Prepare a comprehensive balance sheet

Assignment Help Accounting Basics

Reference no: EM13764235

The objective is to prepare a comprehensive balance sheet and single-step income statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance sheet (current assets, investment, fixed assets, intangibles, and other assets, as well as current liabilities, long-term liabilities, and the equity sections). Guidelines include the following.

Obtain the list of accounts under the section Course Project Listing of Accounts.
Determine which accounts belong to the balance sheet and which accounts belong to the income statement.
Determine to which subgroup each account belongs.
Arrange the accounts in proper order and functionality.
Prepare a comprehensive balance sheet in good form.
Prepare a single-step income statement in good form.

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
Allowance for 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
Depreciation Expense (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 ($1,500 per 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
Sales Discounts	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 1/1/2015	500,000

Reference no: EM13764235

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