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Comprehensive Financial Accounting Project - Summer 2020 . Word o Search out References Mailings Review View Help Aa- po E ALI AaBbCI AaBbCel AaBbcc AaBbC( AaBbcc ADA IEEE 1 Normal Title 1 No Spac... Heading 1 Heading Paragraph Styles 1. Prepare a Multi-step Income Statement for the year ended 2020. This statement should be flexibly designed (formulas) with common-sized percentages (vertical analysis) to the right of the dollars. 2. Show journal entries, adjusting entries and closing entries for the below additional information...none of the journal entries have been posted to the ledger (many journal entries have been booked to get you started, however none of the entries for 2020 have been posted). You can add a transaction analysis (not required), however you must complete the entries in the Excel template. 3. Prepare a Statement of Retained Earnings for the year ended 2020. 4. Prepare a Balance Sheet dated Dec. 31, 2020 Again a flexible design is required so any changes will automatically update the balance sheet - use formulas 5. Prepare a Statement of Cash Flows using the indirect method for the year ended 2020. The ending cash as shown on the statement of cash flows will be the same as the cash reported on the Balance Sheet Your Name, Inc. Balance Sheet 12/31/2019 Current Assets Cash $17,000 Marketable Securities (Short-term) 2,000 Accounts Receivable 14,000 Allowance for Bad Debt (2.000) Inventory 15,000 Prepaid Insurance 5.000 Total Current Assets $51,000 Property, Plant, and Equipment Land $30,000 Building 150,000 Accumulated Dep. - Building (45,000) ipment 100,000 Accumulated Dep. - Equipment 120.000 Total PPE $215.000 Total Assets $266,000 Current Liabilities Accounts Payable 59,000 Focus o a 1 References Mailings Review View Help EEA Aa A E DA-SE AaBbcci Aa BbCel AaBbcc AaBbc AaBbc 1 Normal Title 1 No Spac... Heading 1 Heading Paragraph Styles Current Liabilities Accounts Payable Unearned Reveme Income Taxes Payable Total Current Liabilities $9,000 2,000 3.000 $14,000 Long-term Liabilities Bonds, 10%, due in 2024 $100,000 Equity Common Stock $50,000 (100,000 authorized 50,000 issued) Additional Pd. in Capital 80,000 Retained Earnings 22.000 Total Equity $152,000 Total Liabilities & Equity $266,000 Additional Information (for all entries, please see the posted Excel spreadsheet): 1. Sales for 2020 are $320,000. All sales are on credit. 2. Gross Margin ratio is 40 percent 3. Accounts Receivable: $190,000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet) $4,000 of AR is written off during the year 5% of AR (after write-off and collections) is considered to be uncollectible 4. Inventory i. Inventory purchases are $180,000, all on credit 11. All accounts payable is from inventory purchases, all but $12,000 of inventory purchased is paid by the end of the vear. Focus ORI . References Mailings Review View Help Aa to EEEE AU OASE 19 cl AaBbct Aa 1 Normal Title 1 No Spac... Heading 1 He Paragraph Styles Proyer year 5. Additional equipment is purchased on 4/1/20 for $20,000 cash. All equipment when new, including the new purchase, has had a 5-year life, no salvage value, and is depreciated using the straight-line method, 6. The building depreciates at $5,000 per year. 7. Half of the marketable securities were sold for $1,200. The FMV and cost of the other half of the securities are the same, so no adjustment to FMV is required. 8. Salaries are $2,200 per month (12 months of salaries expense must be booked). It is expected that one half month will be owed on 12/31/20 because of when payday falls (therefore, 11.5 months of salaries have been paid and a month is still owed to the employees at year end). 9. $55,000 in cash is borrowed on 9/30/20 by issuing a Note Payable. Interest is 8% per year. 10. The bonds were sold at face value last December and pay interest on Dec. 31, 2020 11. 