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4:56 Pulse MBA520_Financial Statement Review_Word Template Problem 1. Preparation of Basic Financial Statements Below is an alphabetical list of account balances of Series Selec ion
4:56 Pulse MBA520_Financial Statement Review_Word Template Problem 1. Preparation of Basic Financial Statements Below is an alphabetical list of account balances of Series Selec ion of December 31, 2013 and 2012 prior to the preparation of doing entries and financial statements LIC I AL REQUIRED A = (20 points totall- ricom te voor een enth Lay La Revue 2 Column 2 - Financial Statementdeniyeach out 1.. become Statements or Statement of Retained Barne. Sheet the .. Type of D C 35.500 Accounts Payable Accounts Receivable Accumulated Depreciation, opment Allowance for Doub s cash and Cash Equivalents Common Stock, no ar Cost of Goods Sold 2100 11.00 62,200 Depreciation Expense Dividends Equipment Income Tax Expense Insurance Expense 29.300 2000 100 2 2100 Notes Payable Other Operating Expense Predinurance Scarpe Salary Payable Umeared Revenue REQUIREMENTB: Using the data from the previous page, prepare the 2019 statements below as follows: 1 - Income Statement (10 points. 2. Statement of Retained Earnings (10 pointsl. 3 - Comparative Balance Sheet (10 points) and 4-Statement of Cash Flows using the Indirect Method (10 points) Problem 1. Preparation of Basic Financial Statements Below is an alphabetical list of account balances of Serious Supply Corporation as of December 31, 2018 and 2019 prior to the preparation of closing entries and financial statements. REQUIRED A --(20 points total)...... 1. Column 1 - Type of Account - Identify each account listed as an Asset (A), a Contra-Asset (CA), a! Liability (L), an Equity (EQ), a Revenue (R), or an Expense (EXP). 2. Column 2 - Financial Statement -Identify each account listed as going on the Balance Sheet ..(BS), Income Statement (15) or Statement of Retained. Earnings RE: ................. December 31 Type of Financial Account Title 2019 2018 Account Statement Debit Credit Debit Credit Accounts Payable 35,500 31,300 Accounts Receivable 58,800 62,000 Accumulated Depreciation, Equipment 64,400 48,300 Allowance for Doubtful Accounts 2,100 2,000 Cash and Casir QUISETTES 14,000 17,900 14,000 Cash and Cash Equivalents Common Stock, no-par Cost of Goods Sold 88,200 64,000 185,100 175,845 Depreciation Expense 15,295 Dividends 62,200 Equipment 16,100 62,200 126,500 29,300 24,600 37,700 69,100 97,600 27,835 Income Tax Expense Insurance Expense Inventories 23,370 52,200 22,100 Land 52,000 38,000 Notes Payable Other Operating Expense Prepaid Insurance 50,100 47,595 3,900 1,700 23,000 35,095 Retained Earnings Salary Expense 76,900 76,055 calen. nl 2nnnn! 711m Salary Payable Sales Revenue 30,000 21,100 438,000 416,100 22,800 24,100 756,000 756,000 679,995679,995 Unearned Revenue Totals Page 2 of 6 REQUIREMENT B: Using the data from the previous page, prepare the 2019 statements below as follows: 1. Income Statement (10 points), 2 - Statement of Retained Earnings (10 points), 3 - Comparative Balance Sheet (10 points) and 4 - Statement of Cash Flows using the Indirect Method (10 points)
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