Question

Please help with this practice!

I need an Income Statement, Cash Flow Statement, and a Balance Sheet created based on the info provided in this trial balance.

Thank you so much!

= = = On General A , X Cut Calibri (Body) - 11 - A- A Copy Paste BI U L9 x vfx Wrap Text Merge & Center A = Format $ % ) Conditional Format Formatting as Table Cell Styles Insert DEF н т т к Credit Credit Debit $ 364 $ 155 $ 218 $ 500 $ 307 $ 3,363 Debit $ 563 $ 200 $ 363 $ 792 $ 170 $ 4,767 $ 200 $ 375 $ $ $ $ 63 710 99 182 $ $ $ $ 143 710 99 182 2018 Trial Balance 4 Account Title 5 Cash and cash equivalents 6 Short-term investments 7 Accounts receivable 8 Merchandise inventories 9 Prepaid expenses and other current assets 10 Property and Equipment 11 Accumulated depreciation and amortization 12 Long-term investments 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Other assets 16 Current installments of capital lease obligations 17 Accounts payable 18 Accrued payroll, bonus and other benefits due team members 19 Dividends payable 20 Other current liabilities 21 Long-term capital lease obligations, less current installments 22 Other long-term liabilities 23 Common Stock 24 Treasury Stock 25 Retained earnings 26 Dividends 27 Sales 28 Cost of Goods Sold 29 Selling, general and administrative expenses 30 Pre-opening expenses 31 Relocation, store closure and lease termination expenses 32 Investment and other income 33 Income tax expense $ $ $ $ $ $ $ $ 3 295 436 45 473 62 658 2,904 2019 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation and amortization Long-term investments Goodwill Intangible assets, net of accumulated amortization Other assets Current installments of capital lease obligations Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term capital lease obligations, less current installments Other long-term liabilities Common Stock Treasury Stock Retained earnings Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $ $ $ $ $ $ $ $ 5 473 487 50 627 65 1,342 3,194 $ 1,152 $ 1,214 $ 1,541 $ 2,037 $ 40 $ 45 $ 15,389 $ 16,061 $ 10,453 $ 4,670 $ $ $ $ 9,973 4,472 67 16 17 $ 18 $ $ 342 22,023 $ 363 $ 24,734 $ 22,023 $ 24,734 37 Additional Information: 39 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 40 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. 41 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8. 42 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. 43 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 44 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. 45 The company paid dividends of $45 during the year. Trial Balance 2018 Closing Entries 2019 Income Statement 2019 Closing Entries 2019 Balance Sheet 2019 Cash Flow Statement +

Answer 1

Income statement for the year 2019
Accounting title
Sales	16061
Less: Cost of goods sold	10453
	5608
Selling, general and administrative expenses	4670
	938
Add: Other Income	18
Profit before tax	956
Less: Income tax expense	363
Net profit after tax	593
Balance sheet- 2019	Debit($)	Credit($)
Fixed assets:
Property and equipment	4767
Less:Accumlated depreciation and amortisation	375
	4392
Goodwill	710
Intangible assets, net of accumlated amortization	99
Long- term investments	143
Other assets	182
Shot-term investments	200
Current assets:
Cash and cash equivalents	563
Accounts receivable	363
Merchandise Inventories	792
Prepaid expenses and other current assets	170
	1888
Current Liabilities:
Current installments of capital lease obligation		5
Accounts payable		473
Accrued payroll, bonus and other benefits due team members		487
Dividends payable		50
other current liabilities		627
Long-term capital lease obligations, less current installments		65
other long-term liabilities		1342
Net Worth
Common stock		3194
Less: Treasury stock		1214
		1980
Retained earnings		2037
Add: Earnings during the year		593
Less: Dividends		45
		2585
Total	7614	7614
Cash flow statement	Amount($)
Cash flow from operating activities
Income after tax	593
Depreciation	175	375-200
Increase in current assets	300
Increase in current liabilities	390
	858
Cash flow from Investing activities
Increase in fixed assets	1404
Increase in Investments	125
Increase in capital lease obligations less current installments	687
	-842
Cash flow from Financing activities
Increase in common stock & Retained earnings	290
Increase in treasury stock	62
Dividends paid	45
	183
	199
Opening balance of cash and cash equivalents	364
	563	0