please help solve the problem, Ive attached what I have done so far, but the only time it balances is when i dont add divends.
Flagstaff Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2020 account balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (20% tax rate). $1,505,000 19,000 - 681,000 75.000 143,000 65,000 92,000 180,000 162,700 7,500 - 158,000 5,800 Sales Purchase Discounts Purchases y Loss on Discontinued Operations Selling Expenses * Cash Accounts Receivable x Common Stock Accumulated Depreciation Dividend Revenue Inventory, January 1, 2020/ Unearned Service Revenue Prepaid Insurance Land Patents Retained Earnings, January 1, 2020 Sales Discounts y General and Administrative Expenses Dividends Allowance for Doubtful Accounts Notes Payable (maturity 7/1/21) Machinery and Equipment Office Supplies accounts Payable to 1,500 420,500 75,000 286,000 15,000 124,000 25,000 5,000 175,000 500,000 10.000 79,000 te: 12/31/20 Inventory is $114,000 quired a) Prepare a 2020 multi-step income statement; include EPS. Refer to the Cabrera (Illustration 4-2 and Poquito (illustration 4-8) Company examples in Chapter 4 of the text for format suggestion: (Also, refer to Illustration 4-10). Many items in these format examples are not applicable to this homework problem. Prepare a 2020 retained earnings statement. Refer to the Stricker example (illustration 4-19) Chapter 4 of the text for format suggestions. No corrections of prior periods exist. Prepare a 12/31/20 balance sheet. Refer to the Scientific Products (Illustration 5-16) example Chapter 5 of the text for format suggestions. Many items in this example are not applicable this homework problem. board Font Alignment Number 75000 Flagstaff Corporations Multi-step Income Statement As on December 31, 2020 Sales Sales Sales Discount 5 Net Sales $1,505,000 1515,000) $1.490.0001 A 17 Cost of Good Sold ELRETTE 18 Beginning Inventory EPS E AT HERRER 19 Add: Purchases ATER R ESTRE SERR 20 Less: Ending Inventory 211 Purchases Discounts 22 Cost of Goods Sold 23 Gross Profit (Loss) $158,000 $681,000 1$ 114,000 IS19.000 $706.000) 5784,000 25 Operating Expenses 26 Selling Expenses 27 General And administrative Expenses $143.000 $124,000 $517,000 1111 29 Total Operating Expenses 30 Income From Operations 1 32 33 Other Revenues And Gains 34 Divided Revenue 35 Income from Continuing Operations 36 tous on Discontinued Operations 37 Income Before Tax 38 Income Tax $7,500 $449,500 40 Net Income Sheet1 ) e BW NEP 75000 d Revenue me from Continuing Operations on Discontinued Operations me Before Tax sme Tax st Income Flagstaff Corporations Statement of Retained Earnings As on December 31, 2020 54 Retained Earnings, January 1 as reported 55 Add: Net Income 56 Retained Earnings, December 31 $286,000 $359,600 $645.600 Flagstaff Corporations Balance Sheet As on December 31 2020 6 Assets 69 Current Assets 70 Cash 71 Prepaid Insurance , *3*3 Merge & Center w $ - % bard Font Alignment Number 75000 Issets Current Assets Cash Prepaid Insurance Accounts Receivables Less: Allowances for doubtful accounts Inventory Office Supplies Total Current Assets $65,000 $1,500 $92,000 S5.000 $114,000 550.000 $317,500 18 Non-Current Assets 79 Property. Plant and Equipment 30 Land 81 Machinery and Equipment B2 Less: Accumulated Depreciation 83 Total Property, plant and Equipment B4 Intangible Assets BS Patents B6 Total Assets 5.420.500 SSONO SI /00 $337300 $75,000 $1,150,300 91 Liabilities and stakeholders Equity Current Le Accounts Payable Income Tax Payatile $174,700
