hello, i have completed the journal, ledger, and trial balance perfectly fine. I am stuck on the income statement and statement of retained earnings. Please help, even if you can just describe how to get 5-9 on the income statement!

8:57 Done A201 Acco... ction.pdf Sign in hampton ACCOUNTING SERVICE INC Dear Newbie Welcome to Hampton Myane si Antoni, your superior. We believe the best way for you to get familiar with what you are going to be done to throw your asking you to start working on the book for For this project you will complete Hampton's entire accounting role you will be rede record entries in a journal, post to a ledger, complete trebalance, and prepare statements Traction wilindude day to day operationer, dividends closing entries. All of the work will be completed as the provided Excel workbookmake sure you the Bleon to your computer Company Information Hampton Accounting Services public corporation that has been in business for you The company is authorised to issue 100,000 shares of common stock at The company provides accounting service and counting software To date the company has issued 20,000 shares of common stock, which are still standing These shares were told $10 per share. A building and furnishing the start of the year. The cost of the building was $140,000 and the cost of the furnishing was $30.000 The depreciation will be recorded. The weathe 20 years with a residual value of $10.000. The company was the Straight line method to depreciate the building. The estimated sealife of the lushing years with a res value of $2.500. The company was the Double Declining Bathod to depreciate furnishings The current inventory consists of 3 units of software at a cost of $140.00 each Inventory is costed using UFO and the perpetual inventory. The company allowance method to account for collectible accounts. It is estimated that of net venue will be collectible, usted monthly imployees 52.100 tary Twice month on the 18 for the first half of the month and on the of the following more last half of the month or income taxation Project Requirements 1 Opening balances the opening Dances for select accounts we provided the appropriate ledger accounts 2. Record the following transactions in the journal and post to the edge 12/02/20 Purchased 10 units of Share on Account for $1.300 Page 114 8:57 Done A201 Acco... ction.pdf Sign In 19/02/20 Paid employees Salaries owed 12/02/20 Provided Accounting Service of Account, $1.200 12/05/20 Purchased computer Equipment an Account 5.300 Note: The equipment has an estimated me of years, residual value of an esse De method 12/08/2Purchased Supelles for cash 12/10/20 Received $3,000 per on account 12/11/20 Sold 15 units of inventory an Account. 54.500 Note: This transaction requires two journal entries. The First entry should deal with these the second should one with the inventory. Inow how to wint: The company units from its inventory 3051401005130 12/11/20-Madeyment on A, 52,000 12/12/20 Pichased 20 units of memory occount. 2.400 12/14/20 Received a bit for Advertising and paid $250 12/15/20 Provided Accounting service for Cash, 58,000 12/16/20 Paid employees salary for Dec. 115 12/17/20 Provided Accounting Service on Account 56.000 12/19/20 Sold 10 units of inventory on Account 53,000 Note: Similar to the sale on 12/11. You should have beeping track of the cost of them for each purchase and eaching UFO 12/22/20 Received $2,500 payment of Account 171120 Matement on Account $2.500 12/24/20 Received and paid month timbi, 5850 12/27/20 Received 52,000 cash advance for accounting 12/29/20 Provided Accounting Service for Cash, 55.000 12/20/20 sued 1,000 shares of Common Stock at $35 per here 12/31/20 Declared dividends of 15 to outstanding shareholders as of 12/31/20 * Prepare a trial balance to veritat tots equal total credits 4. Record the following adjustments in the journal and in the lance DO NOT the entries to the edge. Instead, put them directly tents to the trace 12/31/20 Employees salary for Dec 30-31 12/31/20 Depreciation de Bulding, we method tereya 12/11/20 Depreciation of the calculate