Financial Statememt Project 1

FINANCIAL STATEMENT PROJECT #1 Below is the trial balance of Huey Company on December 31, 2020. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Balance: Account Title: Accounts Payable $11.200 Prepaid Insurance Accounts Receivable 9,400 Rent Expense Advertising Expense 13,900 Repair Expense Building 48,000 Retained Earnings Cash 14,300 Salaries Expense Common Stock 30,000 Service Revenue Dividends Declared 15.000 Supplies Equipment 24,500 Telephone Expense Land 7,000 Uneamed Service Revenue Notes Payable 25.000 Utilities Expense Balance: $ 900 22,100 3,400 9,000 45,700 148,200 1,800 5,400 6,200 18.200 REQUIRED: Prepare the financial statements for the year for Huey Company--an income statement, a statement of retained earnings and a balance sheet. You may want to refer to the template provided at Canvas Think about the CONTENT of each financial statement and which type of account is reported on each statement. As you look at the list of accounts above, think about what type of account it is. You may want to "check off" or "cross out" cach account as you place it on a financial statement to be sure you don't omit any, Note: Remember that all of the retained earnings events have been recorded in the retained earnings expanded accounts: revenues, expenses, and dividends declared. Therefore, any balance ALREADY in the retained earnings account must be thebeginning balance of the current period (carried forward from the prior period.)