Reference no: EM133022406
Question - TBS Communications reported the following figures from its adjusted trial balance for its second year of business, which ended on December 31, 2020:
Cash $3,900
Cost of Goods Sold $18,700
Selling Expenses 1,400
Equipment 16,000
Accounts Payable 4,300
Accrued Liabilities 1,800
Common Stock 4,365
Net Sales Revenue 29,200
Notes Payable, long-term 500
Accounts Receivable 3,200
Merchandise Inventory 1,100
Interest Expense 65
Retained Earnings, Jan. 1 1,000
Administrative Expenses 3,300
Accumulated Depreciation - Equipment 6,500
Requirements - Use Excel to prepare the financial statements. Wherever possible, use formulas. Uncertain about formatting? Review Communicating Accounting Information on Bb under START HERE!
1. Prepare TBS Communications' multi-step income statement for the year ended December 31, 2020.
2. Prepare TBS Communications' statement of retained earnings for the year ended December 31, 2020. Assume that there were no dividends declared during the year.
3. Prepare TBS Communications' classified balance sheet at December 31, 2020.
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