Using the adjusted trial balance below, prepare the following financial statements for Custom Cupcakes, Inc. for...

 

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Using the adjusted trial balance below, prepare the following financial statements for Custom Cupcakes, Inc. for the year ended December 31, 2021: a) multiple-step income statement, b) statement of retained earnings, and c) classified balance sheet. Custom Cupcakes, Inc. Adjusted Trial Balance For the Year Ended December 31, 2021 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Land Office Equipment Accumulated Depreciation - Office Equipment Patents Trademarks Notes Payable (Current Portion) Accounts Payable Unearned Rent Salaries Payable Interest Payable Notes Payable, Due 2026 Bonds Payable Discount on Bonds Payable Common Stock Paid in capital in excess of par-Common Stock Treasury Stock Retained Earnings 1/1/21 Dividends Sales Sales Returns and Allowances Cost of Goods Sold Administration Expenses Selling Expenses Bad Debt Expense Depreciation Expense Interest Expense Loss on Sale of Equipment TOTAL Debit Credit $73,600 66,300 19,700 4,000 6,500 201,600 204,600 17,500 12,000 4,000 25,000 $2,000 20,000 55,000 56,500 41,500 3,500 17,900 12,000 20,000 $2,000 72,750 1,500 55,000 4,500 28,700 6,000 166,000 100,000 70,000 30,000 11,750 365,000 $913,200 $913,200 Check Figures: Income from Operations: $170,600 Retained Earnings 12/31/21: $98,350 Total Assets: $531,050 Using the adjusted trial balance below, prepare the following financial statements for Custom Cupcakes, Inc. for the year ended December 31, 2021: a) multiple-step income statement, b) statement of retained earnings, and c) classified balance sheet. Custom Cupcakes, Inc. Adjusted Trial Balance For the Year Ended December 31, 2021 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Land Office Equipment Accumulated Depreciation - Office Equipment Patents Trademarks Notes Payable (Current Portion) Accounts Payable Unearned Rent Salaries Payable Interest Payable Notes Payable, Due 2026 Bonds Payable Discount on Bonds Payable Common Stock Paid in capital in excess of par-Common Stock Treasury Stock Retained Earnings 1/1/21 Dividends Sales Sales Returns and Allowances Cost of Goods Sold Administration Expenses Selling Expenses Bad Debt Expense Depreciation Expense Interest Expense Loss on Sale of Equipment TOTAL Debit Credit $73,600 66,300 19,700 4,000 6,500 201,600 204,600 17,500 12,000 4,000 25,000 $2,000 20,000 55,000 56,500 41,500 3,500 17,900 12,000 20,000 $2,000 72,750 1,500 55,000 4,500 28,700 6,000 166,000 100,000 70,000 30,000 11,750 365,000 $913,200 $913,200 Check Figures: Income from Operations: $170,600 Retained Earnings 12/31/21: $98,350 Total Assets: $531,050

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