The ledger of Articulation Systems Inc. showed the following balances after adjustment, but before closing, on December 31, 2018, the end of the current year (all accounts have normal balances): Insurance expense 11000 Sales returns and allowances 22500 Bad debt expense 6000 Accounts payable 81000 Accounts receivable 108590 Allowance for doubtful accounts (also known as the allowance for bad debt) 8500 Accumulated depreciation equipment 27740 Depreciation expense 1200 Interest revenue 2100 Cash 80470 Common stock (10,000 shares outstanding) 100000 Cost of goods sold 598550 Dividends declared (not yet paid) 18000 Equipment 139450 General expenses 113250 Dividends payable 2000 Sales discounts 23000 Interest expense 5600 Paid-in capital in excess of par 110000 Marketable Securities 12000 Merchandise inventory 154250 Prepaid insurance 11225 Salaries expense 42100 Retained earnings ? Dividend Revenue 10000 Salaries Payable 12350 Sales 974500 Selling expenses 129210

The president of Articulation Systems Inc., has asked you to develop a flexible financial statement package, using Excel that includes: a statement of retained earnings, a post-close trial balance

Adjusted trial balance and income statement can be found in this link

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