for entre 12/31/20 Depreciation on Computer Equipment, we method fitute for one or 12/31/70-Supplies on hand equalSL.625 12/11/20ventory court shows some molto 12/31/20 5500 of advance payment was cred December 12/11/20 Uncollectible Account for December now how to Page 214 8:58 Done POF A201 Acco... ction.pdf Sign In use the Percent of Sales method Prepare anuited trial balance to verify seguretat the end of the more 6. Prepare the main financial statements for the year ending December 31, 2020 I hope that's clear. If you have to feel free to contact me ghd Mio Antoni Senior Accountant Hampton Accounting Services Important notes regarding the well Select "nable Macro when you first open the selle Enter your name in the home view to proceed Do not cut (Ctrand paste a cell or it will lead to an enormes see an error (REP) due to pastel cell close the file without saving does not fix the problem, restart the project with fresh download Points are awarded only for the correct entries in each le tem of Adited Balance, Income Statement, Statement of Retained aming and cheet No points are awarded betoretand. Therefore, it is important for you to come the project to the point In the balance sheet, you must at the accounts of each section in the same order as the chart of accounts. Do not let the contin adom order Page 3 4 Undo Clipboard Font 14 Xfx A B C Income Statement For the Year Ending December 31, 2021 $ $ $ $ Service Revenue + Sales Revenue 7 Net Revenue 8 Cost of Goods Sold 9 Gross Profit 10 Operating Expenses 11 Advertising Expense 12 Depreciation Expense 13 Repairs & Maintenance 14 Supplies Expense 15 Uncollectible Accts Expense 16 Utilities Expense 17 Salary Expense 18 Total Operating Expense 19 Net Income 20 21 Chart of Accounts Ready $ $ $ $ $ 7,839.00 18,700.00 10,567.00 4,734.00 1,067.00 6,500.00 60,000.00 $ 109,407.00 $ (109,407.00) Inc Journal Ledger Trial Balance Incc Styles E14 X fx 6 B C D E 1 HAMPTON ACCOUNTING SERVICE INC. 2 Statement of Retained Earnings 3 For the Year Ending December 31, 2021 4 5 Retained Earnings, January 1 Add: Net Income 7 $ 8 Less: Dividends 9 Retained Earnings, December 31 $ 10 11 12 13 14 15 N 8:57 Done A201 Acco... ction.pdf Sign in hampton ACCOUNTING SERVICE INC Dear Newbie Welcome to Hampton Myane si Antoni, your superior. We believe the best way for you to get familiar with what you are going to be done to throw your asking you to start working on the book for For this project you will complete Hampton's entire accounting role you will be rede record entries in a journal, post to a ledger, complete trebalance, and prepare statements Traction wilindude day to day operationer, dividends closing entries. All of the work will be completed as the provided Excel workbookmake sure you the Bleon to your computer Company Information Hampton Accounting Services public corporation that has been in business for you The company is authorised to issue 100,000 shares of common stock at The company provides accounting service and counting software To date the company has issued 20,000 shares of common stock, which are still standing These shares were told $10 per share. A building and furnishing the start of the year. The cost of the building was $140,000 and the cost of the furnishing was $30.000 The depreciation will be recorded. The weathe 20 years with a residual value of $10.000. The company was the Straight line method to depreciate the building. The estimated sealife of the lushing years with a res value of $2.500. The company was the Double Declining Bathod to depreciate furnishings The current inventory consists of 3 units of software at a cost of $140.00 each Inventory is costed using UFO and the perpetual inventory. The company allowance method to account for collectible accounts. It is estimated that of net venue will be collectible, usted monthly imployees 52.100 tary Twice month on the 18 for the first half of the month and on the of the following more last half of the month or income taxation Project Requirements 1 Opening balances the opening Dances for select accounts we provided the appropriate ledger accounts 2. Record the following transactions in the journal and post to the edge 12/02/20 Purchased 10 units of Share on Account for $1.300 Page 114 8:57 Done A201 Acco... ction.pdf Sign In 19/02/20 Paid employees Salaries owed 12/02/20 Provided Accounting Service of Account, $1.200 12/05/20 Purchased computer Equipment an Account 5.300 Note: The equipment has an estimated me of years, residual value of an esse De method 12/08/2Purchased Supelles for cash 12/10/20 Received $3,000 per on account 12/11/20 Sold 15 units of inventory an Account. 