Hello I am in need of urgent help this financial statement is due tonight and I have no clue how to do it. I have both trial datas for part one and two on page 1 and page 7.

Financial Statement Homework #3 Name YOU MUST SUBMIT ALL HANDWRITTEN PAGES OF THIS DOCUMENT Part 1: Insert the Trial Balance HERE Foley Mountain Company Trial Balance 11/30/17 112,000 127 Accounts Receivable 1,000 for 50 Short Term Note Recelvable Supplies 62,000 75,000 Inventory Equipment 32,000 Accumulated Depreciation Accounts Payable Interest 106,000 12,000 Payable Unearned Revenue Note LT Mortgage Payable 125,000 16,840 175,000 86,000 1,000 50,000 Premium on Bonds Payable Common Stock- $1.75 par Paid In Capital In Excess of Par- CS Preferred Stock - $5 par Treasury Stock Retained Dividends Sales Revenue 3,500 2,000 10,000 3,000 46,000 30,000 26,000 Sales Returns & Allowances Sales Discounts of Goods Sold Bad Debts Expense Depreciation Expense Wages Expense 98,000 16,000 6,500 46,000 Rent Expense Supplies Expense Interest Revenue Interest Expense 1,000 15,000 1,065,5001,065,500 Gain on Sale of Equipment Income Tax Expense Tota YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT Instructions: You must turn in the work performed on the sheets printed with this page. This WILL NOT BE ACCEPTED ON PLAIN PAPER Write the journal entries (on the following General Journal page) required for each of the events described below. Write the entries in the order described below (#1-#8) .Use ONLY the accounts listed on the trial balance for your journal entries . Post the transactions to individual T-accounts and prepare an adjusted trial balance for your assigned company from page one as of December 31, 2017 1. The company purchased a building December 1, 2017 with a LT Mortgage Payable of $300,000 at 8% interest. (Record the purchase of the building.) 2. The company issued 1,000 shares of Common Stock for $6,000 on December 25, 2017 3. On December 29, 2017 the company declared a cash dividend of $3.00 per share for common stock on the 4. The terms of the LT mortgage payable from #1 above require the company to make monthly installment shares issued and declared (including the additional 1,000 shares issued on December 25) payments over the term of the loan. Each payment consists of interest on the unpaid balance of the loan and a reduction of loan principal. Record the first monthly payment of $3,800 on the LT Mortgage Payable on December 31, 2017 Record the accrued 5. The company last paid interest on the ST note payable on November 1, 2017. interest expense for the last 2 months of 2017. The annual interest rate is 8%. Round to nearest whole dollar The Bonds Payable and related Premium amounts on the Nov. trial balance relate to the Jan. 1, 2017 issuance of the following bonds: On Jan. 1, 2017, the company issued 10%, 10-year bonds when the market rate for similar investments was 8%. The company pays interest each year on January 1st. On Dec. 31, 2017, use the effective interest method of amortizing the premium on bonds payable to accrue the interest expense for 2017. Round your interest expense calculation to the nearest whole dollar. 6. 7. The Unearned Revenue amount on the Nov. trial balance relates to amounts that the company previously collected in cash for sales that were to be completed in the future. The company completed some of these sales during December and now owes only $10,000 of that unearned revenue. Record the necessary adjustment for December 31, 2017 8. On December 31, 2017, the company purchased 50 shares of its own Preferred Stock for Treasury Stock for $11 per share OU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT GENERAL JOURNAL DEBIT CREDIT DATE ACCOUNT NAME YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT ADJUSTED TRIAL BALANCE 12/31/17 Dr Cr YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT Supplemental Questions 1. What will be the balance in the Mortgage Payable Account at Jan. 31, 2018 after the second monthly payment is made? 2. The Company is about to issue $2,000,000 of 5-year, 12% bonds. Interest will be paid semi- annually. The market interest rate for such securities is 10%. How much can The Company expect to receive from the sale (issuance) of these bonds? YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete the Multi-Step Income Statement and prepare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow. To get full credit you must include all critical subtotals. Part 2: Insert Second Trial Balance HERE. Nellis Company Adjusted Trial Balance December 31, 2017 CREDIT DEBIT 6,000 200 sh Accounts Recelvable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable upplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par CS Retained Earnings (1/1/17) Dividends Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Bad debt expense Depreciation Expense Amortization Expense Wages Expense Rent Expense Office Expense Supplies Expense Selling Expense Interest Expense Interest Revenue Income Tax Expense Totals 2,300 100 480 105 190 1,250 3,300 1,700 2,000 44,005 300 75 28,100 80 50 19 4,050 1,900 800 250 780 200 335 480 56,865 56,865 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 7 Multi Step Income Statement For the year ended December 31, 2017 (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT Statement of Retained Earnings For the year ended December 31, 2017 YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION SUBMIT AS ONE PDF DOCUMENT 9 Classified Balance Sheet December 31, 2017 (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) YOU MUST INCLUDE ALL PAGES OF THIS DOCUMENT IN YOUR ASSIGNMENT SUBMISSION. SUBMIT AS ONE PDF DOCUMENT. 10