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Financial Statements Beth's Baked Goods Inc. has the following adjusted account balances and account groupings as of December 31, 2021: Credit Debit 787,500 334,500 36,000 480,000 1,086,000 21,000 18,750 34,500 780,000 453,000 1,275,000 675,000 90,000 22,500 99,000 180,000 Accounts receivable Accounts payable Accrued expenses payable Accumulated depreciation - Equipment Accumulated depreciation - Building Advances to employees Allowance for doubtful accounts Bond discount Bonds payable (due 2025) Bond sinking fund Building Cash Cash Dividends - Common Stock Cash Dividends - Preferred Stock Cash Surrender value of officers' life insurance Common stock Cost of goods sold Discount on Notes Receivable Equipment Franchise (unamortized cost) Gain on sale of Discontinued operation General & Administrative expenses Goodwill Land Income tax allocated to income from continuing operations Income tax allocated to gain on sale of discontinued operation Inventory - ending Leasehold (unamortized cost) Loan payable - Luca Brasi (due Jan. 2022) Net sales Notes receivable (due 2022) Notes payable ($45,000 due 2022) Operating Loss from discontinued operations 4,090,500 16,500 1,275,000 318,000 360,000 1,524,450 141,000 375,000 612,000 144,000 1,095,000 108,000 99,000 7,575,000 204,000 354,000 723,000 25,500 47,250 1,350,000 15,000 166,500 39,000 450,000 72,000 36,000 339,000 46,500 Operating Loss from discontinue operati Other Comprehensive Income Obligation under 12-month warranty Paid in capital in excess of par - Common Stock Paid in capital in excess of par - Preferred Stock Patents Payroll taxes payable Preferred stock, 5%, $100 par Prepaid insurance Prepaid taxes Prior Period Adjustment Recoverable income taxes Retained earnings (January 1, 2021 as originally reported) Securities Available for Sale (long-term) Securities fair value adjustment - Trading Securities Securities fair value adjustment - Securities Available for Sale Selling expenses Supplies Tax allocable to Prior Period adjustment Tax benefit - Loss on Discontinued operations Trading Securities Treasury Stock - (10,000 Common shares at cost) Unearned revenues (to be earned 2022) Van Gogo Painting (held for appreciation in FMV) 2,656,500 346,500 33,000 25,500 680,250 24,000 123,000 289,200 261,000 72,000 96,000 241,500 16,411,200 16,411,200 Instructions: a b Prepare a multi-step income statement for the year ended December 31, 2021 including the appropriate EPS data. Prepare a Statement of Retained Earnings for the year ended December 31, 2021 Prepare a Classified Balance Sheet as of December 31, 2021 Par value Authorized shares Issued shares Outstanding shares Weighted average - 2021 Common Stk. Preferred Stk. $ 2.00 $ 100 750,000 15,000 90,000 4,500 80,000 4,500 80,000 4,500 Financial Statements Beth's Baked Goods Inc. has the following adjusted account balances and account groupings as of December 31, 2021: Credit Debit 787,500 334,500 36,000 480,000 1,086,000 21,000 18,750 34,500 780,000 453,000 1,275,000 675,000 90,000 22,500 99,000 180,000 Accounts receivable Accounts payable Accrued expenses payable Accumulated depreciation - Equipment Accumulated depreciation - Building Advances to employees Allowance for doubtful accounts Bond discount Bonds payable (due 2025) Bond sinking fund Building Cash Cash Dividends - Common Stock Cash Dividends - Preferred Stock Cash Surrender value of officers' life insurance Common stock Cost of goods sold Discount on Notes Receivable Equipment Franchise (unamortized cost) Gain on sale of Discontinued operation General & Administrative expenses Goodwill Land Income tax allocated to income from continuing operations Income tax allocated to gain on sale of discontinued operation Inventory - ending Leasehold (unamortized cost) Loan payable - Luca Brasi (due Jan. 2022) Net sales Notes receivable (due 2022) Notes payable ($45,000 due 2022) Operating Loss from discontinued operations 4,090,500 16,500 1,275,000 318,000 360,000 1,524,450 141,000 375,000 612,000 144,000 1,095,000 108,000 99,000 7,575,000 204,000 354,000 723,000 25,500 47,250 1,350,000 15,000 166,500 39,000 450,000 72,000 36,000 339,000 46,500 Operating Loss from discontinue operati Other Comprehensive Income Obligation under 12-month warranty Paid in capital in excess of par - Common Stock Paid in capital in excess of par - Preferred Stock Patents Payroll taxes payable Preferred stock, 5%, $100 par Prepaid insurance Prepaid taxes Prior Period Adjustment Recoverable income taxes Retained earnings (January 1, 2021 as originally reported) Securities Available for Sale (long-term) Securities fair value adjustment - Trading Securities Securities fair value adjustment - Securities Available for Sale Selling expenses Supplies Tax allocable to Prior Period adjustment Tax benefit - Loss on Discontinued operations Trading Securities Treasury Stock - (10,000 Common shares at cost) Unearned revenues (to be earned 2022) Van Gogo Painting (held for appreciation in FMV) 2,656,500 346,500 33,000 25,500 680,250 24,000 123,000 289,200 261,000 72,000 96,000 241,500 16,411,200 16,411,200 Instructions: a b Prepare a multi-step income statement for the year ended December 31, 2021 including the appropriate EPS data. Prepare a Statement of Retained Earnings for the year ended December 31, 2021 Prepare a Classified Balance Sheet as of December 31, 2021 Par value Authorized shares Issued shares Outstanding shares Weighted average - 2021 Common Stk. Preferred Stk. $ 2.00 $ 100 750,000 15,000 90,000 4,500 80,000 4,500 80,000 4,500