FINANCIAL STATEMENT PROJECT ASSIGNMENT
Below is the trial balance of Stellar Corporation on December 31, 2015. The accounts are listed in alphabetical order, and all accounts have normal balances.
|
Account Title:
|
Balance
|
|
Accounts Payable
|
110
|
|
Accounts Receivable
|
360
|
|
Accum. Amort. - Copyright
|
40
|
|
Accum. Amort. - Patent
|
20
|
|
Accum. Depl. - Gold Mine
|
80
|
|
Accum. Depr. - Buildings
|
300
|
|
Accum. Depr. - Equip.
|
220
|
|
Adjustment to Market-AFS Sec (debit balance)
|
35
|
|
Administrative Expenses
|
950
|
|
Allowance for Bad Debts
|
50
|
|
APIC-Common
|
220
|
|
APIC-Preferred
|
80
|
|
APIC-Treasury 90 Notes Receivable (short-term)
|
70
|
|
Available for Sale Securities (short-term)
|
440
|
|
Bonds Payable (15 year)
|
650
|
|
Buildings
|
1,200
|
|
Cash
|
520
|
|
Cash Dividends Declared
|
240
|
|
Common Stock
|
800
|
|
Common Stock Dividend Distributable
|
120
|
|
Copyright
|
60
|
|
Cost of Goods Sold
|
4,014
|
|
Discount on Bonds Payable
|
140
|
|
Dividend Revenue
|
20
|
|
Dividends Payable
|
130
|
|
Equipment
|
740
|
|
FICA Taxes Payable
|
140
|
|
FUTA Taxes Payable
|
20
|
|
Gain on Disposal of Plant Assets
|
40
|
|
Gold Mine
|
550
|
|
Income Tax Expense
|
420
|
|
Income Tax Payable
|
190
|
|
Interest Expense
|
45
|
|
Interest Payable
|
25
|
|
Interest Receivable
|
4
|
|
Interest Revenue
|
10
|
|
Investment Income
|
620
|
|
Land
|
360
|
|
Long-Term Investment in Subsidiary
|
2,760
|
|
Loss on Sale of AFS Sec.
|
15
|
|
Merchandise Inventory
|
280
|
|
Mortgage Note Payable (30-year)
|
390
|
|
Notes Receivable (short term)
|
70
|
|
Patent
|
95
|
|
Preferred Stock
|
400
|
|
Prepaid Insurance
|
110
|
|
Rental Revenue
|
380
|
|
Retained Earnings (Beg Bal)
|
625
|
|
Salaries Payable
|
300
|
|
Sales
|
9,860
|
|
Sales Discounts
|
200
|
|
Sales Returns & Allowances
|
740
|
|
Selling Expenses
|
1,400
|
|
Short-Term Notes Payable
|
140
|
|
Stock Dividends Declared
|
180
|
|
Supplies
|
80
|
|
SUTA Taxes Payable
|
60
|
|
Treasury Stock
|
175
|
|
Unrealized Gain on Valuation of AFS
|
35
|
|
Unearned Rental Revenue
|
18
|
REQUIRED:
Prepare the financial statements for the year for Stellar Corporation--a multi-step income statement, a statement of retained earnings, and a classified balance sheet.