1. Use the information in the provided trial balance to create the following financial statements:

a.2020Income Statement

b.2020Balance Sheet

c.2020Cash Flow Statement

2. Create ONE Excel Workbook with the following tabs:

a.Tab 1: Trial Balance for 2019and 2020provided

b.Tab 2: Closing Entries for 2019Income Statement

c.Tab 3: 2020Income Statement

d.Tab 4: Closing entries for 2020

e.Tab 5: 2020Balance Sheet post-closing entries (Use the 2019Retained Earnings balance as your beginning 2019balance)

f.Tab 6: 2020Cash Flow Statement

3. Formulas:

a.Use Excel to set up the financial statements by linking the values from the trial balance.

b.Use Excel formulas to calculate all totals and sub-totals.

it is

KELLEY ENTERPRISES 2019 Trial Balance 2020 Trial Balance Account Title Debit Credit Account Title Cash and cash equivalents $ 364 Cash and cash equivalents Short-term investments $ 155 Short-term investments Accounts receivable $ 218 Accounts receivable Merchandise inventories $ 500 Merchandise inventories Prepaid expenses and other current assets $ 307 Prepaid expenses and other current assets Property and Equipment $ 3,363 Property and Equipment Accumulated depreciation $ 200 Accumulated depreciation Long-term investments $ 63 Long-term investments Goodwill $ 710 Goodwill Intangible assets $ 99 Intangible assets Accumulated amortization of intangible assets $ 20 Accumulated amortization of intangible assets Other assets $ 182 Other assets Short-term notes payable $ 3 Short-term notes payable Accounts payable $ 295 Accounts payable Accrued payroll, bonus and other benefits due team members $ 436 Accrued payroll, bonus and other benefits due team members Dividends payable $ 45 Dividends payable Other current liabilities $ 473 Other current liabilities Long-term notes payable $ 62 Long-term notes payable Other long-term liabilities $ 658 Other long-term liabilities Common Stock $ 2,904 Common Stock Treasury Stock $ 1,152 Treasury Stock Retained earnings (beginning of year) ) $ 1,521 Retained earnings Dividends $ 45 Dividends Sales $ 15,389 Sales Cost of Goods Sold $ 9,973 Cost of Goods Sold Selling, general and administrative expenses $ 4,488 Selling, general and administrative expenses Interest expense $ 62 Interest expense Investment and other income $ 17 Investment and other income Income tax expense $ 342 Income tax expense $ 22,023 $ 22,023 Additional Information: The company purchased new equipment for $1,404, but there were no disposals of property/equipment. The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. The company made payments of $3 on its notes payable, and incurred a new notes payable of $8. The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. The company sold stock during the year, and there were no additional transactions affecting the common stock account. The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. The company paid dividends of $45 in 2020. Debit Credit $ 718 $ 200 $ 363 $ 792 $ 170 $ 4,767 $ 375 $ 143 $ 710 $ 99 $ 30 $ 182 $ 5 $ 473 $ 487 $ 45 $ 627 $ 65 $ 1,342 $ 3,194 $ 1,214 $ 2,017 $ 45 $ 16,184 $ 10,415 $ 4,632 $ 68 $ 75 $ 401 $ 24,919 $ 24,919 KELLEY ENTERPRISES 2019 Trial Balance 2020 Trial Balance Account Title Debit Credit Account Title Cash and cash equivalents $ 364 Cash and cash equivalents Short-term investments $ 155 Short-term investments Accounts receivable $ 218 Accounts receivable Merchandise inventories $ 500 Merchandise inventories Prepaid expenses and other current assets $ 307 Prepaid expenses and other current assets Property and Equipment $ 3,363 Property and Equipment Accumulated depreciation $ 200 Accumulated depreciation Long-term investments $ 63 Long-term investments Goodwill $ 710 Goodwill Intangible assets $ 99 Intangible assets Accumulated amortization of intangible assets $ 20 Accumulated amortization of intangible assets Other assets $ 182 Other assets Short-term notes payable $ 3 Short-term notes payable Accounts payable $ 295 Accounts payable Accrued payroll, bonus and other benefits due team members $ 436 Accrued payroll, bonus and other benefits due team members Dividends payable $ 45 Dividends payable Other current liabilities $ 473 Other current liabilities Long-term notes payable $ 62 Long-term notes payable Other long-term liabilities $ 658 Other long-term liabilities Common Stock $ 2,904 Common Stock Treasury Stock $ 1,152 Treasury Stock Retained earnings (beginning of year) ) $ 1,521 Retained earnings Dividends $ 45 Dividends Sales $ 15,389 Sales Cost of Goods Sold $ 9,973 Cost of Goods Sold Selling, general and administrative expenses $ 4,488 Selling, general and administrative expenses Interest expense $ 62 Interest expense Investment and other income $ 17 Investment and other income Income tax expense $ 342 Income tax expense $ 22,023 $ 22,023 Additional Information: The company purchased new equipment for $1,404, but there were no disposals of property/equipment. The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. The company made payments of $3 on its notes payable, and incurred a new notes payable of $8. The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. The company sold stock during the year, and there were no additional transactions affecting the common stock account. The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. The company paid dividends of $45 in 2020. Debit Credit $ 718 $ 200 $ 363 $ 792 $ 170 $ 4,767 $ 375 $ 143 $ 710 $ 99 $ 30 $ 182 $ 5 $ 473 $ 487 $ 45 $ 627 $ 65 $ 1,342 $ 3,194 $ 1,214 $ 2,017 $ 45 $ 16,184 $ 10,415 $ 4,632 $ 68 $ 75 $ 401 $ 24,919 $ 24,919