Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports in an Excel worksheet 1. Multi-Step Income Statement for the month of January 2020 2. Statement of Retained Earnings for the month of January 2020 Note: There are no prior period adjustments and all dividends declared are cash dividends in the amount of $31,060. Be Prepared Balance Sheet December 31, 2019 Liabilities $ $ 25,000 7,500 200,000 232,500 Assets Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Land Building Accum Dep: Building Office Equipment Accum Dep: Office Equipment Store Equipment Accum Dep: Store Equipment Patents Total Assets 27,500 Accounts Payable 40,000 Income Taxes Payable 50,000 Mortgage Payable 1,500 Total Liabilities 3,000 64,250 400,000 Stockholders' Equity (45,000) Preferred Stock 90,000 Common Stock (15,000) Paid in Capital in Excess of Par: Proffered 75,000 Paid in Capital in Excess of Par: Common (15,000) Retained Earnings 70,000 Total Stockholders' Equity 746,250 $ 250,000 100,000 7,500 71,250 85,000 513,750 746,250 $ $ Be Prepared Adjusted Trial Balance January 31, 2020 Credits $ Debits 687,490.00 23,000.00 $ 460.00 60.00 10,000.00 5,190.00 10,000.00 300.00 2,800.00 414,250.00 400,000.00 45,750.00 90,000.00 17,500.00 125,000.00 15,800.00 69,300.00 25,000.00 7,500.00 4,778.00 200,000.00 800,000.00 23,900.00 Account ID 1001 1021 1022 1027 1031 1051 1101 1111 1125 1401 1411 1412 1431 1432 1451 1452 1501 2001 2005 2031 2101 2301 2303 3001 3011 3101 3111 3121 3300 3351 4001 4002 4003 4101 5001 5010 5012 5015 5020 5025 5027 5030 5035 6005 6010 6015 6020 6022 6025 6030 6040 7001 Account Description Cash Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Notes Receivable Merchandise Inventory Store Supplies Office Supplies Prepaid Insurance Land Building Accum Dep: Building Office Equipment Accum Dep: Office Equipment Store Equipment Accum Dep: Store Equipment Patents Accounts Payable Income Taxes Payable Interest Payable Notes Payable Long Term Bonds Payable Discount on Bonds Payable Preferred Stock Common Stock Paid in Capital in Excess of Par: Preffered Paid in Capital in Excess of Par: Common Paid in Capital Treasury Stock Retained Earnings Treasury Stock Sales Revenue Sales Discount Sales Returns and Allowances Interest Revenue Cost of Goods Sold Insurance Expense - General Repairs Expense: Office Depreciation Expense: Building - General Depreciation Expense: Office Equipment Supplies Expense - Selling Utilities Expense: Office Office Salaries Expense Office Payroll Tax Expense Depreciation Expense: Store Equipment Amortization Expense: Patents - General Sales Salaries Expense Sales Payroll Tax Expense Utilities Expense: Store Delivery Expense - General Repairs Expense: Store Bad Debts Expense - Selling Interest Expense 400,000.00 105,000.00 20,000.00 166,250.00 72,000.00 53,940.00 74,000.00 139,000.00 800.00 3,000.00 60.00 34,560.00 200.00 3,000.00 750.00 3,000.00 1,200.00 1,500.00 16,000.00 1,200.00 800.00 700.00 10,000.00 800.00 1,100.00 2,000.00 800.00 460.00 5,878.00 2,073,038.00 2,073,038.00