Please don't provide answer in image format thank you Use these account balances to prepare the financial statements for Freddy's Fudge and Food Gifts. Each financial statement should be shown on the following three sheets of paper. The headings, subtotals, totals and formatting should be proper according to GAAP. Freddy's Fudge and Food Gifts Account Balances December 31, 2021 Account Amounts Accounts payable 31,520 Accounts receivable 77,770 Accrued payroll taxes 2,450 Accumulated depreciation 33,800 Additional Paid In Capital - Common Stock 6,000 Advertising expense 9,800 Allowance for Doubtful Accounts 7,200 Bonds payable 100,000 Buildings 98,600 Cash 15,425 Common stock 50,000 Cost of Goods Sold 948,332 Current portion of long-term debt 5,000 Depreciation expense 12,800 Discount on bonds 6,800 Dividends 20,000 Employee benefits 26,480 Equipment 45,500 Income tax expense 12,690 Insurance expense 5,600 Interest and dividend income 1,800 Interest expense (2,600) Inventory 89,650 Investments in stocks and bonds 48,529 Land 15,000 Long-term loans payable 35,000 Notes payable - line of credit 10,000 Office supplies 1,970 Office supplies expense 2,680 Other income 350 Payroll taxes 24,990 Preferred Stock 45,000 Prepaid insurance 2,100 Product sales 1,438,636 Rent expense 12,000 Repairs and maintenance expense 5,620 Retained earnings, Prior year-end 54,870 Salaries expense 283,525 Salaries payable 3,860 Sales expense 7,775 Sales returns and allowances 16,850 Travel expense 3,675 Treasury stock 15,000 Utilities expense 13,725 Freddy's Fudge and Food Gifts Balance Sheet December 31, 2021 Freddy's Fudge and Food Gifts Statement of Retained Earnings For the Year Ended December 31, 2021 Freddy's Fudge and F ood Gifts Income Statement For the Year Ended December 31, 2021
Please don't provide answer in image format thank you
Use these account balances to prepare the financial statements for Freddy's Fudge and Food Gifts.
Each financial statement should be shown on the following three sheets of paper.
The headings, subtotals, totals and formatting should be proper according to GAAP.
Freddy's Fudge and Food Gifts
Account Balances
December 31, 2021
Account Amounts
Accounts payable 31,520
Accrued payroll taxes 2,450
Additional Paid In Capital - Common Stock 6,000
Advertising expense 9,800
Allowance for Doubtful Accounts 7,200
Bonds payable 100,000
Buildings 98,600
Cash 15,425
Common stock 50,000
Cost of Goods Sold 948,332
Current portion of long-term debt 5,000
Depreciation expense 12,800
Discount on bonds 6,800
Dividends 20,000
Employee benefits 26,480
Equipment 45,500
Income tax expense 12,690
Insurance expense 5,600
Interest and dividend income 1,800
Interest expense (2,600)
Inventory 89,650
Investments in stocks and bonds 48,529
Land 15,000
Long-term loans payable 35,000
Notes payable - line of credit 10,000
Office supplies 1,970
Office supplies expense 2,680
Other income 350
Payroll taxes 24,990
Prepaid insurance 2,100
Product sales 1,438,636
Rent expense 12,000
Repairs and maintenance expense 5,620
Retained earnings, Prior year-end 54,870
Salaries expense 283,525
Salaries payable 3,860
Sales expense 7,775
Sales returns and allowances 16,850
Travel expense 3,675
Utilities expense 13,725
Freddy's Fudge and Food Gifts
Balance Sheet
December 31, 2021
Freddy's Fudge and Food Gifts
Statement of Retained Earnings
For the Year Ended December 31, 2021
Freddy's Fudge and F
ood Gifts
Income Statement
For the Year Ended December 31, 2021
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