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Make a set of financial statements using the attached adjusted trial balance. Lake City Food Mart is a company that sells merchandise and uses a

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Make a set of financial statements using the attached adjusted trial balance. Lake City Food Mart is a company that sells merchandise and uses a perpetual inventory system. You are to build a multi- step income statement, a statement of retained earnings, and a balance sheet. Make sure you know the formulas to prepare these statements. The statements must be in good form, have all the correct headings and numbers. Your balance sheet must balance. Lake City Food Mart Adjusted Trial Balance Credit $5,600 37,100 25,800 1,300 1,000 26,500 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Rent Furniture Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable, long term Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Depreciation Expense-Furniture Supplies Expense Interest Expense Total $.320,300 $23,800 6,300 2,000 600 2,400 35,000 20,000 2,200 48,000 226,000 2,000 81,000 72,700 7,700 5,800 2,700 2,200 2,900 $320,300

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