11 Company Name I really love Accouting 12 As of September 30, 2020 13 14 Debit Credits 15 16 Cash 55,000 17 Short term Investment 57,500 18 Accounts Receivable 92,000 19 Allowance for Doubtful Accounts 4,000 20 Additional Paid in Capital - Preferred 14,000 21 Inventory 154,000 22 Automobiles 27,000 23 Buildings 410,000 24 Land 282,000 25 Equipment 109,500 26 Accumulated Dep - Buildings 256,000 27 Accumulated Dep - Equipment 73,000 28 Accumulated Dep - Automobiles 21,000 29 Patent 4,500 30 Sales 301,000 31 Sales Returns 4,500 32 Non Controlling Interest 5,000 33 Cost of Goods Sold 134,000 34 Accounts Payable 64,000 35 Wages Payable 14,000 36 Long-Term Note 214,000 37 Retained Earnings, Beginning 301,000 38 Common Stock 261,000 39 Additional Paid in Capital-Common 24,000 40 Treasury Stock 3,800 41 Wage Expense 31,500 42 Rent Expense 8,000 43 Utilities Expense 6,500 44 Depreciation Expense 15,000 45 Employee Benefit Expense 4,000 46 Advertising Expense 6,400 47 Preferred Stock 37,000 48 Credit Card Expense 3,900 49 Sales Discount 3,700 50 Supplies Expense 4,000 51 Accumulated Comprehensive Income 7,000 52 Insurance Expense 4,000 53 Rental Revenue 6,500 54 Interest Expense 1,500 55 Dues Expense 750 56 Uneared Revenues 6,800 57 Prepaid Insurance - Current 4,250 58 Auto Expense 7,000 59 Interest Income 1,000 60 Good Will 163,500 61 Additional Paid in Capital - Treasury 1,500 62 63 Totals 1,604,800 1,604,800 64 65 66 Important Notes 67 68 1. The income tax rate is 05% 69 2. $25,000 of the long-term note payable is due in the current year 70 3. The investment account is considered short-term in nature 71 4. At this point no taxes have been accrued 72 5.When I made this linked my spreadsheet so you may have some small rounding 73 6. List the expenses in order of magnitude (biggest first) 74 7. A cash dividend for $13,000 was declared on 9-29-2020 to be paid 10-7-2020 75 8. The company uses the FIFO inventory method 76 9. Based on the Accounts receivble aging method the allowance should be 7,000 77 78 Project: 79 80 1. Make a Balance Sheet in Good Form 81 2. Make an Income Statement in Good Form 82 3 Make a Statement of Equity 83