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 1/1/2013 500,000
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 sub-group 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