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the end of the year have already been made) as of December 31, 2022 (last year): DEBITS CREDITS $8,412 Accounts Payable $7,217 Accounts Receivable 19,964
the end of the year have already been made) as of December 31, 2022 (last year): DEBITS CREDITS $8,412 Accounts Payable $7,217 Accounts Receivable 19,964 Accumulated Depreciation - Equipment 22,000 Accumulated Depreciation - Building 1,687 Allowance for Doubtful Accounts 800 Amortization Expense Available for Sale Securities (stocks of other companies) 5,250 1,532 Bad Debts Expense 112,000 Building 943 Cash Cash Dividend Declared 1,800 Common Stock, $10 par, 20,000 shares authorized 90,000 Cost of Goods Sold (perpetual inventory) 68,007 Depreciation Expense 11,648 375 Dividend Income Equipment 93,517 Income Tax Expense (30% rate) ??? Income Tax Payable (30% rate) ??? Insurance Expense Interest Expense 6,120 1,835 Interest Payable 415 Loss from Sale of Assets Merchandise Inventory 6,815 10,052 Notes Payable ($2,482 of principal is due in March, 2023) Paid in Capital in Excess of Par - Common 11,961 35,447 Patent Prepaid Insurance 4,200 800 Retained Earnings, January 1 Sales 29,718 143.209 Utilities Expense Wages Expenses 6,597 24,672 Wages Payable TOTAL $363,805 617 $363,805 INSTRUCTIONS: Based upon the list of accounts and balances above, use a computer spreadsheet to prepare the (1) FORMAL multiple step income statement (including earnings per share, assuming that 1,000 shares of common stock were sold on October 1, 2022 and there are no items which require the calculation of diluted earnings per share), (2) retained earnings statement, and (3) classified balance sheet for YOUR company for the year ended December 31, 2022. Assume a flat 30% tax rate on all items. You do not have to prepare a cash flow statement for this assignment, but you will be doing one in future assignments. Report all amounts with no decimals (except earnings per share which should have two decimals)
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