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6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted...

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6. (10 points) Preparing financial statements from an adjusted trial balance. North Star Inc. Adjusted Trial Balance 31-Dec-18 Debit Credit 185,000 14,250 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (as of 12/31/18) Supplies Equipment Accumulated Deperciatbn - Equipment Building Accumulated Deperciatbn- Building Land Accounts Payable Salaries and Wages Payable Mortgage Payable Common Stock $0.10 APIC Retained Earnings Sales Revenue COGS Selling Expenses Administrative Expenses Income Tax Expense 48,000 2,400 275,000 180,000 355,000 195,000 275,000 29,500 4,500 125,000 1,000 145,000 84,000 1,285,000 289,300 245,000 $ 286,000 75,000 2,049,9502,049,950 Required: 1. Prepare the Income Statement (Multiple Step Format) 2. Prepare the Statement of Retained Earnings 3. Prepare the Balance Sheet (Classified Format) 4. Prepare the necessary year-end closing entries 5. Prepare the Year End Trial Balance

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