Financial Statement Project: Prepare Income Statement, Statement

FINANCIAL STATEMENT PROJECT #1 Below is the trial balance of Dewey Company on December 31, 2020. The accounts are listed in alphabetical order and all accounts have normal balances. Account Title: Balance: Accounts Payable Account Tile: Balance: 13.800 Interest Payable 70D Accounts Receivable 11,400 Land 5,000 Accum Depr. - Blangs. 12.000 Maintenance Revenue 68-400 Accum. Depr. - Equipment 8 80D Notes Payable (25-year) 40.000 Advertising Expense 18.400 Notes Payable (30-day) 5.000 Buildings 55.000 Prepaid Insurance Cash 28,900 Repair Revenue 34,000 Common Stock 20,000 Retained Eamings 8.100 Depreciation Expense 6,200 Salaries Expense 58.200 Dividends Declared 10.000 Salaries Payable 4,300 Equipment 38,400 Supplies 2.400 Insurance Expense 10.200 Supplies Expense 14,700 Interest Expense 4.500 Uncamed Repair Revenue 3,600 Utilities Expense 13.600 REQUIRED: Prepare the financial statements for the year for Dewey Company-an income statement, a statement of retained earnings and a classified balance sheet, What is different for this project compared to Project #17 I. New Accounts: Accumulated Depreciation: These accounts are contra accounts TO the related plant asset account; contra account presentation is always the same-the contra account should be listed directly below the related account. Then the balance of the contra account should be subtracted from the balance of the related account and the NET difference (book value) should be SHOWN. 2. Classified Balance Sheet The assets should now be split into TWO groups-Current and Property, Plant, and Equipment. Each asset account must be included in the correct category. Each category must be sub-totaled. The liabilities should now be split into TWO groups-Current and Long-Term. Each liability account must be included in the correct category. Each category must be sub-totaled. Note, the stockholders' equity is still split between Paid-In Capital Retained Earnings. Our only paid-in capital account until we get to chapter 1I will be Common Stock. You may want to refer to the template included at Canvas.