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ACC 211 Chapter 10 Assignment - Review Problem Name ______________________________________________ Date _________________ There is one problem with multiple parts that deal with preparation of financial statements that we covered either in chapter 4 (multi-step income statement) or chapters 2 & 3 (statement of retained earnings and classified balance sheet). Total assignment is worth 35 points. P1. Charlotte Company's adjusted trial balance on December 31, 2013, follows. Debit Cash Credit $20,000 Accounts Receivable 35,000 Prepaid expenses 10,000 Supplies 8,000 Merchandise inventory . . . . . . . . . . . Equipment 43,000 . . . . . . . 184,000 Patent 20,000 Accumulated Depreciation - Equip 70,000 Accounts payable 20,000 Salaries payable 8,000 Taxes payable 4,000 Interest payable 1,000 Note Payable (long term) . . . . . . . . . . . . . . Common stock ................ Retained earnings Dividends paid 75,000 100,000 20,000 ............ Sales . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 300,000 Sales discounts . . . . . . . . . . . . . . . . . 4,000 Sales returns and allowances . . . . . . . 10,000 Cost of goods sold . . . . . . . . . . . . . . 120,000 Sales salaries expense . . . . . . . . . . . . 45,000 Rent expense Selling space . . . . . . . 15,000 Store supplies expense . . . . . . . . . . . . 3,000 Advertising expense . . . . . . . . . . . . . . 25,000 Office salaries expense . . . . . . . . . . . . 40,000 Rent expense Office space . . . . . . . 6,000 Office supplies expense . . . . . . . . . . . 2,000 Totals . . . . . . . . . . . . . . . . . . . . . . . . $ 598,000 $ 598,000 Required. Part 1. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. Check figure: Net income should be $30,000. (15 points total). CHARLOTTE COMPANY Income Statement For Year Ended Dec 31, 2013 Part 2. Prepare a statement of retained earnings for the same year ended Dec 31, 2013. Retained earnings at the beginning of the year was $20,000. Check figure: Ending retained earnings as of Dec 31, 2013 should be $42,000. (5 points) CHARLOTTE COMPANY, INC Statement of Retained Earnings For Month Ended Dec 31, 2013 Part 3. Prepare a classified balance sheet as of December 31, 2013 for the same company. Check figures: Total current assets should be $116,000 and total assets should be $250,000. (15 points) CHARLOTTE COMPANY Balance Sheet December 31, 2013