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To prepare a comprehensive balance sheet and Single-Step Income Statement presente




Question;To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement Determineto which sub-group each account belongs Arrange the accounts in proper order and functionality Prepare a Comprehensive Balance Sheet in good form dated 12/31/13 Prepare a Single-step Income Statement in good form period ending 12/31/13 The information to useis below: Listing of Accounts: Accounts Payable $197,532 Account Receivable 165,824 Accrued Interest on Notes Payable 500 Accrued Liabilities 9,500 Accumulated Depreciations 341,200 Additional Paid-in Capital 37,500 Administrative Expenses 350,000 Allowancefor doubtful accounts 1,850 Building 975,800 Cash 42,485 Common Stock 400,000 Copyrights 105,000 Cost of Goods Sold 1,000,000 Customer Deposits (expected to be paid next year) 420 Deposits with Vendors (based on a long-term purchase contract) 50,000 DepreciationExpense (40% - Selling, 60% - Administrative) 100,000 Dividend Income 30,000 Goodwill 100,000 Income Tax Expense 82,250 Income Taxes Payable 62,520 Interest Revenue 25,000 Inventories 499,493 Investments in Warren Co. 87,500 Land 125,000 Mortgage Payable ($1,500per month) 308,000 Notes Payable to Banks 50,000 Notes Receivable (due next year) 23,000 Patents 125,000 Preferred Stock, 7% 300,000 Prepaid Expenses 16,252 Rental Income 50,000 Retained Earnings 162,582 Selling Expenses 300,000 Salaries Payable 52,000 SalesDiscounts 120,000 Sales Revenue 2,000,000 Securities (available for sale) ? at fair Market value 28,250 Trademarks 80,000 Twenty-year, 12% Bonds, due 1/1/2014 500,000


Paper#37901 | Written in 18-Jul-2015

Price : $19