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FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Dewey 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 Balance: 13,800 Interest Payable 700 Accounts Receivable 11,400 Land 5,000 Accum. Depr.- Bldngs. 12,000 Maintenance Revenue 68,400 Accum. Depr. - Equipment 8,800 Notes Payable (25-year) 40,000 Advertising Expense 18.400 Notes Payable (30-day) 5,000 Buildings 55,000 Prepaid Insurance 1.800 Cash 28,900 Repair Revenue 84,000 Common Stock 20.000 Retained Earnings 18.100 Depreciation Expense 6,200 Salaries Expense 58,200 Dividends Declared 10,000 Salaries Payable 4,300 Equipment 38,400 Supplies 2,400 Insurance Expense 10,200 Supplies Expense 14,700 Interest Expense 4,500 Uneamed Repair Revenue 3,600 Utilities Expense 13,600 REQUIRED: Prepare the financial statements for the year for Dewey Company-an income statement, a statement of retained eamings 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 Property, Plant, and Equipment Each asset account must be included in the correct category. Each category must be sub-totaled. The liabilities should now be split into TWO groups-Current and Long-Term. Each liability account must be included in the correct category. Each category must be sub-totaled. Note, the stockholders' equity is still split between Paid-In Capital Retained Earnings. Our only paid-in capital account until we get to chapter 11 will be Common Stock You may want to refer to the template included at Canvas, Revenues: Repair Revenue Maintenance Revenue Total Revenues Expenses: Advertising Depreciation Insurance Interest Salaries Supplies Utilities Total Expenses Net Income Venus Company Statement of Retained Earnings For the Year Ending on December 31, 2019 Beginning Retained Earnings Ples: Net Income sub-total Less: Dividends Declared Ending Retained Earnings Venus Company Classified Balance Sheet As of December 31, 2019 ASSETS Current Assets: Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets LIABILITIES Current Liabilities: Accounts Payable Interest Payable Salaries Payable Uncamed Repair Revenue 65,900 Notes Payable (30-day) Total Current Liabilities Long-Term Liabilities: Notes Payable (25-year) Total Liabilities Plant Assets: Building Less. Acc Dep Equipment Less: Acc Dep Land Total Plant Assets Total Assets STOCKHOLDERS' EQUITY 107,000 Paid-In Capital: 172,900 Common Stock Total Paid-In Capital Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity