picture #1 & #2 is the problem. Picture #3, #4, and #5 is the answer to picture #1 & #2. Picture #6 & #7 is the problem i need answered please! You need pictures #1,#2,#3,#4, and #5 to answer problem on picture #6 & #7. PLEASE HELP!!! read instructions please! thank you in advance!!!

Each student is expected to turn in a printout for each computer assignment or upload the finished assignment to the dropbox for Computer Projects in D2L prior to class time on the due date. Although it is encouraged and acceptable for students to cooperate on IDEAS for solving the problems, each student is expected to create and maintain their own computer files for each assignment. (If it is determined that files have been copied, each student involved will have their scores reduced by 75%.) The goal of this project is for each student to gain some familiarity of spreadsheet formulas and to build confidence in using spreadsheets to solve accounting problems involving repetitive calculations. ASSIGNMENTS TURNED IN AFTER THE DEADLINE LISTED ON THE ASSIGNMENT WILL BE CONSIDERED LATE AND A 50% PENALTY WILL BE ASSESSED FOR EVERY SCHOOL DAY THEY ARE LATE. Exceptions will only be considered if a written request is submitted prior to the due date. Due dates and point values will be listed on each of the computer assignments. Suggestions for completing each of the assignments: 1. Start assignments early. You never know when you will encounter computer problems. 2. Save your work often. You never know when you will encounter computer problems. 3. Ask questions. It is better to ask and learn than to not ask and struggle. Be creative. Experiment. Learn new tools to use in creating these spreadsheets. 4. 5. Have fun. Work together. COMPUTER PROJECT #1 - (2020 Financial Statements - 10 points) This assignment is due in class on MONDAY, September 27, 2021 Your company prepared the alphabetical ADJUSTED trial balance (adjusting entries for the end of the year have already been made) on the following page as of December 31, 2020: DEBITS CREDITS 560,000 70,000 62,000 3,000 4,000 22,000 5.000 70,000 20,500 100,000 18,000 6,000 200,000 40,000 2,000 9,000 16,000 ?? ?? Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts Amortization Expense Available for Sale Securities Bad Debts Expense Bonds Payable, 8% (principal is due in 2025) Cash Common Stock, S10 par (60,000 shares are authorized) Depreciation Expense Dividend Declared Equipment Franchise Freight - In Gain on Sale of Assets Income Summary (for adjusting merchandise) Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Income Interest Payable Land Loss from Discontinued Operations Merchandise Inventory, ending Paid in Capital in Excess of Par - Common Prepaid Insurance Purchases Rent Expense Retained Earnings Sales Sales Returns Supplies Supplies Expense Treasury Stock (500 shares of common at cost) Utilities Expense Wages Expenses Wages Payable TOTAL 8,000 7.000 3,000 2,000 50,000 24,000 37,000 74,000 6,000 99,000 14,000 60,000 280,000 4,000 3,000 7,000 17,000 26,500 50,000 $740,000 1.000 $740,000 INSTRUCTIONS: Based upon the above list, prepare the FORMAL multiple step income statement (including earnings per share), retained earnings statement, and classified balance sheet for your company for the year ended December 31, 2020. You may select any name for your company (but use the same name consistently throughout all of your computer projects). Assume that no stock has been purchased or sold during the year and assume your company is in a 25% tax rate. Please round all amounts on these computer problems to the nearest dollar (which means I do not want to see any decimals), except earnings per share which should be reported to the nearest penny (2 decimals). Amounts 20500 70000 3000 37000 3000 6000 133500 200000 50000 62000 188000 22000 22000 40000 40000 383500 4 5 6 Asset 7 Current assets 8 Cash 9 Accounts Receivable 10 Allowance for doubtful accounts 11 Merchandise inventory 12 Supplies 13 Prepaid insurance 14 Total current assets 15 Fixed assets 16 Equipment 17 Land 18 Accumulated deprececiation equipment 19 Total fixed assets 20 Investment & funds 21 Available for Sale Securities 22 Total invesment & funds 23 Intanginble assets 24 Franchise 25 Total intangible assets 26 TOTAL ASSETS 27 28 29 Liabilities 30 Current Liabilities 31 Accounts Payable 32 Income tax Payable 33 Wages Payable 34 Interest Payable 35 Total current liabilities 36 Non current liabilities 37 Bonds Payable , 8% (principal is due 2025) 38 Total non current liabilites 39 Total liabilites 40 STOCK HOLDERS EQUITY 41 Pain in capital 42 Common Stock 43 Paid in Capital in Excess of Par 44 Total paid in capital 45 Retained Eamings 46 Total paid in capital and retained earnings 47 Treasury Stock 48 Total stockholders equity 49 Total liabilites & stockholders equity 50 51 Amounts 60000 9875 1000 2000 72875 70000 70000 142875 100000 74000 174000 71625 245625 -17000 228625 371500 52 A