KELLEY ENTERPRISES Credit Credit Debit $ 718 Debit $ 364 $ 155 $ $ 500 $ 307 $ 3,363 218 $ $ $ 200 363 792 170 $ $ 4,767 $ 200 $ 375 2019 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation Long-term investments Goodwill Intangible assets Accumulated amortization of intangible assets Other assets Short-term notes payable Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities $ $ $ 63 710 2020 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation Long-term investments Goodwill Intangible assets Accumulated amortization of intangible assets Other assets Short-term notes payable Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities $ $ $ 143 710 99 99 $ 20 $ 30 $ 182 $ 182 $ 3 5 295 $ $ $ $ 436 45 $ $ $ $ $ 473 487 45 627 473 A H 182 $ 3 $ $ $ $ $ $ $ $ 5 473 487 45 627 65 1,342 3,194 Other assets Short-term notes payable Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term notes payable Other long-term liabilities Common Stock Treasury Stock Retained earnings (beginning of year) Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Interest expense Investment and other income Income tax expense B DEF G $ 182 Other assets $ Short-term notes payable $ 295 Accounts payable $ 436 Accrued payroll, bonus and other benefits due team members $ 45 Dividends payable $ 473 Other current liabilities $ 62 Long-term notes payable $ 658 Other long-term liabilities $ 2,904 Common Stock $ 1,152 Treasury Stock $ 1,521 Retained earnings $ 45 Dividends $ 15,389 Sales $ 9,973 Cost of Goods Sold $ 4,488 Selling, general and administrative expenses $ 62 Interest expense $ 17 Investment and other income $ 342 Income tax expense $ 22,023 $ 22,023 $ 1,214 $ 2,017 $ 45 $ 16,184 $ 10,415 $ 4,632 $ 68 $ 75 $ 401 $ 24,919 $ 24,919 ACCT 212 INDIVIDUAL LEARNING PROJECT 1 Assignment instructions are as follows: 1. Use the information in the provided trial balance to create the following financial statements: 2. 2020 Income Statement b. 2020 Balance Sheet 2020 Cash Flow Statement 2. Create ONE Excel Workbook with the following tabs: a. Tab 1: Trial Balance for 2019 and 2020 provided b. Tab 2: Closing Entries for 2019 Income Statement c. Tab 3: 2020 Income Statement d. Tab 4: Closing entries for 2020 e. Tab 5: 2020 Balance Sheet post-closing entries (Use the 2019 Retained Earnings balance as your beginning 2019 balance) f. Tab 6: 2020 Cash Flow Statement
