assignment is attached below

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Twain Corporation Income Statement For the Year Ened June 30, 2017 Sales Sales Revenue Less: Sales discounts Sales return and allowances Net Sales Cost of goods sold Gross Profit Operating Expenses Selling expenses Sales commissions Salaries and wages expenses Travel expense Entertainment expense Telephone and Internet expense Maintenance and repairs expense Bad debt expense Misc. selling expenses Administrative Expenses Maintenance and repairs expense Property tax expense Depreciation expense Supplies expense Telephone and Internet expense Office expenses Income from operations $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Other income/expenses Dividends revenue Interest expense Income before income tax Income tax Net Income $ $ $ $ $ Twain Corporation Retained Earnings Statement For the Year Ened June 30, 2017 Retained earnings, July 1, 2016 Correctection of deprecation understatement, net of tax Adjusted Retained Earnings as July 1,2016 Add: Net Income $ $() $ $ Less: Dividends Ending Retained Earnings, June 30, 2017 Twain Corporation Income Statement For the Year Ened June 30, 2017 Revenues Net Sales Dividends Revenue Total Revenue Expenses Cost of good sold Selling Expenses Admin Expense Interest Expense Total Expenses Income before income tax Income tax Net Income $ Company Name Balance Sheet Date Assets Current Assets Cash and Cash Equivalent Short-term Investment Net Accounts Receivable Interest Receivables Employee advances Inventory Prepaid Expenses Total Current Assets Long-term investments Net Property, plant and equipment (PP&E) Intangible assets Total Assets Liabilities and Stockholders Equity Current liabilities Notes payable Payroll taxes payable Salaries and wages payable Dividends payable Unearned Revenue Total current Liabilities Long-term debt Stockholders equity Capital stock Preferred stock Common stock Accumulated other comprehensive Less: Treasury stock Total liabilities and Stockholders Equity ACC 304: Intermediate Accounting I Assignment: Week Two Balance Sheet Exercises Exercise #1 The following account balances were included in the trial balance of Twain Corporation at June 30, 2017. The Retained Earnings account had a balance of $337,000 at July 1, 2016. There are 80,000 shares of common stock outstanding. Instructions: (a) Using the multiple-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2017. (b) Using the single-step form, prepare an income statement and a retained earnings statement for the year ended June 30, 2017. 1 Exercise #2 Presented below is a list of accounts in alphabetical order. Instructions: Prepared a classified balance sheet in good form. (No monetary amounts are to be shown.) 2 Exercise #3 The assets of Fonzarelli Corporation are presented below (000s omitted). Instructions: Indicate the deficiencies, if any, in the foregoing presentation of Fonzarelli Corporation's assets. 3