could you please check my homework?
ert image of your assigned Adjusted Trial Balance HERE: Frank, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 48,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 50,000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 52,000 Inventory 6,500 Vehicle 16,000 Equipment 37,000 Accumulated Depreciation 12,000 Accounts Payable 28,000 Unearned Revenue 14,000 Wages Payable 2.000 Long-Term Notes Payable 55,000 Common Stock 114,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 519,500 Sales Returns & Allowances 13,000 Sales Discounts 3,000 Cost of Goods Sold 59,500 Delivery Expense 5,000 Depreciation Expense 19,000 Bad Debt Expense 2,600 Rent Expense 102,000 Insurance Expense 25,000 Wages Expense 195.000 -Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense NON OPERATING 2,500 Income Tax Expense 44,000 Total 750, 350 750,350 5 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 2a: Prepare a Multi-step Income Statement (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) Frann, Inc. Income Statement Year Ended Dec. 31, 2017 Sales Sales Ret All Sales Decounts Net Sales COGS Gross Profit Delivery Expense Depreciation Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense supplies Expense Income from Operations + Interest Revenue LOSS on Disposal Interest Expense Income Before Income Tax Income Tax Expense Net Income 519,500 13,000 3.000 503,500 59,500 444,000 5.000 19.000 2,600 102,000 25,000 195,000 160.000 79.400 1,350 7,000 2,500 71.250 44,000 27.250 - Part 2b: Prepare a Statement of Retained Earnings. Frank Inc. Statement of Retained Earnings Year Ended Dec. 31, 2017 + Retained Earnings (111/2017) Drydends Retaned Earnings (12/31/2017) 2,500 27 250 2.000 27,750 -- Part 2c: Prepare a Classified Balance Sheet (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) Frann Inc. Balance Sheet As of Dec. 31, 2017 Aseets Current Assets Cash 48.000 Accounts Receivable 38,900 - AFDA 2.000 Short Term Notes Receivable 50,000 Interest Receivable 1.350 Supplies 5,000 Prepard Insurance 52.000 Inventory 6 500 Total Current Assets 199.750 PPSE Vehicle 16,000 Equipment 37.000 - Accumulated Depreciation 12.000 Total PPE 41.000 Total Assets 240,750 Lrabrities Current Liabilities Accounts Payable 28,000 Unearned Revenue 14,000 wages Payable 2.000 Total Current Liabilities 44,000 LTL L . 65,000 Total LIL 55,000 Total Liabilities 99.000 Stockholder's Equity Comman 114.000 Retained Earnings (12/31/2017 27.750 Total stockholderica Equity 141, 750 240,750- L-T Notes Payable
