need to do income too

0 Data Review Formulas View Help QuickBooks O Search eme Insert Page Layout Enable Editin TED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. X D E F G 352,000 195,000 38,840 1,000,000 68,535 B Land Equipment Notes Payable Bonds Payable Discount on Bonds Payable Common Stock Pald in Cap. In Excess of Par-Common Stock Preferred Stock Paid in Cap. In Excess of Par-Preferred Stock Retained Earnings Treasury Stock Stock Dividends Fees Earned Advertising Expense Commission Expense Legal & Accounting Expense Medical Insurance Expense Miscellaneous Expense Rent Expense Salary Expense 1 Utilities Expense 2 Interest Expense 33 115,208 664,392 189,000 337,000 26,588 20.900 1.975,000 140,000 63,000 18,000l 32,000 8,400 170,000 760,000 13,200 45,669 35 36 37 38 39 10 4346,028 4.346.028 45 3 E D A LL S Credit 19,5801 11,880 5,8331 38,840 1,000,000 B C Adjusted Trial Balance 4 December 31, 2020 6 Account Name Debit 8 Cash 947,724 9 Accounts Receivable 1,475,000 10 Prepaid Insurance 22,875 11 Land 352,000 12 Equipment 195,000 13 Accum. Depreciation 14 Vacation Payable 15 Interest Payable 16 Notes Payable 17 Bonds Payable 18 Discount on Bonds Payable 67,773 19 Common Stock 20 Pald in Cap. In Excess of Par-Common Stock 21 Preferred Stock 22 Pald in Cap. In Excess of Par. Preferred Stock 23 Retained Earnings 24 Treasury Stock 25 Stock Dividends 20,900 26 Fees Earned 27 Advertising Expense 28 Commission Expense 140,000 29 Legal & Accounting Expense 63,000 30 Medical Insurance Expense 18,000 31 Miscellaneous Expense 32,000 32 8,4001 33 Salary Expense 170,000 34 760,000 35 13,200 36 Insurance Expense 52,264 37 13.725 38 39 19,580 11.880 115,208 664,392 189.000 337,000 26,588 1.975,000 Rent Expense Utilities Expense Interest Expense Depreciation Expense Vacation Expense C E F D 19,580 11,880 5,833 38,840 1,000,000 67,773 115,2081 664,392 189,0001 337,000 26,588 B Accum. Depreciation Vacation Payable Interest Payable Notes Payable Bonds Payable Discount on Bonds Payable Common Stock Paid in Cap. In Excess of Par-Common Stock Preferred Stock Paid in Cap. In Excess of Par-Preferred Stock 3 Retained Earnings 04 Treasury Stock 25 Stock Dividends 26 Fees Earned 27 Advertising Expense 28 Commission Expense 29 Legal & Accounting Expense 30 Medical Insurance Expense 31 Miscellaneous Expense 32 Rent Expense 33 Salary Expense 34 Utilities Expense 35 Interest Expense 36 37 Depreciation Expense 38 39 MO 20,9001 1,975,000 140,000 63,000 18,000 32,000 8,400 170,000 760,000 13,200 52,264 13,725 19.580 11,880 Insurance Expense Vacation Expense 41 42 43 4,383,321 4,383,321 45 46 48 49 A B E Name: 1 2 3 4 Sharpe Incorporated Statement of Retained Earnings For the Year Ended December 31, 2020 5 6 7 Beginning Retained Earnings 8 Cash Dividends Stock Dividends Treasury Stock Reissuances Ending Retained Earnings 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 3 Sharpe Incorporated Balance Sheet 4 5 December 31, 2020 6 Assets: Current Assets: 7 8 9 Total Current Assets Fixed Assets: Total Fixed Assets TOTAL ASSETS 10 11 12 13 14 15 16 17 16 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Liabilities & Stockholder's Equity Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Long-Term Liabilities TOTALUABILITIES Stockholder's Equity 36 20 19 40 Total Paid in Capital Chatott TARDE Talance Adi Tralalance income St 16 17 Total Fixed Assets 18 19 TOTAL ASSETS 20 21 22 Liabilities & Stockholder's Equity Current Liabilities: 23 24 Total Current Liabilities 25 26 Long Term Liabilities: 28 Total Long-Term Liabilities TOTAL LIABILITIES 29 30 31 32 33 34 35 36 37 38 Stockholder's Equity Total Paid In Capital 39 40 41 42 43 Total 44 45 46 47 TOTAL STOCKHOLDER'S EQUITY TOTAL LIABILITIES & STOCKHOLDER'S EQUITY 49 50 5) SR Step 8 - Prepare a Retained Earnings Statement and Balance Sheet Prepare the retained Earnings Statement and the Balance Sheet the same way you did the Income Statement using the amounts from the Adjusted Trial