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Texas A & M University Classified Balance Sheet Worksheet

Daniel Kevins

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Present the financial statements in good order using correct headers, columns, subtotals, with the accounts in correct order. Do not forget to put the appropriate headings on all financial statements. You are expected to submit work that contains all the requisite headings, subheadings, totals, general format, correct order of accounts, etc.

Instructions: Using the worksheets that follow this one, prepare in good form: (read notes at bottom also)
2020 Year-End Financial Statements for Botswana Tea Company, Inc.
1.) Multi-step IncomeStatement
2.) Statement of Retained Earnings
3.) Classified Balance Sheet
Notes: 1. This account represents the income tax expense for continuing operations.
2. The company disposed of their flavored water division this year.
The account balances above are shown net of the applicable income tax:
Income tax expense applicable to Water Division income: $5,750
Income tax expense applicable to Water Division disposal: $1,480
3. All stock is both issued and outstanding.
4. Expenses related to the store and to selling are listed as selling expenses.
(Most of the expenses are administrative.)

Cash value life insurance = Long-Term Investment
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