Search Option File Home Insert Formulas Data Review View Help Open in Desktop App Editing Times New Ro. 12. B General 28 A G H 3 4 B This homework is designed to give you a review of what we have done (i.e., closing entries and financial statements). 1. This problem is designed to give you a brief review of Worksheet. Complete the worksheet You are required to complete the income statement and balance sheet columns. 5 6 7 8 Income Statement DR CR Retained Earnings DR CR $ 10 11 12 13 Balance Sheet DR CR 40.000 50.000 20,000 100,000 S 30,000 10,000 10,000 15 16 12 18 Adjusted Trial Balance DR CR Cash $ 40,000 Accounts Receivable 50,000 Inventory 20,000 Building 100,000 Accumulated Dep. - Building s 30,000 Accounts Payable 10,000 Accrued Salaries Payable 10,000 Depreciation Expense 10,000 $ Salaries Expense 10,000 Room Sales Revenue 60,000 Dividends 10,000 Common Stock 60,000 Retained Earnings, beginning 70,000 S 240.000 s 240.000 $ Net Income Retained Earnings, ending Total S Does this company have a net income or net loss? 10,000 10,000 S 60,000 19 20 10,000 60,000 70,000 100,000! 180,000 $ 210,000 $ 210,000 40,000 60,000 $ 22 22 24 25 220,000 S 20,000 S 40,000 26 60.000 60.000 220.000 220.000 an What is the amount of Nw Income Sheet1 Calculation Mode Auto Workbook Statws Home Insert Formas Data Review View Help Open in Desktop App Editing Times New Ro 12V B #varav General 128 A E 35 36 37 38 2. Based on the worksheet above, prepare financial statements. a. Single Step Income Statement The date of preparation of this statement: January 31, 2020 JYP Corporation Income Statement 11 $ 60,000 60,000 46 Revenues toom Sales Revenue Total revenue Expenses depreciation Expense salaries Expense Total expenses Net Income 10.000 10.000 20,000 40,000 29 53 b. Retained Earnings Statement The date of preparation of this statement January 31, 2020 JYP Corporation Retained Earnings Statement 55 56 s Retained earnings, previous Add: niet income 59 70,000 40,000 110,000 10.000 100,000 Less: Dividends Retained earings, January 31, 2017 S Sheet1 + Calculation Mode: Automatic WorkbookStatic Yuzu Reader Search (Option : 0) Excel Homework #6 Financial Statements-1-1 (10) - Saved Review View Help Data Open in Desktop Ap Insert Formulas Home File v . V On A 212 B Times New Ro... 12 L28 E F B D c. Balance Sheet The date of preparation of this statement: January 31, 2020 JYP Corporation Balance Sheet 66 67 68 69 20 71 Assets Current asset 72 73 74 75 76 27 78 79 Total current asset Noncurrent asset Total noncurrent asset Total assets Liabilities & Stockholders' Equity Current liabilities B2 83 84 85 B6 87 88 89 90 91 92 Total current liabilities Total Liabilities Stockholders' equity Sheet1 + Calculation Mode Automatic Workbook Statistics e Home Insert Formulas Data Review View Help Open in Deskto Times New Ro... 12 B HA... fx B D E F Total assets Liabilities & Stockholders' Equity Current liabilities Total current liabilities Total Liabilities Stockholders' equity Total stockholders' equity. Total liabilities and equity What is the amount of total current asset? What is the amount of total current liabilities? $1 2 03 54 05 06 07 08 Calculate Current Ratio What can you infer from the current ratio of JYP Corporation? Sheet1 + Calculation Mode: Automatic Workbook Statistics