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:               Account Title:                    Balance:

Accounts Payable 110 Income Tax Expense 420

Accounts Receivable 360 Income Tax Payable 190

Accum. Amort. - Copyright 40 Interest Expense 45

Accum. Amort. - Patent 20 Interest Payable 25

Accum. Depl. - Gold Mine 80 Interest Receivable 4

Accum. Depr. - Bldngs. 300 Interest Revenue 10

Accum. Depr. - Equip. 220 Investment Income 620

Adjustment to Market-AFS Sec (debit balance) 35 Land 360

Administrative Expenses 950 Long-Term Investment in Subsidiary 2,760

Allowance for Bad Debts 50 Loss on Sale of AFS Sec. 15

APIC-Common 220 Merchandise Inventory 280

APIC-Preferred 80 Mortgage Note Payable (30-year) 390

APIC-Treasury 90 Notes Receivable (short-term) 70

Available for Sale Securities (short-term) 440 Patent 95

Bonds Payable (15 year) 650 Preferred Stock 400

Buildings 1,200 Prepaid Insurance 110

Cash 520 Rental Revenue 380

Cash Dividends Declared 240 Retained Earnings (Beg Bal) 625

Common Stock 800 Salaries Payable 300

Common Stock Dividend Distributable 120 Sales 9,860

Copyright 60 Sales Discounts 200

Cost of Goods Sold 4,014 Sales Returns & Allowances 740

Discount on Bonds Payable 140 Selling Expenses 1,400

Dividend Revenue 20 Short-Term Notes Payable 140

Dividends Payable 130 Stock Dividends Declared 180

Equipment 740 Supplies 80

FICA Taxes Payable 140 SUTA Taxes Payable 60

FUTA Taxes Payable 20 Treasury Stock 175

Gain on Disposal of Plant Assets 40 Unealized Gain on Valuation of AFS 35

Gold Mine 550 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.

Attachment:- Assignment.rar