Question 1 Not yet Gibco Inc. Balances Dec 31, 2018 unswered Marked out of 15.00 P Flag Question Cost of Goods Sold Weges Payable Accumulated depreciation building Interest expense Account payable Interest payable- 3 months Income tax payable Current portion of long term debt Revenue Wage expense Equipment Dividends declared Uneamed revenue Cash Dividend revenue Rent expense Accounts receivable Long-term loan Prepaid rent Customer deposits Inventory Depreciation expense Building Common shares Income tax rate Income tax payable Retained earnings (Jan 1, 2016) Number of outstanding shares Common shares Preferred shares 544,000 11,000 194,000 23,000 92,000 11,000 0 90,000 775,000 41,000 744.000 18,000 13,000 225,800 1,200 145,000 121,000 1,200,000 33,000 25,000 477,000 56,000 1,800,000 689,000 25% 0 509,800 100,000 10,000 1. Prepare the 2016 Income Statement-not graded for format 2. Prepare the adjusting entry for income tax 3. Prepare the Balance Sheet December 31, 2016--not graded for format 4. Complete the table below. Preferred shares 1. Prepare the 2016 Income Statement-not graded for format 2. Prepare the adjusting entry for income tax 3. Prepare the Balance Sheet December 31, 2016--not graded for format 4. Complete the table below 1 i B I so Fill in the following table You must have supporting information 2016 Income before tax 2016 Income after tax As of December 31, 2016 Current Liabilities Current Assets Retained earnings December 31, 2016 Non-Current Assets Non-Current Liabilities Net Building Shareholders' Equity 10,000 Preferred shares 1. Prepare the 2016 Income Statement-not graded for format 2. Prepare the adjusting entry for income tax 3. Prepare the Balance Sheet December 31, 2016--not graded for format 4. Complete the table below 1 B I I == c? 2016 Income before tax 2016 Income after tax As of December 31, 2016 Current Liabilities Current Assets Retained earnings December 31, 2016 Non-Current Assets Non-Current Liabilities Net Building Shareholders' Equity Total Assets Working Capital Basic Earnings per share