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1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a cost of $34,000, was $20,000 3) The Long-term
1) We did not sell any Marketable Securities 2) Proceeds from the sale of equipment, with a cost of $34,000, was $20,000 3) The Long-term investments that were sold had NO cost basis, ie BV was zero 4) Gain on sale of Discontinued Operations was totally from Operations, NO assets were sold Between the trial balances and the additional information you are required to do the following: 1) The formal Multi-Step income statement for 2020 2) The formal statement of Retained earnings for 2020 3) The formal Classified Balance Sheet for 2020 4) The formal Statement of Cash Flows for 2020 5) Had the company had the following Comprehensive income items prepare the Schedule of Comprehensive income based upon the income arrived at in 1 above a) Foreign currency translation Gain of $10,000, net of tax b) Cost of Defined Benefits plans is $7,000, net of tax Account Name Cash Marketable securities Accounts Receivable Inventory Prepaids Land Building Accum Depr - Bldg Equipment Accum Depr - Equip Patents Long-term investments Accounts Payable Note payable - current Income Taxes Payable Salaries Payable Current Portion of LTD Long-term Debt, net Common Stock, $15 Par Paid in Capital Retained earnings Dividends Treasurey Stock Sales Revenue COGS Raw Material COG: Direct Labor COGS MFO Various Overhead Expenses COGS MFO Depreciation - Bldg COGS MFO Depreciation - Equip OE Various Operating Expense OE Depreciation - Bldg OE Depreciation - Equip Interest Expense Income tax Expense Income tax expense on discontinued operati Gain on Sale of Long Term Investments Gain on Discontinued operations Loss of Sale of Equipment Interest and Dividend Income Unrealized Loss on Mkt Securities Accumulated Other Comprehensive Income Total Allied Health Inc. Adjusted Trial Balance at December 31, 2020 Debit Credit 12,000 75,000 104,000 60,000 8,000 40,000 200,000 90,000 400,000 150,000 90,000 50,000 92,000 40,000 18,000 26,000 30,000 130,000 200,000 100,000 80,000 20,000 40,000 758,000 172,000 135,000 40,000 15,000 15,000 160,000 5,000 5,000 20,000 66,000 5,000 5,000 20,000 10,000 4,000 3,000 15,000 1,754,000 1,754,000 Allied Health Inc. Adjusted Trial Balance at December 31, 2019 Debit Credit 8,000 50,000 95,000 40,000 10,000 40,000 200,000 70,000 300,000 134,000 50,000 30,000 68,000 90,000 12,000 16,000 13,000 100,000 160,000 80,000 80,000 15,000 15,000 838,000 838,000
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