1. Task : Prepare a condensed single-step income statement.

2 Task: Prepare a statement of retained earnings. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.)

The trial balance follows for Ayayai Corporation at December 31, 2020: AYAYAI CORPORATION Trial Balance December 31, 2020 Debit Credit Purchase discounts $ 11,000 Cash $ 208,670 Accounts receivable 115,500 Rent revenue 19.800 Retained earnings 176,000 Salaries and wages payable 19,800 Sales revenue 1,210,000 Notes receivable 121,000 Accounts payable 53,900 Accumulated depreciation-equipment 30,800 Sales discounts 15,950 Sales returns and allowances 19,250 Notes payable 77,000 Selling expenses 255.200 Selling expenses 255.200 Administrative expenses 108,900 Common shares 330,000 Income tax expense 59,290 Dividends 49,500 Allowance for doubtful accounts 5,500 Supplies 15,400 Freight in 22,000 Land 77,000 Equipment 154,000 Bonds payable 110,000 Gain on disposal of land 33,000 Accumulated depreciation-buildings 21,560 Inventory 97,900 Buildings 107,800 Purchases 671,000 Totals $ 2,098,360 $ 2,098,360 $ 2,098,360 $2.098.360 A physical count of inventory on December 31 showed that there was $ 70,400 of inventory on hand. Ayayai is a private company that prepares financial statements in accordance with ASPE Prepare a condensed single-step income statement AYAYAI CORPORATION Income Statement MacBook Pro CRC 90. 8884 i $ 4 2 3 % 5 6 & 7 8 9 -0 U Q E R T Y W O H E G S D F H Nock bl . B A O Z B C - V M N M 4 T all control option command AYAYAI CORPORATION Income Statement MacBook Pro esc SO 888 12 2 44 2 # 3 $ 4 unde & 7 Q W E tab R 4. T Y U E H A S D cos lock F G B H bl X N $ e Textbook and Media List of Accounts MacBook Pro esc *12 BO 898 H S th W# . $ 4 ol % 5 A 6 2 & 7 W E E R Q b 4 E H K F S D H A F | G lock bl P Prepare a statement of retained earnings. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.) AYAYAI CORPORATION Statement of Retained Earnings $ e Textbook and Media List of Accounts Saveforlater Attempts: 0 of 1 used Sub Anime MacBook Pro BO 888 7 2 # 3 % 5 a> & 7 8 9 w 4 70 T Q Y U O E y D Y E H S A D B J G ock bl A C B N M Z V M C T b alt # command control option