Question
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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started