this is part b and c
this is the part a of narrative that i got approved for. im having a hard to developing my next steps
word by anyembe TABLE 2 Present Value of $1 PV = $1 10% 1.5% 20% 2.5% 3.0% 35% 1 0.99010 0.98522 0.98099 4.0% * 4.5% 4.5 9.04 .0 S.8% 6.0% 70% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 2 0.97561 0.97087 0.76618 0.90154 0.75094 0.75230 0.98070 097066 0.99117 0.95181 0966 0.93351 0.92456 0.91573 0.90703 0.69845 W70154 0.95094 0.95238 0.94787 0.94340 0.93450 0.12593 0.91743 0.90909 9.90090 0.89286 W.97059 0.95632 0.94232 0.92860 0.91514 0.00194 Q.10 20 0 5 0.71573 0.003 0.89845 0.19000 0.87344 0.85734 0.84168 0.82645001142 0.79719 0.69444 0.96098 0.94218 0.92385 0.90595 0.3 0.87630 0.36354 0.05161 were 0.86364 0.05101 0.002 0.83962c. 0.81630 0.79303 0.77218 0.75131 0.73119 0.21178 0.57870 0.87144 0.54800385 099147 0.92826 0.90573 0.833 wo 0.10270 010722 0.85859 012210 0.00022 0.79209 070290 0.73503 0.70843 0.60301 3 0.65873 063552 0.48225 14197 02193 094 353 076513 0.025 0.71290 0.008 0.64930 .6.2002 0.1345 core 40 80230 048 01513007003177007422725250704 660.34 017 050 050 GR 0.33490 wan2 .V0103 0.87056 0.54127 0.81309 0.76599 0.75992 0.73433 071008 0.68744 0.66506 06227556.349 5470 0.31316 0.4016 used 007 0.85340 0.82075 0.78941 0.75941 0.73060 0.70319 0.67614 045160 0.62741 0.58201054027 0.501890.1665 nese 0.87454 0.83676 0.80073 0.76642 0.7333 0.70250 0.67290 064461 06176359190054393 0.50025 0.46043 0.43410039020360 0.19301 100.0529 0.86167 0.82035 0.78120 0.74409 0.70092 0.67556 0.64393 0.61391 05854) 0558390_50835 0.46319 0.42241 0.30554 0.35218012197 0.16151 11 0.896.32 0.84093 0.80426 0.76214 0.72242 0.66495 0.44958 0.614.20 0.58468 0.55401 0.52679 0.47509 0.4268 0.38753 0.35049 0.11726020748 0.13459 120.007 0.0303 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.48697 0.44401 0.39711 0.35553 0.11863 0.20544 0.25666 0.11216 13 0.57866 0.82403 0.77303 0.72542 0.68095 0. 6940 0.60057 0.56427 0.53032 0.49856 0.46834 0.414960.36770 0.32618 0.20966 0.25751 251 0.22917 22917 0.09346 1 0.06 0.81105 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782034046 0.29925 0.2633 0.3519 0.20462 0778 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59609 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0001 0.16270 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 0.42458 0.393660.33073 0.29184 0.23187 0.21763 0.10029 0.16112 005400 17 0.84436 0.77639 0.71416 0.65720 0.60502 0 55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.03602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45200 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.01756 0.13004 19 082774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47454 0.43330 0.39573 0.36158 0.13051 0.27651 023171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 041454 0.37619 0.34273 0.31180025842 0.21455 0.17843 0.14864 0.12403 002608 0.10367 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43863 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09256 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.34770 0.31007 0.27666 0.24493 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 25 0.77977 0.68921 0.60053 0.53919 0.47761 0.42315 0.37512 0.31273 0.29530 0.24223 0.233000.18425 0.14602 0.11597 0.09230 0.07361 0.05082 0.01045 28 0.75664 0.65910 0.57437 0.50068 0.43708 0.38165 0.33346 0.29157 0.25500 0.22332 0.19563 0.15040 0.11591 0.01955 0.06934 0.05382 0.00607 0.04187 29 0.74934 0 64936 0.56311 0,48866 0.42435 0.36875 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.10733 0.06215 0.06304 0.04849 0.00738 0.00500 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.23138 0.20064 0.17411 0.131370.09938 0.07537 0.05731 0.04348 0.03338 0.00421 31 0.73458 0.63031 0.54125 0.46511 0.9999 0.34423 0.29646 0.25550 0.22036 0.19018 0.16425 0.12217 0.09202 0.06015 0.05210 0.00035 0.02360 0 0015 0.04603 40 0.67165 0.55126 0.45289 0.37243 0.30656 0.25257 0.20829 0.17193 0.14205 0.11746 0.09722 0.06678 0.03184 0.02209 0.01538 0.01075 0.00068 Create the adjusted trial balance and the financial statements for a merchandising company for the fiscal year ending December 31, 2019. You will make up all numbers included in the adjusted trial balance, and ultimately the financial statements, except where a required balance is indicated, as detailed