54.500 Note: This transaction requires two journal entries. The First entry should deal with these the second should one with the inventory. Inow how to wint: The company units from its inventory 3051401005130 12/11/20-Madeyment on A, 52,000 12/12/20 Pichased 20 units of memory occount. 2.400 12/14/20 Received a bit for Advertising and paid $250 12/15/20 Provided Accounting service for Cash, 58,000 12/16/20 Paid employees salary for Dec. 115 12/17/20 Provided Accounting Service on Account 56.000 12/19/20 Sold 10 units of inventory on Account 53,000 Note: Similar to the sale on 12/11. You should have beeping track of the cost of them for each purchase and eaching UFO 12/22/20 Received $2,500 payment of Account 171120 Matement on Account $2.500 12/24/20 Received and paid month timbi, 5850 12/27/20 Received 52,000 cash advance for accounting 12/29/20 Provided Accounting Service for Cash, 55.000 12/20/20 sued 1,000 shares of Common Stock at $35 per here 12/31/20 Declared dividends of 15 to outstanding shareholders as of 12/31/20 * Prepare a trial balance to veritat tots equal total credits 4. Record the following adjustments in the journal and in the lance DO NOT the entries to the edge. Instead, put them directly tents to the trace 12/31/20 Employees salary for Dec 30-31 12/31/20 Depreciation de Bulding, we method tereya 12/11/20 Depreciation of the calculate for entre 12/31/20 Depreciation on Computer Equipment, we method fitute for one or 12/31/70-Supplies on hand equalSL.625 12/11/20ventory court shows some molto 12/31/20 5500 of advance payment was cred December 12/11/20 Uncollectible Account for December now how to Page 214 8:58 Done POF A201 Acco... ction.pdf Sign In use the Percent of Sales method Prepare anuited trial balance to verify seguretat the end of the more 6. Prepare the main financial statements for the year ending December 31, 2020 I hope that's clear. If you have to feel free to contact me ghd Mio Antoni Senior Accountant Hampton Accounting Services Important notes regarding the well Select "nable Macro when you first open the selle Enter your name in the home view to proceed Do not cut (Ctrand paste a cell or it will lead to an enormes see an error (REP) due to pastel cell close the file without saving does not fix the problem, restart the project with fresh download Points are awarded only for the correct entries in each le tem of Adited Balance, Income Statement, Statement of Retained aming and cheet No points are awarded betoretand. Therefore, it is important for you to come the project to the point In the balance sheet, you must at the accounts of each section in the same order as the chart of accounts. Do not let the contin adom order Page 3 4 Undo Clipboard Font 14 Xfx A B C Income Statement For the Year Ending December 31, 2021 $ $ $ $ Service Revenue + Sales Revenue 7 Net Revenue 8 Cost of Goods Sold 9 Gross Profit 10 Operating Expenses 11 Advertising Expense 12 Depreciation Expense 13 Repairs & Maintenance 14 Supplies Expense 15 Uncollectible Accts Expense 16 Utilities Expense 17 Salary Expense 18 Total Operating Expense 19 Net Income 20 21 Chart of Accounts Ready $ $ $ $ $ 7,839.00 18,700.00 10,567.00 4,734.00 1,067.00 6,500.00 60,000.00 $ 109,407.00 $ (109,407.00) Inc Journal Ledger Trial Balance Incc Styles E14 X fx 6 B C D E 1 HAMPTON ACCOUNTING SERVICE INC. 2 Statement of Retained Earnings 3 For the Year Ending December 31, 2021 4 5 Retained Earnings, January 1 Add: Net Income 7 $ 8 Less: Dividends 9 Retained Earnings, December 31 $ 10 11 12 13 14 15 N