00 A C D F G H 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. Income Statement DR CR Retained Earnings DR CR S Balance Sheet DR CR 40,000 50.000 20,000 100,000 S 30,000 10,000 10,000 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 S 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? income 10,000 10,000 $ 60,000 10,000 60,000 70,000 100,000 180,000 $ 210,000 $ 210,000 40,000 20.000 40,000 60,000 $ 220,000 S 60.000 100.000 60.000. S.220.000 220.000 What is the amount of Net Income? 40,000 Sheet1 + di Mode: Automatic Workbook Statistics File Home Insert Formulas Data Review View Help Open in Desktop App Editing Times New Ro 12 B Dra. Au General B142 A 36 37 38 39 D 2. Based on the worksheet above, prepare Tinancial statements. 1. Single Step Income Statement The date of preparation of this statement: January 31, 2020 JYP Corporation Income Statement 40 41 S 60,000 60,000 43 44 45 46 47 48 Revenues room Sales Revenue Total revenue Expenses depreciation Expense salaries Expense Total expenses Net Income 10,000 10,000 20,000 40.000 s 49 50 51 52 53 54 55 56 57 58 59 60 61 b. Retained Earnings Statement The date of preparation of this seement. January 31, 2020 JYP Corporation Retained Earnings Statement S Retained earnings, previous Add: net income 70,000 40.000 110,000 10,000 100.000 Less: Dividends Retained earnings, January 31, 2017 S 62 Sheet1 Calculation Mode: Automate Workbook Statistics = > 2 Times New Ro... 3 J: B D E Assets Current asset cash accounts receivable inventory Total current asset 40,000 50,000 20,000 110,000 $ Noncurrent asset building accumulated Dep. - Building Total noncurrent asset Total assets 100,000 30,000 70,000 180.000 Liabilities & Stockholders' Equity Current liabilities accounts payable $ 10,000 accrued Salaries Payable $ 10,000 Total current liabilities $ 20.000 Total Liabilities 20,000 Stockholders' equity common Stock retained carings Total stockholders' equity Total liabilities and equity Sheet1 + cation Mode: Automatic Workbook Subs 60,000 100.000 160.000 180.000 BV B D E F 5.5 What can you infer from the current ratio of JYP Corporation? Thw current liabilities are much lower than the current assets. d. Statement of Cash Flows What was the amount of net income on the income statement? 40,000 Followings are account balances of 2020 and 2019 If there is no change, please indicate no change S Cash Accounts Receivable Inventory Accounts Payable Accrued Salaries Payable Common stock Building Depreciation Expense 2020 40,000 $ 50,000 20,000 10,000 10,000 60,000 100,000 10.000 2019 25,000 70,000 30,000 20,000 Changes Increase/Decrease 15,000 Increase 20,000 decrease 10,000 decrease 10,000 decrease 10.000 decrease 10,000 increase no change 5,000 increase 50,000 100,000 5.000 3 9 Based on above information, let's prepare statement of cash flows. Sheet1 Calculation Mode Automatic Wartbooks DOC 80 F3 fle Home Insert Forms did hesktop App v Times New Ro... 12 v B HOA V ab 2 Ja A B D E F Based on above information, let's prepare statement of cash flows. You are required to calculate net cash provided by operating activities. The date of preparation of this statement: January 31, 2020 Use the Net Income from Income Statement on 2.a. 3 4 JYP Corporation Statement of Cash Flows 6 8 19 $ Cash flows from operating activities Net lincome Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 40,000 20 41 5000 43 Net cash provided by operating activities 46 47 48 149 What is the amount of net cash provided by operating activities? 50 151 152 153 154 3. Closing entries This time, you are required to do the closing entries and post-closing trial balance. Sheet1 + Calculation Mode: Automatic Workbook State SC . BO