OMPREHENSIVE PROBLEM 2 up schemes Mountain Sports, Inc. w of the SEC MS Sesorts, Inc., is a retailer that has engaged you to assist is the per son of its December 31, 2018. Following are the correct e d c hances onder, as of that date. Each balance is thermal balance for that a l balance is the same as the debitor credit side that increases the hal com Lewe Nine The Accounts payable Accounts receivable..... Acumulated .. Shares sed depreciation office equipment.......... na paldin capital common to is payable due December 31, 2021). 12.750 2.600 12.000 13000 22.500 19.200 18.000 100.575 eet? What is vious year? ou explore er favorite mon stock (1.800 shares, $10 par value) Cost of goods sold Deferred income taxes. Dvoreciation expense: office equipment .... Dividends declared... income tax expense.. insurance expense ................. Land.... Merchandise inventory.... Notes payable due December 31, 20191 Office equipment... Orice supplies. Office supplies expense Preferred stock (250 shares. $20 par value). Premium on bonds payable.... Prepaid rent... Rent expense...... Retained earnings (January 2018). Salaries expense...... 2,750 5.000 8.190 900 39.500 17.500 2.500 41.000 500 520 5,000 1.750 1.800 6,100 21.050 88,095 225.000 2.500 3.200 2.250 4.120 Sales Sales returns and allowances... Sales taxes payable Treasury stock (200 common shares at cost), Usities expense. Instructions 1. Prepare an income statement for the year ended December 31, 2018, which includes amounts for gross profit income before income taxes, and net income. List expenses (other than cost of poods sold and income tax expense) in order, from the largest to the smallest dollar balance You may ignore earnings per share. Prepare a statement of retained earnings for the year ending December 31, 2018 Prepare a statement of financial position (balance sheet) as of December 31, 2018, following these guidelines: Include separate asset and liability categories for those items that are current." Include and label amounts for total assets, total liabilities, total stockholders' equity, and total liabilities and stockholders' equity. Present deferred income taxes as a noncurrent liability To the extent information is available that should be disclosed, include the parenthetical disclosure of that information Extra Credit Assignment Accounting 102 Fall 2019 part extra credit assignment. All 3 parts must be completed to earn a grade for this assignment. Part 1 Complete Comprehensive Problem 3 - Mountain Sports, Inc. from the 18th Edition of Williams Haka . Must be handwritten. Word or Excel products will not be accepted. Using 3 column accounting paper is preferable but not a requirement Neatness and precision counts DO NOT complete last bullet at letter C requiring disclosures Follow the format instructions that are delineated for the problem (very important) Points will be deducted if your submission is not stapled Part 2 Discuss in detail, each item in the stockholders' equity section of Mountain Sports, Inc. There are five items that should be part of stockholders' equity. Number you discussions 1.5 Part 3 Discuss in detail the following items included in the financial statements of Mountain Sports, Inc. 1. Gross Profit 2. Accumulated Depreciation 3. Depreciation Expense-Office Equipment 4. Prepaid Rent 5. Premium on bonds payable This extra credit will be worth 12 points added to your grade earned on the final. WARNING! If all 3 parts are not completed, vou will earn zero points for the total assignment. DUE DATE: LAST DAY OF CLASSES (NOT THE FINAL DATE). OMPREHENSIVE PROBLEM 2 up schemes Mountain Sports, Inc. w of the SEC MS Sesorts, Inc., is a retailer that has engaged you to assist is the per son of its December 31, 2018. Following are the correct e d c hances onder, as of that date. Each balance is thermal balance for that a l balance is the same as the debitor credit side that increases the hal com Lewe Nine The Accounts payable Accounts receivable..... Acumulated .. Shares sed depreciation office equipment.......... na paldin capital common to is payable due December 31, 2021). 12.750 2.600 12.000 13000 22.500 19.200 18.000 100.575 eet? What is vious year? ou explore er favorite mon stock (1.800 shares, $10 par value) Cost of goods sold Deferred income taxes. Dvoreciation expense: office equipment .... Dividends declared... income tax expense.. insurance expense ................. Land.... Merchandise inventory.... Notes payable due December 31, 20191 Office equipment... Orice supplies. Office supplies expense Preferred stock (250 shares. $20 par value). Premium on bonds payable.... Prepaid rent... Rent expense...... Retained earnings (January 2018). Salaries expense...... 2,750 5.000 8.190 900 39.500 17.500 2.500 41.000 500 520 5,000 1.750 1.800 6,100 21.050 88,095 225.000 2.500 3.200 2.250 4.120 Sales Sales returns and allowances... Sales taxes payable Treasury stock (200 common shares at cost), Usities expense. Instructions 1. Prepare an income statement for the year ended December 31, 2018, which includes amounts for gross profit income before income taxes, and net income. List expenses (other than cost of poods sold and income tax expense) in order, from the largest to the smallest dollar balance You may ignore earnings per share. Prepare a statement of retained earnings for the year ending December 31, 2018 Prepare a statement of financial position (balance sheet) as of December 31, 2018, following these guidelines: Include separate asset and liability categories for those items that are current." Include and label amounts for total assets, total liabilities, total stockholders' equity, and total liabilities and stockholders' equity. Present deferred income taxes as a noncurrent liability To the extent information is available that should be disclosed, include the parenthetical disclosure of that information Extra Credit Assignment Accounting 102 Fall 2019 part extra credit assignment. All 3 parts must be completed to earn a grade for this assignment. Part 1 Complete Comprehensive Problem 3 - Mountain Sports, Inc. from the 18th Edition of Williams Haka . Must be handwritten. Word or Excel products will not be accepted. Using 3 column accounting paper is preferable but not a requirement Neatness and precision counts DO NOT complete last bullet at letter C requiring disclosures Follow the format instructions that are delineated for the problem (very important) Points will be deducted if your submission is not stapled Part 2 Discuss in detail, each item in the stockholders' equity section of Mountain Sports, Inc. There are five items that should be part of stockholders' equity. Number you discussions 1.5 Part 3 Discuss in detail the following items included in the financial statements of Mountain Sports, Inc. 1. Gross Profit 2. Accumulated Depreciation 3. Depreciation Expense-Office Equipment 4. Prepaid Rent 5. Premium on bonds payable This extra credit will be worth 12 points added to your grade earned on the final. WARNING! If all 3 parts are not completed, vou will earn zero points for the total assignment. DUE DATE: LAST DAY OF CLASSES (NOT THE FINAL DATE)