I UI Lillcals Liucuruyusu Ji, 2019 al 2020 To complete part 2 Follow IN ORDER: 1. Create multi-step Income Statement using the August 31, 2020 adjusted balances AND formatting information from IS tab. 2. Create statement of retained earnings using August 31, 2020 adjusted balances AND formatting information from stmnt of RE tab. 3. Create classified balance sheet using August 31, 2020 adjusted balances AND formatting information from BS tab. 4. Create statement of cash flows using the income statement, the "changes" columns from below, and the additional notes to the right of August 31, 2020 adjusted trial balance columns. To complete the changes" columns and the statement of cash flows: a. Input a formula in either the debit column OR the credit column to find the change in account balance from August 2019 to August 2020. b. Only complete the "changes" cells that are outlined and have 2019 beginning balances and 2020 ending balances. Do not find changes in cells that are grayed out. c. Use the "changes" amounts to create the statement of cash flows. Amounts from the income statement will also be needed. d. Pay attention to statement of cash flows additional information columns below. These give hints. Additional Notes for Statement of Cash Flows CHANGES COLUMNS Used ONLY for Statement of cash flows Debit Credit August 31, 2019 Adjusted Trial Balance Dr. Cr. 583730 445000 497430 1250 August 31, 2020 Adjusted Trial Balance Dr. 347600 Change in cash not required, but should match net increase or decrease in cash on smnt of cash flows 425500 597600 6500 12500 10500 59650 Acct. No. |_ Account Title 100 Cash 102 Accounts Receivable, net 104 Merchandise Inventory, net 106 Office Supplies 107 Prepaid Expenses 120 Equity Investments - Trading 122 Investments - Held to Maturity 140 Land Land 145 Building 146 Accumulated Depreciation - Building 151 Equipment 152 Accumulate Accumulated Depreciation - Equipment 153 Office Furniture 23850 86450 55950 1500000 3500000 1000000 2500000 312500 400000 Use depreciation expense from income statement 170000 205000 85000 96000 Use depreciation expense from income statement 32500 24375 154 T L 16250 356000 8125 Use depreciation expense from income statement 8125 Use depreciation expense fre 393420 201 202 203 204 205 Accumulated Depreciation - Office Furniture Accounts Payable Wages Payable Interest Payable Dividends Payable Uneamed Rent Customer Refunds Payable Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Pavable 206 Custom 0 6000 35600 12000 200000 4000 29000 212000 400000 250 251 252 253 248000 798000 81000 65500 1177250 1177250 2351400 2849810 252 300 301 330 331 340 500 600 200000 88000 38000 3457984 3700000 1750199 1509195 794515 799500 89000 229000 65000 75000 525 85600 9900 6500 111200 150000 30000 Mortgage (Warehouse) Payable Common Stock, 51 Par, 100,000 Authorized; 81.000 shares tssued Outstanding Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock Sales Cost of Goods Sold Wage Expense (hourly workers) Salaries Expense (Exempt Staff) Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense Legal Expenses Insurance Expense Miscellaneous Expense Office Supplies Expense Telecommunications Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Office Furniture Rent Income Realized Gain - Equity Investment Securities - Trading Interest Expense Realized Loss - Held to Maturity Investments Total 5400 1500 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 800 802 900 902 3500 53925 48985 400 735 10000 87500 62500 17000 6000 3250 1625 12000 35000 61000 5000 4000 8323484 30250 8323484 10195605 10195605 3747000 2959574 3457984 3148130 Net Income (Loss) 498410 598870 I UI Lillcals Liucuruyusu Ji, 2019 al 2020 To complete part 2 Follow IN ORDER: 1. Create multi-step Income Statement using the August 31, 2020 adjusted balances AND formatting information from IS tab. 2. Create statement of retained earnings using August 31, 2020 adjusted balances AND formatting information from stmnt of RE tab. 3. Create classified balance sheet using August 31, 2020 adjusted balances AND formatting information from BS tab. 4. Create statement of cash flows using the income statement, the "changes" columns from below, and the additional notes to the right of August 31, 2020 adjusted trial balance columns. To complete the changes" columns and the statement of cash flows: a. Input a formula in either the debit column OR the credit column to find the change in account balance from August 2019 to August 2020. b. Only complete the "changes" cells that are outlined and have 2019 beginning balances and 2020 ending balances. Do not find changes in cells that are grayed out. c. Use the "changes" amounts to create the statement of cash flows. Amounts from the income statement will also be needed. d. Pay attention to statement of cash flows additional information columns below. These give hints. Additional Notes for Statement of Cash Flows CHANGES COLUMNS Used ONLY for Statement of cash flows Debit Credit August 31, 2019 Adjusted Trial Balance Dr. Cr. 583730 445000 497430 1250 August 31, 2020 Adjusted Trial Balance Dr. 347600 Change in cash not required, but should match net increase or decrease in cash on smnt of cash flows 425500 597600 6500 12500 10500 59650 Acct. No. |_ Account Title 100 Cash 102 Accounts Receivable, net 104 Merchandise Inventory, net 106 Office Supplies 107 Prepaid Expenses 120 Equity Investments - Trading 122 Investments - Held to Maturity 140 Land Land 145 Building 146 Accumulated Depreciation - Building 151 Equipment 152 Accumulate Accumulated Depreciation - Equipment 153 Office Furniture 23850 86450 55950 1500000 3500000 1000000 2500000 312500 400000 Use depreciation expense from income statement 170000 205000 85000 96000 Use depreciation expense from income statement 32500 24375 154 T L 16250 356000 8125 Use depreciation expense from income statement 8125 Use depreciation expense fre 393420 201 202 203 204 205 Accumulated Depreciation - Office Furniture Accounts Payable Wages Payable Interest Payable Dividends Payable Uneamed Rent Customer Refunds Payable Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Pavable 206 Custom 0 6000 35600 12000 200000 4000 29000 212000 400000 250 251 252 253 248000 798000 81000 65500 1177250 1177250 2351400 2849810 252 300 301 330 331 340 500 600 200000 88000 38000 3457984 3700000 1750199 1509195 794515 799500 89000 229000 65000 75000 525 85600 9900 6500 111200 150000 30000 Mortgage (Warehouse) Payable Common Stock, 51 Par, 100,000 Authorized; 81.000 shares tssued Outstanding Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock Sales Cost of Goods Sold Wage Expense (hourly workers) Salaries Expense (Exempt Staff) Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense Legal Expenses Insurance Expense Miscellaneous Expense Office Supplies Expense Telecommunications Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Office Furniture Rent Income Realized Gain - Equity Investment Securities - Trading Interest Expense Realized Loss - Held to Maturity Investments Total 5400 1500 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 800 802 900 902 3500 53925 48985 400 735 10000 87500 62500 17000 6000 3250 1625 12000 35000 61000 5000 4000 8323484 30250 8323484 10195605 10195605 3747000 2959574 3457984 3148130 Net Income (Loss) 498410 598870
