Account 451

ACCOUNTING INFORMATION SYSTEMS (ACCT 451) McAllister Manufacturing Required: The information presented by McAllister Manufacturing is its chart of accounts with balances, all of which are normal. Any revenue, expense, gain, loss, or dividends information represents data covering one entire year, 2019, from January 1 until December 31. 1. Prepare McAllister's Income Statement. 2. Prepare McAllister's Classified Balance Sheet. McAllister Manufacturing Ledger Accounts (Account Balances Included) December 31, 2019 Cash $ 80.000 Note Rec 60,000 LT Invests 50,000 Machinery 500,000 Accts Payable 170,000 Curr LT Debt 10,000 Com Stk nopar 400,000 Sales Rev 1,459,200 Gn & Am Exp 147,800 Interest Inc 12,400 Inc Tax Exp 59,900 Accts Receiv $200,000 Inventories 300,000 Land 120,000 Accum Depreciation (450,000) Salaries Payable 40.000 LT Note Payable 90,000 Ret. Earns, 12/31/18 140,000 Cost of Goods Sold 832,600 R & D Exp 55.000 Interest Exp 25,900 Lss fm Op, Disc Comp 7,600 Allw fr Bd Des ($ 20,000) Prep Expenses 30,000 Buildings 550.000 Patent 50,000 Interest Payable 10,000 Bonds Payable 500.000 Dividends (4,300) Selling Exp 123,500 Restructuring Costs 125,000 Gn on Sale of Invest 18.000 Tx Ben fm Disc Com 2,000