this is my financial statement project for accounting 10 which is finacial accounting. youre suppose to prepare a finacial statemnet for the YEAR for saturn co. which invovles a multi step income statement a statement of retained earnings and a classified balance sheet. when they asked what is different for this project compared to project #4 i posted below project #4 which is the writing on the graph paper. im honestly so lost on how to even start. :(

FINANCIAL STATEMENT PROJECTS 12200 che Equipment Below is the trial balance of Saturn Corporation December 31, 2019. The accounts are listed in alphabetical onder and all accounts have normal bence Arraun Title: Balance Accounts Payable Interest Expense Accounts Receivable Ini Payable Accum. Amort - Copyright Interest Receivable Accum. Amort-Patent leterest Revenge Aorum. Depl.. Gold Mine 5.000 Acoum. Depr - Ridngs Long-Term Investment in Bonds Accum. Depr.- Equip 1.320 Long-Term Investment in Subsidiary 12.000 Adjustment to Market (debit balanse 200 Loss on Sale of AFS Sec. Administrative Expenses 7.800 Allowance for Bed Debts Merchandise Inventory APIC-Comman da Morte IR 000 Note Payable (30-year) APIC.Preferred 1.400 Nates Receivable (short-term) APIC-Treasury Bonds Payable (15 year) 22,500 Preferred Stock 5.000 Buildings 322500 Prepaid Insurance 7.120 Rental Revenue Cash Dividends Declared Retained Eamings 8.290 Common Stock Salaries Payable Common Stock Dividend Distributable 53.800 Copyright Sales Discounts Cost of Goods Sold 26,200 Sales Returns & Allowances 1.450 Discount on Bonds Payable 1.400 Selling Expenses 12.700 Dividend Revenue Short-Term Notes Payable Dividends Payable SIT Payable Stock Dividends Declared FICA Taxes Payable Subsidiary Income 1,180 FIT Payable Supplies FUTA Taxes Payable SUTA Taxes Payable Gain on Disposal of Plant Assets Treasury Stock Gold Mine 7,100 Uncalized Gain on Valuation of MS (Debt Income Tax Expense 1.000 Unrealized Loss Valuation of MS (Equity) Income Tax Payable Uncamed Rental Revenue "short-term bond investments included in Marketable Securities are classified as Available for Sale Securities REQUIRED: Prepare the financial statements for the year for Saturn Corporation multi-step income statement, a statement of retained earnings and a classified balance shoot. What is different for this project compared to Project 4? New Accounts Neses Chapter 10: Bonds Payable is a long-term liability account Premium on Bonds Payable and Discount on Bonds Payable are an adjunct and contra account To the Bonds Payable account Mortgages Payable is a long-term liability account Chapter 12: Marketable Securities is a current asset. Adjustment to Market accounts are either an adjunct (debit balance) OR a contra (credit balance) to the Marketable Securities account Losses and Gains on Sales of investment assets are realized gains and losses on the income statement Unrealized Losses and Gains on investment assets are on the income statement if the investments are trading securities and are on the stockholders' equity section of the balance sheet if the investments are available for sale securities (as either a contra or adjunct account to the total of paid in capital and retained earnings) Long-Term Investments in Bonds are long-term investments Long-Term Investments in Subsidiary Company (under the equity method) are long-term investments Subsidiary Income (our share of subsidiary net income under the equity method) is on the income statement Dividend Revenue is on the income statement Classified Balance Sheet: We will now have FOUR asset categories: current, plant, intangible, and long-term investments 280 DSC Inc Income Statement For The Year Ended Dec 31 2014 Sales Revenue 16,400 less Sales Returns 790 less Sales Discount 440 Net Sales Pevenue 15,170 Cost of Goods Sold 6,730 Gross Rrosit 8,440 less Operating Expense Selliny Cxpenses 2,140 Admin Expense 1890 Total Opera Hry expertse 4030 4416 Opereting income Other Income loss on Plant Asset Disposai (25) Bent Rev 350 Intrest Rev Intrest Ex (48) (28) Income before Income tax 4691 Income Tax Expense 510 Net Incone after tex 4181 DSC Inc Statement of neteined feminys For Year Ined Dec 31, 2019 Beginning Balance 8580 Net Inione 4182 12,761 11,741 land Lash Dividends 800 Stock Dividends 226 1020 Ending Balance DSC Ime Balance sheet December 31, 2019 Assets Property Aant and Equipme current Assets cash 2730 Equipment Account Rec 1130 Accum Dep bruinent 44 Allowance for Bad Debts (95) 1035 Building Intrest Reccevable Accum pep Oil tot Merch Inventory 620 Inangide Assets Note Rec-short term 600 Pajeras Prepaid fusurance 440 Kecom Amorization Datest 370 Supplies Total Current Assets 5792 (276 Accum pep 1000 Property Plant and Eavipmond land 3500 Equipmen 5,500 Accom Dep (1.100 4400 Building 14000 (2100 1900 6,000 Accum bep (700) 5300 Intangible Assets: Patents 2400 Accum AP (450) 1950 Total Assets 32,847 liabilities and stock holders Equity. Current liabilities Auct Pay 880 Dividends pay 200 FICA Tax Pay 80 Fill Pay 336 Futa Pay 25 Sit pay 190 suta pay Income tax Payale SS Intrest pay salaries Pay 66 Short term Notas Pay 250 Common Stoch Div Dis 300 Total current liab. 2466 Non Current liabilities long term Notes payable 5000 to dal liabilitie 7466 Stoch holders Equity common stock Preferred stoot 2.500 Apic-common 2800 Apic - Preferred 1300 Apic - Treasury 700 Retained sarniy 11,741 Treasury stoch (660) Total stockholdere Ecauit 25,301 Total liabilities and ownes Equity 32,847 75 21