Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020. Account Title Cash Accounts Receivable Prepaid Insurance 14 Inventory 15 office Equipment Machinery & Tools 17 Accumulated Depreciation 38 Accounts Payable " Salaries Payable 20 Sales Tax Payable 21 Note Payable-Long Term 22 Common Stock, $10 par 21 Retained Earnings 24 Dividends 25] Sales Revenue Cast of Goods Sold 2 SOLAR SOLUTIONS Adjunted Trial Balance 12/31/2020 2020 Credit Adjusted Trial Balance Debit $122,200 55,000 2019 Post-Closing Trial Balance Debit Credit $ 125,000 35,000 3,000 6,000 45,000 15,000 63,000 47,000 59,000 21,000 $ 21,000 16,000 11,200 36,800 2,000 7,700 3,000 4,000 31,000 22,500 240,000 160,000 28,000 28,600 10,000 235,000 127,000 20,000 36,000 Rent Experie Salanes Expeme urance Expense Advertising Expense Depreciation Expense interest Expense income Tax Expense 11,800 4,000 3,000 1,800 3,000 571,400 $ 571,400 $ 250,200 250,200 5.125,600 35,000 6,000 13,600 47,000 21,000 (16,000) $234.200 35 36 37 Transaction Data for 2020 (Note, these transactions were included in the trial balance numbers above.) 38 Cash paid for purchase of office equipment 39 Cash paid for purchase of tools 40 Acquisition of Machinery with Notes Payable-Long-term 41 Payment on Long Term Debt 42 Cash payment of dividends Cash receipt from issuance of 10,000 shares of common stock $ 6,000 10,000 38,000 10,000 80,000 44 45. 46 Requirements: (See sheet tabs at bottom. Use each sheet for the following requirements.) 47 Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting 48 49 50 51 1. Using examples from your textbook, or online research, prepare the Solar Solutions multi-step income statement for the year ended December 31, 2020. include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.) 2. Prepare the Solar Solutions balance sheet for December 31, 2020. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place) A 1 SOLAR SOLUTIONS 2 3 Income Statement Year Ended December 31, 2020 4 5 6 7 8 6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 B D Vert. Analysis 1 A 2 3 4 5 6 7 8 9 10 11 0123 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SOLAR SOLUTIONS Balance Sheet December 31, 2020 B D Vert. Analysis 3 D E G ACCT 2023 PROJECT 11 Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sale The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020. SOLAR SOLUTIONS Adjusted Trial Balance 12/31/2020 Account Title Cash Accounts Receivable Prepaid Insurance Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Advertising Expense Depreciation Expense Interest Expense Income Tax Expense Transaction Data for 3030 00 2020 2019 Adjusted Trial Balance Post-Closing Trial Balance Debit Credit Debit Credit $ 122,200 $ 125,600 55,000 35,000 5,000 6,000 46,000 15,600 63,000 47,000 59,000 21,000 21,000 16,000 11,200 16,800 2,600 2,700 2,000 4,000 31,000 22,100 240,000 160,000 28,600 28,600 10,000 235,000 127,600 20,000 36,000 11,800 6,000 5,000 1,800 3,000 $ 571,400 $ 571,400 $ 250,200 250,200 e sales. 020. $ 125,600 35,000 6,000 15,600 47,000 21,000 (16,000) $ 234,200 Transaction Data for 2020 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment Cash paid for purchase of tools Acquisition of Machinery with Notes Payable-Long-term Payment on Long Term Debt Cash payment of dividends Cash receipt from issuance of 10,000 shares of common stock $ 6,000 10,000 38,000 ? 10,000 80,000