May I please get help on the Income statement, statement of R/E, and a Classified Balnce Sheet?
What is different for this project compared to Project #4? 1. New Accounts: Module 12: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account to the Bonds Payable account Mortgage Payable is a long-term liability account Module 13: Marketable Securities is a current asset. Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to the Marketable Securities account Losses and Gains on Sales of Marketable Securities are realized gains and losses on the income statement as a non-operating item Unrealized Losses and Gains on Marketable Securities (equity) are on the income statement as a non-operating item Unrealised Losses and Gain on Marketable Securities (debt) are on the income statement if the debt securities were purchased as tradings securities OR are on the balance sheet in stockholders' equity (after Treasury Stock) if the debit securities were purchased as available for sale securities Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company (under the equity method) are long-term investments Subsidiary Income (our share of subsidiary net income under the equity method) is on the income statement as a non-operating item Dividend Revenue is on the income statement as a non-operating item Classified Balance Sheet: We will now have FOUR separate asset categories: Current Assets, Property. Plant & Equipment, Intangible Assets, and Long-Term Investment Assets. 3.250 Below is the trial balance of McDuck Corporation on December 31, 2020. The accounts are listed in alphabetical order and all accounts burve normal balance Account Title: Balance! Account de Balance Accounts Payable 4,160 Interest Expense 400 Accounts Receivable Interest Payable 40 Accum. Amort. - Copyright 3,900 Interest Receivable 10 Accum. Amort. - Patent 3,300 Interest Revenue 40 Accum. Depl. - Gold Mine 4,000 Land 10.900 Accum. Depr.- Bldngs. 24,500 Lon Term Investment in Bonds 21 200 Accum, Depr. - Equip 18.600 Long-Term Investment in Subsidiary 43 200 Adjustment to Market (debit balance) 1,850 Loss on Sale of Marketable Securities 180 Allowance for Bad Debts 420 Marketable Securities 10.620 APIC-Common 28,500 Merchandise Inventory 2470 APIC-Preferred 4,200 Mortgage Note Payable (30-year) 20.000 APIC-Treasury 1,400 Notes Receivable short-term) 400 Bonds Payable (15 year) 80,000 Patent 5.600 Buildings 65.000 Preferred Stock 10.000 Cash 7,180 Prepaid Insurance 1.220 Cash Dividends Declared 4,000 Rental Revenue 600 Common Stock 30,000 Retained Earnings I 3.730 Common Stock Dividend Distributable 200 Salaries Payable 2.700 Copyright 8.100 Sales 58,600 Cost of Goods Sold 27,250 Sales Discounts 1.840 Discount on Bonds Payable 13,500 Sales Returns & Allowances 4.170 Dividend Revenue 350 Selling Expenses 9860 Dividends Payable 300 Short-Term Notes Payable 800 Equipment 34,800 SIT Payable 450 FICA Taxes Payable 690 Stock Dividends Declared 800 FIT Payable 1,350 Subsidiary Income 3.820 FUTA Taxes Payable 90 Supplies 1.160 Gain on Disposal of Plant Assets 210 SUTA Taxes Payable 270 General & Admin. Expenses 7.520 Treasury Stock 3.600 Gold Mine 14,200 Unrealized Gain on Valuation of MS (I 2.090 Income Tax Expense 1.230 Unrealized Loss on Valuation of MSC 240 Income Tax Payable 340 Unearned Rental Revenue 200 the Marketable Securities consist of both equity and debt securities. The debit securities were purchased : available for sale securities. REQUIRED: Prepare the financial statements for the year for McDuck Corporation-a multi-step income statement, a statement of retained earnings and a classified balance sheet. What is different for this project compared to Project #4? 1. New Accounts: Module 12: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account to the Bonds Payable account Mortgage Payable is a long-term liability account Module 13: Marketable Securities is a current asset. Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to the Marketable Securities account Losses and Gains on Sales of Marketable Securities are realized gains and losses on the income statement as a non-operating item Unrealized Losses and Gains on Marketable Securities (equity) are on the income statement as a non-operating item Unrealised Losses and Gain on Marketable Securities (debt) are on the income statement if the debt securities were purchased as tradings securities OR are on the balance sheet in stockholders' equity (after Treasury Stock) if the debit securities were purchased as available for sale securities Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company (under the equity method) are long-term investments Subsidiary Income (our share of subsidiary net income under the equity method) is on the income statement as a non-operating item Dividend Revenue is on the income statement as a non-operating item Classified Balance Sheet: We will now have FOUR separate asset categories: Current Assets, Property. Plant & Equipment, Intangible Assets, and Long-Term Investment Assets. 3.250 Below is the trial balance of McDuck Corporation on December 31, 2020. The accounts are listed in alphabetical order and all accounts burve normal balance Account Title: Balance! Account de Balance Accounts Payable 4,160 Interest Expense 400 Accounts Receivable Interest Payable 40 Accum. Amort. - Copyright 3,900 Interest Receivable 10 Accum. Amort. - Patent 3,300 Interest Revenue 40 Accum. Depl. - Gold Mine 4,000 Land 10.900 Accum. Depr.- Bldngs. 24,500 Lon Term Investment in Bonds 21 200 Accum, Depr. - Equip 18.600 Long-Term Investment in Subsidiary 43 200 Adjustment to Market (debit balance) 1,850 Loss on Sale of Marketable Securities 180 Allowance for Bad Debts 420 Marketable Securities 10.620 APIC-Common 28,500 Merchandise Inventory 2470 APIC-Preferred 4,200 Mortgage Note Payable (30-year) 20.000 APIC-Treasury 1,400 Notes Receivable short-term) 400 Bonds Payable (15 year) 80,000 Patent 5.600 Buildings 65.000 Preferred Stock 10.000 Cash 7,180 Prepaid Insurance 1.220 Cash Dividends Declared 4,000 Rental Revenue 600 Common Stock 30,000 Retained Earnings I 3.730 Common Stock Dividend Distributable 200 Salaries Payable 2.700 Copyright 8.100 Sales 58,600 Cost of Goods Sold 27,250 Sales Discounts 1.840 Discount on Bonds Payable 13,500 Sales Returns & Allowances 4.170 Dividend Revenue 350 Selling Expenses 9860 Dividends Payable 300 Short-Term Notes Payable 800 Equipment 34,800 SIT Payable 450 FICA Taxes Payable 690 Stock Dividends Declared 800 FIT Payable 1,350 Subsidiary Income 3.820 FUTA Taxes Payable 90 Supplies 1.160 Gain on Disposal of Plant Assets 210 SUTA Taxes Payable 270 General & Admin. Expenses 7.520 Treasury Stock 3.600 Gold Mine 14,200 Unrealized Gain on Valuation of MS (I 2.090 Income Tax Expense 1.230 Unrealized Loss on Valuation of MSC 240 Income Tax Payable 340 Unearned Rental Revenue 200 the Marketable Securities consist of both equity and debt securities. The debit securities were purchased : available for sale securities. REQUIRED: Prepare the financial statements for the year for McDuck Corporation-a multi-step income statement, a statement of retained earnings and a classified balance sheet