GLENN$$S GLUE STICK INC.

After a successful first year at university, Stephanie Glenn was returning home for the summer to

work. Stephanie$$s summer job was to try and learn many of the responsibilities of her family$$s

glue stick business, which she would one day take over. To understand the business, her family

felt that the first thing she should do was construct the three fundamental financial business

statements. Her disorganized Uncle Melvin had provided her with the list of accounts that he

had compiled for the fiscal year ending March $31,2024,$ but in typical Uncle Melvin form, the

accounts were in no particular order. Stephanie realized that she would have to use the skills she

learned in Business $1220$E to sort through them and construct a Statement of Earnings, a

Statement of Retained Earnings and a Balance Sheet. After a quick glance, Stephanie realized

that a number of the accounts were missing and that some didn$$t seem appropriate for the

statements for Glenn$$s Glue Stick, Inc.

Selling Expenses $$65,000$

Retained Earnings, $2024$ $$155,512$

Cost of Goods Sold $?$

Income Tax $15\%$ on the first $$50,000$; $25\%$ on amount above

Net Income Before Tax

Sales $$5,750,000$

Ending Inventory, $2023$ $$21,000$

General and Administrative Expenses $$38,000$

Dividends $$2,700,000$

Windsurfer $$8,500$

Accounts Payable $$35,000$

Glue Making Machinery, Net $$70,000$

Interest Expense $$16,000$

Cash $$25,000$

Salaries $$350,000$

Notes Payable $$24,000$

Long$-$Term Loan at March $31,2023$ $$75,000$

Current Portion of Long Term Loan $$12,500$

Working Capital Loan PLUG

Rent $$40,000$

Ending Inventory, $2024$ $$27,600$

Maintenance and Repairs $$10,250$

Accounts Receivable $$232,000$

Glue Making Machinery, Cost $$100,000$

Depreciation Expense $$10,000$

Purchases $$1,500,000$

Retained Earnings, $202355,000$

Common Stock $$30,000$

Assignment: Using the above list, assemble the three statements for the fiscal year $2024.$