Question

Accounting Cycle Project (Group) ACCT3303 Spring 2020 Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Posting to the general ledger and prepare trial balance before adjustment 3) Making adjusting entries and prepare adjusted trial balance. 4) Prepare Income Statement, Retained Earnings Statement, and Balance Sheet 5) Making closing entries 6) Put all your work on excel spreadsheet. Each group should submit one completed copy to Assignment tab The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Beg Balance Sheet As of December 31, 2019 150,000 125,000 1,000 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property. Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current Assets Total Assets 85,000 Notes Payable 34,590 Accounts Payable 35,000 Unearned Revenue (2,930) Property Tax Payable 65,000 Interest Payable O Income Tax Payable 540 Salary and Wages Payable 4,800 Utilities Payable 222,000 Total Current Liabilities Provisions Related to Pensions 180,000 Bonds Payable 60,000 Total Non-Current Liab. Total Liabilities 145,000 Common Stock 800,000 Paid-in-capital - Common Stock (240,000) Preferred Stock Paid-in-capital - Preferred Stock 15,000 Retained Earnings 120,000 Accu. Other Comp. Income 48,000 Less: Treasury Stock 1,128,000 Total Shareholders' Equity 1,350,000 Total Liab, and Total Equity 3,500 13,000 6,500 12,000 311,000 93,100 300,000 393,100 704,100 240,000 96,000 97.000 7,400 210,500 5,000 (10,000) 645,900 1,350,000

i just need help on #4. preparing income statement, retained earnings statement, and the balance sheet.

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Victoria Co.
Income Statement	Amount $
Service revenue	105,000.00
Sales	936,000.00
Sales return	(6,000.00)
Sales discount	(7,280.00)
Interest received	410.00
Total revenue	1,028,130.00
Less:
Purchases	430,000.00
Purchases return	(3,000.00)
Purchases discount	(7,110.00)
Salary Expense	120,000.00
Bad Debts	11,134.00
Insurance Expense	4,800.00
Property tax	6,600.00
Utilities Expense	12,000.00
Supplies Expense	8,000.00
Rent	29,800.00
Depreciation Expense	80,000.00
Total Expense	692,224.00
Income before interest	335,906.00
Less: Interest Expense	10,250.00
Income before tax	325,656.00
Income tax	12,500.00
Net Income	313,156.00
Statement of Retained Earnings	Amount $
Opening Balance	180,500.00
Add: Net Income	313,156.00
Less: Dividends	-
Closing Balance	493,656.00
Balance Sheet
Assets	Amount $
Current Assets
Cash	441,730.00
Accounts Receivable	78,866.00
Revenue Account	11,000.00
Inventories	65,000.00
Prepaid Rent	23,000.00
Prepaid Insurance	(4,260.00)
Total Current Assets	615,336.00
Long Term Investments
Investment Securities	180,000.00
Long Term Investments	180,000.00
Fixed Assets
Land	235,000.00
Buildings	800,000.00
Accumulated Depreciation- Buildings	(320,000.00)
Capitalize development	15,000.00
Total Fixed Assets	730,000.00
Intangible Assets
Goodwill	120,000.00
Other Intangible Assets	48,000.00
Intangible Assets	168,000.00
Total Assets	1,693,336.00
Liabilities & Stockholders' Equity
Liabilities	Amount $
Current Liabilities
Unearned Revenue	12,000.00
Double debts	2,930.00
Accounts Payable	160,000.00
Interest Payable	6,250.00
Salaries and Wages Payable	15,000.00
Total Current Liabilities	196,180.00
Long Term Liabilities
Notes Payable	250,000.00
Provision related to pension	93,100.00
Bonds Payable	300,000.00
Total Long Term Liabilities	643,100.00
Total Liabilities	839,280.00
Stockholder's Equity
Common Stock (Paid Up)	240,000.00
Preferred Stock (Paid Up)	125,400.00
Retained Earnings	493,656.00
Other accumulated comprehensive income (loss)	5,000.00
Treasury stock at cost	(10,000.00)
Stockholder's Equity	854,056.00
Total Liabilities & Stockholder's Equity	1,693,336.00