ACC1810 - PRINCIPLES OF FINANCIAL ACCOUNTING Project 10: Long-Term Liabilities (Ch 10) Part C: Financial Statements The accounts of Full Out Corporation are listed along with their adjusted balances before closing for the year ended June 30, 2023. Prepaid Expenses 6,000 Accounts payable 18,000 Inventory 174,500 Accounts receivable 50,000 Note payable, long-term 100,000 Accumulated depreciation 37,000 Salaries & Wages payable 5,000 Common Stock 100,000 Supplies Expense 2,500 Retained Earnings, July 1, 2022 93,500 Depreciation Expense 7,500 Cash 110,200 Sales revenue 1,000,000 Cost of goods sold 250,000 Insurance Expense 12,000 -Dividends (declared & paid) 25,000 Land Rent Expense Supplies Unearned sales revenue Sales Returns & Allowances 30,000 Supplies Expense 6,000 96,000 Equipment 150,000 10,000 Salaries & Wages Expense 500,000 62,500 Notes payable, short-term 45,000 75,000 Sales Discounts 7,500 Federal Income Tax Payable FICA - Social Security Taxes Payable -FICA - Expense (Employer) 1,317 Bonds Payable (Long-Term) 100,000 310 FICA - Medicare Taxes Payable 73 42,500 Interest Expense 8,000 All month-end adjustments have already been made. Assume all accounts have normal balances. No dividends were declared or paid during the fiscal year. Requirements: 1. Prepare a multi-step income statement 2. Prepared the statement of retained earnings 3. Prepared a classified balance sheet