HI, I need to make sure this is correct , I did everything,but I need an experts opinion. I need 100% on this Thanks V/R SMF: Here is the main info and attached is my X-L file ;) Balance Sheet and Single-Step Income Statement: . The accounts will be comprised of all the various sub-groupings in the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles and Other Assets. As well as Current Liabilities, Long-term Liabilities and the Equity sections).? 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 Course Project Listing of Accounts: Accounts Payable $197,532 Account Receivable 165,824 Accrued Interest on Notes Payable 500 Accrued Liabilities 9,500 Accumulated Depreciations 341,200 Additional Paid-in Capital 37,500 Administrative Expenses 350,000 Allowance for doubtful accounts 1,850 Building 975,800 Cash 42,485 Common Stock 400,000 Copyrights 105,000 Cost of Goods Sold 1,000,000 Customer Deposits (expected to be paid next year) 420 Deposits with Vendors (based on a long-term purchase contract) 50,000 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

Fialho Company Balance Sheet As of December 20XX Assets Current assets: Cash Securities (available for sale)-at fair Market value Account Receivable $165,824 Less: Allowance for doubtful accounts 1,850 Inventories Prepaid Expenses Total Current Assets Long-term Investments: Investments in Warren Co. Property Plant & Equipment Land -at cost Building - at cost $975,800 Less: Accumulated Depreciations 341,200 Total property plant and equipmemt Intangible Assets: Goodwill Patents Copyrights Trademarks Total intangible assets Other assets: Notes Receivable (due next year thus,non current) Deposits with Vendors Note:(based on long term purchase contract) Total other assets: Total Assets: Liabilities and Stockholders' Equity Current liabilities Notes Payable to Banks Accounts Payable Accrued Interest on Notes Payable Income Taxes Payable Salaries Payable Mortgage payable - current portion Accrued Liabilities Total current liabilities Long-term liabilities Customer Deposits (expected to be paid next year) Mortgage Payable Twenty-year, 12% Bonds, due 1/1/2013 Total long-term liabilities Total liabilities Stockholders equity Preferred Stock, 7% Common Stock Additional Paid-in Capital Retained Earnings Total stockholders' equity Total liabilities and stockholders equity $42,485 28,250 163,974 499,493 16,252 $750,454 $87,500.00 125,000 634,600 $759,600.00 100,000 125,000 105,000 80,000 $410,000.00 23,000 $50,000.00 $73,000.00 $2,080,554 50,000 $197,532 500 62,520 52,000 18,000 9,500 $390,052.00 $420.00 $290,000 500,000 $790,420.00 1,180,472 $300,000 400,000 37,500 162,582 $900,082 2,080,554 - REVENUES Net sales Interest Revenue Dividend Income Rental Income Total revenues Fialho Company Single-Step Income Statement For the Year Ended December 31,2012 EXPENSES Cost of Goods Sold $1,000,000.00 Administrative Expenses$350,000.00 Selling Expenses $300,000.00 Depreciation Expense: $100,000.00 (40% - Selling, 60% - Administrative) Total expenses: Earnings before Taxes Income Tax Expense: Net Income: FIALHO COMPANY AMOUNT SINGLE STEP INCOME STATEMENT FOR YEAR ENDING 2012 $1,880,000 $25,000.00 $30,000.00 $50,000.00 $1,985,000 AMOUNT REVENUE Net sales Interest Revenue Dividend Income Rental Income Total revenues EXPENSES Cost of Goods Sold $1,750,000.00 $235,000.00 $82,250.00 $152,750.00 Administrative Expenses Selling Expenses Depreciation Expense (40% - Selling, 60% Administrative) Income Tax Expense Total Expenses NET INCOME AMOUNT $1,880,000 $25,000.00 $30,000.00 $50,000.00 $1,985,000.00 AMOUNT $1,000,000.00 $350,000.00 $300,000.00 $100,000.00 $82,250.00 $1,832,250.00 $152,750.00 Fialho Company Income Statement as of December 20XX Sales Revenue Sales Discounts Net sales revenue Cost of Goods Sold Gross profit $2,000,000.00 $120,000.00 Less: Operating expenses Selling Expenses Selling Expenses Depreciation expenses $60,000.00 Total selling expenses Administrative expenses Administrative Expenses Depreciation expenses $40,000.00 Total administrative expenses Total operating expenses Total operating income Other operating income Rental Income Dividend Income $30,000.00 Interest Revenue $25,000.00 Earnings before taxes Income Tax Expense Net income $1,880,000.00 $1,000,000.00 $880,000.00 $300,000.00 $360,000.00 $350,000.00 $390,000.00 $750,000.00 $130,000.00 $50,000.00 $105,000.00 $330,000.00 $82,250.00 $247,750.00