1. Prepare a Multi-step Income Statement for the year ended 202 This statement should be flexibly designed (formulas) with common-sized percentages (vertical analysis) to the right of the dollars.
2. Show journal entries, adjusting entries and closing entries for the below additional information - none of the journal entries have been posted to the ledger (many journal entries have been booked to get you started, however none of the entries have been posted). You can add T-acct transaction analysis to calculate ending balances, however this is not required.
3. Prepare a Statement of Retained Earnings for the year ended 2021.
4. Prepare a Balance Sheet dated Dec. 31, 2021 - Again a flexible design is required so any changes will automatically update the balance sheet use formulas.
5. Prepare a Statement of Cash Flows using the indirect method for the year ended 2021. The ending cash as shown on the statement of cash flows will be the same as the cash reported on the Balance Sheet.

Your Name, Inc.

Balance Sheet

12/31/2020

Current Assets

Cash $17,000

Marketable Securities (Short-term) 2,000

Accounts Receivable 14,000

Allowance for Bad Debt (2,000)

Inventory 15,000

Prepaid Insurance 5,000

Total Current Assets $51,000

Property, Plant, and Equipment

Land $30,000

Building 150,000

Accumulated Dep. Building (45,000)

Equipment 100,000

Accumulated Dep. - Equipment (20,000)

Total PPE $215,000

Total Assets $266,000

Current Liabilities

Accounts Payable $9,000

Unearned Revenue 2,000

Income Taxes Payable 3,000

Total Current Liabilities $14,000

Long-term Liabilities

Bonds, 10%, due in 2025 $100,000

Equity

Common Stock $ 50,000

(100,000 authorized, 50,000 issued)

Additional Pd.-in Capital 80,000

Retained Earnings 22,000

Total Equity $152,000

Total Liabilities & Equity $266,000