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Prepare a balance sheet as of december

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Reference no: EM131794352

The trial balance for Domenico, Inc. as of December 31, 2014 is given below.

Additional information:

The restructuring liability is 60% current. The notes payable are due in 2018.

The company accountant erroneously failed to record the expiration of prepaid insurance of $6,000.

Noncontrolling interest in income is $12,500

No provision has been made for income taxes. Income tax expense is 30% of income from continuing operations before tax (round to nearest dollar).

There were 100,000 common shares outstanding at all times during the year.

Required: On the labelled tabs, prepare a balance sheet as of December 31, 2014 and an income statement for the year then ended. The financial statements should be in proper format.

Accounts Payable
    107,619.00
Accounts Receivable     215,310.00
Accrued Payables
     63,381.00
Accumulated Depreciation
    359,445.00
Additional Paid-in Capital
     82,568.00
Administrative Expense     226,547.00
Allowance for Bad Debts
      8,400.00
Cash     169,384.00
Common Stock
     20,000.00
Cost of Goods Sold     853,427.00
Deferred Revenue (current)
     16,000.00
Dividends      22,000.00
Goodwill     180,000.00
Interest Expense      62,000.00
Inventory      472,911.00
Investments     148,200.00
Loss on Discontinued Operations (net of tax)      14,300.00
Non-controlling interest in net assets
     31,600.00
Notes Payable
    900,000.00
Plant and Equipment    1,345,377.00
Preferred Stock
     10,000.00
Prepaid Insurance      36,000.00
Restructuring Expense     126,400.00
Restructuring Liability
    100,000.00
Retained Earnings, January 1, 2014
    836,422.00
Sales
  1,557,360.00
Selling Expense     143,945.00
Supplies      14,665.00
Treasury Stock (common)      62,329.00




    4,092,795.00    4,092,795.00

Reference no: EM131794352

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