Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I posted this earlier but the pictures weren't clear enough. Could you help me fill out these worksheets? 1 5-M Mastery Problem: Preparing financial statements
I posted this earlier but the pictures weren't clear enough. Could you help me fill out these worksheets?
1 5-M Mastery Problem: Preparing financial statements and closing entries tol, 2,. The adjusted trial balance for Paulson Corporation for the year ended December 31 of the current year for completing this problem are given in the Working Papers. The beginning balance of Merchandise Inventoryis $112,825.90 Instructions: 1. Prepare an income statement 2. Prepare a vertical analysis of each amount in the fourth amount column. Round percentage calculations to and forms the nearest 0.1%. 3. Prepare a statement of stockholders' equity. The company had 4500 shares of $10,00par value stock outstanding on Prepare a statement of stockholders' equity. The company had 4,500 shares of $10.00 January 1.The company issued an additional 500 shares during the year. 3. par value stock outstanding on 4. Prepare a balance sheet for the current year. 5. Journalize the closing entries on page 19 of the general journal. eachtree alen QR 1. Journalize and post adjusting entries to the 1. Key the account balances in the trial balance 1. Journalize and post closing entries to the section of the worksheet. 2. Make the selections to print the balance sheet 2. Make the selections to print the balance sheet 2. Use the required formulas to calculate the 3. Make the selections to print the journal and 3. Key the closing entries in the Adjustments journa and the profit and loss statement. the post-closing trial balance. general journal. totals of the Trial Balance columns. and income statement. 3. Make the selections to print the general columns 4. Create the appropriate formulas to extend journal and the post-closing trial balance. amounts to the income statement and balance sheet. ntement :o1 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started