financial Statements

f. Dividend Allocation

Fall Bake Shop Corporation Adjusted Trial Balance December 31 2020 2019 Debit Debt Credit 7100,000.00 819,500.00 Credit 6.700.000.00 807 300.00 2.328,300.00 2,116,700.00 140,000.00 1,400,000.00 1,000,000.00 800,000.00 46,570 00 70,000.00 700,000.00 500,000.00 400,000.00 42,330 00 3.500.000,00 99.860.00 3500,000.00 21.972 168.00 4,070,480.00 70,000.00 500,000.00 400,000.00 3,500,000.00 588,370.00 3,500,000 00 22 138 550.00 5% Preference share capital P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Deficit Depreciation expense - building Depreciation expense-office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2021 Office equipment 0.00 70,000.00 500,000.00 400,000.00 4,240,00 1,374 912.00 1.355 100,00 0.00 42,330.00 1,354,320.00 1 231,900.00 0.00 0.00 000 271,020 00 96,000.00 246,380.00 60,000.00 100,000.00 20,000.00 3,000,000.00 500,000.00 2.400,000.00 0.00 800,000.00 500.000.00 2.500.000,00 2,500,000.00 Fall Bake Shop Corporation Adjusted Trial Balance December 31 2021 2020 Debit Debit Credit 100,000.00 819,500.00 Credit 6,700,000.00 807,300.00 2,328,300.00 2,116,700.00 140,000.00 1,400,000.00 1,000,000.00 800,000.00 46,570.00 70,000.00 700,000.00 500,000.00 400,000.00 42,330.00 3,500,000.00 588,370.00 3,500,000.00 22,138,550.00 5% Preference share capital, P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Deficit Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense 3,500,000.00 99,860.00 3,500,000.00 21,972,168.00 4,070,480.00 70,000.00 500,000.00 400,000.00 0.00 70,000.00 500,000.00 400,000.00 2 ? 4,240.00 1,374,912.00 1,355,100.00 0.00 42.330.00 1,354,320.00 1,231,900.00 0.00 0.00 0.00 271,020.00 96.000.00 246,380.00 60.000.00 100,000.00 20,000.00 Interest income Land Loss due to fire Notes payable, due on December 31, 2021 Office equipment 3,000,000.00 500,000.00 2.400,000.00 0.00 800,000.00 500.000.00 2,500,000.00 2.500,000.00 ACCOUNTING FOR CORPORATION, G3 41 Page 2020 10,270.00 123.190.00 9,400,000.00 41.060.00 940,500.00 210,000.00 Office supplies Office supplies expense Ordinary share capital, P5 par Prepaid insurance Raw materials inventory Rental income Salaries and wages of admin employees Salaries and wages of sales agents Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary Share Premium - Preference Store equipment Store supplies Store supplies expense 2021 11,290.00 135,510.00 10,000,000.00 45,170.00 954,800.00 240,000.00 2,032,650.00 1,355,100.00 141,200.00 27,940,000.00 279,400.00 558,800.00 1,500,000.00 1,065,000.00 2,000,000.00 22,590.00 271.020.00 1,847,850.00 1,231,900.00 128,300.00 25,400,000.00 254,000.00 508,000.00 1.410,000.00 1,005,000.00 2,000,000.00 20,530.00 246 380.00 2,000,000.00 500,000.00 1,880,000.00 1,340,000.00 Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 800,000.00 200,000.00 160,000.00 78,100.00 1.145.760.00 752,000.00 536,000.00 150,400.00 73,700.00 1,128,600.00 Totals 55,592,270.00 55,592,270.00 50,512,930.00 50,512,930.00 Additional information: Inventories as of January 1 1 Raw materials inventory Work in process inventory Finished goods inventory 2021 572,000.00 765,000.00 1,800,000.00 2020 520,000.00 850,000.00 1,500,000.00 ACCOUNTING FOR CORPORATION, G3 5 Page 5 2. Cost of Goods Sold related expenses Purchases Freight-in Purchase returns and allowances Dirert aber 2021 9,548,000.00 477,400.00 190,960.00 5.671.000.00 2020 9,405,000.00 470,250.00 188,100.00 5.794 100.00 2. Cost of Goods Sold related expenses Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 2021 9.548,000.00 477 400.00 190.960.00 5,671.000.00 6,805 200.00 2020 9,405,000.00 470.250,00 188,100.00 5,781,100.00 6,937,300.00 3. Preference shares are cumulative and non-participating 800,000.00 Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022 1,000,000.00 Fall Bake Shop Corporation Adjusted Trial Balance December 31 2020 2019 Debit Debt Credit 7100,000.00 819,500.00 Credit 6.700.000.00 807 300.00 2.328,300.00 2,116,700.00 140,000.00 1,400,000.00 1,000,000.00 800,000.00 46,570 00 70,000.00 700,000.00 500,000.00 400,000.00 42,330 00 3.500.000,00 99.860.00 3500,000.00 21.972 168.00 4,070,480.00 70,000.00 500,000.00 400,000.00 3,500,000.00 588,370.00 3,500,000 00 22 138 550.00 5% Preference share capital