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Question

FINANCIAL STATEMENT PROJECT #5

Below is the trial balance of Saturn Corporation on December

31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances.

Account Title:

Balance: Balance:

Accounts Payable = 1660 Interest Expense = 560

Accounts Receivable = 2580 Interest Payable = 80

Accum. Amort. - Copyright = 420 Interest Receivable = 10

Accum. Amort. - Patent = 390 Interest Revenue = 90

Accum. Depl. - Gold Mine = 4300 Land = 5000

Accum. Depr. - Bldngs. = 3600 LongTerm Investments in Bonds=4400

Accum. Depr. - Equip. = 1320 Longterm investment subsidiary=12600

Adjustment to Market (debit balance) = 260 Loss of Sale of AFS Sec.=260

Administrative Expenses = 7800 Marketable securities = 2840

Allowance for Bad Debts = 500 Merchandise Inventory=1390

APIC-Common = 2200 Mortgage note payable(30yr)=18000

APIC-Preferred = 1400 Notes Receivable(short-term)=1200

APIC-Treasury = 300  Patent = 1260

Bonds Payable (15 year) = 22500 Preferred Stock = 5000

Buildings = 32500  Prepaid insurance = 990

Cash = 7120 Rental Revenue = 250

Cash Dividends Declared = 700 Retained Earnings = 8290

Common Stock = 12000 Salaries Payable = 560

Common Stock Dividend Distributable = 900 Sales = 53800

Copyright = 880 Sales Discounts = 820

Cost of Goods sold = 26200 Sales Returns & Allowances = 1460

Discount on Bonds Payable = 1400 Selling Expense = 12700

Dividends revenue = 60 short term notes payable = 950

Dividends Payable = 250 SIT Payable = 160

Equipment = 6600 Stock Dividends Declared = 400

FICA Taxes Payable = 140 Subsidiary Income = 1180

FIT Payable = 330 Supplies = 610

FUTA Taxes Payable = 20 SUTA Taxes Payable = 60

Gain on Disposal of Plant Assets = 120 Treasury Stock = 950

Gold Mine = 7100 Unrealized gain on Valuation of MS(debt)=440

Income Tax Expense = 1080 Unrealized loss valuation of MS(equity)=180

Income Tax Payable = 280 Unearned Rental Revenue = 300



REQUIRED:

Prepare the financial statements for the year for Saturn Corporation--a multi-step income statement, a statement of retained earnings and a classified balance sheet.

What is different for this project compared to Project #4?

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