INSTRUCTIONS: You must complete the test in PENCIL ONLY. Writing in pen will result in an AUTOMATIC 5-point deduction, as indicated on the syllabus. Complete all sections according to the given instructions. For incorrect answers in sections OTHER THAN matching and multiple choice, partial credit is often awarded based on the quality of your work. I do NOT look at scratch paper. If you want the opportunity to earn partial credit, your work MUST be on the test paper ong with your corresponding answer. If you answer a question incorrectly and you do not show work, you will not earn any points for that answer The following accounts (in no particular order) are for Perfect Reb Corporation for the fiscal year ended December 31, 2017. (S/T-Short-Term; UT Long-Term) REQUIRED: A) Calculate Perfect Reb Corporation's net income or net loss for the 2017 fiscal year. It is HIGHLY RECOMMENDED that your work follow the format of a multiple step income statement B) Using proper form, prepare Perfect Reb Corporation's balance sheet for 2017. Using the information provided, solve for the requested ratios. $52,000 Sales Discounts $5,000 Common Stock (13,000 shares outstanding) Accrued Expenses (Payables) 20,000 Income Tax Expense (25% of IBIT) ?????? Miscellaneous Operating Expenses 50,000 Cash 142,000 Accounts Receivable 20,000 Interest Expense 4,000 Buildings 186,000 Marketable Securities 62,000 Retained Earnings ?????? Notes Payable (due in 5 years) 12,000 Wages Expense 60,000 Rent Expense 11,000 Inventory 40,000 Unearned Revenue 19,000 Accumulated Depreciation - Buildings 48,000 15,000 Allowance for Uncollectible Accounts Sales Accounts Payable 41,000 433,000 Gain on Sale of Equipment 62,000 Mortgage Payable ($12,000 S/T) 144,000 Land 50,000 Sales Returns & Allowances 12,000 Bad Debt Expense 2,000 Depreciation Expense 11,000 4/T Investments 7,000 Cost of Goods Sold 109,000 Notes Receivable ($2,000 S/T) 13,000 Interest Revenue 3,000