Directions: Please complete the requirements of the following problem. I require that you work individually. You may come to me with questions, but may not use any resources other than your textbook and class notes. I really need for you to take this request seriously. If you complete this assignment before the due date, feel free to turn it in early. Required: Using the account listing for Fun-Time Toys, Inc. and the cash flows work you did (which I have returned to you with corrections), prepare in proper form the: Income Statement (see Exhibit 6-3 on p. 254 and Exhibit 6-8 on p. 266 of your textbook for models), Statement of Retained Earnings (see Exhibit 5-3 on p. 200 of your textbook for a model), Balance Sheet (see Exhibit 14-3 on p. 630 of your textbook for a model, and Statement of Cash Flows (see Exhibit 13-1 on p. 567 of your textbook for a model) for the company for the month of December. Once you have finished this assignment, please e-mail to me your financial statements and a scan of this cover sheet with your signature to pledge your work. Remember that each and every cash flow on the list must be included on the statement of cash flows under the appropriate category. LEDGER Operating Investing Financing Description Debit Credit Debit Credit Inow or Outlow L 5 12.500 o ved for common stock issued Bered from National Bank S 12.500 30 000 op Recened advanced ment from customers Receipts from cachent 17.025 7.688 9.10 76.750 93.775 101.461 1100100161 P o ice furniture from me Design Reces from clients on account 5.500 OP Padome lumture from Orice Design Inv OP PP 101.313 2.305 101.00 3655 105078 104201 110978 109678 109.00 24 1065 of advertisements 775 102 Account Listings Alphabetical Order 10 10 18,000 15.000 P isance 1800 12.150 58.000 Lability. L Asset A Dirident=0 Loss L Balance sher= BS Turenne Stolemonts Is expense = E Fun-Time Toys, Inc. Account Listing in Alphabetical Order 31-Dec-19 Debit Credit Account Type Financial Statement $15.100 S7.000 Accounts payable Accounts receivable Accumulated depreciation: Omice equipment Allowance for Uncollectible 62.000 wet BS - 250 Acco IS Canta Asset 120,000 110.100 100.000 pce Amortization pense: Patent Capital stock Cash Cost of Goods Sold Depreciation expense: Once equipment Dividends Income tax expense Income taxes payable Insurance expense Interest expense Interest payable 18.000 2.000 15.000 SSR 5.700 Lby 2.200 8.10 etpost 970 L BS 127.000 10.000 100.000 S Asset Los) LB Asset Asset Exp Asset Ase Asset Loss on sale of equipment Note pavable (due in 5 years) Office Equipment Onice supplies Office supplies expense Patent Prepaid insurance Prepaid rent Purchase discounts lost Rent expense Retained earnings. 1/1/19 Salaries expense Salaries payable Sales Sales returns Uncollectible accounts expense Uneamed revenue 117.000 470 1.400 12.000 1.360 1.800 100 12,150 KEEPEEEEEEEEPE S. AS BS TS S SRE 5 8,000 Cal w 9.200 270,000 ART 6,400 100 20,000 L ite Asset = A Divident= 0 Loss = L Statement of Retined earnings SRE Balance sheet = BS Income stolarent = JS LEDGER Operating Description Debit Credit Debt Credo Out Fi 5 12.500 Cash received for c ock issued Borrowed from First National Bank Prepaid insurance op 56.000 9,150 Received advanced payment from customers Recipes from cash clients 17,025 7.68 1.300 2390 17 19 Purchase once future from Orice Design Co. Recipes from clients on account 3.500 5 12.500 92.500 5.900 76,750 93,775 101.46) 100,161 97,313 103,313 101.008 98,658 10407 104203 110,978 109 678 109,300 106.475 MOOOHOOOHOOOH 2.105 2,350 6,420 21 21 72 24 Purchase office furniture from Office Design Co Receipts from cash clients Paid o vertisements Receipts from clients on account OP Ind or OP Op 875 6,775 1.300 OP 29 30 31 Paid telephone bill Paid dividends Receipts from canh clients 2.82 3.625 