10,000 additional shares of stock were sold for $3 a share. 12. Insurance costing $18,000 was purchased on 6/1/20 (the same time in which the old policy expired. The new policy was for 12 months). 13. On Dec 31, 2020, 1000 shares of stock are repurchased from the market at $2.90share (treasury stock) 14. The tax rate is 20 percent. Income taxes for the current year are due and therefore paid during the first two months of the next year (you will have to complete an entry to pay the 2019 taxes, however the 2020 taxes will not be paid until the end of January 2021) 15. Dividends of $3,000 were paid during 2020. 16. The uneared revenue has been earned during the year (classified as other retenue on the multi-step income stmt.). Required Labeled Sheets (all statements should be for 2020): 1. Data Sheet for Additional Data 2. Entries: Basic and Adjusting (you do not have to show closing entries, however, keep in mind all temporary accounts are closed to retained earnings 3. Adjusted Trial Balance for 2020 (includes the posted amounts of all entries and adjusting entries) 4. Multi-step Income Statement 5. Retained Earnings Statement 6. Classified Balance Sheet 7. Cash Flow Statement 8. Post-Close Trial Balance for 2020 Fo open a References Mailings Review View Help Aapo SEE ALI EEEE16 c| c 1 Normal Title 1 No Spac... Heading 1 A Paragraph Styles The Post Close Trial Balance for 2019 is provided below (based on the above balance sheet). This can be used as a starting point or you can use the above Balance Sheet; keep in mind all debits and credits ALWAYS equal AND Assets - Liabilities + Equity: Your Name, Inc. Post Close Trial Balance 31-Dec-19 DEBITS CREDITS 17,000 2,000 Cash Marketable Securities Accounts Rec Allowance for Bad Debt Inventory 14.000 2,000 Prepaid Insurance Land 15,000 5,000 30,000 150,000 Building Accumulated Dep. - Building 45,000 100,000 20,000 Equipment Accumulated Deo. - Equipment Accounts Payable Salaries Payable 9,000 Unearned Revenue 2,000 Interest Payable a aprehensive Financial Accounting References Mailings Review View Help 10 ST Ink to ink to Shape Math Convert Allowance for Bad Debt Drawing Canvas Ink Replay Replay Insert 2000 Inventory 15,000 Prepaid Insurance Land 5,000 30,000 150,000 45,000 100,000 1 20,000 9,000 Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable Unearned Revenue Interest Payable Income Taxes Payable Note Payable Bonds 2,000 9,000 100,000 Common Stock 50,000 80,000 Additional Pd-in-Capital Retained Earnings 22,000 333,000 999,000 o GE AutoSave Comprehensive Project - Summer 2020-save with your name here File Home Insert Draw Page Layout Formulas Data Review View Help X Calibri Wrap Text General - 11 - A A - AA Paste BIU +3+ Merge & Center $ % Clipboard Font Alignment 5 Num! ES > fx D G H 1 4 A B DEBITS CREDITS 5 Cash 17,000 6 Marketable Securities 2,000 7 Accounts Rec. 14,000 s Allowance for Bad Debt 2,000 9 Inventory 15,000 10 Prepaid Insurance 5,000 11 Land 30,000 12 Building 150,000 13 Accumulated Dep. - Building 45,000 14 Equipment 100,000 15 Accumulated Dep. - Equipment 20,000 16 Accounts Payable 9,000 Salaries Payable 18 Unearned Revenue 2,000 19 Interest Payable 20 Income Taxes Payable 3,000 21 Note Payable 22 Bonds 100,000 23 Common Stock 50,000 24 Additional Pd-in-Capital 80,000 25 Retained Earnings 22,000 17 + Monica This is the big brotid caring the expen 2020 Adjusted Trial Balance Data Sheet Journal and Adjusting Entries Multi-Step in Type here to search AutoSave Comprehensive Project - Summer 2020-save with your name here Data Formulas Review View Page Layout File Help Home Insert Draw 14 A A Calibri General 2 Wrap Text Merge & Center Paste a-A- $ - % BIU Alignment Numb Clipboard Font S12 fx M N K 0 Q P B ) 1 2 3 1 c D E F G . Debits Credits - Sales for 2020 e 1320,000. All sales are on credit Accounts Rec 310000 Sales 910000 Gress Margia ratio is 40 percent. Cost of Goods Sold 222 Inventory ??? 