FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances Account Title: Balance: Account Title: Balance: Accounts Payable 18,100 Interest Payable 700 Accounts Receivable 17,400 Land 25,000 Accum. Depr. - Bldngs. 54,000 Maintenance Revenue 65,000 Accum. Depr. - Equipment 39,000 Notes Payable (25-year) 40,000 Advertising Expense 16,800 Notes Payable (30-day) 2,500 Buildings 110,000 Prepaid Insurance 3,600 Cash 31,200 Repair Revenue 85,000 Common Stock 60,000 Retained Earnings 40,900 Depreciation Expense 15,000 Salaries Expense 54,000 Dividends Declared 8,000 Salaries Payable 2,700 Equipment 65,000 Supplies 13,700 Insurance Expense 12,000 Supplies Expense 18,900 Interest Expense 4,800 Unearned Repair Revenue 3,700 Utilities Expense 16,200 REQUIRED: Prepare the financial statements for the year for Venus Company--an income statement, a statement of retained earnings and a classified balance sheet. What is different for this project compared to Project #1? 1. New Accounts: Accumulated Depreciation: These accounts are contra accounts To the related plant asset account, contra account presentation is always the same--the contra account should be listed directly below the related account. Then the balance of the contra account should be subtracted from the balance of the related account and the NET difference (book value) should be SHOWN. 2. Classified Balance Sheet: The assets should now be split into TWO groups--current and plant. Current assets are those assets that are either (1) cash; (2) expected to "turn into" cash within one year of the balance sheet date; or (3) assets purchased for use that are typically expected to be used up or consumed within one year of purchase. Plant assets are those assets with physical substance whose "consumption" (not physical consumption) is expected to take place over a period longer than one year--this category also incudes Land. Note, plant assets can also be referred to as Property, Plant, and Equipment or Fixed Assets. The liabilities should now be split into TWO groups--current and long-term. Current liabilities are those liabilities that will be paid off within one year from the balance sheet date. Long-term liabilities are those liabilities that will be paid off later than one year from the balance sheet date. Note, the stockholders' equity is still split between paid-in capital (that which came from stockholders' investments) and retained earnings. Our only paid-in capital account until we get to chapter 11 will be Common Stock Refer to the financial statements included in the Chapter 4 Example problem for a guideline