using the given financial data, complete the accounting cycle in order to prepare a properly formatted comprehensive balance sheet and multi-step income statement.

You are provided the beginning balances in the permanent accounts as well as a list of business transactions during the year. Each transaction will result in at least one journal entry. These journal entries will then be posted in the general ledger and you will calculate the ending account balances. . After preparing a trial balance, you will then prepare the financial statements for the current year.

• Prepare the beginning trial balance for Bob's Bacon House ensuring that debits = credits
• Determine to which subgroup of balance sheet or income statement each account belongs.
• Prepare journal entries for each business transaction
• Post the journal entries in the general ledger and calculate the ending account balances .
• Prepare an ending trial balance in proper order and functionality.
• Prepare a multi-step income statement in good form.
• Prepare a properly classified balance sheet in good form.

Phase 2- due week 7 - Financial analysis using the financial statements from Phase 1

• Perform a common size (vertical) analysis for the year. What are the significant percents?
• Perform a horizontal analysis comparing the beginning and ending Balance Sheet accounts. Comment on significant categories and changes from the previous year.
• Using the list of financial ratios provided, select no more than two per category and comment on the number you have calculated
• For the horizontal analysis, please make the first column the ending balances and show the changes from the beginning balances in $ and percent.
• Make sure each financial ratio is properly formatted as $, %, or #. Format the answer to 2 decimal places

Bob's Bacon House Inc. - List of Account Balances

as of December 31, 2019

Account Title	Balance
Accounts Payable	200,500
Account Receivable	165,700
Accumulated Depreciation	350,000
Additional Paid-In Capital	40,000
Allowance for Doubtful Accounts	2,650
Building and Equipment	1,120,000
Cash	71,565
Common Stock, $1 par	544,850
Copyrights	112,000
Customer Deposits (expected to be earned in 2019)	2500
Goodwill	225,000
Income Taxes Payable	80,000
Inventories @ $25/unit	315,250
Long-term Investment.	95,630
Deposits With Vendors	47,200
Land	125,000
Mortgage Payable, 0% (paid at $2,780 per month)	667,200
Bonds Payable to Banks, yielding 2.5% (due 2025)	50,000
Notes Receivable, 1% (due 2020)	60,000
Patents	219,335
Retained Earnings	108,980
Trademarks	115,000
Interest Payable	25,000
Notes Payable to banks, 4% due 2022	600,000

Transactions during 2020

Trans #
1	Finished Goods inventory purchased from suppliers on account:
	2/10 - 10,000 units @ $26 each
	6/12 - 15,000 units @ $28 each
	10/23 - 12,000 units @ $29 each
	11/25 - 8,000 units @ $30 each
2	Bob's Bacon House uses a perpetual inventory system with FIFO costing. All purchases and sales are made on account. This data is used to prepare two journal entries. One for purchases of inventory, and another for Cost of Goods Sold using FIFO. Make sure you take into account the beginning inventory for the COGS calculation.
3	Payments made to suppliers on account during 2020 are $1,124,450.
4	Sales made to customers on account are 49,356 units @ $36 each.
5	Cash collected from customers during 2020 is $1,750,700.
6	Total interest paid on last year's notes payable and bonds payable amounted to $17,415. Bob uses the interest payable account in order to accrue last year's liability and expense. This journal entry requires a debit to the interest payable account (not interest expense).
7	Rental income due Bob on leased property was invoiced for $25,650.
8	Bob's Bacon House Inc. was operating a retail store in Chicago, among other cities. The original cost of the property was $120,000 and had a book value of $95,000. During 2020, this store was closed at a loss of $35,800.
9	Bob's Bacon House Inc. wants to make an allowance for doubtful debts at 2% on accounts receivable for the year 2020
10	Selling and administrative expenses are $128,475. These expenses include $56,000 depreciation expense on building and equipment but exclude bad debts expenses.
11	Income tax expense paid for 2019 is $90,500. Bob accrues the liability for taxes in the current year and pays them in the following year. This payment requires a debit to Income Taxes Payable
12	Prepare a journal entry for the 12month's of mortgage payments, Assume all of the payment is applied to the principal.
13	Accrue the Interest Expense for 2020 based on the outstanding debt. Compare the calculated interest payable to the balance after transaction #5 and prepare the necessary adjusting journal entry.
14	Accrue the Income Taxes Payable based on the amount in the Income Statement. The Bacon House's income tax rate for 2020 is 25%. Compare the calculated interest payable to the balance after transaction #10 and prepare the necessary adjusting journal entry.
15	Interest earned yet not collected on customer notes receivable must be accrued
16	Intangible assets are amortized over these remaining lives Copyrights & Trademarks - 20 years; Patents - 40 years
17	Test Goodwill for impairment and prepare the adjusting entry, if needed, assuming that the present value of the acquired business has a future cash flows are $200,000 and the market value is $190,000

Answer this ASAP