Cash 244000 Cash Equivalents 65000 Accounts Receivable 195000 Allowance for Doubtful Accounts 2500 Short Term Investments 240000 Merchandise Inventory 285000 Supplies Inventory 25000 Prepaid Rent 90000 Prepaid Insurance 0 Long Term Investment (60 ownership) 360000 Land for Future Expansion 400000 Debt Service Fund 950000 Land 400000 Machinery Equipment 4600000 Buildings 3100000 Accumulated Depreciation 542500 Patents 245000 Copyright 123000 Goodwill 75000 Trademark 135000 Derivatives 50000 Deferred Tax Assets 240000 Deferred Pension Assets 230000 Accounts Payable 175000 Income Taxes Payable 95000 Sales Taxes Payable 34000 Dividends Payable 0 Interest Payable 14000 Notes Payable (8 interest rate) 1000000 Mortgage Payable (5 interest rate) 850000 Bonds Payable (6 interest rate) 2500000 Common Stock (1,000,000 shares outstanding) 1000000 Preferred Stock (4 ) 500000 Paid in Capital in Excess of Par Common 1800000 Paid in Capital in Excess of Par Preferred 200000 Retained Earnings Accumulated Other Comprehensive Income 29000 Sales Revenue 9800000 Sales Returns Allowances 37000 Sales Discounts 56000 Cost of Goods Sold 3517000 Selling Expense 482200 General Administrative Expense 2120000 Rent Expense 0 Insurance Expense 136000 Research and Development Expense 120000 Impairment Expense 0 Bad Debts Expense 0 Interest Revenue 22000 Dividend Revenue 35000 Other Expense Interest Expense 95000 Income Tax Expense 0 Gain Loss on Derivatives 0 0 Gain on Sale of investments 44200 Loss on Sale of Machinery 23000 TOTALS 18640700 18640700 Extend, and complete the worksheet and determine net income BEFORE computing income tax expense (Part 14 below) Then create the journal entry for income tax expense, record the entry in the general journal and on the worksheet, extend the amount, and recompute net income Prepare the combined statement of income and other comprehensive income Assume that the number of common shares outstanding has not changed from the beginning to the end of the year Prepare this statement by hand in in perfect form

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Posted on Sep 28, 2024

Cash	244000
Cash Equivalents	65000
Accounts Receivable	195000
Allowance for Doubtful Accounts	2500
Short-Term Investments	240000
Merchandise Inventory	285000
Supplies Inventory	25000
Prepaid Rent	90000
Prepaid Insurance	0
Long-Term Investment (60% ownership)	360000
Land for Future Expansion	400000
Debt Service Fund	950000
Land	400000
Machinery & Equipment	4600000
Buildings	3100000
Accumulated Depreciation		542500
Patents	245000
Copyright	123000
Goodwill	75000
Trademark	135000
Derivatives	50000
Deferred Tax Assets	240000
Deferred Pension Assets	230000
Accounts Payable		175000
Income Taxes Payable		95000
Sales Taxes Payable		34000
Dividends Payable		0
Interest Payable		14000
Notes Payable (8% interest rate)		1000000
Mortgage Payable (5% interest rate)		850000
Bonds Payable (6% interest rate)		2500000
Common Stock (1,000,000 shares outstanding)		1000000
Preferred Stock (4%)		500000
Paid-in Capital in Excess of Par - Common		1800000
Paid-in Capital in Excess of Par - Preferred		200000
Retained Earnings
Accumulated Other Comprehensive Income		29000
Sales Revenue		9800000
Sales Returns & Allowances	37000
Sales Discounts	56000
Cost of Goods Sold	3517000
Selling Expense	482200
General Administrative Expense	2120000
Rent Expense	0
Insurance Expense	136000
Research and Development Expense	120000
Impairment Expense	0
Bad Debts Expense	0
Interest Revenue		22000
Dividend Revenue		35000
Other Expense
Interest Expense	95000
Income Tax Expense	0
Gain / Loss on Derivatives	0	0
Gain on Sale of investments		44200
Loss on Sale of Machinery	23000
TOTALS	18640700	18640700

Extend, and complete the worksheet and determine net income BEFORE computing income tax expense (Part 14 below). Then create the journal entry for income tax expense, record the entry in the general journal and on the worksheet, extend the amount, and recompute net income.
Prepare the combined statement of income and other comprehensive income. Assume that the number of common shares outstanding has not changed from the beginning to the end of the year. Prepare this statement by hand in in perfect form.