Module 03 Written Assignment – The Balance Sheet Review the account balances of Ma and Pa Grocery a

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Module 03 Written Assignment – The Balance Sheet

Review the account balances of Ma and Pa Grocery as of December 31, 20##, in the Excel Template.

Requirements:

    1. Prepare the Statement of Retained Earnings for the period ending December 31, 20##.
    2. Prepare the Balance Sheet as of December 31, 20##.
    3. Calculate the current ratio for the year

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Module 3 Assignment: Prepare the statement of retained earnings and balance sheet for Ma and Pa Grocery as of December 31, 20XX. Calculate the current ratio for the year. Sales Revenue Equipment Accounts Payable Sales Discounts Advertising Expense Interest Expense Wages Payable Accounts Receivable Building Common Stock Sales returns and Allownaces Utilities Expense Inventory Commission Expense Cost of goods sold Accumulated depreciation-equipment Unearned sales revenue Prepaid Rent Office salaries expense Accumulated depreciation-building Rent Expense Dividends cash retained earnings dielivery expense insurance expense mortgage payable(long term) Supplies 322,800 104,000 16,500 2,200 12,600 1,700 1,600 6,900 140,000 35,000 6,700 10,300 16,400 22,300 158,400 26,400 2,500 1,200 52,000 40,500 5,800 14,000 7,800 87,600 1,300 5,700 37,000 600 Requirements: 1 Prepare the Statement of Retained Earnings for the period ending 12/31/20XX. Assume a net income of $43 Ma and Pa Grocery Statement of Retained Earnings For the year ending 12/31/20XX Retained Earnings, 1/1/20XX Plus: Net Income Less: Dividends Net Increase in Retained Earnings Retained Earnings, 12/31/20XX 2 Prepare the Balance Sheet for the period ending 12/31/20XX. Ma and Pa Grocery Balance Sheet 12/31/20XX ASSETS Current Assets: Cash Accounts Receivable Inventoru Supplies Prepaid Rent Total Current Assets Fixed Assets: Equipment Less: Accumulated Depreciation, Equipment Building Less: Accumulated Depreciation, Building Total Assets 3 Current Liabilities: Accounts Payable Wages Payable Unearned Sales Revenue Total Current Liabilitie Long-Term Liabilities: Mortgage Payable Total Liabilities STO Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockho Calculate the current ratio for the year. Show your work. Formula: Current Assets / Current Liabilities Current Ratio = December 31, 20XX. X. Assume a net income of $43,800. Grocery Sheet 20XX LIABILITIES Current Liabilities: Accounts Payable Wages Payable Unearned Sales Revenue Total Current Liabilities Long-Term Liabilities: Mortgage Payable Total Liabilities STOCKHOLDER'S EQUITY Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity sets / Current Liabilities
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Module 3 Assignment:
Prepare the statement of retained earnings and balance sheet for Ma and Pa Grocery as of December 31, 20XX.
Calculate the current ratio for the year.
Sales Revenue
Equipment
Accounts Payable
Sales Discounts
Advertising Expense
Interest Expense
Wages Payable
Accounts Receivable
Building
Common Stock
Sales returns and Allownaces
Utilities Expense
Inventory
Commission Expense
Cost of goods sold
Accumulated depreciation-equipment
Unearned sales revenue
...


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