Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help!! due tonight really struggling will it be done by tonight? Below is the trial balance of Saturn Corporation on December 31, 2019. The
please help!! due tonight really struggling
will it be done by tonight?
Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title Accounts Payable Accounts Receivable Accum. Amort.- Copyright Balance Account Tidle Balance: 1,660 Interest Expense Interest Payable Interest Receivable Interest Revenue 560 2,580 80 420 10 Accum. Amort- Patent 390 4,300 3,600 90 Accum. Depl. -Gold Mine Accum. Depr. - Bldngs Accum. Depr. - Equip Adjustment to Market (debit balance) Administrative Expenses Allowance for Bad Debts APIC-Common APIC-Preferred APIC-Treasury Bonds Payable (15 year) Buildings Cash Land 5,000 Long-Term Investment in Bonds Long-Term Investment in Subsidiary Loss on Sale of AFS Sec. Marketable Securities 4,400 1,320 260 12,600 260 2,840 1,390 18,000 1,200 1,260 5,000 7,800 500 Merchandise Inventory Mortgage Note Payable (30-year) Notes Receivable (short-term) Patent Preferred Stock 2,200 1,400 300 22,500 32,500 7,120 700 Prepaid Insurance Rental Revenue Retained Eamings Salaries Payable 990 250 Cash Dividends Declared Common Stock Common Stock Dividend Distributable 8,290 12,000 900 880 560 Sales 53,800 820 Copyright Cost of Goods Sold Discount on Bonds Payable Dividend Revenue Sales Discounts 26,200 1,400 Sales Returns & Allowances 1,460 Selling Expenses Short-Term Notes Payable SIT Payable Stock Dividends Declared 12,700 950 60 Dividends Payable Equipment FICA Taxes Payable FIT Payable FUTA Taxes Payable Gain on Disposal of Plant Assets Gold Mine 250 160 6,600 140 400 Subsidiary Income Supplies SUTA Taxes Payable 1,180 330 610 20 60 120 Treasury Stock Unealized Gain on Valuation of MS (Debt) Unrealized Loss Valuation of MS (Equity) Unearned Rental Revenue 950 7,100 1,080 440 Income Tax Expense Income Tax Payable 180 280 300 short-term bond investments included in Marketable Securities are classified as Available for Sale Securities avo av vinsoucu as AvaiaDie Tor Sale Securities REQUIRED: Prepare the financial statements for the year for Saturn Corporation-a melti-step income statement a statement of retained earnings and a classified balance sheet What is different for this project compared to Project # 42 New Accounts: 1. Chapter 10: 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 Mortgages Payable is a long-term liability account 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 Chapter 12: Losses and Gains on Sales of investment assets are realized gains and losses on the income statement Unrealized Losses and Gains on investment assets are on the income statement if the investments are trading securities and are on the stockholders' equity section of the balance sheet if the investments are available for sale securities (as either a contra or adjunct account to the total of paid in capital and retained eamings) 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 Dividend Revenue is on the income statement Classified Balance Sheet: We will now have FOUR asset categories: current, plant, intangible, and long-term investments Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title Accounts Payable Accounts Receivable Accum. Amort.- Copyright Balance Account Tidle Balance: 1,660 Interest Expense Interest Payable Interest Receivable Interest Revenue 560 2,580 80 420 10 Accum. Amort- Patent 390 4,300 3,600 90 Accum. Depl. -Gold Mine Accum. Depr. - Bldngs Accum. Depr. - Equip Adjustment to Market (debit balance) Administrative Expenses Allowance for Bad Debts APIC-Common APIC-Preferred APIC-Treasury Bonds Payable (15 year) Buildings Cash Land 5,000 Long-Term Investment in Bonds Long-Term Investment in Subsidiary Loss on Sale of AFS Sec. Marketable Securities 4,400 1,320 260 12,600 260 2,840 1,390 18,000 1,200 1,260 5,000 7,800 500 Merchandise Inventory Mortgage Note Payable (30-year) Notes Receivable (short-term) Patent Preferred Stock 2,200 1,400 300 22,500 32,500 7,120 700 Prepaid Insurance Rental Revenue Retained Eamings Salaries Payable 990 250 Cash Dividends Declared Common Stock Common Stock Dividend Distributable 8,290 12,000 900 880 560 Sales 53,800 820 Copyright Cost of Goods Sold Discount on Bonds Payable Dividend Revenue Sales Discounts 26,200 1,400 Sales Returns & Allowances 1,460 Selling Expenses Short-Term Notes Payable SIT Payable Stock Dividends Declared 12,700 950 60 Dividends Payable Equipment FICA Taxes Payable FIT Payable FUTA Taxes Payable Gain on Disposal of Plant Assets Gold Mine 250 160 6,600 140 400 Subsidiary Income Supplies SUTA Taxes Payable 1,180 330 610 20 60 120 Treasury Stock Unealized Gain on Valuation of MS (Debt) Unrealized Loss Valuation of MS (Equity) Unearned Rental Revenue 950 7,100 1,080 440 Income Tax Expense Income Tax Payable 180 280 300 short-term bond investments included in Marketable Securities are classified as Available for Sale Securities avo av vinsoucu as AvaiaDie Tor Sale Securities REQUIRED: Prepare the financial statements for the year for Saturn Corporation-a melti-step income statement a statement of retained earnings and a classified balance sheet What is different for this project compared to Project # 42 New Accounts: 1. Chapter 10: 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 Mortgages Payable is a long-term liability account 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 Chapter 12: Losses and Gains on Sales of investment assets are realized gains and losses on the income statement Unrealized Losses and Gains on investment assets are on the income statement if the investments are trading securities and are on the stockholders' equity section of the balance sheet if the investments are available for sale securities (as either a contra or adjunct account to the total of paid in capital and retained eamings) 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 Dividend Revenue is on the income statement Classified Balance Sheet: We will now have FOUR asset categories: current, plant, intangible, and long-term investments Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started