2-1 Use Rancho Cucamonga's journalized transactions from your Bergevin and MacQueen textbook to complete the 2020 Trial Balance and Financial Statements. Then close 2020 revenues and expenses.

6 30 40 2-1. Rancho Cucamonga Inc. began business on January 1, 2020 and journalized the following transactions during 2020. Trans. Accounts Debit Credit 1. Cash 36 Common stock Additional paid-in-capital, common stock -issued 6 common shares of $1 par value stock for $6/share 2. Inventory 40 Accounts payable -purchased inventory on account 3. Account receivable 50 Sales revenue sold three-fourths of the inventory on credit 4. Cost of goods sold 30 Inventory -matched the cost of the inventory sold to the sale made in #3 above 5. Operating expenses 15 Cash -incurred and paid operating expenses 50 30 15 Credit Required: 1. Complete the following trial balance for Rancho Cucamonga Inc. using the data from the journal above. (You may find it useful to post the journal entries to informal ledger (T) accounts, but it is not required because all accounts have a single amount, except for cash and inventory.) Accounts Debit Cash ($36-15) Accounts receivable Inventory (40-30) Accounts payable Common stock Additional paid-in-capital, common stock Sales revenue Cost of goods sold Operating expenses Totals 2. Complete the following financial statements. $ 2020 Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Net income Cash Accounts receivable Inventory Balance Sheet-December 31, 2020 Accounts payable Common stock Additional PIC, common stock Retained earnings Total liabilities and s/equity Total assets $ 2020 Statement of Cash Flows Net income +/- change in accounts receivable +/- change in inventory +/- change in accounts payable Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities-stock sale Net change in cash for 2020 0 3. Close 2020 revenues and expense to retained earnings by completing the following journal. Trans. Accounts Debit ci. Credit -to close revenue C2. -to close out cost of goods sold and operating expenses