B B C D E F G 1 2 3 Retained Earnings Statement 4 For the year ending december 31, 2021 5 Retained earnings (beginning) $ 6 Net Income 7 Less: Dividend 8 Retained earnings (end) 9 10 11 12 13 14 15 16 60,000 17625 -6000 71.625 B C D E 202 280000 -4000 276000 21000 99000 2000 122000 -37000 85000 125000 13 14 15 Income Statement Dec, 31 2020 16 17 Revenue 18 Revenue from operations - sales 19 Loss: Sales return 20 Total Revenue from operation 21 22 Costs of Goods Sold 23 Beginning Inventory 24 Purchases 25 Freight in 26 Goods available for sale 27 Less: Ending inventory 28 COGS 29 30 Gross Profit 31 operating expenses 32 Utilites expense 33 Depreciation expense 34 Rent expense 35 Insurance expense 36 Supplies expense 37 Bad debt expense 38 Amortization expense 39 Total operating expenses 40 Income from operations 41 Other revenue 42 Interest Income 43 Gain on Sale of Fixed Asset 44 Other expenses 45 Interest Expense 46 Income before income tax 47 Income tax expense 48 Income from continued operations 49 Loss from discontinured operation 50 Income tax 51 Income from discontinued operations 52 Net income 53 54 55 Earnings per share 56 On income from continuing operations 57 On discontinued operations 58 on net income 59 60 61 26500 18000 14000 8000 7000 5000 4000 82500 42500 3000 9000 7000 47500 11875 35625 24000 6000 - 18000 17625 3.75 -1.89 1.86 INSTRUCTIONS: From the alphabetical adjusted account balances on the following page and the information below, prepare a FORMAL: a a. b. c. d. Comparative multiple step income statement for 2020 and 2021 in side by side columns (assuming a 28% tax rate for this year), Comparative retained earnings statement for 2020 and 2021, Comparative classified balance sheet for 2020 and 2021, and STATEMENT OF CASH FLOWS for 2021 only (using the indirect method) for your company (from computer problem #1) for the year ended December 31, 2021. ROUND ALL AMOUNTS ON THE FINANCIAL STATEMENTS TO THE NEAREST DOLLAR (except earnings per share) so please display dollar amounts with ZERO decimals. These financial statements will be sent to your stockholders, so please make them look sharp !! Remember to make any corrections to your 2020 financial statements in computer problem #1 BEFORE beginning this assignment. For the income statement, retained earnings statement, and balance sheet, you should be able to use your file from computer problem #1 and simply copy the amounts into adjacent columns and then change the amounts for 2021. You will also need to add a few new account titles. This assignment will be the basis for ALL computer problems in Intermediate Accounting II this spring, so please save your work!!) The following 10 items of additional information are needed for the statement of cash flows 1. We loaned $8,000 in cash to another company and received a 9%, 6 month note. 2. We acquired a patent for $2,000 in cash. 3. We sold 2,000 shares of new common stock on April 1, 2021, for $28.50 per share in cash. 4. We sold equipment for $9,000 in cash. The equipment cost $24,000 and had a book value of $10,000. 5. We sold $4,000 of available for sale securities for $6,100 in cash. 6. We purchased new equipment for $21,000 and paid for it by issuing $20,000 of bonds to the equipment dealer. 7. We amortized the existing franchise and the newly acquired patent (part 2 above). 8. We DECLARED a total of $15,000 in cash dividends at various times during the year. 9. We recorded depreciation on the equipment. 10. We checked the remaining balance sheet accounts to make sure all of the changes from 2020 to 2021 had been fully explained on the cash flow statement. a DEBITS CREDITS $42,975 $81,000 70,000 5.400 4,200 42,000 6,400 90,000 5,250 600 120,000 22,000 15,000 267,000 36,000 500 2,100 2,000 ?? ?? 7,000 9,400 4,700 Adjusted amounts for year ended December 31, 2021: Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Allowance for Doubtful Accounts Amortization Expense Available for Sale Securities Bad Debts Expense Bonds Payable 8% ($70,000 due in 2025, $20,000 due in 2028) Cash Cash Dividends Payable Common Stock, $10 par, 60,000 shares authorized Depreciation Expense Dividend Declared Equipment Franchise Freight - In Gain on Sale of Assets Income Summary (for merchandise) Income Tax Expense (assume a 28% tax rate this year) Income Tax Payable Insurance Expense Interest Expense Interest Income Interest Payable Interest Receivable Land Loss on Sale of Assets Merchandise Inventory, ending Notes Receivable (Short Term) Paid in Capital in Excess of Par - Common Patent Premium on Bonds Payable Prepaid Insurance Purchases Purchases Discounts Rent Expense Retained Earnings Sales Sales Returns Supplies Supplies Expense Treasury Stock (500 shares at cost) Utilities Expense Wages Expenses Wages Payable TOTAL 1,300 200 50,000 1,000 35,000 8,000 - 111,000 1,800 950 3,000 111,000 1,400 15,000 83,625 310,000 4,500 1,400 5,200 17,000 26,100 64,000 $844,950 900 $844,950