Question

I have been provided with the following list of account titles. I need to create an income statement, a statement of retained earnings, and a balance sheet using all of the account titles from the list (provided in the photos below). There does not need to be any money amounts, and there is no specific company. The purpose is just to make correctly formatted financial statements with their correct accounts. (Ex: Cash, Accounts Receivable, Inventory on a Balance Sheet, and in proper order of liquidity (most-to-least).)

Account Title 3 Account Payable 4 Account Receivable 5 Accumulated Depreciation - Building 6 Accumulated Depreciation - Office Equipment 7 Accumulated Depreciation - Store Fixtures 8 Administration Salaries Expense 9 Advertising expense 10 Allowance for Doubtful Accounts 11 Beginning Retained Earnings 12 Building 13 Cash 14 Common Stock 15 Cost of Good Sold 16 Credit Card Revenues 17 Depreciation Expense - Building 18 Depreciation Expense - Office Equipment 19 Depreciation Expense - Store Equpment 20 Dividends on Common Shares 21 Employer Taxes payable 22 Freight expense 23 Gains on Sales of Equipment 24 Insurance expense 25 Interest Expense 26 Interest Payable 27 Inventory 28 Land 29 Mortgage Payable 30 Notes Payable

Answer 1

INCOME STATEMENT
Sales	XXX
Less: Sales Commission	XXX
Less: Sales Discounts	XXX
Less: Sales Return	XXX
Credit Card Revenues	XXX
Gain on Sales of Equipment	XXX
Rent Revenue	XXX
Total (A)	XXX
Less: Expenses
Cost of Goods sold	XXX
Insurance Expenses	XXX
Interest Expenses	XXX
Administrative Salaries Expenses	XXX
Advertising Expenses	XXX
Office Supplies Expenses	XXX
Rent Expenses	XXX
Utilities Expenses	XXX
Supplies Expenses	XXX
Depreciation Expenses - Building	XXX
Depreciation Expenses - Office Equipment	XXX
Depreciation Expenses - Stores Equipment	XXX
Total Expenses (B)	XXX
Net Income(A-B)
STATEMENET OF RETAINED EARNINGS
Beginning Retained Earnings	XXX
Add: Net Income	XXX
Less: Dividend on common Shares	XXX
Closing Retained Earning	XXX
BALANCE SHEET
ASSETS:	AMOUNT	LIABILITIES & SHAREHOLDER'S EQUITY	AMOUNT
CURRENT ASSETS:		LIABILITIES:
Cash	XXX	Account Payable	XXX
Petty Cash	XXX	Interest Payable	XXX
Account Receivable	XXX	Mortgage Payable	XXX
Less: allowance for Doubtful Accounts	XXX	Notes Payable	XXX
Inventory	XXX	Salaries Payable	XXX
Notes Receivable	XXX	Sales Tax Payable	XXX
Office Supplies	XXX	Unearned Revenue	XXX
Supplies	XXX	Unfunded Pension Due	XXX
		Total Liabilities (A)	XXX
FIXED ASSETS:
Building	XXX
Less: Accumulated Depreciation on Building	XXX	SHAREHOLDER'S EQUITY
Office Equipment	XXX	Common Stock	XXX
Less: Accumulated Depreciation on Office Equipment	XXX	Paid in Excess of par	XXX
Stores Fixtures	XXX	Retained Earning	XXX
Less: Accumulated Depreciation on Store fixtures	XXX
Land	XXX
Patents	XXX	Total of Shareholder's Equity	XXX
TOTAL OF ASSETS	XXX	TOTAL OF LIABILITIES & SHAREHOLDER'S EQUITY (A + B)	XXX