You have just been hired as a new Senior Accountant. Your boss provides you with the following adjusted trial balance and additional information for the company's year end: Cash Accounts receivable Inventory Supplies Prepaid insurance Long-term investments Equipment Accumulated depreciation equipment Accounts payable Salaries payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Dividends declared Sales Sales discounts Cost of goods sold Salaries expense Rent expense $35,200 $48,960 $40,000 $1 520 $1,920 $59 200 $42,800 $25 728 $55,040 $1,936 $200 $1,760 $900 $56.000 $26,380 $48,000 $16.000 $401 440 $7232 $262 500 $54,096 $22,160 7 Sales discounts Cost of goods sold Salaries expense Rent expense Depreciation expense Supplies expense Insurance expense Interest expense Advertising expense Income tax expense TOTAL $7,232 $262 500 $54,096 $22,160 $8,716 $1,120 $960 $6.680 $3.360 $4.960 $617 384 $617 384 Additional Information: The company issued $22,000 in common shares during the year. Also, $26,000 of the bank loan is due within 365 days of the date of this adjusted trial balance Required: 1) You are tasked with creating a properly formatted Multi-Step Income Statement. However, your boss only wants to know the specific line item amounts as follows your answer should be to the nearest dollar without any commas, ex: $15,000+ would be entered as "15000: a) Net Sales is (nearest dollar without comma e.g. 15000): by Gross Profit is (nearest dollar Without comma, eg. 15000): c) Income from Operations is (nearest dollar without comma, e.g. 15000): d) Net Income is (nearest dollar without comma, e.g. 15000); 2) You have also been tasked with creating a properly formatted Statement of Changes In Equity. However, your boss only wants to know the specific line item amounts, as follows (your answer should be to the nearest dollar without any commas, ex: "$15,000" would be entered as "15000"); a) The opening balance of Common Shares is (nearest dollar without comma, e.g. 15000): b) The closing balance of Retained Earnings is (nearest dollar without comma, e.g. 15000): 3) Finally, you have been tasked with creating a properly formatted Classified Balance Sheet. However, your boss only wants to know the specific line item amounts, as follows (your answer should be to the nearest dollar without any commas, ex: "$15,000 would be entered as "15000"); a) Total Current Assets is (nearest dollar without comma, e.g. 15000); b) Total Long-Term Assets is (nearest dollar without comma, e.g. 15000): c) Total Current Liabilities is (nearest dollar without comma, eg. 15000): b) Total Long-Term Assets is (nearest dollar without comma, e.g. 15000): c) Total Current Liabilities is (nearest dollar without comma, e.g. 15000): d) Total Shareholders' Equity is (nearest dollar without comma, e.g. 15000): e) Total Liabilities and Shareholders' Equity is (nearest dollar without comma, e.g. 15000)
