Font Paragraph ACC 301/501 Homework #1 (Q) OL Flagstaff Corporation's capital structure consists of 75,000 shares of common stock. The December 31, 2020 account balances are listed below. All adjusting entries have been made except for the accrual of taxes (10% tax rate) Sales Purchase discounts Purchases Loss on Discontinued Operations Selling expenses Cash Accounts receivable Common stock Accumulated depreciation Dividend revenue Inventory, January 1, 2020 Prepaid Insurance Accrued interest payable Land Patents Retained earnings, January 1, 2020 Interest expense General and administrative expenses Dividends declared Allowance for doubtful accounts Notes payable (maturity 7/1/25) Machinery and equipment Office Supplies Accounts payable $1,303,000 17,000 642,000 60,000 158,000 60,000 95,000 200,000 198,000 9,000 152,000 4,400 1,600 385,000 100,000 290,000 12,000 120,000 20,200 5,000 200,000 450,000 25,000 60,000 Ending Inventory at December 31, 2020 was $125,000 Required a) Prepare a 2020 multi-step income statement, include EPS. Refer to the Cabrera (Ilustration 4-2) and Poauito (llustration 4-8) Company examples in Chapter 4 of the text for format suggestions (Also, refer to Illustration 4-10). Many items in these format examples are not applicable to this homework problem. b) Prepare a 2020 retained earnings statement. Refer to the Stricker example (illustration 4-19) in Chapter 4 of the text for format suggestions. No corrections of prior periods exist c) Prepare a 12/31/20 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the text for format suggestions. Many items in this example are not applicable to this homework problem. English (United States) o search