Middleton Manufacturing Company (MMC) as of JUNE 30, 2020 had the following Balance Sheet Account Balances; and as of JUNE 30, 2021 had the following closing Income Statement Account Balances. Accounts Receivable (A/R).. 3,500 Costs of Goods Sold (CGS). 50,000 Accounts Payable (A/P).... 2,000 Depreciation Expense (DPR).. 5,000 Wages Payable (WAGES PAY) . 4,500 Rent Expense (RNT EXP). 30,000 Rent Due (RENT PAY) ......... 2,500 Interest Expense (INT EXP)..... 12,000 Inventory (INV).... 5,000 Employee Expense (EMP EXP).. 60,000 Current Portion of Interest Due (INT DUE) 1,000 Additional &Misc. Expenses (MISC EXP).. 14,000 Pre Paid Items (PREPDS)... 2,500 Long Term Debt (LT DEBT)... 50,000 Cash ..............124,000 Plant, Property & Equip. (PP&E).....135,000 Total Equity .. 200,000 Accumulated Depreciation (ACC DEP).. 10,000 Retained Earnings.100,000 Total PP&E (TOTAL PP&E).....125,000 MMCs Sales from June 30th 2020 through June 30th 2021 were: ___(SEE NOTES)___ USD 1) Using the above Accounting Information for the years operation, create an INCOME STATEMENT, that reflects the period June 30, 2020 to June 30, 2021. 2) Using the above Accounting Information, and the 2021 Income Statement Information, Create a BALANCE SHEET for MMC as of June 30, 2021. Note that only the Cash, Accumulated Depreciation, Total PP&E, Retained Earnings, and certain totals change from the 2020 to the 2021 Balance Sheet. 3) Apply a 21% Corporate Tax Rate (EXPENSE ITEM) & RECAST THE TWO STATEMENTS. ASSIGNMENT NOTES: To Determine MMCs Sales use the following formula: Take your birthdays day of the Month, then: For dates 1-10 Add 10 days To your birthday (e.g., 1 becomes 11 & 10 becomes 20) Then; for birthdays: 11 thru 15 - Multiply by $17,000 16 thru 20 - Multiply by $12,000 21 thru 25 - Multiply by $10,000 26 thru 31 - Multiply by $8,000

Middleton Manufacturing Company (MMC) as of JUNE 30, 2020 had the following Balance Sheet Account Balances; and as of JUNE 30, 2021 had the following closing Income Statement Account Balances. Accounts Receivable (A/R)... 3,500 Accounts Payable (AVP). 2,000 Wages Payable (WAGES PAY) 4,500 Rent Due (RENT PAY) 2,500 Inventory (INV)... 5,000 Current Portion of Interest Due (INT DUE) 1,000 Pre Paid Items (PREPDS) 2,500 Cash .124,000 Total Equity 200,000 Retained Earnings.. 100,000 Costs of Goods Sold (CGS).. 50,000 Depreciation Expense (DPR).. 5,000 Rent Expense (RNT EXP). 30.000 Interest Expense (INT EXP).. 12,000 Employee Expense (EMP EXP).. 60,000 Additional &Misc. Expenses (MISC EXP).. 14,000 Long Term Debt (LT DEBT... 50,000 Plant, Property & Equip. (PP&E). 135,000 Accumulated Depreciation (ACC DEP).... 10,000 Total PP&E (TOTAL PP&E).... .125,000 MMC's Sales from June 30m 2020 through June 30 2021 were:_(SEE NOTES) USD 1) Using the above Accounting Information for the year's operation, create an INCOME STATEMENT, that reflects the period June 30, 2020 to June 30, 2021. 2) Using the above Accounting Information, and the 2021 Income Statement Information, Create a BALANCE SHEET for MMC as of June 30, 2021. Note that only the Cash, Accumulated Depreciation, Total PP&E, Retained Earnings, and certain totals change from the 2020 to the 2021 Balance Sheet. 3) Apply a 21% Corporate Tax Rate (EXPENSE ITEM) & RECAST THE TWO STATEMENTS. ASSIGNMENT NOTES: To Determine MMC's Sales use the following formula: Take your birthday's day of the Month, then: For dates 1-10 Add 10 days to your birthday (e.g., 1 becomes 11 & 10 becomes 20) Then; for birthdays: the Multiply $12,060 16 thru 20 - Multiply by $12,000 doo 2 ultiply