4 5 2. Mosica: You need this order to cloth Cort of Good: Sold. Gross Sale - Cost of 7 8 9 10 11 12 13 54 15 1 17 - $130,000 of the accounts receivable is paid by the end of the year the residing balance remains on the balace sheet). 3. Cash 190000 Accounts Rec. 190000 Mosica: This is that of receivables therefore, this is the 14,000 of AR is written off during the year balance choot approach 3.ii. Allowance for Bad Debts 4000 option is widow tet Accounts Rec 4000 52 of Accounts Receivable (after write-off and collections) is considered to be collectible 3.iii. Bad Debt Expense 222 AR Musicas This is the of Allowance for Bad Debts ??? 14000 Account Rectable 310000 - Isrcatory perc is $160,000, alles credit 130000 Inventory 180000 4000 Accounts Payable 180000 130000 Accounts Payable 9000 All costs poble is free investory purchases all but 112,000 of investery purchas! 180000 4.il Accounts Payable ?? 22? Cash ?? 12000 9 19 21 23 25 27 28 Additional equipment is purchased os 4/120 Tor 120,000 cash. All equipment when new, including the purchase, balada Data Sheet Journal and Adjusting Entries 2020 Adjusted Trial Balance Multi-Step In SU Type here to search Comprehensive Project - Summer 2020 -save with your name here. Excel File Insert Drave Page Layout Formulas Data Review View Help X Calibri 14 - A A Paste BIU- a-A- 2 Wrap Text Mergea Center - General $ - % -3 Clipboard Conditional Formatas Cell Formatting Table Styles Insert Delete For Font Alignment Number S12 Cells B -A 20 29 5 30 D H M - Additions gripasti parcureda 4/201 120,000 each All equiparathaw, lactating the new purchase, ed in parte hage rules, depending o P Equipment 772 Cash ??? Meses Depreciation Expense ??? Accum. Deprec 772 2 21 12 33 34 6 The building deprecies 15,000 per me Depreciation Exp. - Buil??? Accum. Deprec ??? 36 37 30 40 41 4 43 B 45 46 Hall of the whole neurities were sold for 1200. The Most of the hallwether Cash 1200 Mkt. Securities 1000 Gain ??? sulle we 19.200 per sthIt is espected that will be uvedbe of who pupo. Salaries Expense ??? Cash ??? Salaries Payable ??? - 155.000 ie cash is borrowed 3/30 by loring Note Pueblo baterest in Cash 55000 Note Payable 55000 Mesir Interest Expense ??? Interest Pay. ??? - The beads were sold the was last December ud pay interest - Dec 31, 2020 Bond Interest Expense ??? Music Do crowd pull Cash ??? 47 9. 48 49 51 10 53 54 - 10,000 additional share of stock were sold for 13 share Data Sheet Journal and Adjusting Entries 2020 Adjusted Trial Balance Multi-Step Income Stal ... a o BH Type here to search Review Formulas Data View Help File Insert Draw Home Page Layout Wrap Text General ID Calibri 14 A A AE Paste $ - % BIU Es Merge & Center Alignment Number Clipboard Font 512 X K L M N 0 P Q B AB 6 11 D E H - 10,000 ddiriesalsbares of tack vare sold for 13 a share Cash 30000 Common Stock Paid in Capital ??? Mexica: Yoused to insurance 22 59 12 51 62 62 laserance costing $10,000 was parchased ca 6020 (the rise timelo which the old policy, the policy was for 12 months) Prepaid Insurance 18000 Monica: Cash 18000 The prepaid in the beginning of the period was completely wed up and to be speed you to experiem Insurance Expense ??? from the policy will Prepaid Insurance ??? 64 65 66 67 - On Dec. 31. shares of stock we repurchased from the worket 12.30/sbure. 13. Treasury Stock Cash ??? 69 70 71 14 72 73 74 - The tax rate is 20 percent lacent taxes for the correst year are papable dering the first two seaths of the next year. Income Taxes Payable ??? Merkel Cash ??? This font 2020 Medited this year Income Tax Expense ??? Monica Income Taxes Payable ??? You can't wait you - Dividends of 13,000 were paid calculate this year's pets protocol Dividends Cash Monica: The used verbes betwee during the chied as other thed, so you want The dybe Unearned Revenue ??? Revenue P?? being 76 15 77 78 16 81 B2 Data Sheet Journal and Adjusting Entries 2020 Adjusted Trial Balance Multi-Step Income Type here to search ORI a Comprehensive Financial Accounting Project - Summer 2020 . Word o Search out References Mailings Review View Help Aa- po E ALI AaBbCI AaBbCel AaBbcc AaBbC( AaBbcc ADA IEEE 1 Normal Title 1 No Spac... Heading 1 Heading Paragraph Styles 1. Prepare a Multi-step Income Statement for the year ended 2020. This statement should be flexibly designed (formulas) with common-sized percentages (vertical analysis) to the right of the dollars. 