Look at the trial balance for company Stillson for 2020 and 2021 a. Prepare an Income Statement

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Look at the trial balance for company Stillson for 2020 and 2021

a. Prepare an Income Statement for 2021,

b. Prepare a closing Balance Sheet for 2020 and 2021.

c. Prepare a Cash Flow statement for 2021.

Trial Balance	2020		2021
	Debit	Credit	Debit	Credit
Fixed assets	681.471		756.711
Accounts receivable	40.129		51.194
Inventories	31.100		39.675
Cash	325.077		637.972
Accounts payable		74.915		154.202
Capital Stock		764.821		764.821
Retained Earnings				238.041
sales		1.464.706		1.868.577
COGS	454.059		579.259
Direct labor expenses	249.000		317.658
Depreciation expenses	75.000		111.618
Utilities expenses	17.088		21.800
Sales & marketing expenses	73.235		93.429
Administration Expenses	278.936		306.829
Tax expenses	79.347		109.496
Total	2.304.442	2.304.442	3.025.641	3.025.641

Posted Date: Dec 15, 2021 01:53 AM

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Look at the trial balance for company Stillson for 2020 and 2021 a. Prepare an Income Statement

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Expert Answer:

Income statement is a financial statement which shows the companys income and expenditures It depicts whether the company is making profit or loss for the period A balance sheet is a financial stateme... View the full answer

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