P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Deficit Depreciation expense - building Depreciation expense-office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense Interest income Land Loss due to fire Notes payable, due on December 31, 2021 Office equipment 0.00 70,000.00 500,000.00 400,000.00 4,240,00 1,374 912.00 1.355 100,00 0.00 42,330.00 1,354,320.00 1 231,900.00 0.00 0.00 000 271,020 00 96,000.00 246,380.00 60,000.00 100,000.00 20,000.00 3,000,000.00 500,000.00 2.400,000.00 0.00 800,000.00 500.000.00 2.500.000,00 2,500,000.00 Fall Bake Shop Corporation Adjusted Trial Balance December 31 2021 2020 Debit Debit Credit 100,000.00 819,500.00 Credit 6,700,000.00 807,300.00 2,328,300.00 2,116,700.00 140,000.00 1,400,000.00 1,000,000.00 800,000.00 46,570.00 70,000.00 700,000.00 500,000.00 400,000.00 42,330.00 3,500,000.00 588,370.00 3,500,000.00 22,138,550.00 5% Preference share capital, P100 par Accounts payable Accounts receivable Accumulated depreciation - Building Accumulated depreciation - Cooking equipment Accumulated Depreciation - Office equipment Accumulated depreciation - Store equipment Allowance for bad debts Building Cash Cooking equipment Cost of goods sold Deficit Depreciation expense - building Depreciation expense - office equipment Depreciation expense - store equipment Dividends payable Doubtful accounts Finished goods inventory Freight-out Income tax expense Income tax payable Insurance expense of goods sold in transit Interest expense 3,500,000.00 99,860.00 3,500,000.00 21,972,168.00 4,070,480.00 70,000.00 500,000.00 400,000.00 0.00 70,000.00 500,000.00 400,000.00 2 ? 4,240.00 1,374,912.00 1,355,100.00 0.00 42.330.00 1,354,320.00 1,231,900.00 0.00 0.00 0.00 271,020.00 96.000.00 246,380.00 60.000.00 100,000.00 20,000.00 Interest income Land Loss due to fire Notes payable, due on December 31, 2021 Office equipment 3,000,000.00 500,000.00 2.400,000.00 0.00 800,000.00 500.000.00 2,500,000.00 2.500,000.00 ACCOUNTING FOR CORPORATION, G3 41 Page 2020 10,270.00 123.190.00 9,400,000.00 41.060.00 940,500.00 210,000.00 Office supplies Office supplies expense Ordinary share capital, P5 par Prepaid insurance Raw materials inventory Rental income Salaries and wages of admin employees Salaries and wages of sales agents Salaries payable Sales Sales discounts Sales returns and allowances Share Premium - Ordinary Share Premium - Preference Store equipment Store supplies Store supplies expense 2021 11,290.00 135,510.00 10,000,000.00 45,170.00 954,800.00 240,000.00 2,032,650.00 1,355,100.00 141,200.00 27,940,000.00 279,400.00 558,800.00 1,500,000.00 1,065,000.00 2,000,000.00 22,590.00 271.020.00 1,847,850.00 1,231,900.00 128,300.00 25,400,000.00 254,000.00 508,000.00 1.410,000.00 1,005,000.00 2,000,000.00 20,530.00 246 380.00 2,000,000.00 500,000.00 1,880,000.00 1,340,000.00 Subscribed ordinary share capital Subscribed preference share capital Subscription receivable - Ordinary Subscription receivable - Preference Treasury Shares at cost, ordinary Treasury Shares at cost, preference Work in process inventory 800,000.00 200,000.00 160,000.00 78,100.00 1.145.760.00 752,000.00 536,000.00 150,400.00 73,700.00 1,128,600.00 Totals 55,592,270.00 55,592,270.00 50,512,930.00 50,512,930.00 Additional information: Inventories as of January 1 1 Raw materials inventory Work in process inventory Finished goods inventory 2021 572,000.00 765,000.00 1,800,000.00 2020 520,000.00 850,000.00 1,500,000.00 ACCOUNTING FOR CORPORATION, G3 5 Page 5 2. Cost of Goods Sold related expenses Purchases Freight-in Purchase returns and allowances Dirert aber 2021 9,548,000.00 477,400.00 190,960.00 5.671.000.00 2020 9,405,000.00 470,250.00 188,100.00 5.794 100.00 2. Cost of Goods Sold related expenses Purchases Freight-in Purchase returns and allowances Direct Labor Factory Overhead (including the depreciation expense for the cooking equipment) 2021 9.548,000.00 477 400.00 190.960.00 5,671.000.00 6,805 200.00 2020 9,405,000.00 470.250,00 188,100.00 5,781,100.00 6,937,300.00 3. Preference shares are cumulative and non-participating 800,000.00 Dividends were declared last December 25, 2020, and was distributed to shareholders last January 20, 2021 Dividends were declared last December 28, 2021, and for distribution to shareholders on February 1, 2022 1,000,000.00