Directions: Please complete the requirements of the following problem. I require that you work individually. You may come to me with questions, but may not use any resources other than your textbook and class notes. I really need for you to take this request seriously. If you complete this assignment before the due date, feel free to turn it in early. Required: Using the account listing for Fun-Time Toys, Inc. and the cash flows work you did (which I have returned to you with corrections), prepare in proper form the: Income Statement (see Exhibit 6-3 on p. 254 and Exhibit 6-8 on p. 266 of your textbook for models), Statement of Retained Earnings (see Exhibit 5-3 on p. 200 of your textbook for a model), Balance Sheet (see Exhibit 14-3 on p. 630 of your textbook for a model, and Statement of Cash Flows (see Exhibit 13-1 on p. 567 of your textbook for a model) for the company for the month of December. Once you have finished this assignment, please e-mail to me your financial statements and a scan of this cover sheet with your signature to pledge your work. Remember that each and every cash flow on the list must be included on the statement of cash flows under the appropriate category. LEDGER Operating Investing Financing Description Debit Credit Debit Credit Inow or Outlow L 5 12.500 o ved for common stock issued Bered from National Bank S 12.500 30 000 op Recened advanced ment from customers Receipts from cachent 17.025 7.688 9.10 76.750 93.775 101.461 1100100161 P o ice furniture from me Design Reces from clients on account 5.500 OP Padome lumture from Orice Design Inv OP PP 101.313 2.305 101.00 3655 105078 104201 110978 109678 109.00 24 1065 of advertisements 775 102 Account Listings Alphabetical Order 10 10 18,000 15.000 P isance 1800 12.150 58.000 Lability. L Asset A Dirident=0 Loss L Balance sher= BS Turenne Stolemonts Is expense = E Fun-Time Toys, Inc. Account Listing in Alphabetical Order 31-Dec-19 Debit Credit Account Type Financial Statement $15.100 S7.000 Accounts payable Accounts receivable Accumulated depreciation: Omice equipment Allowance for Uncollectible 62.000 wet BS - 250 Acco IS Canta Asset 120,000 110.100 100.000 pce Amortization pense: Patent Capital stock Cash Cost of Goods Sold Depreciation expense: Once equipment Dividends Income tax expense Income taxes payable Insurance expense Interest expense Interest payable 18.000 2.000 15.000 SSR 5.700 Lby 2.200 8.10 etpost 970 L BS 127.000 10.000 100.000 S Asset Los) LB Asset Asset Exp Asset Ase Asset Loss on sale of equipment Note pavable (due in 5 years) Office Equipment Onice supplies Office supplies expense Patent Prepaid insurance Prepaid rent Purchase discounts lost Rent expense Retained earnings. 1/1/19 Salaries expense Salaries payable Sales Sales returns Uncollectible accounts expense Uneamed revenue 117.000 470 1.400 12.000 1.360 1.800 100 12,150 KEEPEEEEEEEEPE S. AS BS TS S SRE 5 8,000 Cal w 9.200 270,000 ART 6,400 100 20,000 L ite Asset = A Divident= 0 Loss = L Statement of Retined earnings SRE Balance sheet = BS Income stolarent = JS LEDGER Operating Description Debit Credit Debt Credo Out Fi 5 12.500 Cash received for c ock issued Borrowed from First National Bank Prepaid insurance op 56.000 9,150 Received advanced payment from customers Recipes from cash clients 17,025 7.68 1.300 2390 17 19 Purchase once future from Orice Design Co. Recipes from clients on account 3.500 5 12.500 92.500 5.900 76,750 93,775 101.46) 100,161 97,313 103,313 101.008 98,658 10407 104203 110,978 109 678 109,300 106.475 MOOOHOOOHOOOH 2.105 2,350 6,420 21 21 72 24 Purchase office furniture from Office Design Co Receipts from cash clients Paid o vertisements Receipts from clients on account OP Ind or OP Op 875 6,775 1.300 OP 29 30 31 Paid telephone bill Paid dividends Receipts from canh clients 2.82 3.625