Financial Data of Bob's Bacon House Inc. as of January 1, 20XX

Accounts Payable200,500

Account Receivable165,700

Accumulated Depreciation's350,000

Additional Paid-In Capital40,000

Allowance for Doubtful Accounts2,650

Building and Equipment1,120,000

Cash45,300

Common Stock544,850

Copyrights112,000

Customer Deposits (expected to be paid in 20XX)375

Goodwill225,000

Income Taxes Payable42,340

Inventories @ $25/unit315,250

Long-term Investments in Warren Co.95,630

Deposits With Vendors47,200

Land125,000

Mortgage Payable ($2,780 per month)667,200

2% Notes Payable to Banks (due 20XX)26,000

Notes Receivable (due 20XX)16,000

Patents219,335

Retained Earnings127,500

Trademarks115,000

Twenty-year, 3% Bonds, Due 1/1/20XX600,000

Financial Data of Bob's Bacon House Inc. for the Year 20XX

1Finished Goods inventory purchased from suppliers on account.

2/10/20XX 10,000 units @ $26 each

6/12/20XX 15,000 units @ $28 each

10/23/20XX 12,000 units @ $29 each

11/25/20XX 8,000 units @ $30 each

Bob's Bacon House Inc. uses periodic inventory system and LIFO costing method. All purchases and sales are made on account.

2Payments made to suppliers on account during 20XX are $1,124,450.

3Sales made to customers on account are 49,356 units @ $36 each.

4Cash collected from customers during 20XX is $1,750,700.

5Total interest paid on notes payable and bonds payable amounted to $17,415.

6Rental income on property leased out is $25,650.

7Bob's Bacon House Inc. was operating aretail store in Chicago. Original cost of building and equipment was $120,000 with a book value of $95,000. During 20XX, New York Traders disposed of this store at a loss of $35,800.

8Bob's Bacon House Inc. wants to make an allowance for doubtful debts at 2% on accountsreceivable for the year 20XX.

9Selling and administrative expenses are $128,475. These expenses include $56,000 depreciation expense on building and equipment but exclude bad debts expenses.

10Income tax expense paid is $90,500. Bob's Bacon House income tax rate for 20XX is 30%.

journal, make multistep income statement, and balance sheet