Financial Statements Project

The adjusted trial balance of Midwest Marvels Corporation at December 31, 2018 is shown as follows:

Midwest Marvels Corporation
Adjusted Trial Balance
December 31, 2018
Account Title	Debit	Credit
Accounts Payable		80,000
Accounts Receivable	120,000
Accumulated Depreciation		29,000
Cash	75,000
Common Stock		125,000
Cost of Goods Sold	280,000
Depreciation Expense	21,000
Dividends	20,000
Equipment	150,000
Interest Expense	3,000
Interest Payable		5,000
Inventory	56,000
Land	115,000
Notes Payable (18 months)		100,000
Paid-in Capital in Excess of par-Common		145,000
Patents, net of amortization	50,000
Prepaid Rent	4,000
Rent Expense	55,000
Retained Earnings, January 1, 2018		40,000
Salaries Expense	120,000
Sales Revenue		560,000
Utilities Expense	25,000
Wages Payable		10,000
Total	$1,094,000	$1,094,000

From the adjusted trial balance above, use Excel to prepare the following financial statements of Midwest Marvels Corporation in good form:

1. Income Statement
2. Statement of Retained Earnings
3. Classified Balance Sheet