2. Show journal entries, adjusting entries and closing entries for the below additional information...none of the journal entries have been posted to the ledger (many journal entries have been booked to get you started, however none of the entries for 2020 have been posted). You can add a transaction analysis (not required), however you must complete the entries in the Excel template. 3. Prepare a Statement of Retained Earnings for the year ended 2020. 4. Prepare a Balance Sheet dated Dec. 31, 2020 Again a flexible design is required so any changes will automatically update the balance sheet - use formulas 5. Prepare a Statement of Cash Flows using the indirect method for the year ended 2020. The ending cash as shown on the statement of cash flows will be the same as the cash reported on the Balance Sheet Your Name, Inc. Balance Sheet 12/31/2019 Current Assets Cash $17,000 Marketable Securities (Short-term) 2,000 Accounts Receivable 14,000 Allowance for Bad Debt (2.000) Inventory 15,000 Prepaid Insurance 5.000 Total Current Assets $51,000 Property, Plant, and Equipment Land $30,000 Building 150,000 Accumulated Dep. - Building (45,000) ipment 100,000 Accumulated Dep. - Equipment 120.000 Total PPE $215.000 Total Assets $266,000 Current Liabilities Accounts Payable 59,000 Focus o a 1 References Mailings Review View Help EEA Aa A E DA-SE AaBbcci Aa BbCel AaBbcc AaBbc AaBbc 1 Normal Title 1 No Spac... Heading 1 Heading Paragraph Styles Current Liabilities Accounts Payable Unearned Reveme Income Taxes Payable Total Current Liabilities $9,000 2,000 3.000 $14,000 Long-term Liabilities Bonds, 10%, due in 2024 $100,000 Equity Common Stock $50,000 (100,000 authorized 50,000 issued) Additional Pd. in Capital 80,000 Retained Earnings 22.000 Total Equity $152,000 Total Liabilities & Equity $266,000 Additional Information (for all entries, please see the posted Excel spreadsheet): 1. Sales for 2020 are $320,000. All sales are on credit. 2. Gross Margin ratio is 40 percent 3. Accounts Receivable: $190,000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet) $4,000 of AR is written off during the year 5% of AR (after write-off and collections) is considered to be uncollectible 4. Inventory i. Inventory purchases are $180,000, all on credit 11. All accounts payable is from inventory purchases, all but $12,000 of inventory purchased is paid by the end of the vear. Focus ORI . References Mailings Review View Help Aa to EEEE AU OASE 19 cl AaBbct Aa 1 Normal Title 1 No Spac... Heading 1 He Paragraph Styles Proyer year 5. Additional equipment is purchased on 4/1/20 for $20,000 cash. All equipment when new, including the new purchase, has had a 5-year life, no salvage value, and is depreciated using the straight-line method, 6. The building depreciates at $5,000 per year. 7. Half of the marketable securities were sold for $1,200. The FMV and cost of the other half of the securities are the same, so no adjustment to FMV is required. 8. Salaries are $2,200 per month (12 months of salaries expense must be booked). It is expected that one half month will be owed on 12/31/20 because of when payday falls (therefore, 11.5 months of salaries have been paid and a month is still owed to the employees at year end). 9. $55,000 in cash is borrowed on 9/30/20 by issuing a Note Payable. Interest is 8% per year. 10. The bonds were sold at face value last December and pay interest on Dec. 31, 2020 11. 