Trial Balance - Homework #1 Homework (1 of 6) Echo Corp Trial Bal 12/31/2 $ Debit 110,000 255,000 431,00 15,000 325,000 450,000 150,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock $ 0.10 APIC Retained Earnings Sales Revenue COGS Selling Expenses Administrative Expenses Income Tax Expense $ $ $ $ 255,000 70,000 60,000 30,000 2,151,000 $ Required: 1. Prepare the Multi-step Income Statement (refer to text page 4-8). 2. Prepare the Retained Earnings Statement (refer to text page 3-31). 3. Prepare the Classified Balance Sheet (refer to text page 5-15 and 5-16) Note: The trial balance (below) is available in EXCEL (file: Acct 311 - Trial Balance - Homework 1 - Student File - Fall 2020). This EXCEL file is in D2L => Material -> Content => Homework. Acct 311 Trial Balance - Homework #1 Homework (1 of 6) Echo Corporation Trial Balance 12/31/2018 Credit $ De bit 110,000 255,000 $ 25,000 431,000 15,000 325,000 220,000 450,000 350,000 150,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Depe rciation - Equipment Building Accumulated De perciation - Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock $0.10 APIC Retained Earnings Sales Revenue COGS Selling Expenses Administrative Expenses Income Tax Expense 380,000 16,000 400,000 10,000 150,000 75,000 525,000 $ $ $ $ $ 255,000 70,000 60,000 30,000 2,151,000 $ 2,151,000