Balance. Both statements have been formatted with the exact number of rows needed. Entries should only be made in the outlined cells; do not add any rows or columns. The Total Assets should be $2,973,019. ACCT 101 - Fundamentals of Accounting I COMPUTER/GROUP PROJECT Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe Incorporated. The charter of the corporation authorized 500,000 shares of $2 par common stock, and 100,000 shares of $30 par, 4%, preferred stock. As of January 1, 2020, there were 24,000 shares of common stock issued and outstanding and 5,000 shares of preferred stock issued and outstanding. Selected transactions completed by Sharpe Incorporated during the fiscal year- ending December 31, 2020, are as follows: Jan 1 Issued 12,500 shares of $2 par omi on stock at $22, receiving cash. Jan 1 Issued 5,800 shares of $30 par, 4%, preferred stock at $70 for cash. Feb 1 Purchased equipment for $195,000, paying $15,000 cash and financing the remainder with a 180-day, 6% note payable. Mar 15 Purchased land for $352,000 by issuing 20,000 shares of common stock. Mar 31 Purchased a two-year insurance policy for $36,600. May 1 Purchased 1,750 shares of the company's own common stock at $22 per share. May 31 Issued $1,000,000 of 8-year, 7% bonds with interest payable semiannually. The amount of cash received was $926,896. July 30 Paid the amount due on the note payable signed on February 1. Aug 1 Sold 430 shares of treasury common stock purchased on May 1 for $25 per share. Sept 15 Declared a 2% stock dividend on common stock to be distributed on September 30 to stockholders of record on September 20. The market price per share on September 15 is $25 per share. Sept 30 Distributed the stock dividend declared September 15. Oct 1 Borrowed $40.000 from Second Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $1,860 per quarter Oct 10 Sold 370 shares of treasury common stock purchased on May 1 for $18 per share Sept 15 Declared a 2% stock dividend on common stock to be distributed on September 30 to stockholders of record on September 20. The market price per share on September 15 is $25 per share. Sept 30 Distributed the stock dividend declared September 15. Oct 1 Borrowed $40,000 from Second Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $1,860 per quarter. Oct 16 Sold 370 shares of treasury common stock purchased on May 1 for $18 per share. Nov 30 Paid the semiannual interest and amortized the premium on the bonds issued on May 31. Dec 1 Declared a cash dividend at the stated amount to preferred stockholders and 40 per share to common stockholders payable on December 30 to stockholder's of record on December 16. (Hint: don't forget the shares distributed from the stock dividend) Dec 30 Paid the cash dividends declared on December 1. Dec 31 Paid the first quarterly installment of the note issued on October 1, Dec 31 Record revenue for the year of $1,975,000, received $500,000 in cash, the remainder is on account Dec 31 Record expenses for the year, paid in cash (one compound entry): Rent $170,000 Utilities 13,200 760,000 Advertising 140.000 Medical insurance 32.000 Commissions 63.000 Legal and accounting 18,000 8.400 Salaries Miscellaneous Adjusting Entries + (1) The employees' accrued vacation pay at the end of the year was $11,880. (2) Record depreciation on the equipment purchased on February 1, using the straight-line method. The equipment has an estimated 9-year useful life and an estimated residual value of $2,760. (3) Record insurance expired on the policy purchased March 31. (4) Record the adjusting entry for the interest accrued and the amortization of the premium on the bonds payable since the last interest payment. (round the amount to the nearest dollar) A B 1 Name: 2 3 4 Sharpe Incorporated Income Statement For the Year Ended December 31, 2020 5 6 Revenue: 7 8 9 Operating Expenses: 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Other Expense: Net Income 34 35 36 37 38 0 Data Review Formulas View Help QuickBooks O Search eme Insert Page Layout Enable Editin TED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. X D E F G 352,000 195,000 38,840 1,000,000 68,535 B Land Equipment Notes Payable Bonds Payable Discount on Bonds Payable Common Stock Pald in Cap. In Excess of Par-Common Stock Preferred Stock Paid in Cap. In Excess of Par-Preferred Stock Retained Earnings Treasury Stock Stock Dividends Fees Earned Advertising Expense Commission Expense Legal & Accounting Expense Medical Insurance Expense Miscellaneous Expense Rent Expense Salary Expense 1 Utilities Expense 2 Interest Expense 33 115,208 664,392 189,000 337,000 26,588 20.900 1.975,000 140,000 63,000 18,000l 32,000 8,400 170,000 760,000 13,200 45,669 35 36 37 38 39 10 4346,028 4.346.028 45 3 E D A LL S Credit 19,5801 11,880 5,8331 38,840 1,000,000 B C Adjusted Trial Balance 4 December 31, 2020 6 Account Name Debit 8 Cash 947,724 9 Accounts Receivable 1,475,000 10 Prepaid Insurance 22,875 11 Land 352,000 12 Equipment 195,000 13 Accum. Depreciation 14 Vacation Payable 15 Interest Payable 16 Notes Payable 17 Bonds Payable 18 Discount on Bonds Payable 67,773 19 Common Stock 20 Pald in Cap. In Excess of Par-Common Stock 21 Preferred Stock 22 Pald in Cap. In Excess of Par. Preferred Stock 23 Retained Earnings 24 Treasury Stock 25 Stock Dividends 20,900 26 Fees Earned 27 Advertising Expense 28 Commission Expense 140,000 29 Legal & Accounting Expense 63,000 30 Medical Insurance Expense 18,000 31 Miscellaneous Expense 32,000 32 8,4001 33 Salary Expense 170,000 34 760,000 35 13,200 36 Insurance Expense 52,264 37 13.725 38 39 19,580 11.880 115,208 664,392 189.000 337,000 26,588 1.975,000 Rent Expense Utilities Expense Interest Expense Depreciation Expense Vacation Expense C E F D 19,580 11,880 5,833 38,840 1,000,000 67,773 115,2081 664,392 189,0001 337,000 26,588 B Accum. Depreciation Vacation Payable Interest Payable Notes Payable Bonds Payable Discount on Bonds Payable Common Stock Paid in Cap. In Excess of Par-Common Stock Preferred Stock Paid in Cap. In Excess of Par-Preferred Stock 3 Retained Earnings 04 Treasury Stock 25 Stock Dividends 26 Fees Earned 27 Advertising Expense 28 Commission Expense 29 Legal & Accounting Expense 30 Medical Insurance Expense 31 Miscellaneous Expense 32 Rent Expense 33 Salary Expense 34 Utilities Expense 35 Interest Expense 36 37 Depreciation Expense 38 39 MO 20,9001 1,975,000 140,000 63,000 18,000 32,000 8,400 170,000 760,000 13,200 52,264 13,725 19.580 11,880 Insurance Expense Vacation Expense 41 42 43 4,383,321 4,383,321 45 46 48 49 A B E Name: 1 2 3 4 Sharpe Incorporated Statement of Retained Earnings For the Year Ended December 31, 2020 5 6 7 Beginning Retained Earnings 8 Cash Dividends Stock Dividends Treasury Stock Reissuances Ending Retained Earnings 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 3 Sharpe Incorporated Balance Sheet 4 5 December 31, 2020 6 Assets: Current Assets: 7 8 9 Total Current Assets Fixed Assets: Total Fixed Assets TOTAL ASSETS 10 11 12 13 14 15 16 17 16 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Liabilities & Stockholder's Equity Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Long-Term Liabilities TOTALUABILITIES Stockholder's Equity 36 20 19 40 Total Paid in Capital Chatott TARDE Talance Adi Tralalance income St 16 17 Total Fixed Assets 18 19 TOTAL ASSETS 20 21 22 Liabilities & Stockholder's Equity Current Liabilities: 23 24 Total Current Liabilities 25 26 Long Term Liabilities: 28 Total Long-Term Liabilities TOTAL LIABILITIES 29 30 31 32 33 34 35 36 37 38 Stockholder's Equity Total Paid In Capital 39 40 41 42 43 Total 44 45 46 47 TOTAL STOCKHOLDER'S EQUITY TOTAL LIABILITIES & STOCKHOLDER'S EQUITY 49 50 5) SR Step 8 - Prepare a Retained Earnings Statement and Balance Sheet Prepare the retained Earnings Statement and the Balance Sheet the same way you did the Income Statement using the amounts from the Adjusted Trial Balance. Both statements have been formatted