Extracted text: Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020. SOLAR SOLUTIONS Adjusted Trial Balance 12/31/2020 2020 2019 Account Title Adjusted Trial Balance Post-Closing Trial Balance Debit Credit Debit Credit Cash $ 122,200 55,000 125,600 Accounts Receivable 35,000 Prepaid Insurance 5,000 6,000 |Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par 46,000 15,600 63,000 47,000 59,000 21,000 21,000 16,000 11,200 16,800 2,600 2,700 2,000 4,000 31,000 22,100 240,000 160,000 Retained Earnings 28,600 28,600 Dividends 10,000 Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense 235,000 127,600 20,000 36,000 Insurance Expense 11,800 Advertising Expense Depreciation Expense Interest Expense 6,000 5,000 1,800 Income Tax Expense 3,000 $ 571,400 $ 571,400 $ 250,200 250,200 Transaction Data for 2020 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment $ 6,000 Cash paid for purchase of tools Acquisition of Machinery with Notes Payable-Long-term 10,000 38,000 Payment on Long Term Debt Cash payment of dividends ? 10,000 Cash receipt from issuance of 10,000 shares of common stock 80,000
Extracted text: Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Using examples from your textbook, or online research, prepare the Solar Solutions multi-step income statement for the year ended December 31, 2020. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 1 decimal place.) 2. Prepare the Solar Solutions balance sheet for December 31, 2020. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 1 decimal place.) 3. Prepare the Solar Solutions statement of cash flows for the year ended December 31, 2020. Use the indirect method. Your textbook has examples of this.