1. the income statement,
2. the statement of changes in equity, and
3. the classified balance sheet for BingGrow Corporation
4. Are the individual financial statements that you prepared above connected to one another or are they independent form one another and not related to one another? Briefly explain your answer.

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Shown below are the account balances for BingGrow Corporation for their year-end December 31, 2022: Cash $ 10,475 Accounts receivable Inventory Building Accumulated depreciation-building Accounts payable Income taxes payable Common shares 4. Retained earnings, beginning Dividends declared Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense 16,640 98,220 265,000 143,600 56,900 12,850 3,300 1,970 7,640 During the year, on June 1, 2022, BingGrow issued $25,000 of common shares to new investors. Utilities expense Supplies expense Income taxes expense 188,600 72,600 9,400 5,450 154,525 40,720 7,500 Requirements: Given the above information, prepare formal financial statements (use proper headings, formatting, etc) for the: 1. 2. 3. the income statement, the statement of changes in equity, and the classified balance sheet for BingGrow Corporation {Hint for Requirements 1, 2, and 3: Use the module 2 readings, chapter 1: Introduction to Financial Accounting, section 1.4 "Financial Statements" as a guide; or alternatively use the module 4 readings, chapter 2: The Accounting Process, section 2.3 "The Trial Balance" and "Preparation of Financial Statements" as a guide.) Are the individual financial statements that you prepared above connected to one another or are they independent form one another and not related to one another? Briefly explain your answer. Shown below are the account balances for BingGrow Corporation for their year-end December 31, 2022: Cash $ 10,475 Accounts receivable Inventory Building Accumulated depreciation-building Accounts payable Income taxes payable Common shares 4. Retained earnings, beginning Dividends declared Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense 16,640 98,220 265,000 143,600 56,900 12,850 3,300 1,970 7,640 During the year, on June 1, 2022, BingGrow issued $25,000 of common shares to new investors. Utilities expense Supplies expense Income taxes expense 188,600 72,600 9,400 5,450 154,525 40,720 7,500 Requirements: Given the above information, prepare formal financial statements (use proper headings, formatting, etc) for the: 1. 2. 3. the income statement, the statement of changes in equity, and the classified balance sheet for BingGrow Corporation {Hint for Requirements 1, 2, and 3: Use the module 2 readings, chapter 1: Introduction to Financial Accounting, section 1.4 "Financial Statements" as a guide; or alternatively use the module 4 readings, chapter 2: The Accounting Process, section 2.3 "The Trial Balance" and "Preparation of Financial Statements" as a guide.) Are the individual financial statements that you prepared above connected to one another or are they independent form one another and not related to one another? Briefly explain your answer.

Answer rating: 100% (QA)

Answer Step 2 1 The income statement as follows Bing Grow Corporation Income Statement December 31 2022 Sales revenue 265000 Less Cost of goods sold 1... View the full answer