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KELLEY ENTERPRISES 155 2019 Telal Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation Long-term investments Goodwill Intangible assets Accumulated amortization of intangble assets Other assets Short-term notes payable Accounts payable Aterued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long term notes payable Other long-term Sabilities Common Stock Treasury Stock Retailed earnings beginning of year) Dividendi Sales Cost of Goods Sold Sen general and administrative expenses Interest expense Investment and other income Income tax expense 112 Debit Credit $ 364 $ $ 218 $ 500 $ 302 s 3,363 $ 200 $ 63 $ 710 $ 99 5 20 $ $ 3 $ 295 $ 436 $ 45 $ 473 $ $ 658 5 2,904 $ 1,152 $ 1,521 5 45 $ 15,219 5 9.973 $ $ 62 $ 17 5 342 S 22.023 $ 72,023 2020 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation Long-term investments Goodwill Intangible assets Accumulated amortization of intangible assets Other assets Short-term notes payable Accounts payable Actrued payroll, bonus and other benefits due team members Dividends payable Other current labaites Long-term notes payable Other long-term liabilities Commen Stock Treasury Stock Retained earnings Dividends Sales Cost of Goods sold Selling general and administrative expenses Interest expense Investment and other income Income tax expense Debit Credit S 718 $ 200 $ 363 $ 392 5 170 $ 4,767 5 375 5 143 5 710 $ 99 $ 30 $ 182 5 5 5 473 $ 487 $ 627 5 65 51.342 S3,194 5 1.214 $ 7,017 $ 45 5 16,164 $ 10,415 $ 4,632 $ 68 5 25 1 401 $24.919 524919 Additional information: The company purchased new equipment for 51,406, but there were no disposals of property equipment The company purchased $125 in new Investments including both short and long-term), and sold no investments during the year The company made payments of $3 on its notes payable, and incurred a new notes payable of 58 The company made no payments on its long-term ablitiesAny change in this account reflects new long term abilities incurred The company sold stock during the year, and there were no additional transactions affecting the common stock account. The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account The company paid dividends of S45 in 2020. Assignment instructions are as follows: C. 1. Use the information in the provided trial balance to create the following financial statements: a. 2020 Income Statement b. 2020 Balance Sheet 2020 Cash Flow Statement 2. Create ONE Excel Workbook with the following tabs: a. Tab 1: Trial Balance for 2019 and 2020 provided b. Tab 2: Closing Entries for 2019 Income Statement c. Tab 3: 2020 Income Statement d. Tab 4: Closing entries for 2020 e. Tab 5: 2020 Balance Sheet post-closing entries (Use the 2019 Retained Earnings balance as your beginning 2019 balance) f. Tab 6: 2020 Cash Flow Statement 3. Formulas: a. Use Excel to setup the financial statements by linking the values from the trial balance. b. Use Excel formulas to calculate all totals and sub-totals