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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.
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
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
Notes Receivable (due next year)
23,000
Patents
Preferred Stock, 7%
300,000
Prepaid Expenses
16,252
Rental Income
Retained Earnings
162,582
Selling Expenses
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
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