Presented below is a list of the accounts and balances of Wildcat Corporation at December 31, 2018

Debits Credits

Accounts Payable $212,000

Accounts Receivable $295,500

Accrued Liabilities 35,000

Accumulated Depreciation - Buildings 82,000

Accumulated Depreciation - Equipment 28,000

Additional Paid-in Capital 55,000

Administrative Expenses 480,000

Advances to Employees 12,500

Allowance for Doubtful Accounts 15,500

Bonds Payable (1/4 due 2019) 400,000

Buildings 490,000

Cash - Chase Bank 15,000

Cash - Fifth Third Bank 198,500

Common Stock ($10 par) 600,000

Copyrights 75,000

Cost of Goods Sold 2,895,000

Dividends 60,000

Equipment 350,000

Gain on Sale of Assets 29,000

Goodwill 120,000

Income from operations of discontinued division 85,000

Income Tax Expense 118,200

Income Taxes Payable 118,200

Interest Expense 115,000

Inventories 310,000

Investments in Bonds 175,000

Investments in Stocks 115,000

Land 150,000

Long-term Notes Payable 350,000

Loss from disposal of division 110,000

Prior Period Adjustment -- Benefits Expense 60,000

Retained Earnings 197,000

Sales 5,125,000

Selling Expenses 1,245,000

Short-term Notes Payable 30,000

Trading Securities (at cost, $76,500) 90,000

Treasury Stock (2,500 shares) 32,000

Totals $7,436,700 $7,436,700

Note:

Assume a 30% effective tax rate on all items for the year.

A preliminary estimate of accrued income taxes has been recorded and is included in the trial balance above.

If this is not the correct amount of tax expense, you will need to make an additional adjusting entry.

Investments in Bonds are considered "held to maturity"; Investments in Stocks are considered "available for sale"

Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM

1. Multi-step Income Statement with EPS calculations.

2. Statement of Stockholder's Equity (no new shares were issued during the year)

3. Classified Balance Sheet

(All statements should be prepared according to GAAP and in "good form" (proper format, alignment, spelling, $ signs, underlines, etc.))

Problem 2-Financial Statements-(40 points) Presemed below is a list of thhe accounts and balances of Wildeat Corporation at December 31, 2018 Assume @ 30% efective tax rate on all items for the ye.t A preliminary esimate of accrucd income faxes hes been recerdind and is nclaed in the trial balamce ah If this is not the cerrect amount ef x expense, yow will mend to make an enl adjoing ma Investments in Bonds are considered "held be maturity". Investment, im Sods-e camidn' 1.Me for sele- Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM I. Multi-step Income Statement with EPS calculations 2. Statement of Stockholder's Equity (no new shares were issued during the yeari) 3. Classified Balance Sheet All shatemewts sbould be prepared acconding to GAAP and in good form" (por formt olligoment spelling S sige s,. Investments in Bonds oss from disposal of division Retained Earnings rading Securities (at cost, $76,500 Notei Assume a 30% effective tax rate on all items for the year. Apreliminary estimate of accrued income taxes has been recorded and is included in the trial balance above. If this is not the correct amount of tax expense, you will need to make an additional adjusting entry Investments in Bonds are considered "held to maturity ": Investments in Stocks are considered "available for sale Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM Multi-step Income Statement with EPS caleulations. Statement of Stockholder's Equity (no new shares were issued during the year) Classified Balance Sheet 1. 2. 3. Problem 2-Financial Statements-(40 points) Presemed below is a list of thhe accounts and balances of Wildeat Corporation at December 31, 2018 Assume @ 30% efective tax rate on all items for the ye.t A preliminary esimate of accrucd income faxes hes been recerdind and is nclaed in the trial balamce ah If this is not the cerrect amount ef x expense, yow will mend to make an enl adjoing ma Investments in Bonds are considered "held be maturity". Investment, im Sods-e camidn' 1.Me for sele- Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM I. Multi-step Income Statement with EPS calculations 2. Statement of Stockholder's Equity (no new shares were issued during the yeari) 3. Classified Balance Sheet All shatemewts sbould be prepared acconding to GAAP and in good form" (por formt olligoment spelling S sige s,. Investments in Bonds oss from disposal of division Retained Earnings rading Securities (at cost, $76,500 Notei Assume a 30% effective tax rate on all items for the year. Apreliminary estimate of accrued income taxes has been recorded and is included in the trial balance above. If this is not the correct amount of tax expense, you will need to make an additional adjusting entry Investments in Bonds are considered "held to maturity ": Investments in Stocks are considered "available for sale Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM Multi-step Income Statement with EPS caleulations. Statement of Stockholder's Equity (no new shares were issued during the year) Classified Balance Sheet 1. 2. 3