Project Description: A trial balance is provided and from this you will prepare three financial statements on separate Excel tabs: Balance Sheet, Income Statement, and Statement of Stockholders Equity. All statements are to be prepared with proper format. Specific requirements are provided below. Hint: Prepare the statements in the following order - 1) Income Statement 2) Statement of Stockholders Equity 3) Balance Sheet (See print order at end of this document) REQUIREMENTS: Income Statement: Prepare a multi-step income statement for two years. See Ch. 6 e-book for example but you do not need to group the expenses as done in Chapter 6, instead list each expense separately in the income statement. Statement of Stockholders Equity: Prepare a 2-year statement that includes common stock, retained earnings, and a total column. See Chapter 2 or Chapter 3 for layout. Balance Sheet: Prepare a classified balance sheet in order of liquidity for two years. See Ch. 3 for examples. Do not prepare two separate statements for each year. Instead use the accounts descriptions followed by the current year, then the next most current year.

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Trial balance
12/31/2021
	2022	2021
	Adjusted	Adjusted
	Balance	Balance
Cash - Bank of Concordia	$ 50,035	$ 61,537
Accounts receivable	205,960	198,254
Inventory	255,544	221,522
Prepaid insurance	1,200	1,200
Land	180,100	124,100
Buildings	305,131	305,131
Machinery & equipment	77,074	69,990
Accumulated depreciation	(74,110)	(70,965)
Accounts payable	(77,171)	(92,983)
Salaries and wages payable	(42,790)	(33,075)
Income tax payable	(33,881)	(44,800)
Accrued interest payable	(3,967)	(2,335)
Note payable, due 12/31/22	(23,000)	-
Note payable, due 12/31/25	(66,000)	(68,000)
Common stock	(40,000)	(35,000)
Dividends	3,240	2,290
Retained earnings	(634,576)	(526,540)
Sales	(685,805)	(580,190)
Cost of goods sold	326,412	276,100
Salaries & wages expense	183,490	99,596
Interest expense	3,950	2,239
Advertising expense	15,780	11,821
Depreciation expense	18,800	14,900
Insurance expense	1,350	1,215
Utilities expense	7,177	6,353
Repairs & maintenance expense	2,300	1,800
Professional fees expense	12,100	11,490
Income tax expense	31,657	44,350
Net income	(82,789)	(110,326)
Balance check	-	-