Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sales.The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020.SOLAR SOLUTIONSAdjusted Trial Balance12/31/202020202019Account TitleAdjusted Trial BalancePost-Closing Trial BalanceDebitCreditDebitCreditCash$122,20055,000125,600Accounts Receivable35,000Prepaid Insurance5,0006,000|InventoryOffice EquipmentMachinery & ToolsAccumulated DepreciationAccounts PayableSalaries PayableSales Tax PayableNote Payable-Long TermCommon Stock, $10 par46,00015,60063,00047,00059,00021,00021,00016,00011,20016,8002,6002,7002,0004,00031,00022,100240,000160,000Retained Earnings28,60028,600Dividends10,000Sales RevenueCost of Goods SoldRent ExpenseSalaries Expense235,000127,60020,00036,000Insurance Expense11,800Advertising ExpenseDepreciation ExpenseInterest Expense6,0005,0001,800Income Tax Expense3,000$571,400 $571,400 $250,200250,200Transaction Data for 2020 (Note, these transactions were included in the trial balance numbers above.)Cash paid for purchase of office equipment$6,000Cash paid for purchase of toolsAcquisition of Machinery with Notes Payable-Long-term10,00038,000Payment on Long Term DebtCash payment of dividends?10,000Cash receipt from issuance of 10,000 shares of common stock80,000 Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting.1. Using examples from your textbook, or online research, prepare the Solar Solutions multi-step income statement for the year ended December 31, 2020. Include the EPS at thebottom.Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.)2. Prepare the Solar Solutions balance sheet for December 31, 2020. Include a vertical analysis column at the rightand perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place.)3. Prepare the Solar Solutions statement of cash flows for the year ended December 31, 2020. Use the indirect method. Your textbook has examples of this.

Multi Step Income Statement In the multi step income statement it project the income statement in…

se Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Using examples from your textbook, or online research, prepare the Solar Solutions multi-step income statement for the year ended December 31, 2020. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.) 2. Prepare the Solar Solutions balance sheet for December 31, 2020. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place.) 3. Prepare the Solar Solutions statement of cash flows for the year ended December 31, 2020. Use the indirect method. Your textbook has examples of this.

se Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Using examples from your textbook, or online research, prepare the Solar Solutions multi-step income statement for the year ended December 31, 2020. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.) 2. Prepare the Solar Solutions balance sheet for December 31, 2020. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place.) 3. Prepare the Solar Solutions statement of cash flows for the year ended December 31, 2020. Use the indirect method. Your textbook has examples of this.

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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