Magic GMBA $4$ Corporation

Adjusted Trial Balance

December $31,2019$

$ Dr $ Cr

Cash $938,816$

Accounts receivable $560,000$

Allowance for bad debts $8,800$

Inventory $720,000$

Long term investment $174,400$

Property, plant, and equipment $800,000$

Accumulated depreciation $320,000$

Accounts payable $131,200$

Accrued payables $96,000$

Unearned revenues $128,000$

Other long term liability $85,424$

Bonds payable $800,000$

Discount on bonds payable $85,360$

Deferred income tax $51,136$

Preferred stock $800,000$

Common stock $80,000$

Additional paid$-$in capital $880,000$

Retained earnings $480,000$

Dividends $64,000$

Treasury stock $608,000$

Operating revenues $1,944,000$

Cost of goods sold $960,000$

Selling and administrative expenses $400,000$

Depreciation expense $80,000$

Other expense $128,000$

Bad debt expense $7,200$

Rent expense $160,000$

Interest expense $70,784$

Income tax expense $48,000$

Totals $5,804,5605,804,560$ Use the information provided to work with your group to prepare:

The income statement.

The statement of retained earnings.

The balance sheet.

Ratios that can be calculated from the data presented.