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Financial statement 2

accounting 10

FINANCIAL STATEMENT PROJECT #2 Below is the trial balance of Venus Company on December 31, 2019_ The accounts are listed in alphabetical order and all accounts have normal balances. A ccount Title: Accounts Payable Accounts Receivable Accum. Depr_ - Bldngs_ Accum. Depr_ - Equipment Advertising Expense Bui Idings Common Stock Depreciation Expense Dividends Declared Equipment Insurance Expense Interest Expense REQUIRED: Balan 18,100 17,400 54,000 39,000 16,800 110,000 31,200 60,000 15,000 8,000 65,000 12,000 4,800 Account Title: Interest Payable L and M aintenance Revenue qotes Payable (25-year) Notes Payable (30-day) Prepaid Insurance Repair Revenue Retained Earnings 'Salaries Expense 'Salaries Payable Supplies Supplies Expense Z Unearned Repair Revenue Utilities Expense Balance: 25,000 65,000 40,000 2,500 3,600 85,000 40,900 54,000 2,700 13,700 18,900 3 ,700 16,200 Prepare the financial statements for the vear for Venus Companyan income statement, a statement Of retained earnings and a classified balance sheet. What is different for this project compared to Project #1 ? New Accounts: 2. Accumulated Depreciation: These accounts are contra accounts TO the related plant asset account; contra account presentation is always the samethe contra account should be listed directly below the related account. lhen the balance Of the contra account should be subtracted from the balance Of the related account and the NET difference (book value) should be SHOWN. Classified Balance Sheet: The assets should now be split into TWO groupscurrent and plant. Current assets are those assets that are either (I ) cash; (2) expected to "turn into" cash within one year Of the balance sheet date; or (3) assets purchased for use that are typically expected to be used up or consumed within one year Of purchase. Plant assets are those assets With physical substance whose "consumption" (not physical consumption) is expected to take place over a period longer than one yearthis category also incudes Land. Note, plant assets also be referred to as Property, Plant, and Equipment or Fixed Assets. The liabilities should now be split into TWO groupscurrent and long-term. Current liabilities are those liabilities that Will be paid Off within one year from the balance sheet date. Long-term liabilities are those liabilities that Will be paid Off later than one year from the balance sheet date. Note, the stockholders' equity is still split between paid-in capital (that which came from stockholders' investments) and retained earnings. Our only paid-in capital account until we get to chapter I I Will be Common Stock. Refer to the financial statements included in the Chapter 4 Example problem for a guideline.