PROBLEM #4 Emily, the accountant at Wong Inc. fell ill with the HINI flu epidemic. She finished all the required year-end Adjustments but was unable to complete the preparation of the Financial Statements. Ms. Wong, the president of Wong Inc., took over the preparation of the Financial Statements but could not balance the Balance Sheet, see below:

Wong Inc. Income statement For the year ended November 30, 2010
Revenues:
Sales revenue	$ 841,000
Unearned revenue	1,600
Accounts receivable	3,200
Total Revenue	845,800
Expenses
Inventory	17,400
Cost of goods sold	600,000
Dividends	22,400
Depreciation expense	50,000
Other operating expenses	125,000
Interest expense	17,200
Income tax payable	3,120
Total Expenses	835,120
Net Income	$ 10,680
Wong Inc. Balance sheet November 30, 2010
Cash	$ 4,700
Accounts receivable	3,200
Prepaid insurance	1,700
Land	24,000
Equipment	120,000
Total Assets	$153,600
Accounts payable	$ 12,080
Salaries and wages payable	14,000
Income taxes expense	24,000
Accumulated depreciation equipment	26,000
Long-term bank loan	57,000
Common shares	30,000
Retained earnings (November 30, 2008)	24,800
Total liabilities and shareholders equity	$ 187,880

Required: Prepare a CORRECT Multi-Step Income Statement and a Classified Balance Sheet, in Good Form .Nov. 30, 2010 on the following page.

PROBLEM #4 Emily, the accountant at wong Inc. fell ill with the H1N1 flu epidemic She finished all the required year-end Adjustments but was unable to complete the preparation of the Financial Statements. Ms. Wong, the president of Wong Inc., took over the preparation of the Financial Statements but could not balance the Balance Sheet, see below: Wong Inc. Income statement For the year ended November 30, 2010 Revenues Sales revenue Unearned revenue Accounts receivable S 841,000 1,600 3.200 Total Revenue Expenses 17,400 600,000 22,400 50,000 125,000 17,200 3,120 Inventory Cost of goods sold Dividends Depreciation expense Other operating expenses Interest expense Income tax payable Total Expenses Net Income Wong Inc. Balance sheet November 30, 2010 Cash Accounts receivable Prepaid insurance Land Equipment $ 4,700 3,200 1,700 24,000 120,000 Total Assets Accounts payable Salaries and wages payable Income taxes expense Accumulated depreciation - equipment Long-term bank loa:n Common shares Retained earnings (November 30, 2008) $ 12,080 14,000 24,000 26,000 57,000 30,000 24,800 Total liabilities and shareholders' equity Required: Prepare a CORRECT Multi-Step Income Statement and a Classified Balance Sheet, in Good Form .Nov. 30, 2010 on the following page