450 700 3.500 5.000 6.000 Below is the trial balance of Jupiter Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Me Tide: Balance: Account Title Accounts Payable S80 Interest Payable Accounts Receivable 1110 Interest Receivable Accum. Amort-Patents Interest Revenue Accum. Depl - Oil Reserve Accum. De Bldgs 2.100 Long-Term Notes Payable Accum De Equip 1.100 Loss on Plant Asset Disposal Administrative Expenses 1.990 Merchandise Inventory Allowance for Bad Debts Notes Receivable (3 month) APIC-Canamaa 2.800 O Race APIC.Preferred 1.300 Patient APIC-Treasury 700 Preferred Stock Buildings 14,000 Prepaid Insurance Cash 2.730 Rent Revenue Cash Dividends Declared 800 Retained Earnings Common Stock 7.000 Salaries Payable Common Stock Dividend Distributable Sales Cost of Goods Sold 6,730 Sales Discounts Equipment 5.500 Sales Returns & Allowances Dividends Payable Selling Expenses FICA Taxes Payable Short-Term Notes Payable FIT Payable 330 SIT Payable FUTA Taxes Payable 25 Stock Dividends Declared Income Tax Expense 510 Supplies Income Taxes Payable SUTA Taxes Payable Interest Expense Treasury Stock 350 X 50 16.400 400 200 2.100 250 190 220 370 660 REQUIRED: Prepare the financial statements for the year for Dog Star Corporation-a multi-step income statement a statement of retained carnings and a classified balance sheet What is different for this project compared to Project 3? 1 New Accounts Chapter 8: Notes Receivable can be long or short-term assets. We will work only with short-term notes Interest Receivable is a current asset Bad Debts Expense this is an operating expense and is assumed to be consolidated into the Selling Expense account Allowance for Bad Debts this is a contra account TO accounts receivable Chapter 9 Gains and Losses on Plant Asset Disposal these are income statement accounts Intangible Asset accounts Accumulated Amortization these are contra accounts To the related intangible asset account Natural Resource asset accounts Accumulated Depletos-these are contra accounts To the related natural resource account Chapter 10: Payroll withholding and payroll tax liability accounts--these are all current liabilites as they must be paid in a relatively short time period Chapter 11: Preferred Stock is a paid-in capital account APIC accounts are paid in capital accounts Stock Dividends Declared is a temporary retained earnings account just like the cash Dividends Declared account Commen Stock Dividends Distributable is an adjunct account TO Common Stock--the presentation of adjunct accounts is similar to contra account the adjunct account should be listed directly below the related account the balance of the adjunct account should then be added to the balance of the related account and this total should be SHOWN Dividends Payable is a current liability account Treasury Stock is a contra accountTO the total of Paid-in Capital and Retained Earnings Income Tax Expense is an expense account--for purposes of the multi-step income statement, the account represents the taxes associated with BOTH the operating income AND theme operating income sources. So the account is NOT purely an operating expense NOR is it pundy a operating expertis BOTH operating AND non-operating After computing the operating income, the non-operating revenues gains and expenses fosses should be listed and then added or subtracted from Operating Income to get Income Before Tases. Then the Income Tax Expense account is listed and subtracted to determine Net Income Income Taxes Payable is a current liability 2. Classified Balance Sheet We will now have THREE asset categories: Current, Plant, and Intangible Assets 450 700 3.500 5.000 6.000 Below is the trial balance of Jupiter Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Me Tide: Balance: Account Title Accounts Payable S80 Interest Payable Accounts Receivable 1110 Interest Receivable Accum. Amort-Patents Interest Revenue Accum. Depl - Oil Reserve Accum. De Bldgs 2.100 Long-Term Notes Payable Accum De Equip 1.100 Loss on Plant Asset Disposal Administrative Expenses 1.990 Merchandise Inventory Allowance for Bad Debts Notes Receivable (3 month) APIC-Canamaa 2.800 O Race APIC.Preferred 1.300 Patient APIC-Treasury 700 Preferred Stock Buildings 14,000 Prepaid Insurance Cash 2.730 Rent Revenue Cash Dividends Declared 800 Retained Earnings Common Stock 7.000 Salaries Payable Common Stock Dividend Distributable Sales Cost of Goods Sold 6,730 Sales Discounts Equipment 5.500 Sales Returns & Allowances Dividends Payable Selling Expenses FICA Taxes Payable Short-Term Notes Payable FIT Payable 330 SIT Payable FUTA Taxes Payable 25 Stock Dividends Declared Income Tax Expense 510 Supplies Income Taxes Payable SUTA Taxes Payable Interest Expense Treasury Stock 350 X 50 16.400 400 200 2.100 250 190 220 370 660 REQUIRED: Prepare the financial statements for the year for Dog Star Corporation-a multi-step income statement a statement of retained carnings and a classified balance sheet What is different for this project compared to Project 3? 1 New Accounts Chapter 8: Notes Receivable can be long or short-term assets. We will work only with short-term notes Interest Receivable is a current asset Bad Debts Expense this is an operating expense and is assumed to be consolidated into the Selling Expense account Allowance for Bad Debts this is a contra account TO accounts receivable Chapter 9 Gains and Losses on Plant Asset Disposal these are income statement accounts Intangible Asset accounts Accumulated Amortization these are contra accounts To the related intangible asset account Natural Resource asset accounts Accumulated Depletos-these are contra accounts To the related natural resource account Chapter 10: Payroll withholding and payroll tax liability accounts--these are all current liabilites as they must be paid in a relatively short time period Chapter 11: Preferred Stock is a paid-in capital account APIC accounts are paid in capital accounts Stock Dividends Declared is a temporary retained earnings account just like the cash Dividends Declared account Commen Stock Dividends Distributable is an adjunct account TO Common Stock--the presentation of adjunct accounts is similar to contra account the adjunct account should be listed directly below the related account the balance of the adjunct account should then be added to the balance of the related account and this total should be SHOWN Dividends Payable is a current liability account Treasury Stock is a contra accountTO the total of Paid-in Capital and Retained Earnings Income Tax Expense is an expense account--for purposes of the multi-step income statement, the account represents the taxes associated with BOTH the operating income AND theme operating income sources. So the account is NOT purely an operating expense NOR is it pundy a operating expertis BOTH operating AND non-operating After computing the operating income, the non-operating revenues gains and expenses fosses should be listed and then added or subtracted from Operating Income to get Income Before Tases. Then the Income Tax Expense account is listed and subtracted to determine Net Income Income Taxes Payable is a current liability 2. Classified Balance Sheet We will now have THREE asset categories: Current, Plant, and Intangible Assets