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Balance Sheet and Single-Step Income Statement 07:39 PM MT 02/12/2017 Listen What's this? Objective The objective is to test student skills in using the given financial data to prepare a comprehensive balance sheet and multi-step income statement in good form .The given financial data will be comprised of all the various subgroupings that are reported in a multi-step income statement and balance sheet (operating revenues and expenses, other revenues and expenses and irregular items, current assets, investment, fixed assets, intangibles, current liabilities, long-term liabilities, and the equity sections). Guideline Read the given financial data of New York Traders Inc. Determine which accounts belong to the balance sheet and which accounts belong to the income statement. Determine to which subgroup of balance sheet or income statement each account belongs. Compute the correct account balances that should be reported in balance sheet and correct amounts of revenues and expenses that should be reported in income statement. Arrange the accounts in proper order and functionality. Prepare a comprehensive balance sheet in good form. Prepare a multi-step income statement in good form. Put the Course Project in the Dropbox for the project in Week 7. Grading Rubric Category Point s Making proper selection of accounts relative to the balance sheet or the income statement 10 From the provided listing of accounts, determine which accounts are balance sheet accounts and which accounts are income statement accounts. Putting the accounts into the proper subgroup according to functionality 15 Each account belongs to a particular subgroup. The student is to determine to which subgroup the account belongs. This should be done according to functionality. Prepare the balance sheet in good form with correct amount of financial items. 30 Proper form is important in the preparation of the balance sheet. Examples can be found in the text. Prepare the income statement in good form with correct amount of financial items. 30 Proper form is important in the preparation of the income statement. Examples can be found in the text. Showing full work of computation to arrive at the correct amount of financial items 15 A quality paper will meet or exceed all of the above requirements. Total 100 % Description 100 % Financial Data of New York Traders Inc. as of January 1, 2016 Accounts Payable 200,500 Account Receivable 165,700 Accumulated Depreciations 350,000 Additional Paid-In Capital 40,000 Allowance for Doubtful Accounts 2,650 Building and Equipment 1,120,00 0 Cash 45,300 Common Stock 544,850 Copyrights 112,000 Customer Deposits (expected to be paid in 2017) 375 Goodwill 225,000 Income Taxes Payable 42,340 Inventories 315,250 Long-term Investments in Warren Co. 95,630 Deposits With Vendors 47,200 Land 125,000 Mortgage Payable ($2,780 per month) 667,200 2% Notes Payable to Banks ( due 2017) 26,000 Notes Receivable (due 2017) 16,000 Patents 219,335 Retained Earnings 127,500 Trademarks 115,000 Twenty-year, 12% Bonds, Due 1/1/2020 600,000 Financial Data of New York Traders Inc. for the Year 2016 1 Finished Goods inventory purchased from suppliers on account. 2/10/2016 10,000 units @ $26 each 6/12/2016 15,000 units @ $28 each 10/23/2016 12,000 units @ $29 each 11/25/2016 8,000 units @ $30 each New York Traders Inc. uses periodic inventory system and LIFO costing method. All purchases and sales account. 2 Payments made to suppliers on account during 2016 are $1,124,450. 3 Sales made to customers on account are 49,356 units @ $36 each 4 Cash collected from customers during 2016 is $1,750,700 5 Total Interest paid on Notes Payable and Bonds Payable amounted to $17,415 6 Rental Income on property leased out $ 25,650 7 New York Traders Inc. was operating a retail store at Chicago. Original cost of building and equipment wa with a book value of $95,000. During 2016 New York Traders disposed of this store at a loss of $35,800. 8 New York Traders Inc. wants to make an allowance for doubtful debts at 2% on accounts receivable for th 9 Selling and Administrative expenses are $128,475. These expenses include $56,000 depreciation expense and Equipment but exclude bad debts expenses. 10 Income Tax Expense paid is $90,500. New York Traders Income Tax Rate for 2016 is 30%. NEW Y0RK TRADERS INC. Multi-Step Income Statement For the Period of January 1 - December 31,2016 Gross Profit Operating Income Income from continuing operations Net Income NEW Y0RK TRADERS INC. Statement of Retained Earnings For the Period of January 1 - December 31,2016 Beginning Balance Net Income Ending Balance New York Traders Inc. Balance Sheet As Of December 31, 2016 Current Assets: Total Current Assets Long-term Investments: Total Long-term Investments Property, Plant and Equipment: Total P, P, & E Goodwill: Total Goodwill Intangible Assets: Total Intangible Assets Other Assets: Total Other Assets Total Assets New York Traders Inc. Balance Sheet As Of December 31, 2016 Current Liabilibities: Long-term Liabilities: Mortgages Payable `3% Bonds Payable Stockholders' Equity: Capital Stock Retained Earnings Total Equity and Liabilities Total Current Liabilities Total Long-term Liabilities Total Liabilities Total Capital Stock Total Equity 1 Sales Revenue 2 Cost of Goods Sold (LIFO) 3 Interest Expense 4 Bad debts expense 5 Inventory 6 Accounts Payable 7 Cash balance 8 Cash Proceeds receiced from sale of Chicago store 9 Income Tax Payable 10 Building and Equipment 11 Accumulated Depreciation