Accounting Assignment - Financial Statements and Gross Profit

Review the transactions and financial position of Ma and Pa Grocery as of December 31, 20##, in the Excel Template.

Requirements:

1.    Prepare the Income Statement for the period ending December 31, 20##.

2.    Prepare the Statement of Retained Earnings for the period ending 12/31/20##.

3.    Prepare the Balance Sheet for the period ending 12/31/20##.

4.    Calculate the gross profit % for the year.

5.    Calculate the current ratio for the year.