Using following data Prepare 1. The income statement. 2. The statement of retained earnings. 3. The...

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Using following data Prepare 1. The income statement. 2. The statement of retained earnings. 3. The balance sheet. 4. Ratios that can be calculated from the data presented. Cash Accounts receivable Allowance for bad debts Inventory Long term investment Property, plant, and equipment Accumulated depreciation Accounts payable Accrued payables Unearned revenues Other long term liability Bonds payable Discount on bonds payable Deferred income tax Preferred stock Common stock Additional paid-in capital Retained earnings Dividends Treasury stock Operating revenues Adjusted Trial Balance December 31, 2019 Cost of goods sold Selling and administrative expenses Depreciation expense Other expense Bad debt expense Rent expense Interest expense Income tax expense Totals $ Dr 938,816 560,000 720,000 174,400 800,000 85,360 64,000 608,000 960,000 400,000 80,000 128,000 7,200 160,000 70,784 48,000 5,804,560 $ Cr 8,800 320,000 131,200 96,000 128,000 85,424 800,000 51,136 800,000 80,000 880,000 480,000 1,944,000 5,804,560 Using following data Prepare 1. The income statement. 2. The statement of retained earnings. 3. The balance sheet. 4. Ratios that can be calculated from the data presented. Cash Accounts receivable Allowance for bad debts Inventory Long term investment Property, plant, and equipment Accumulated depreciation Accounts payable Accrued payables Unearned revenues Other long term liability Bonds payable Discount on bonds payable Deferred income tax Preferred stock Common stock Additional paid-in capital Retained earnings Dividends Treasury stock Operating revenues Adjusted Trial Balance December 31, 2019 Cost of goods sold Selling and administrative expenses Depreciation expense Other expense Bad debt expense Rent expense Interest expense Income tax expense Totals $ Dr 938,816 560,000 720,000 174,400 800,000 85,360 64,000 608,000 960,000 400,000 80,000 128,000 7,200 160,000 70,784 48,000 5,804,560 $ Cr 8,800 320,000 131,200 96,000 128,000 85,424 800,000 51,136 800,000 80,000 880,000 480,000 1,944,000 5,804,560

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Step 1 Financial statements Thee are mainly two financial statements wiz Income Statement and Balance Sheet prepared to know the profitability and fin... View the full answer