1) 1) Please Prepare a properly formated Profit and Loss Statement, Balance Sheet and Retained Earnings Statement fromthe following items:(In order for your Balance Sheet to Balance you will have to calculate ending Retained Earnings)Cash127,000 Accumulated Depreciation145,000 Prepaid Assets25,000Sales Revenue3,450,000 Accounts Payable219,000 Expense omitted by accident in prior year50,000Cost of Goods Sold1,079,000 Retained Earnings,beginning155,000 Salary Expense285.000Dividends15,000Selling Expense675,000 Gain on sale of assets110,000Inventory565,000 Land25,000 Wages Payable65,000Advertising Expense50,000 Unearned revenue95,000 Common Stock250,000Depreciation Expense75,000 Bank Loan Payable - Current165,000 Preferred Stock150,000Accounts Receivable321,000 Los from Discontinued Operations450,000 Intangible Assets466,700Equipment375,000 General and Administrative expense225,000The Effect tax rate on all items is 30 %.Calculate Earnings per share if 125,000 shares of common stock are outstanding

The items which are to be included in statement of profit and loss are Sales revenues Cost of goods…

1) Please Prepare a properly formated Profit and Loss Statement, Balance Sheet and Retained Earnings Statement from the following items: ( In order for your Balance Sheet to Balance you will have to calculate ending Retained Earnings) Cash 127,000 Accumulated Depreciation 25,000 145,000 Prepaid Assets 219,000 Expense omitted by accident in prior year Sales Revenue 3,450,000 Accounts Payable 50,000 Cost of Goods Sold 1,079,000 Retained Earnings,beginning 285,000 Dividends 15,000 Selling Expense Inventory Advertising Expense 155,000 Salary Expense 675,000 Gain on sale of assets 110.000 565,000 Land 25,000 Wages Payable 65,000 50,000 Unearned revenue 95,000 Common Stock 250,000 Depreciation Expense 75,000 Bank Loan Payable - Current 165,000 Preferred Stock 150,000 Accounts Receivable 321,000 Loss from Discontinued Operations 450,000 Intangible Assets 466,700 Equipment 375,000 General and Administrative expense 225,000 The Effect tax rate on all items is 30 %. Calculate Earnings per share if 125,000 shares of common stock are outstanding