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can you help and show work???? please and thank you! i need help putting these into the statements and balance sheet PART TWO: 2019 Financial
can you help and show work????
please and thank you!
i need help putting these into the statements and balance sheet
PART TWO: 2019 Financial Statements: Connie Clothes, Inc. Use the list of accounts below to finish this project. DO NOT use any information from Part One; use only the information provided below. Using the information from the Part Two tab, prepare (1) multi-step Income Statement, (2) Statement of Retained Earnings, (3) classified Balance Sheet. Do not use any of the Part One information for Part two. NOTE: You should present the financial statements in good order using correct headers, columns, subtotals, with the accounts in correct order. Significant points will be deducted for errors in format and presentation. Do not forget to put the appropriate headings on all financial statements. You are expected to look at examples and submit work that contains all the requisite headings, subheadings, totals, general format, correct order of accounts, etc. Instructions: Using the worksheets that follow this one, prepare in good form: (read notes at bottom also) 2019 Year-End Financial Statements for Connie Clothes, Inc. 1.) Multi-step Income Statement 2.) Classified Balance Sheet 3.) Statement of Retained Earnings Accounts payable Accounts receivable Accumulated depreciation building Accumulated depreciation-store equipment Allowance for bad debts Amortization expense Bad debt expense Bank overdraft Bonds payable Building Cash Cash surrender value of life insurance 3 Common stock, $2 par Cost of goods sold Depreciation expense - building Depreciation expense - store equipment Discount on bonds payable Dividends Gain on disposition of plant asset Goodwill 4,400 31,250 252,600 25,500 4,020 725 3,600 2,500 130,000 348,000 36,780 15,000 135,400 245,520 13,500 6,000 10,000 25,000 28,465 28,000 Goodwill 2 Income from Water Division (discontinued) 1 Income tax expense (for income from continuing operations) Insurance expense Interest expense Interest payable Land Land held for future use 2 Loss on disposal of Water Division Merchandise inventory Notes payable, due June 15, 2020 Notes payable, due May 20, 2021 Office rent expense Paid in capital in excess of par, common stock Patent Prepaid insurance Rent revenue Retained earnings, January 1, 2019 Sales discounts Sales revenue 28,000 18,500 19,300 1,200 1,100 200 60,000 14,050 6,200 16,800 10,000 25,000 6,400 40,600 7,600 800 12,630 49,690 12,140 395,000 ro 2 Loss on disposal of Water Division Merchandise inventory Notes payable, due June 15, 2020 Notes payable, due May 20, 2021 Office rent expense Paid in capital in excess of par, common stock Patent Prepaid insurance Rent revenue Retained earnings, January 1, 2019 Sales discounts Sales revenue Store equipment Supplies Supplies Expense Unearned revenue Utilities expense Wages & salaries expense - office Wages & salaries expense - selling 6,200 16,800 10,000 25,000 6,400 40,600 7,600 800 12,630 49,690 12,140 395,000 162,500 440 600 15,000 2,200 30,000 44,800 Unearned revenue Utilities expense Wages & salaries expense - office Wages & salaries expense - selling 15,000 2,200 30,000 44,800 Notes: 1. This account represents the income tax expense for continuing operations. 2. The company disposed of their Dresses division this year. The account balances above are shown net of the applicable income tax: Income tax expense applicable to Dresses Division income: $5,750 Income tax expense applicable to Dresses Division disposal: $1,480 3. All stock is both issued and outstanding. 4. Expenses related to the store and to selling are listed as selling expenses. (Most of the expenses are administrative.) Step by Step Solution
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