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4. Prepare the balance sheet (Classified Format) Note: Use EXCEL then cut/paste picture into WORD. Submit your WORD file in Quiz 1 dropbox. Note: Grading includes proper format, correctly stated balances, completeness, thoroughness, and organization. North Star Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 200,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 1,000 Inventory (as of 12/31/18) Supplies 48,000 2,000 Equipment 275,000 Accumulated Deperciation Equipment 180,000 Building 355,000 Accumulated Deperciation - Building 195,000 Land 275,000 Accounts Payable Salaries and Wages Payable 29,500 4,500 Mortgage Payable 125,000 1,000 145,000 Common Par $ 0.01 APIC Retained Earnings Dividends 84,000 Sales Revenue 1,300,000 COGS 293,000 245,000 Selling Expenses Administrative Expenses 286,000 Rent Revenue 15,000 Gain on Sale of Equipment Interest Expense 5,000 9,000 Loss due to Storm Damage 7,000 Income Tax Expense 75,000 $ 2,085,000 $ 2,085,000

4. Prepare the balance sheet (Classified Format) Note: Use EXCEL then cut/paste picture into WORD. Submit your WORD file in Quiz 1 dropbox. Note: Grading includes proper format, correctly stated balances, completeness, thoroughness, and organization. North Star Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 200,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 1,000 Inventory (as of 12/31/18) Supplies 48,000 2,000 Equipment 275,000 Accumulated Deperciation Equipment 180,000 Building 355,000 Accumulated Deperciation - Building 195,000 Land 275,000 Accounts Payable Salaries and Wages Payable 29,500 4,500 Mortgage Payable 125,000 1,000 145,000 Common Par $ 0.01 APIC Retained Earnings Dividends 84,000 Sales Revenue 1,300,000 COGS 293,000 245,000 Selling Expenses Administrative Expenses 286,000 Rent Revenue 15,000 Gain on Sale of Equipment Interest Expense 5,000 9,000 Loss due to Storm Damage 7,000 Income Tax Expense 75,000 $ 2,085,000 $ 2,085,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Could you explain question 3? Step by step

3. Prepare the retained earnings statement 4. Prepare the balance sheet (Classified Format) Note: Use EXCEL then cut/paste picture into WORD. Submit your WORD file in Quiz 1 dropbox. Note: Grading includes proper format, correctly stated balances, completeness, thoroughness, and organization. North Star Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 2$ 200,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 1,000 Inventory (as of 12/31/18) Supplies 48,000 2,000 Equipment 275,000 Accumulated Deperciation Equipment 180,000 Building 355,000 Accumulated Deperciation - Building 195,000 Land 275,000 Accounts Payable Salaries and Wages Payable 29,500 4,500 125,000 Mortgage Payable $. Common Par 0.01 1,000 APIC 145,000 Retained Earnings 84,000 Dividends Sales Revenue 1,300,000 COGS 293,000 Selling Expenses 245,000 Administrative Expenses 286,000 Rent Revenue 15,000 Gain on Sale of Equipment 5,000 Interest Expense 9,000 Loss due to Storm Damage 7,000 Income Tax Expense 75,000 $2,085,000 $ 2,085,000
Transcribed Image Text:3. Prepare the retained earnings statement 4. Prepare the balance sheet (Classified Format) Note: Use EXCEL then cut/paste picture into WORD. Submit your WORD file in Quiz 1 dropbox. Note: Grading includes proper format, correctly stated balances, completeness, thoroughness, and organization. North Star Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 2$ 200,000 Accounts Receivable 15,000 Allowance for Doubtful Accounts 1,000 Inventory (as of 12/31/18) Supplies 48,000 2,000 Equipment 275,000 Accumulated Deperciation Equipment 180,000 Building 355,000 Accumulated Deperciation - Building 195,000 Land 275,000 Accounts Payable Salaries and Wages Payable 29,500 4,500 125,000 Mortgage Payable $. Common Par 0.01 1,000 APIC 145,000 Retained Earnings 84,000 Dividends Sales Revenue 1,300,000 COGS 293,000 Selling Expenses 245,000 Administrative Expenses 286,000 Rent Revenue 15,000 Gain on Sale of Equipment 5,000 Interest Expense 9,000 Loss due to Storm Damage 7,000 Income Tax Expense 75,000 $2,085,000 $ 2,085,000
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