TBS Communications reported the following figures from its adjusted trial balance for its second year...
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TBS Communications reported the following figures from its adjusted trial balance for its second year of business, which ended on December 31, 2020: Cash $ 4000 Cost of Goods Sold $ 14,000 1,500 12,000 Selling Expenses Accounts Payable Equipment Accrued Liabilities 4,250 2,000 Common Stock 4,400 Net Sales Revenue 31,000 700 Accounts Receivable 3,500 1,300 Notes Payable, long-term Merchandise Inventory Retained Earnings, Jan. 1 Accumulated Depreciation - Equipment Interest Expense 50 Administrative Expenses 4,500 1,500 7,000 1. Prepare TBS Communications's multi-step income statement for the year ended December 31, 2020. 2. Prepare TBS Communications's statement of retained earnings for the year ended December 31, 2020. Assume that there were no dividends declared during the year. 3. Prepare TBS Communications's classified balance sheet at December 31, 2020
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