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Business · Accounting
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6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial Balance 31-Dec-18 Debit Credit 185,000 14,250 Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciatbn - Equipment Building Accumulated Deperciaton- Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock$0.10 APIC Retained Earnings Sales Revenue coss Selling Expenses Administratve Expenses Income Tax Expense 48,000 2,400 275,000 180,000 195,000 29,500 355,000 275,000 125,000 1,000 145,000 84,000 289,300 245,000 286,000 75,000 $2,049,950 2,049,950 EXCEL => Use of EXCEL is required. Create your own EXCEL file to complete the five requirements (below). Then > into WORD (Refer to example on page 3 Required: 1. 2. 3. 4. 5. Prepare the Income Statement (Multiple Step Format) Prepare the Statement of Retained Earnings Prepare the Balance Sheet (Classified Format) Prepare the necessary year-end closing entries Prepare the Year End Trial Balance

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