below. The following must be reflected in those statements: use only whole numbers throughout the project - no cents or place holders for cents; the company is organized as a corporation; - the company has both cumulative preferred and common stock issued; it was the company's first year of operations, the company is a merchandiser with an ending inventory on December 31; the cash account has an ending balance of $22,000: Het on ATB the company recognized bad debt expense on December 31 in the amount of $12,000 (allowance for doubtful accounts method is used- not the direct method): Sed por the company purchased only one long-term, depreciable asset during the year and depreciation was recognized - in addition, the asset was still in service on December 31 and will be in service during 2020; the company declared dividends during December in an amount large enough for common stockholders to receive a dividend (Statement of Stockholders' Equity must identify amount declared for preferred stockholders and amount declared for common stockholders); On December 31, the company still held all treasury stock that was repurchased during the year; the company has at least four current liabilities: - the company issued S112.000 7-year. 9% bonds on July 1: the bonds pay interest semiannually on January 1 and July 1, and the effective interest rate method is used to amortize the bonds; the market rate of interest was 8% on the day of issuance (Use CH14 - Table 2 and CH14 - Table 4. posted on D2L with the chapter 74 materials, when present lue tables are required.) the bond described in the previous bullet point is the only interest-bearing liability that the corporation has ever entered into; on December 1, the company invested in one debt security investment, which it still held on December 31 and is classified as a trading security - the investment was (a) purchased for $85,000: (b) has an annual interest rate of 10%; c) pays interest every June 30 and (d) has increased in value since its purchase (round any required balances to the nearest whole number); . the company had invested in only one available for sale investment, which it still held on December 31 - the investment had decreased in value since its purchase; . the income statement SHOULD NOT INCLUDE the earnings per share calculation, because the number of shared outstanding during the fiscal year did not remain constant throughout (requiring a weighted average calculation). Make JE 1st tub-NARR-Narrative 2nd tab-ATB Part A: Narrative (5 points) Provide the following in a bullet-point format: name of the company: the product that the company is selling: preferred stock (cumulative) description that includes: number of shares: authorized, issued and outstanding par value of the stock percentage of par used to calculate dividend rights common stock description that includes: number of shares: authorized, issued and outstanding par value of the stock Employ proper adjusted trial balance formatting, including: . title centered over the adjusted trial balance; accounts listed in general ledger order: all numbers formatted using the accounting" category: a S sign at the top of each column and at the bottom of each column only: sum lines and double sum lines employed properly: "sum" function used to calculate the total for each column The accuracy of the required numbers will be assessed here and again in the financial statements. As indicated above, the Adjusted Trial Balance must be submitted via the course D2L shell prior to the start of class on the day the project is dues a hardcopy of the document must also be submitted with all other components of the project at the beginning of class on the due date On the same Excel worksheet, but outside of the space used to prepare the Adjusted Trial Balance, complete the following tasks: I. List the following labels in a column in the following order: Total Assets Total Liabilities Total Equity (not including the income statement accounts) Net Income 2. In the next column to the right, use a function to calculate the total for each of those respective items (listed in part I immediately above). 