Reference no: EM131582398
FINANCIAL STATEMENT PROJECT ASSIGNMENT
Below is the trial balance of Stellar Corporation on December 31, 2015. The accounts are listed in alphabetical order and all accounts have normal balances.
Account Title: Balance: Account Title: Balance:
Accounts Payable 110 Income Tax Expense 420
Accounts Receivable 360 Income Tax Payable 190
Accum. Amort. - Copyright 40 Interest Expense 45
Accum. Amort. - Patent 20 Interest Payable 25
Accum. Depl. - Gold Mine 80 Interest Receivable 4
Accum. Depr. - Bldngs. 300 Interest Revenue 10
Accum. Depr. - Equip. 220 Investment Income 620
Adjustment to Market-AFS Sec (debit balance) 35 Land 360
Administrative Expenses 950 Long-Term Investment in Subsidiary 2,760
Allowance for Bad Debts 50 Loss on Sale of AFS Sec. 15
APIC-Common 220 Merchandise Inventory 280
APIC-Preferred 80 Mortgage Note Payable (30-year) 390
APIC-Treasury 90 Notes Receivable (short-term) 70
Available for Sale Securities (short-term) 440 Patent 95
Bonds Payable (15 year) 650 Preferred Stock 400
Buildings 1,200 Prepaid Insurance 110
Cash 520 Rental Revenue 380
Cash Dividends Declared 240 Retained Earnings (Beg Bal) 625
Common Stock 800 Salaries Payable 300
Common Stock Dividend Distributable 120 Sales 9,860
Copyright 60 Sales Discounts 200
Cost of Goods Sold 4,014 Sales Returns & Allowances 740
Discount on Bonds Payable 140 Selling Expenses 1,400
Dividend Revenue 20 Short-Term Notes Payable 140
Dividends Payable 130 Stock Dividends Declared 180
Equipment 740 Supplies 80
FICA Taxes Payable 140 SUTA Taxes Payable 60
FUTA Taxes Payable 20 Treasury Stock 175
Gain on Disposal of Plant Assets 40 Unealized Gain on Valuation of AFS 35
Gold Mine 550 Unearned Rental Revenue 18
REQUIRED: Prepare the financial statements for the year for Stellar Corporation--a multi-step income statement, a statement of retained earnings and a classified balance sheet.
Attachment:- Assignment.rar