homework help

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 Gain on Discontinued Operations Selling expenses Cash Accounts receivable Common stock Accumulated depreciation Uneamed Revenue Inventory, January 1, 2020 Prepaid Insurance. Accrued interest payable Land Goodwill Retained earnings, January 1, 2020 Wage expense General and administrative expenses Leasehold Improvements Allowance for doubtful accounts Notes payable (maturity 7/1/25) Machinery and equipment. Office Supplies Wages payable $1,303,000 4,000 642,000 110,000 158,000 60,000 97,000 205,000 197.800 9.000 150,000 4.400 3,600 575,000 102.000 390,000 12,000 123,000 20,000 6,000 82,000 400,000 35.000 58.000 Ending Inventory at December 31, 2020 was $125,000. Required a) Prepare a 2020 multi-step income statement, include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito (Illustration 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. 2. You must use Excel to complete your assignment. 3. Present all answers on one worksheet within your file. Show supporting computations, 4. Follow text examples for proper formatting 5. Show only whole dollars, i.e., do not show cents. 6. Dollar signs should be used only on the first and last line in a column of numbers. 7. Use proper underlining, as follows: a. Single underline prior to a subtotal or total. b. Double underline for final totals