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.
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
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?
Recently Asked Questions
- Estimate the company's total variable cost per unit, and its total fixed costs per year. Compute the company's contribution margin for this year.
- How do you solve number 2 and 4? What are the steps to solve them?
- How do you solve number 3 and 6? I don't understand how I got those parts wrong considering I got the other parts correct.