3. In the cell immediately below the total for "net income", use a function to calculate the following: Total Assets minus Total Liabilities minus Total Equity minus Net Income (using the totals you calculated in step 2 immediately above). NOTE: You should arrive at a total of zero. Part C Financial Statements (75 points) The set of financial statements must include the following: 1. Income Statement - you must use a multi-step income statement format 2. Statement of Comprehensive Income - presented as a separate statement from the Income Statement 3. Statement of Stockholders' Equity 4. Classified Balance Sheet 5. Statement of Cash Flows - only the title and the last three lines of this statement should be prepared. Part DQuestions pertaining specifically to your company (15 points) 1. The normal balance of the Retained Famnings account is a credit. Please discuss why a debit balance appears on the Adjusted Trial Balance. Provide enough detail to convince me that you understand the concept 2. What was the balance in the Income Summary account immediately before closing the Income Summary Account to Retained Earnings indicate amount and whether it held a debitor credit bulance 3. What amount do debits and credits on the Post-Closing Trial Balance cach total? 4. Assume the bonds that were issued during 2019 are not redeemed during 2020. What amount of interest expense will be recognized during 2020 for the bonds? You must show your work to earn any credit for this answer 5. Assume that during 2020 there are no stockholder equity transactions that involve the sale or purchase of any of the corporation's stock, and that net income for 2020 is $1,500,000. Calculate earnings per share for 2020. You must show your work to earn any credit for this answer NOTE: 5 Project points have been allocated for following project instructions, including properly presenting the narrative Recap of the allocation of points for the project: Part A Narrative S points Part B - Adjusted Trial Balance 25 points Part - Financial Statements 75 points Part D-s questions 15 points Followed project instructions S points Total points 125 points byat Cecel dA ed D en! 23% PactA: Goldenstar Corporations Exercise Clothing Prefemed Stock-Authorized-100,000 Issued-50,000 Outstanding 50,000 Par-Value $8 Common Slach-Authorized 200.000 Issued- 150,000 Qutstanding-140,000 Par Value 45 word by anyembe TABLE 2 Present Value of $1 PV = $1 10% 1.5% 20% 2.5% 3.0% 35% 1 0.99010 0.98522 0.98099 4.0% * 4.5% 4.5 9.04 .0 S.8% 6.0% 70% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 2 0.97561 0.97087 0.76618 0.90154 0.75094 0.75230 0.98070 097066 0.99117 0.95181 0966 0.93351 0.92456 0.91573 0.90703 0.69845 W70154 0.95094 0.95238 0.94787 0.94340 0.93450 0.12593 0.91743 0.90909 9.90090 0.89286 W.97059 0.95632 0.94232 0.92860 0.91514 0.00194 Q.10 20 0 5 0.71573 0.003 0.89845 0.19000 0.87344 0.85734 0.84168 0.82645001142 0.79719 0.69444 0.96098 0.94218 0.92385 0.90595 0.3 0.87630 0.36354 0.05161 were 0.86364 0.05101 0.002 0.83962c. 0.81630 0.79303 0.77218 0.75131 0.73119 0.21178 0.57870 0.87144 0.54800385 099147 0.92826 0.90573 0.833 wo 0.10270 010722 0.85859 012210 0.00022 0.79209 070290 0.73503 0.70843 0.60301 3 0.65873 063552 0.48225 14197 02193 094 353 076513 0.025 0.71290 0.008 0.64930 .6.2002 0.1345 core 40 80230 048 01513007003177007422725250704 660.34 017 050 050 GR 0.33490 wan2 .V0103 0.87056 0.54127 0.81309 0.76599 0.75992 0.73433 071008 0.68744 0.66506 06227556.349 5470 0.31316 0.4016 used 007 0.85340 0.82075 0.78941 0.75941 0.73060 0.70319 0.67614 045160 0.62741 0.58201054027 0.501890.1665 nese 0.87454 0.83676 0.80073 0.76642 0.7333 0.70250 0.67290 064461 06176359190054393 0.50025 0.46043 0.43410039020360 0.19301 100.0529 0.86167 0.82035 0.78120 0.74409 0.70092 0.67556 0.64393 0.61391 05854) 0558390_50835 0.46319 0.42241 0.30554 0.35218012197 0.16151 11 0.896.32 0.84093 0.80426 0.76214 0.72242 0.66495 0.44958 0.614.20 0.58468 0.55401 0.52679 0.47509 0.4268 0.38753 0.35049 0.11726020748 0.13459 120.007 0.0303 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.48697 0.44401 0.39711 0.35553 0.11863 0.20544 0.25666 0.11216 13 0.57866 0.82403 0.77303 0.72542 0.68095 0. 