Need help with the Trial Balance

nrecorded transactions: Round all calculations if necessary to -0-decimals (to the nearest dollar, do not show cents) I. On January 1, 2019, GetSmart issued 520 shares of $60 par, 5% preferred stock for $75,810 2. On January 1, 2019, GetSmart also issued 5,800 shares of common stock for $42,050 3. On January 1, 2019, Gesm art issued $325,000, 5.5%, 9 year bonds when the market rate was 6%. Interest is to be paid annually on each January 1, beginning 1 year from date of issue. 4. Getsmart reaquired 3,600 shares of its common stock on January 12, 2019 for $8.50 per share. 5. On December 31, 2019, GetSmart declared the annual preferred dividend plus a $2.75 per share dividend on the outstanding common stock, all payable in cash on January 31, 2020. 6. On December 31, 2019, GetSmart estimates that the total amount of accounts receivable that is uncollectible at year end is $1,850. 7. The building is being depreciated using the straight line method over 25 years The salvage value is $100,000 8. The equipment is being depreciated using the straight line method over 5 years. The salvage value is $15,000. 9. The unearned rent was collected on December 1, 2019. It was receipt of 3 months' rent in advance (December 1, 2019 through February 28, 2020) 10, The first cash interest payment on the 5.5% bonds is due January 1, 2020, The annual interest on the bonds for 2019 has not yet been recorded. GetSmart uses the effective interest method. 11. The GetSmart Business Corporation must make an adjusting entry to accrue income tax expense on Income Before Income Tax at a rate of 26%. The income taxes will not be paid until March 2020 Instructions: (a) Prepare Journal entries for the transactions listed above. Show all calculations (b) Prepare an updated December 31, 2019 trial balance. (c) Prepare a multiple-step income statement for the year ending December 31, 2019. (d) Prepare a retained earnings statement for the year ending December 31, 2019 e) Prepare a classified balance sheet as of December 31, 2019 (f) Calculate the following ratios, clearly presenting your work and answers: Create T accounts 1. Working capital 2. Current ratio 3. Return on Stockholders' Equity (use ending Common Stockholders' Equity) 4. EPS (all shares are evenly weighted) 5. Debt to assets ratio 6. Times interest earned ratio ACC 122 Spring 2019 Chapters 13-15 Project GetSmart Business Corporation's Trial balance as of December 31, 2019 is presented below. All 2019 transactions have been recorded except for the items described below Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Income Tax Payable Bonds Payable Discount on Bonds Payable Common Stock ($2 par) Paid in Capital in Excess of Par-Common Stock Preferred Stock ($60 par) Paid in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Income Tax Expense $ 20,712 28,789 25,540 55,674 275,850 55,120 $ 1,027 63,306 16,048 35,278 0 48,900 0 0 29,200 44,580 0 0 93,726 0 702,551 0 440,025 53,274 79,632 0 Total 5 1,034,616 1,034,616 CONTINUE nrecorded transactions: Round all calculations if necessary to -0-decimals (to the nearest dollar, do not show cents) I. On January 1, 2019, GetSmart issued 520 shares of $60 par, 5% preferred stock for $75,810 2. On January 1, 2019, GetSmart also issued 5,800 shares of common stock for $42,050 3. On January 1, 2019, Gesm art issued $325,000, 5.5%, 9 year bonds when the market rate was 6%. Interest is to be paid annually on each January 1, beginning 1 year from date of issue. 4. Getsmart reaquired 3,600 shares of its common stock on January 12, 2019 for $8.50 per share. 5. On December 31, 2019, GetSmart declared the annual preferred dividend plus a $2.75 per share dividend on the outstanding common stock, all payable in cash on January 31, 2020. 6. On December 31, 2019, GetSmart estimates that the total amount of accounts receivable that is uncollectible at year end is $1,850. 7. The building is being depreciated using the straight line method over 25 years The salvage value is $100,000 8. The equipment is being depreciated using the straight line method over 5 years. The salvage value is $15,000. 9. The unearned rent was collected on December 1, 2019. It was receipt of 3 months' rent in advance (December 1, 2019 through February 28, 2020) 10, The first cash interest payment on the 5.5% bonds is due January 1, 2020, The annual interest on the bonds for 2019 has not yet been recorded. GetSmart uses the effective interest method. 11. The GetSmart Business Corporation must make an adjusting entry to accrue income tax expense on Income Before Income Tax at a rate of 26%. The income taxes will not be paid until March 2020 Instructions: (a) Prepare Journal entries for the transactions listed above. Show all calculations (b) Prepare an updated December 31, 2019 trial balance. (c) Prepare a multiple-step income statement for the year ending December 31, 2019. (d) Prepare a retained earnings statement for the year ending December 31, 2019 e) Prepare a classified balance sheet as of December 31, 2019 (f) Calculate the following ratios, clearly presenting your work and answers: Create T accounts 1. Working capital 2. Current ratio 3. Return on Stockholders' Equity (use ending Common Stockholders' Equity) 4. EPS (all shares are evenly weighted) 5. Debt to assets ratio 6. Times interest earned ratio ACC 122 Spring 2019 Chapters 13-15 Project GetSmart Business Corporation's Trial balance as of December 31, 2019 is presented below. All 2019 transactions have been recorded except for the items described below Debit Credit Cash Accounts Receivable Inventory Land Buildings Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Interest Payable Dividends Payable Unearned Rent Revenue Income Tax Payable Bonds Payable Discount on Bonds Payable Common Stock ($2 par) Paid in Capital in Excess of Par-Common Stock Preferred Stock ($60 par) Paid in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense Income Tax Expense $ 20,712 28,789 25,540 55,674 275,850 55,120 $ 1,027 63,306 16,048 35,278 0 48,900 0 0 29,200 44,580 0 0 93,726 0 702,551 0 440,025 53,274 79,632 0 Total 5 1,034,616 1,034,616 CONTINUE