Prepare a Income Statement, Retained Earnings, Balance Sheet and Close the accounts.

Complete the adjusting entries and trial balance Make sure that you remember everything that makes a proper entry Remember our financial statement daily activity for an example of properly prepared financial statements Complete a classified balance sheet For an example of a completed classified balance sheet, please see Exhibit 1.7 and Example 1.2 Be sure to place your $ and underlines in the proper places Complete a statement of retained earnings For an example of a completed Statement of Retained Earnings, please see page Example 1.5 and Exhibit 1.11 Be sure to place your $ and underlines in the proper places Complete an income statement (multi-step) For an example of a completed income statement, please see Example 1.4 and Exhibit 1.9 Be sure to place your $ and underlines in the proper places Remember which financial statement must be done first to get the proper numbers. Hint see Exhibit 1.13 for help on how the statements are interconnected Complete the necessary closing entries for year end For examples of closing entries, please see Example 3.8 remember to show a description for each of the entries remember how the accounts should be entered to show debits and credits + The annual premium for the insurance policy was paid on July 1,2021 for $7,560 and posted to prepaid insurance. The office supplies were counted on 12-31-21 and had a balance of $593. The wages and salaries of the sales \& adminstrative staff is $875 per day. The payroll is a weekly payroll and staff work six days a week with Sundays closed. The last December payroll was paid on Friday, December 31st for timecards through Saturday, December 25th Depreciation for 2021 is $12,655. Customers must make a downpayment for all special order items. The actual customer downpayments for which items had not been sold was $6,480 at 12-31-21. This information is not for adjusting entries - balance sheet only Current portion of long-term debt $4,500 how much they have to pay for the coming year 45,000 on balance sheets gets broken into current and noncurrent liabilities