6940 0.60057 0.56427 0.53032 0.49856 0.46834 0.414960.36770 0.32618 0.20966 0.25751 251 0.22917 22917 0.09346 1 0.06 0.81105 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782034046 0.29925 0.2633 0.3519 0.20462 0778 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59609 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0001 0.16270 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 0.42458 0.393660.33073 0.29184 0.23187 0.21763 0.10029 0.16112 005400 17 0.84436 0.77639 0.71416 0.65720 0.60502 0 55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.03602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45200 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.01756 0.13004 19 082774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47454 0.43330 0.39573 0.36158 0.13051 0.27651 023171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 041454 0.37619 0.34273 0.31180025842 0.21455 0.17843 0.14864 0.12403 002608 0.10367 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43863 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09256 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.34770 0.31007 0.27666 0.24493 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 25 0.77977 0.68921 0.60053 0.53919 0.47761 0.42315 0.37512 0.31273 0.29530 0.24223 0.233000.18425 0.14602 0.11597 0.09230 0.07361 0.05082 0.01045 28 0.75664 0.65910 0.57437 0.50068 0.43708 0.38165 0.33346 0.29157 0.25500 0.22332 0.19563 0.15040 0.11591 0.01955 0.06934 0.05382 0.00607 0.04187 29 0.74934 0 64936 0.56311 0,48866 0.42435 0.36875 0.32065 0.27902 0.24295 0.21168 0.18456 0.14056 0.10733 0.06215 0.06304 0.04849 0.00738 0.00500 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.23138 0.20064 0.17411 0.131370.09938 0.07537 0.05731 0.04348 0.03338 0.00421 31 0.73458 0.63031 0.54125 0.46511 0.9999 0.34423 0.29646 0.25550 0.22036 0.19018 0.16425 0.12217 0.09202 0.06015 0.05210 0.00035 0.02360 0 0015 0.04603 40 0.67165 0.55126 0.45289 0.37243 0.30656 0.25257 0.20829 0.17193 0.14205 0.11746 0.09722 0.06678 0.03184 0.02209 0.01538 0.01075 0.00068 Create the adjusted trial balance and the financial statements for a merchandising company for the fiscal year ending December 31, 2019. You will make up all numbers included in the adjusted trial balance, and ultimately the financial statements, except where a required balance is indicated, as detailed below. The following must be reflected in those statements: use only whole numbers throughout the project - no cents or place holders for cents; the company is organized as a corporation; - the company has both cumulative preferred and common stock issued; it was the company's first year of operations, the company is a merchandiser with an ending inventory on December 31; the cash account has an ending balance of $22,000: Het on ATB the company recognized bad debt expense on December 31 in the amount of $12,000 (allowance for doubtful accounts method is used- not the direct method): Sed por the company purchased only one long-term, depreciable asset during the year and depreciation was recognized - in addition, the asset was still in service on December 31 and will be in service during 2020; the company declared dividends during December in an amount large enough for common stockholders to receive a dividend (Statement of Stockholders' Equity must identify amount declared for preferred stockholders and amount declared for common stockholders); On December 31, the company still held all treasury stock that was repurchased during the year; the company has at least four current liabilities: - the company issued S112.000 7-year. 9% bonds on July 1: the bonds pay interest semiannually on January 1 and July 1, and the effective interest rate method is used to amortize the bonds; the market rate of interest was 8% on the day of issuance (Use CH14 - Table 2 and CH14 - Table 4. posted on D2L with the chapter 74 materials, when present lue tables are required.) the bond described in the previous bullet point is the only interest-bearing liability that the corporation has ever entered into; on December 1, the company invested in one debt security investment, which it still held on December 31 and is classified as a trading security - the investment was (a) purchased for $85,000: (b) has an annual interest rate of 10%; c) pays interest every June 30 and (d) has increased in value since its purchase (round any required balances to the nearest whole number); . the company had invested in only one available for sale investment, which it still held on December 31 - the investment had decreased in