Problem 3 Chapter 4 Instructions On the Excel file, you will find two tabs: 1) Adjusted Trial Balance and 2) Financial Statements. The Adjusted Trial Balance is completed and correct. The Financial Statements tab shows an outline for the financial statements with all headings, accounts, columns, and lines correct. Note that this format is almost exactly the same as Problem 2 Chapter 3. The only difference is the inclusion of a couple more accounts. REQUIRED: Complete the financial statements using formulas in Excel. DO NOT just enter the numbers- enter formulas for ALL amounts. Referring back to Problem 2 Chapter 3 will be helpful. Cumberland City Cycles, Inc. Income Statement For the Year Ended December 31, 2021 Revenues Rental Revenue Total Revenues Expenses Salaries Expense Advertising Expense Utilities Expense Insurance Expense Rent Expense Supplies Expense Depreciation Expense--Building Depreciation Expense--Equipment Interest Expense Total Expenses Net Income Cumberland City Cycles, Inc. Balance Shoot 31-Dec-21 Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation--Equipment Building Accumulated Depreciation--Building Total Assets Liabilities Accounts Payable Unearned Revenue Notes Payable Salaries Payable Interest Payable Notes Payable--Long Term Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Cumberland City Cycles, Inc. Statement of Retained Earnings For the Year Ended December 31, 2021 Beginning Retained Earnings Add: Net Income Less: Dividends Ending Retained Earnings Cumberland City Cycles, Inc. Adjusted Trial Balance 31-Dec-21 CR DR 12,500 25,000 7,500 750 4,200 50,000 10,000 250,000 Cash Accounts Receivable Office Supplies Prepaid Rent 0 Prepaid Insurance 1 Equipment 2 Accumulated Depreciation-Equipment 3 Building 4 Accumulated Depreciation-Building 5 Accounts Payable 6 Uneamed Revenue Notes Payable 3 Interest Payable Salaries Payable Notes Payable-Long Term Common Stock Dividends Retained Earnings Rental Revenue Salaries Expense Advertising Expense Utilities Expense Insurance Expense Rent Expense Supplies Expense Depreciation Expense-Equipment Depreciation Expnse-Building Interest Expense 25,000 32,000 6,500 10,000 1,000 1,200 15,000 100,000 2,000 229,200 23,000 5,000 6,400 2,300 250 5,000 10,000 25,000 1,000 429,900 429.900 1 Trial Balance Nm CR DR #REF: 4 5 Cash 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 #REF! 23