Financial Statement Homework #3 Name YOU MUST SUBMIT ALL HANDWRITTEN PAGES OF THIS DOCUMENT Part 1: Insert the Trial Balance HERE Denver Mountain Company Trial Balance 11/30/17 Dr 272,000 114,500 1,000 50,000 55,000 62,000 75,000 0 32,000 100,000 Cash Accounts Receivable Allowance for Doubtful Accounts Short Term Note Receivable Supplies Inventory Equipment Building Accumulated Depreciation Copyright Accounts Payable Dividends Payable Interest Payable Unearned Revenue ST Note Payable LT Mortgage Payable Bonds Payable Premium on Bonds Payable Common Stock - $1.50 par Paid In Capital In Excess of Par-CS Preferred Stock - $5 par Paid In Capital In Excess of Par-PS Treasury Stock Retained Earnings Dividends Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad Debts Expense Depreciation Expense Wages Expense Rent Expense Insurance Expense Supplies Expense Interest Revenue Interest Expense Gain on Sale of Equipment Income Tax Expense Total 12,000 0 0 18,000 26,250 0 350,000 26,840 90,000 86,000 1,000 50,000 0 3,500 2,000 443,910 7,000 3,000 46,000 5,000 16,000 157,500 98,000 25,000 16,000 1,000 6,500 15,000 46,000 1.156,500 1,156,500 | 1 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. GENERAL JOURNAL DATE ACCOUNT NAME DEBIT CREDIT 3 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Use the space below for T-accounts (REQUIRED). (Specific instructions: Prepare T-accounts for each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1)...the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 3 onto the corresponding T-accounts and then calculate adjusted balances.) 4 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. ADJUSTED TRIAL BALANCE 12/31/17 Dr Cr 5 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Supplemental Questions 1. What will be the balance in the Mortgage Payable Account at Jan. 31, 2018 after the second monthly payment is made? 2. The Company is about to issue $2,000,000 of 5-year, 12% bonds. Interest will be paid semi-annually. The market interest rate for such securities is 10%. How much can The Company expect to receive from the sale (issuance) of these bonds? 6 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete the Multi-Step Income Statement and prepare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow. To get full credit you must include all critical subtotals. Part 2: Insert Second Trial Balance HERE. Matthews Company Adjusted Trial Balance December 31, 2017 DEBIT 8,000 4,005 CREDIT 340 500 100 80 2,000 150 4,000 1,800 400 450 15 150 1,200 5,300 700 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par. CS Retained Earnings (1/1/17) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciation Expense Amortization Expense Wages Expense Rent Expense Office Expense Supplies Expense Selling Expense Interest Expense Interest Revenue Income Tax Expense Totals 3,000 2,500 41,830 30 75 24,500 80 150 90 4,550 1,700 800 250 580 100 335 480 55,120 55,120 7 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Multi Step Income Statement For the year ended December 31, 2017 (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) 8 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Statement of Retained Earnings For the year ended December 31, 2017 9 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. Classified Balance Sheet December 31, 2017 (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) 10 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT