Part 1

Create an income statement and balance sheet using the information provided in the XYZ Corporation's Balance Sheet and Income Statement template Download XYZ Corporation's Balance Sheet and Income Statement template. Use Excel formulas within the cells to calculate all required calculated numbers.

Part 2

create a brief research paper that includes the following:

1. The purpose and use of the balance sheet.
2. An overview of the key information required to prepare the balance sheet and specific requirements for how the balance sheet should be presented.
3. The purpose and use of the income statement.
4. An overview of the key information required to prepare the income statement and specific requirements for how the income statement should be presented.

Following are various account balances for XYZ Corporation as of the fiscal year ended December 31, 2020. Prepare XYZ Corporation's Balance Sheet and Income Statement as of December 31, 2020. Note: There are some account balances included in the list that do NOT belong on either statement. Accounts payable 10,242 XYZ Corporation XYZ Corporation Accounts receivable 28,106 Balance Sheet Income Statement Accrued expenses 7,728 As of December 31, 2020 For the year ended December 31, 2020 Cash and short-term investments 135,393 Assets Cash at beginning of year 9,288 Current assets Cash flows from operating activities 45,509 Gross profit Cash flows for financing activities (35,165) Cash flows for investing activities (7,686) Operating income Common stock and paid-in capital 72,848 Cost of goods sold 39,978 Total current assets Income before provision for income taxes Income Tax Expense 21,528 Long-term assets Inventories 4,287 Net income Long-term liabilities 119,267 Other current assets 8,376 Total Long-term assets Other current liabilities 45,393 Total assets Other stockholders' equity (3,812) Operating expenses 38,574 Other long-term assets 61,351 Liabilities Other income 3,041 Current liabilities Property, plant and equipment, net 31,085 Retained earnings 16,932 Total Revenue 111,985 Total current liabilities Total liabilities Stockholder' Equity Total equity Total liabilities and equity

Reference:

U.S. Securities and Exchange Commission. (n.d.). EDGARLinks to an external site.. https://www.sec.gov/edgar.shtml