Problem 3

Stanford Inc.
Adjusted Trial Balance
December 31, 2021
Cash	36,200
Accounts Receivable	550
Allowance for Uncollectible Accounts		100
Prepaid Insurance	1,500
Inventory	84,700
Buildings	150,000
Accumulated Depreciation		3,000
Accounts Payable		73,500
Salaries Payable		675
Divdends Payable		500
Unearned rent revenue		1,000
Mortgage payable		149,250
Common Stock		8,000
Preferred Stock		7,000
Retained Earnings		12,000
Dividends	1,500
Sales Revenue		41,500
Interest Revenue		200
Cost of Goods Sold	15,300
Depreciation Expense	3,000
Rent Expense	750
Insurance Expense	750
Utilities Expense	600
Salaries Expense	1,125
Interest Expense	750
Total	296,725	296,725

Above is the year-end adjusted trial balance of Stanford Inc. Prepare the following in Excel or in Word:

1. Prepare a multiple-step Income Statement.
2. Prepare a Statement of Retained Earnings.
3. Prepare a year-end Balance Sheet