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FINANCIAL STATEMENT PROJECT ASSIGNMENT #5
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FINANCIAL STATEMENT PROJECT
ASSIGNMENT #5
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
Unealized 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.

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