Can you solve for me the income statement, retained earning, balance sheet and adjustment entries in this question? half of it is solved in the site and i need the other half to be solved.
the requirements that I need are found in page 13-14
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Building 1/7/2015 4306.000 25 Years $20,000 Sum-of-the-years' digits Thank No. 1 1/4/2016 28,000 60.000 miles 3.100 miles driven 13 of 14 2 1/9/2018 33.000 60.000 miles 4.200 miles driven 1 17/8/2012 7.900 10 years 100 straight-line /12/2019 29/3/2016 4.500 10 years 500 straight-line Lift No. 3 9/16/2017 5.000 10 years 500 straight-line Furniture & All prior to 32.800 7 years 2,000 straight-line Equipment 1/1/2019 Computer 21/12/2019 6.100 10 years 1,300 Double-declining balance Truck No. 1 has been driven 45,000 miles prior to 1/1/2019 and truck No. 2 has been driven 30,500 miles prior to 1/1/2019. During 2019 truck No. 1 was driven 12,000 miles and truck No. 2 was driven 14,000 miles. Remember that Rockford Company takes a half-year depreciation in the year of acquisition and a half-year in the year of sale. 4. Compute the State of Illinois Corporate income taxes at 4, of pretax income. The state income tax is deductible on the federal tax return, and the federal tax in not deductible on the Illinois return. Assume federal corporate income tax on income subject to federal tax is as follows: First $50,000 015% next 25.000 $25% remainder 434% HINT: Corporations subject to federal income taxes must make estimated tax payments throughout the year. At the time of the payment, the account Income Tax Expense is debited and cash is credited. To determine the taxable income at year end, net the total debits and the total credits from the income statement. Note that the estimated income tax expense is listed as a debit and must be subtracted from total debits when determining taxable income since it is not a deductible item. 5. Prepare the journal entry for income taxes. 6. Prepare schedules of subsidiary accounts receivable and accounts payable and determine that the total per each subsidiary schedule agrees with the related control accounts. 7. Prepare an income statement assuming that the weighted average mimber of shares out- standing for the year 2019 is 5,600 shares. Assume that bad debt expenses are adminis- trative expenses. 8. Prepare a statement of retained earnings 13 9. Prepare a balance sheet (Hint: combine cash and petty cash for balance sheet purposes). 10. Prepare a statement of cash flows using the indirect approach. Hint: combine Petty Cash with Cash for purposes of determining changes in cash. 11. Prepare and post closing entries. 12. Prepare a post-closing trial balance