10,000 additional shares of stock were sold for $3 a share. 12. Insurance costing $18,000 was purchased on 6/1/20 (the same time in which the old policy expired. The new policy was for 12 months). 13. On Dec 31, 2020, 1000 shares of stock are repurchased from the market at $2.90share (treasury stock) 14. The tax rate is 20 percent. Income taxes for the current year are due and therefore paid during the first two months of the next year (you will have to complete an entry to pay the 2019 taxes, however the 2020 taxes will not be paid until the end of January 2021) 15. Dividends of $3,000 were paid during 2020. 16. The uneared revenue has been earned during the year (classified as other retenue on the multi-step income stmt.). Required Labeled Sheets (all statements should be for 2020): 1. Data Sheet for Additional Data 2. Entries: Basic and Adjusting (you do not have to show closing entries, however, keep in mind all temporary accounts are closed to retained earnings 3. Adjusted Trial Balance for 2020 (includes the posted amounts of all entries and adjusting entries) 4. Multi-step Income Statement 5. Retained Earnings Statement 6. Classified Balance Sheet 7. Cash Flow Statement 8. Post-Close Trial Balance for 2020 Fo open a References Mailings Review View Help Aapo SEE ALI EEEE16 c| c 1 Normal Title 1 No Spac... Heading 1 A Paragraph Styles The Post Close Trial Balance for 2019 is provided below (based on the above balance sheet). This can be used as a starting point or you can use the above Balance Sheet; keep in mind all debits and credits ALWAYS equal AND Assets - Liabilities + Equity: Your Name, Inc. Post Close Trial Balance 31-Dec-19 DEBITS CREDITS 17,000 2,000 Cash Marketable Securities Accounts Rec Allowance for Bad Debt Inventory 14.000 2,000 Prepaid Insurance Land 15,000 5,000 30,000 150,000 Building Accumulated Dep. - Building 45,000 100,000 20,000 Equipment Accumulated Deo. - Equipment Accounts Payable Salaries Payable 9,000 Unearned Revenue 2,000 Interest Payable a aprehensive Financial Accounting References Mailings Review View Help 10 ST Ink to ink to Shape Math Convert Allowance for Bad Debt Drawing Canvas Ink Replay Replay Insert 2000 Inventory 15,000 Prepaid Insurance Land 5,000 30,000 150,000 45,000 100,000 1 20,000 9,000 Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable Unearned Revenue Interest Payable Income Taxes Payable Note Payable Bonds 2,000 9,000 100,000 Common Stock 50,000 80,000 Additional Pd-in-Capital Retained Earnings 22,000 333,000 999,000 o GE AutoSave Comprehensive Project - Summer 2020-save with your name here File Home Insert Draw Page Layout Formulas Data Review View Help X Calibri Wrap Text General - 11 - A A - AA Paste BIU +3+ Merge & Center $ % Clipboard Font Alignment 5 Num! ES > fx D G H 1 4 A B DEBITS CREDITS 5 Cash 17,000 6 Marketable Securities 2,000 7 Accounts Rec. 14,000 s Allowance for Bad Debt 2,000 9 Inventory 15,000 10 Prepaid Insurance 5,000 11 Land 30,000 12 Building 150,000 13 Accumulated Dep. - Building 45,000 14 Equipment 100,000 15 Accumulated Dep. - Equipment 20,000 16 Accounts Payable 9,000 Salaries Payable 18 Unearned Revenue 2,000 19 Interest Payable 20 Income Taxes Payable 3,000 21 Note Payable 22 Bonds 100,000 23 Common Stock 50,000 24 Additional Pd-in-Capital 80,000 25 Retained Earnings 22,000 17 + Monica This is the big brotid caring the expen 2020 Adjusted Trial Balance Data Sheet Journal and Adjusting Entries Multi-Step in Type here to search AutoSave Comprehensive Project - Summer 2020-save with your name here Data Formulas Review View Page Layout File Help Home Insert Draw 14 A A Calibri General 2 Wrap Text Merge & Center Paste a-A- $ - % BIU Alignment Numb Clipboard Font S12 fx M N K 0 Q P B ) 1 2 3 1 c D E F G . Debits Credits - Sales for 2020 e 1320,000. All sales are on credit Accounts Rec 310000 Sales 910000 Gress Margia ratio is 40 percent. Cost of Goods Sold 222 Inventory ??? 