ACCOUNTING HELP PLEASE Presented below is information related to Bubbles Scuba Diving Inc for its fiscal year ending September 30, 2020 During the year, the Board of Directors decided to discontinue the operations of its entire Hidden Treasure division but continue to operate its Seaweed operations In March 2020, Bubbles Scuba Diving Inc sold the Hidden Treasure operations to Deep Down Company The following amounts were taken from Bubbles general ledger Administrative expenses Cost of goods sold Dividends declared on common stock Dividend income Overstatement of income due to inventory error in 2016 Gain from disposal of Hidden Treasure division Gain on sale of fixed assets Loss from operations of Hidden Treasure division Retained earnings, October 1, 2019 Sales Sales discounts Selling expenses Unrealized gain on foreign currency translation Write off of inventory due to obsolescence $ 24,000 930,000 27,000 23,050 15,750 82,150 9,500 230,000 750,950 1,500,000 33,000 54,000 4,250 79,000 Additional information All amounts are before tax Assume a 36 tax rate when calculating income taxes This includes items such as ordinary income, discontinued operations, other comprehensive income and prior period adjustments if applicable There are 30,000 shares of common stock outstanding for the Earnings per Share (EPS) disclosure All EPS amounts should be rounded to pennies INSTRUCTIONS Use appropriate headings on all financial statements Prepare an Income Statement (multi step of course) for the year ended September 30, 2020 Prepare a separate Statement of Comprehensive Income for the year ended September 30, 2020 (Use the two statement approach) Prepare a Statement of Retained Earnings for the year ended September 30, 2020 Your work should look professional as if you were presenting these financial statements to a client For example, (1) no abbreviations, (2) use dollar signs, underlines and double underlines appropriately, (3) use commas for amounts greater than $999, (4) use appropriate headings and (5) round all amounts to dollars (do not show cents)

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ACCOUNTING HELP PLEASE! Presented below is information related to Bubbles Scuba Diving Inc. for its fiscal year ending September 30, 2020. During the year, the

ACCOUNTING HELP PLEASE!

Presented below is information related to Bubbles Scuba Diving Inc. for its fiscal year ending September 30, 2020. During the year, the Board of Directors decided to discontinue the operations of its entire Hidden Treasure division but continue to operate its Seaweed operations. In March 2020, Bubbles Scuba Diving Inc. sold the Hidden Treasure operations to Deep Down Company. The following amounts were taken from Bubbles general ledger:

Administrative expenses Cost of goods sold Dividends declared on common stock Dividend income Overstatement of income due to inventory error in 2016 Gain from disposal of Hidden Treasure division Gain on sale of fixed assets Loss from operations of Hidden Treasure division Retained earnings, October 1, 2019 Sales Sales discounts Selling expenses Unrealized gain on foreign currency translation Write-off of inventory due to obsolescence

24,000 930,000 27,000 23,050 15,750 82,150 9,500 230,000 750,950 1,500,000 33,000 54,000 4,250 79,000

Additional information:

All amounts are before tax. Assume a 36% tax rate when calculating income taxes. This

includes items such as ordinary income, discontinued operations, other comprehensive

income and prior period adjustments if applicable.
There are 30,000 shares of common stock outstanding for the Earnings per Share (EPS)

disclosure. All EPS amounts should be rounded to pennies.

INSTRUCTIONS: Use appropriate headings on all financial statements

Prepare an Income Statement (multi-step of course) for the year ended September 30, 2020.
Prepare a separate Statement of Comprehensive Income for the year ended September 30, 2020.

(Use the two-statement approach)
Prepare a Statement of Retained Earnings for the year ended September 30, 2020.

Your work should look professional as if you were presenting these financial statements to a client. For example, (1) no abbreviations, (2) use dollar signs, underlines and double underlines appropriately, (3) use commas for amounts greater than $999, (4) use appropriate headings and (5) round all amounts to dollars (do not show cents)