$***$PLEASE PROVIDE ME THE ANSWERS FOR THE SECTION Adjusted Trial Balance for $2023($includes the posted amounts of all entries and adjusting entries$)$

Multi$-$step Income Statement

Retained Earnings Statement

Classified Balance Sheet

Cash Flow Statement

Post$-$Close Trial Balance for $2023$

The Post$-$Close Trial Balance for $2022$ is provided below $($based on the above balance sheet$).$ This can be

used as a starting point, or you can use the above Balance Sheet; leeep in mind all debits and credits

ALWAYS equal AND "REQUIRED LABELED SHEETS IN EXCEL" ALL $1$ THROUGH $8***$

Additional Information $($for all entries; please see the posted Excel spreadsheet$)$:

Sales for $2023$ are $$400,000.$ All sales are on credit.

Gross Margin ratio is $40$ percent

Accounts Receivable:

i$.$ $$300,000$ of the accounts receivable is paid by the end of the year $($the remaining balance

remains on the balance sheet$).$

ii$.$ $$15,000$ of $\frac{A}{R}$ is written off during the year.

iii. $5\%$ of $\frac{A}{R}($after write$-$off and collections$)$ is considered

to$.$be uncollectible.

Inventory:

i$.$ Inventory purchases are $$230,000,$ all on credit.

ii$.$ All accounts payable is from inventory purchases; all but $$12,000$ of inventory purchased

is paid by the end of the year.

Additional equipment is purchased on $\frac{4}{1}\frac{?}{23}$ for $$20,000$ cash. All equipment when new, including the

new purchase, has$/$had a $5-$year life, no salvage value, and is depreciated using the straight$-$line method.

The building depreciates at $$5,000$ per year.

Half of the marketable securities were sold for $$1,200.$ The FMV and cost of the other half of the

securities are the same at year$-$end, so an adjustment to FMV at year$-$end is not required.

Salaries are $$2,200$ per month $(12$ months of salaries expense must be booked$).$ It is expected that one$-$

half month will be owed on $\frac{12}{31}\frac{?}{23}$ because of when payday falls $($therefore$,11\mathrm{.}5$ months of salaries

have been paid and $\frac{1}{2}$ month is still owed to the employees at year end$).$

$$58,000$ in cash is borrowed on $\frac{9}{30}\frac{?}{23}$ by issuing a Note Payable. Interest is $8\%$ per year.

The bonds were sold at face value last December and pay interest on Dec. $31,2023.$

$10,000$ additional shares of stock were sold for $$3$ a share.

Insurance costing $$18,000$ was purchased on $\frac{6}{1}\frac{?}{23}($the same time in which the old policy expired. The

new policy was for $12$ months$).$

On Dec. $31,2023,1000$ shares of stock are repurchased from the market at $$2\mathrm{.}80/$share $($treasury stock$).$

The tax rate is $20$ percent. Income taxes for the current year are due and therefore paid during the first

two months of the next year $($you will have to complete an entry to pay the $2022$ taxes, however the

$2023$ taxes will not be paid until the end of January $2024).$

Dividends of $$3,200$ were paid during $2023.$

The uneamed revenue has been earned during the year $($classified as other revenue on the multi$-$step

income stmt$.).$

Required Labeled Sheets in Excel $($all statements should be for $2023)$:

Data Sheet for Additional Data

Entries: Basic and Adjusting $($you do not have to show closing entries, however, keep in mind all

temporary accounts are closed to retained eamings and should not be on your post$-$close trial balance$)$

This project should be completed using Excel $($with formulas and linked data$).$ The parameters of the project

are below:

Prepare a Multi$-$step Income Statement for the year ended $2023.$ This statement Retained Eamings

$[,23,000],[334,100,334,100]$