value since its purchase; . the income statement SHOULD NOT INCLUDE the earnings per share calculation, because the number of shared outstanding during the fiscal year did not remain constant throughout (requiring a weighted average calculation). Make JE 1st tub-NARR-Narrative 2nd tab-ATB Part A: Narrative (5 points) Provide the following in a bullet-point format: name of the company: the product that the company is selling: preferred stock (cumulative) description that includes: number of shares: authorized, issued and outstanding par value of the stock percentage of par used to calculate dividend rights common stock description that includes: number of shares: authorized, issued and outstanding par value of the stock Employ proper adjusted trial balance formatting, including: . title centered over the adjusted trial balance; accounts listed in general ledger order: all numbers formatted using the accounting" category: a S sign at the top of each column and at the bottom of each column only: sum lines and double sum lines employed properly: "sum" function used to calculate the total for each column The accuracy of the required numbers will be assessed here and again in the financial statements. As indicated above, the Adjusted Trial Balance must be submitted via the course D2L shell prior to the start of class on the day the project is dues a hardcopy of the document must also be submitted with all other components of the project at the beginning of class on the due date On the same Excel worksheet, but outside of the space used to prepare the Adjusted Trial Balance, complete the following tasks: I. List the following labels in a column in the following order: Total Assets Total Liabilities Total Equity (not including the income statement accounts) Net Income 2. In the next column to the right, use a function to calculate the total for each of those respective items (listed in part I immediately above). 3. In the cell immediately below the total for "net income", use a function to calculate the following: Total Assets minus Total Liabilities minus Total Equity minus Net Income (using the totals you calculated in step 2 immediately above). NOTE: You should arrive at a total of zero. Part C Financial Statements (75 points) The set of financial statements must include the following: 1. Income Statement - you must use a multi-step income statement format 2. Statement of Comprehensive Income - presented as a separate statement from the Income Statement 3. Statement of Stockholders' Equity 4. Classified Balance Sheet 5. Statement of Cash Flows - only the title and the last three lines of this statement should be prepared. Part DQuestions pertaining specifically to your company (15 points) 1. The normal balance of the Retained Famnings account is a credit. Please discuss why a debit balance appears on the Adjusted Trial Balance. Provide enough detail to convince me that you understand the concept 2. What was the balance in the Income Summary account immediately before closing the Income Summary Account to Retained Earnings indicate amount and whether it held a debitor credit bulance 3. What amount do debits and credits on the Post-Closing Trial Balance cach total? 4. Assume the bonds that were issued during 2019 are not redeemed during 2020. What amount of interest expense will be recognized during 2020 for the bonds? You must show your work to earn any credit for this answer 5. Assume that during 2020 there are no stockholder equity transactions that involve the sale or purchase of any of the corporation's stock, and that net income for 2020 is $1,500,000. Calculate earnings per share for 2020. You must show your work to earn any credit for this answer NOTE: 5 Project points have been allocated for following project instructions, including properly presenting the narrative Recap of the allocation of points for the project: Part A Narrative S points Part B - Adjusted Trial Balance 25 points Part - Financial Statements 75 points Part D-s questions 15 points Followed project instructions S points Total points 125 points byat Cecel dA ed D en! 23% PactA: Goldenstar Corporations Exercise Clothing Prefemed Stock-Authorized-100,000 Issued-50,000 Outstanding 50,000 Par-Value $8 Common Slach-Authorized 200.000 Issued- 150,000 Qutstanding-140,000 Par Value 45
