File Home Insert Formulas Data Review View Help Open in Desktop App Editing Times New Ro 12 00 A. General 99 L28 A D M 3 4 This homework is designed to give you a review of what we have done (i.c., closing entries and financial statements). 1. This problem is designed to give you a brief review of Worksheet. Complete the worksheet. You are required to complete the income statement and balance sheet columns. 6 7 8 9 10 Income Statement DR CR Retained Earnings DR CR Balance Sheet DR CR $ 40,000 50,000 20.000 100,000 $ 30.000 10,000 10,000 11 12 13 14 15 16 17 18 19 20 21 22 23 Adjusted Trial Balance DR CR Cash S 40,000 Accounts Receivable 50,000 Inventory 20,000 Building 100,000 Accumulated Dep. - Building $ 30,000 Accounts Payable 10,000 Accrued Salaries Payable 10,000 Depreciation Expense 10,000 s Salaries Expense 10,000 Room Sales Revenue 60,000 Dividends 10,000 Common Stock 60,000 Retained Earnings, beginning 70,000 S 240.000 $ 240,000 $ Net Income Retained Earnings, ending Total S Does this company have a ner income or ner loss? 10,000 10,000 s 60,000 10,000 60,000 70,000 100,000 180,000 $ 210,000 $ 210,000 40.000 60,000 $ 220,000 $ 20,000 $ 40,000 60.000 60.000, 220.000 220.000 25 26 27 28 29 her the mount f Nam? Sheet1 + Gel Mode Automatic Workbook States L28 fx E H 35 36 37 38 39 40 B D 2. Based on the worksheet above, prepare financial statements. a. Single Step Income Statement The date of reparation of this statement January 31, 2020 JYP Corporation Income Statement $ 60,000 60,000 45 46 47 48 Revenues room Sales Revenue Total revenue Expenses depreciation Expense salaries Expense Total expenses Net Income 10,000 10,000 20,000 40.000 49 50 51 52 53 54 55 b. Retained Earnings Statement The date of preparation of this statement: January 31, 2020 JYP Corporation Retained Earnings Statement S 56 57 58 59 60 61 Retained earnings, previous Add: net income 70,000 40.000 110,000 10,000 L Dividends Retained earnings, January 31, 2017 S Sheet1 + 100.000 Calculation Mode: Automatic Workbook Statistics Times New Ro... 12 E B D c. Balance Sheet The date of preparation of this statement: January 31, 2020 JYP Corporation Balance Sheet Assets Current asset Total current asset Noncurrent asset Total noncurrent asset Total assets 2 3 4 Liabilities & Stockholders' Equity Current liabilities 5 36 37 38 89 90 91 92 02 Total current liabilities Total Liabilities II Stockholders' equity Sheeti Calculation Mode Automatic Workbook status D E B Liabilities & Stockholders' Equity Current liabilities Total current liabilities Total Liabilities IT Stockholders' equity Total stockholders' equity. Total liabilities and equity 8 What is the amount of total current asset? What is the amount of total current liabilities? 01 32 03 04 05 106 107 108 Calculate Current Ratio What can you infer from the current ratio of JYP Corporation? 109 110 Sheet1 + Calculation Mode: Automate Workbook Statistics