The following balances were included in the Adjusted Trial Balance of XYZ Industries at October 31, 2019. Note: not all balances from the adjusted trial balance were given: Sales Depreciation Expense (administration) Sales discounts Cost of goods sold Property Tax Expense (administration) Sales Salaries Expense Bad debt expense (selling) Sales Bonus Expense Building expense (administration) Travel expense (salespersons) Freight-out (shipping) Miscellaneous Expenses (administration) Entertainment expense (customers) Sales returns Telephone and Internet expense (selling) Dividend Revenue Depreciation Expense (selling) Bond interest expense Building expense (selling) Income taxes Expense Miscellaneous expenses (selling) Depreciation understated due to error in 2016 (net of tax) Office supplies Expense-administration Telephone and Internet expense-administration Rent Expense (administration) Rent Expense (selling) Dividends declared on preferred stock Dividends declared on common stock $5,500,000 91,300 15,000 3,455,000 17,000 57,000 18,500 17,500 185,000 28,500 37,000 15,000 6,000 45,000 15,000 29,000 6,000 39,000 26,000 350,000 4,700 73,000 5,100 6,500 58,000 35,000 275,000 158,000 The Retained Earnings account had a balance of $229,000 at November 1, 2018 (at the start of the fiscal year). There were 50,000 shares of common stock outstanding for the entire year. Instructions: Using Excel, create: (1) a multiple-step income statement for the year ending October 31, 2019. (2) a retained earnings statement for the year ending October 31, 2019. You must format each statement so it prints out on a single sheet of paper (8 12 X 11). The following balances were included in the Adjusted Trial Balance of XYZ Industries at October 31, 2019. Note: not all balances from the adjusted trial balance were given: Sales Depreciation Expense (administration) Sales discounts Cost of goods sold Property Tax Expense (administration) Sales Salaries Expense Bad debt expense (selling) Sales Bonus Expense Building expense (administration) Travel expense (salespersons) Freight-out (shipping) Miscellaneous Expenses (administration) Entertainment expense (customers) Sales returns Telephone and Internet expense (selling) Dividend Revenue Depreciation Expense (selling) Bond interest expense Building expense (selling) Income taxes Expense Miscellaneous expenses (selling) Depreciation understated due to error in 2016 (net of tax) Office supplies Expense-administration Telephone and Internet expense-administration Rent Expense (administration) Rent Expense (selling) Dividends declared on preferred stock Dividends declared on common stock $5,500,000 91,300 15,000 3,455,000 17,000 57,000 18,500 17,500 185,000 28,500 37,000 15,000 6,000 45,000 15,000 29,000 6,000 39,000 26,000 350,000 4,700 73,000 5,100 6,500 58,000 35,000 275,000 158,000 The Retained Earnings account had a balance of $229,000 at November 1, 2018 (at the start of the fiscal year). There were 50,000 shares of common stock outstanding for the entire year. Instructions: Using Excel, create: (1) a multiple-step income statement for the year ending October 31, 2019. (2) a retained earnings statement for the year ending October 31, 2019. You must format each statement so it prints out on a single sheet of paper (8 12 X 11)
