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GeneralProducts Inc is incorporated in Nevada, USA on Jan 1,2013 to takeover a local retail chain. The objective of the compan suuply goods of every day use to customers at the most competitive prices. GeneralProducts has chain of stores throughout USA. The retial operations of the company are so designed that customers can shop seamlessly in stores and online. objective of the company is to of stores throughout s and online. 1 Amortization on Trade Marks 2 Premium expense 3 Estimated Liability for premiums 4 Interest Expense 5 Issue Price of 5% Bonds 6 Loss/Gain on redemption of 6% Bonds 7 Depreciation Expense 8 Carrying Value of 5% Bonds Payable on 12/31/2016 9 Inventory 10 Inventory of Premiums 11 Selling and Administrative Expenses 12 Accounts Receivable 13 Accounts Payable 14 Interest payable 15 Cash Balance GeneralProducts INC. Income Statement For the Period of January 1 - December 31,2016 Revenues: Operating Income Other Revenues and Expenses Other Gains and Losses Net Income GeneralProducts Inc. Statement of Retained Earnings For the Period of January 1 - December 31,2016 Beginning Balance Net Income Ending Balance December 31,2016 d Earnings December 31,2016 GeneralProduc Balance Sh As Of December Current Assets: Cash Accounts Receivable Inventory Inventory of Premiums Total Current Assets Long Term Investments Total Long Term Investments Property, Plant and Equipment: Less: Accumulated Depreciation Land Total Property Plant and Equipment Intangible Assets: Trademarks Less Amortization Total Intangible Assets Total Assets GeneralProducts Inc. Balance Sheet As Of December 31, 2016 Current Liabilibities: Accounts Payable Interest Payable Liability for Premiums and Coupons Total current Liabilities Long-term Liabilities: 5% Bonds Payable Unamortized Discount Total Long-term Liabilities Total Liabilities Stockholders' Equity Paid in Capital Common Stock APIC- Common Stock Total Paid in Capital Retained Earnings Total Stockholders' Equity Total Equity and Liabilities Journal Entries ( explantion not needed) Description 1 2 3 4 5 6 7 8 9 10 11 12 13 Dr. Cr. 14 15 16 17 18 19