Southgate Inc.'s alphabetized adjusted trial balance on December 31, 2015 is below. a) Calculate net income (loss) for the year ending December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Net Income (loss) - $ b) Calculate retained earnings on December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Retained eamings balance = S Accbant Accounts payable - Accounts receivable Accumulated depreciation, equipment c) The order of the accounts in the equity section is important. Order the equity accounts as they should be reported in the balance Administrative expenses Allowance for doubtful accounts sheet. Bonde payable Account Order of account in equity section Cash Retained eemings (select one) Common shares Contributed surplus (select one) Contributed surplus Common shares (select one) Cost of goods sold) Preferred shares (select one) Dividends declared Equipment Inventary, d) Prepare a classified balance sheet / Investments (available for sale) Investments (held to maturity, due 2018) statement of financial position for Southgate Inc. at December 31, 2015. Include all Long-term notes payable, Notes payable, (due June 30, 2016). Patents appropriate headings and sub-totals. Please make sure your final answer(s) are accurate to 2 decimal places. Preferred shares Prepaid Insurance Prepaid rent Southgate Inc. Retained earnings Salaries payable Balance Sheet/Statement of Financial Position December 31, 2015 Sales X +++ Sales 49,400 Seling expenses. X+++ **** x+++ **** *++ **** X444 x+++ X44 x+++ x+++ X+*+ **** e) Below are the accounts that require valuation and other types of disclosures, select the most appropriate disclosure for each account listed below. Account Disclosure Accounts receivable (select one) Common shares (select one) Inventory (select ana) Investments (available for sale) (select one) Investments (held to maturity, due 2018) (select ana) Patents (select ane) Preferred shares (select ana) Balance 10,900 16,700 600 18,100 700 12,800 12,900 13,100 5,200 15,600 4.900 9.400 34,700 6,700 10,600 14,000 13,300 13,600 9,900 5,700 6,200 23,800 23,700 49,400 22,400 O 0 0 X Ly Chapter 4 Assignment - Required (Question 1) - Lyryx Learning Inc - Google Chrome Q lifa1.lyryx.com/student-servlets/LabServlet?ccid=9978 www. www. Preterred shares........ (select one) Common shares 13,100 5,200 Contributed surplus, Cost of goods sold 15.600 d) Prepare a classified balance sheet / statement of financial position for Southgate Inc. at December 31, 2015. Include all appropriate headings and sub-totals. Please make sure your final answer(s) are accurate to 2 decimal places. Dividends declared 4,800 Southgate Inc. Equipment 9,400 Balance Sheet/ Statement of Financial Position Inventory_ 34,700 December 31, 2015 Investments (available for sale) 6,700 X+Sales 49,400 Investments (held to maturity, due 2018). 10,600 Long-term notes payable, 14,000 X+4+ 13.300 Notes payable, (due June 30, 2016) Patents X+44 13,600 X+++ Preferred shares 9,900 5,700 Prepaid insurance Prepaid rent 6,200 X+44 Retained earnings, 23,800 Salaries payable 23,700 X +++ Sales 49.400 Selling expenses 22,400 X+4+ X444 X444 X444 e) Below are the accounts that require valuation and other types of disclosures, select the most appropriate disclosure for each account listed below. Account Disclosure Accounts receivable (select one) Common shares (select one) Inventory. (select one) Investments (available for sale) (select one) Investments (held to maturity, due 2018) (select one) Patents Cost/Amortized cost Preferred shares Due date, interest rate and how it is secured Fair value (FV) Fair value through other comprehensive income (OCI) Official Time: 15:12:48 Lower of carrying value and fair value less costs to sell SAVE AND CLOSE Lower of cost and net realizable value (LCNRV) Net realizable value (NRV) Number of authorized shares and the number of shares issued and outstanding The dividend amount, number of authorized shares and the number of shares issued and outstanding T 6:12 PM 2021-11-23 123