with the exact number of rows needed. Entries should only be made in the outlined cells; do not add any rows or columns. The Total Assets should be $2,973,019. ACCT 101 - Fundamentals of Accounting I COMPUTER/GROUP PROJECT Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe Incorporated. The charter of the corporation authorized 500,000 shares of $2 par common stock, and 100,000 shares of $30 par, 4%, preferred stock. As of January 1, 2020, there were 24,000 shares of common stock issued and outstanding and 5,000 shares of preferred stock issued and outstanding. Selected transactions completed by Sharpe Incorporated during the fiscal year- ending December 31, 2020, are as follows: Jan 1 Issued 12,500 shares of $2 par omi on stock at $22, receiving cash. Jan 1 Issued 5,800 shares of $30 par, 4%, preferred stock at $70 for cash. Feb 1 Purchased equipment for $195,000, paying $15,000 cash and financing the remainder with a 180-day, 6% note payable. Mar 15 Purchased land for $352,000 by issuing 20,000 shares of common stock. Mar 31 Purchased a two-year insurance policy for $36,600. May 1 Purchased 1,750 shares of the company's own common stock at $22 per share. May 31 Issued $1,000,000 of 8-year, 7% bonds with interest payable semiannually. The amount of cash received was $926,896. July 30 Paid the amount due on the note payable signed on February 1. Aug 1 Sold 430 shares of treasury common stock purchased on May 1 for $25 per share. Sept 15 Declared a 2% stock dividend on common stock to be distributed on September 30 to stockholders of record on September 20. The market price per share on September 15 is $25 per share. Sept 30 Distributed the stock dividend declared September 15. Oct 1 Borrowed $40.000 from Second Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $1,860 per quarter Oct 10 Sold 370 shares of treasury common stock purchased on May 1 for $18 per share Sept 15 Declared a 2% stock dividend on common stock to be distributed on September 30 to stockholders of record on September 20. The market price per share on September 15 is $25 per share. Sept 30 Distributed the stock dividend declared September 15. Oct 1 Borrowed $40,000 from Second Bank by issuing an 7% note. The note is to be repaid in quarterly payments of principal plus interest totaling $1,860 per quarter. Oct 16 Sold 370 shares of treasury common stock purchased on May 1 for $18 per share. Nov 30 Paid the semiannual interest and amortized the premium on the bonds issued on May 31. Dec 1 Declared a cash dividend at the stated amount to preferred stockholders and 40 per share to common stockholders payable on December 30 to stockholder's of record on December 16. (Hint: don't forget the shares distributed from the stock dividend) Dec 30 Paid the cash dividends declared on December 1. Dec 31 Paid the first quarterly installment of the note issued on October 1, Dec 31 Record revenue for the year of $1,975,000, received $500,000 in cash, the remainder is on account Dec 31 Record expenses for the year, paid in cash (one compound entry): Rent $170,000 Utilities 13,200 760,000 Advertising 140.000 Medical insurance 32.000 Commissions 63.000 Legal and accounting 18,000 8.400 Salaries Miscellaneous Adjusting Entries + (1) The employees' accrued vacation pay at the end of the year was $11,880. (2) Record depreciation on the equipment purchased on February 1, using the straight-line method. The equipment has an estimated 9-year useful life and an estimated residual value of $2,760. (3) Record insurance expired on the policy purchased March 31. (4) Record the adjusting entry for the interest accrued and the amortization of the premium on the bonds payable since the last interest payment. (round the amount to the nearest dollar) A B 1 Name: 2 3 4 Sharpe Incorporated Income Statement For the Year Ended December 31, 2020 5 6 Revenue: 7 8 9 Operating Expenses: 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Other Expense: Net Income 34 35 36 37 38