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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
Accounts Payable
110
Accounts Receivable
360
Accum. Amort. - Copyright
40
Accum. Amort. - Patent
20
Accum. Depl. - Gold Mine
80
Accum. Depr. - Buildings
300
Accum. Depr. - Equip.
220
Adjustment to Market-AFS Sec (debit balance)
35
Administrative Expenses
950
Allowance for Bad Debts
50
APIC-Common
APIC-Preferred
APIC-Treasury 90 Notes Receivable (short-term)
70
Available for Sale Securities (short-term)
440
Bonds Payable (15 year)
650
Buildings
1,200
Cash
520
Cash Dividends Declared
240
Common Stock
800
Common Stock Dividend Distributable
120
Copyright
60
Cost of Goods Sold
4,014
Discount on Bonds Payable
140
Dividend Revenue
Dividends Payable
130
Equipment
740
FICA Taxes Payable
FUTA Taxes Payable
Gain on Disposal of Plant Assets
Gold Mine
550
Income Tax Expense
420
Income Tax Payable
190
Interest Expense
45
Interest Payable
25
Interest Receivable
4
Interest Revenue
10
Investment Income
620
Land
Long-Term Investment in Subsidiary
2,760
Loss on Sale of AFS Sec.
15
Merchandise Inventory
280
Mortgage Note Payable (30-year)
390
Notes Receivable (short term)
Patent
95
Preferred Stock
400
Prepaid Insurance
Rental Revenue
380
Retained Earnings (Beg Bal)
625
Salaries Payable
Sales
9,860
Sales Discounts
200
Sales Returns & Allowances
Selling Expenses
1,400
Short-Term Notes Payable
Stock Dividends Declared
180
Supplies
SUTA Taxes Payable
Treasury Stock
175
Unrealized Gain on Valuation of AFS
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.
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