COMPLETE WTH EXPLANATION:

QUESTION \#4 Using the Trial Balance you created in Question \#3, complete the financial statements below. For the Statement of Retained Earnings, assume $65,000 in dividends were paid for the year (this number can be typed into the statement below). HINT: Your Total Assets should equal \$1,019,500. Remember: Use the power of Excel to reference the account names \& amounts within each of the statements, as well as to calculate subtotals and totals. Copying/pasting or typing directly into the cells will not earn full credit! \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline Assets & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Assets & \\ \hline Liabilities & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Liabilities & \\ \hline Stockholder's Equity & \\ \hline & \\ \hline Retained Earnings, End of Year & \\ \hline Total Stockholder's Equity & \\ \hline Total Liabilties \& Stockholder's Equity & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline Revenues & \\ \hline & \\ \hline Total Revenue & \\ \hline Expenses & \\ \hline & \\ \hline \multicolumn{2}{|c|}{ Statement of Retained Earnings } \\ \hline Total Expenses & \\ \hline Net Income & \\ \hline & \\ \hline \multicolumn{2}{|c|}{} \\ \hline Retained Earnings, Start of Year & \\ \hline Net Income & \\ \hline Dividends & \\ \hline Retained Earnings, End of Year & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{MichaelScottPaperCompanyTrialBalance,Year2} \\ \hline Account Name & Debit & Credit \\ \hline & - & \\ \hline & - & \\ \hline & - & \\ \hline & - & \\ \hline & - & \\ \hline & - & - \\ \hline & & - \\ \hline & & - \\ \hline & & - \\ \hline & & - \\ \hline & - & \\ \hline & - & \\ \hline \end{tabular} QUESTION \#4 Using the Trial Balance you created in Question \#3, complete the financial statements below. For the Statement of Retained Earnings, assume $65,000 in dividends were paid for the year (this number can be typed into the statement below). HINT: Your Total Assets should equal \$1,019,500. Remember: Use the power of Excel to reference the account names \& amounts within each of the statements, as well as to calculate subtotals and totals. Copying/pasting or typing directly into the cells will not earn full credit! \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline Assets & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Assets & \\ \hline Liabilities & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Liabilities & \\ \hline Stockholder's Equity & \\ \hline & \\ \hline Retained Earnings, End of Year & \\ \hline Total Stockholder's Equity & \\ \hline Total Liabilties \& Stockholder's Equity & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline Revenues & \\ \hline & \\ \hline Total Revenue & \\ \hline Expenses & \\ \hline & \\ \hline \multicolumn{2}{|c|}{ Statement of Retained Earnings } \\ \hline Total Expenses & \\ \hline Net Income & \\ \hline & \\ \hline \multicolumn{2}{|c|}{} \\ \hline Retained Earnings, Start of Year & \\ \hline Net Income & \\ \hline Dividends & \\ \hline Retained Earnings, End of Year & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{MichaelScottPaperCompanyTrialBalance,Year2} \\ \hline Account Name & Debit & Credit \\ \hline & - & \\ \hline & - & \\ \hline & - & \\ \hline & - & \\ \hline & - & \\ \hline & - & - \\ \hline & & - \\ \hline & & - \\ \hline & & - \\ \hline & & - \\ \hline & - & \\ \hline & - & \\ \hline \end{tabular}