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The adjusted trial balance of Coastal Carolina Corporation at December 31, 2018 are shown as follows: Coastal Carolina Corporation Adjusted Trial Balance December 31, 2018

The adjusted trial balance of Coastal Carolina Corporation at December 31, 2018 are shown as follows:

Coastal Carolina Corporation

Adjusted Trial Balance

December 31, 2018

Account Title

Debit

Credit

Accounts Payable

75,000

Accounts Receivable

150,000

Accumulated Depreciation

30,000

Bonds Payable (due in 2020)

90,000

Cash

85,000

Common Stock

30,000

Cost of Goods Sold

280,000

Depreciation Expense

17,000

Dividends

20,000

Equipment

170,000

Interest Expense

3,000

Interest Payable

5,000

Inventory

61,000

Land

100,000

Notes Payable (18 months)

105,000

Paid-in Capital in Excess of par-Common

145,000

Patents, net of amortization

40,000

Prepaid Rent

4,000

Rent Expense

55,000

Retained Earnings, January 1, 2018

30,000

Salaries Expense

130,000

Sales Revenue

600,000

Utilities Expense

15,000

Wages Payable

20,000

Total

$1,130,000

$1,130,000

From the adjusted trial balance above, use Excel to prepare the following financial statements of Coastal Carolina Corporation in good form:

a. Multistep Income Statement

b. Statement of Retained Earnings

c. Classified Balance Sheet

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