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The following is a list of accounts of the Sparkle Company for the current year end (December 31, 2019). All of the accounts have normal balances. You are being asked to prepare an Income Statement, a statement of Retained Earnings and a classified Balance Sheet. Accounts Payable $24,000 Administrative Salary Expense $200,000 Accounts Receivable 24,000 Beginning Inventory 28,000 Accumulated Depreciation - 32,000 Freight -In Building 24,000 Freight-out Expense 32,000 Ending Inventory 16,000 Allowance for Uncollectible 8,000 Land 100,000 Accounts Amortization Expense 12,000 Land Held for Future Use 140,000 Bonds Payable 160,000 Purchases 220,000 Building 360,000 Beginning Retained Earnings 284,000 Cash 28,000 Salaries Payable 8,000 Common Stock 200,000 Sales 800,000 Dividends Declared 60,000 Marketing Salary Expense 200,000 Depreciation Expense 28,000 Utility Expense 40,000 Copyright 20,000 Income Tax Expense 40% Income Taxes Payable 12,800 (25 points). Prepare a Classified Balance Sheet in proper form using the above data. UUU ! Attempt 2 Question 4 (25 points) (25 points). Using the Sparkle data for the current year (the first three questions) and the following data - (FYE 12/31/2018) prepare the Operating portion of a statement of cash flows. For an additional 20 points (time permitting) prepare the entire statement. PLEASE NOTE THAT NOT ALL OF THE DATA BELOW WILL BE USED. $ 4,000 48,000 8,000 Administrative Salary Expense Beginning Inventory Freight -In $ 220,000 14,000 4,000 64,000 16,000 Ending Inventory Land 28,000 100,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Freight-out Expense Allowance for Uncollectible Accounts Advertising Expense Bonds Payable Building Cash Common Stock Dividends Declared Depreciation Expense Copyright Income Taxes Payable 28,000 160,000 300,000 16,000 40,000 36,000 8,000 32,000 0 Land Held for Future Use Purchases Beginning Retained Earnings Salaries Payable Sales Marketing Salary Expense Utility Expense Income Tax Expense 0 160,000 140,000 16,000 780,000 200,000 56,000 40% Format BI U