4 5 2. Mosica: You need this order to cloth Cort of Good: Sold. Gross Sale - Cost of 7 8 9 10 11 12 13 54 15 1 17 - $130,000 of the accounts receivable is paid by the end of the year the residing balance remains on the balace sheet). 3. Cash 190000 Accounts Rec. 190000 Mosica: This is that of receivables therefore, this is the 14,000 of AR is written off during the year balance choot approach 3.ii. Allowance for Bad Debts 4000 option is widow tet Accounts Rec 4000 52 of Accounts Receivable (after write-off and collections) is considered to be collectible 3.iii. Bad Debt Expense 222 AR Musicas This is the of Allowance for Bad Debts ??? 14000 Account Rectable 310000 - Isrcatory perc is $160,000, alles credit 130000 Inventory 180000 4000 Accounts Payable 180000 130000 Accounts Payable 9000 All costs poble is free investory purchases all but 112,000 of investery purchas! 180000 4.il Accounts Payable ?? 22? Cash ?? 12000 9 19 21 23 25 27 28 Additional equipment is purchased os 4/120 Tor 120,000 cash. All equipment when new, including the purchase, balada Data Sheet Journal and Adjusting Entries 2020 Adjusted Trial Balance Multi-Step In SU Type here to search Comprehensive Project - Summer 2020 -save with your name here. Excel File Insert Drave Page Layout Formulas Data Review View Help X Calibri 14 - A A Paste BIU- a-A- 2 Wrap Text Mergea Center - General $ - % -3 Clipboard Conditional Formatas Cell Formatting Table Styles Insert Delete For Font Alignment Number S12 Cells B -A 20 29 5 30 D H M - Additions gripasti parcureda 4/201 120,000 each All equiparathaw, lactating the new purchase, ed in parte hage rules, depending o P Equipment 772 Cash ??? Meses Depreciation Expense ??? Accum. Deprec 772 2 21 12 33 34 6 The building deprecies 15,000 per me Depreciation Exp. - Buil??? Accum. Deprec ??? 36 37 30 40 41 4 43 B 45 46 Hall of the whole neurities were sold for 1200. The Most of the hallwether Cash 1200 Mkt. Securities 1000 Gain ??? sulle we 19.200 per sthIt is espected that will be uvedbe of who pupo. Salaries Expense ??? Cash ??? Salaries Payable ??? - 155.000 ie cash is borrowed 3/30 by loring Note Pueblo baterest in Cash 55000 Note Payable 55000 Mesir Interest Expense ??? Interest Pay. ??? - The beads were sold the was last December ud pay interest - Dec 31, 2020 Bond Interest Expense ??? Music Do crowd pull Cash ??? 47 9. 48 49 51 10 53 54 - 10,000 additional share of stock were sold for 13 share Data Sheet Journal and Adjusting Entries 2020 Adjusted Trial Balance Multi-Step Income Stal ... a o BH Type here to search Review Formulas Data View Help File Insert Draw Home Page Layout Wrap Text General ID Calibri 14 A A AE Paste $ - % BIU Es Merge & Center Alignment Number Clipboard Font 512 X K L M N 0 P Q B AB 6 11 D E H - 10,000 ddiriesalsbares of tack vare sold for 13 a share Cash 30000 Common Stock Paid in Capital ??? Mexica: Yoused to insurance 22 59 12 51 62 62 laserance costing $10,000 was parchased ca 6020 (the rise timelo which the old policy, the policy was for 12 months) Prepaid Insurance 18000 Monica: Cash 18000 The prepaid in the beginning of the period was completely wed up and to be speed you to experiem Insurance Expense ??? from the policy will Prepaid Insurance ??? 64 65 66 67 - On Dec. 31. shares of stock we repurchased from the worket 12.30/sbure. 13. Treasury Stock Cash ??? 69 70 71 14 72 73 74 - The tax rate is 20 percent lacent taxes for the correst year are papable dering the first two seaths of the next year. Income Taxes Payable ??? Merkel Cash ??? This font 2020 Medited this year Income Tax Expense ??? Monica Income Taxes Payable ??? You can't wait you - Dividends of 13,000 were paid calculate this year's pets protocol Dividends Cash Monica: The used verbes betwee during the chied as other thed, so you want The dybe Unearned Revenue ??? Revenue P?? being 76 15 77 78 16 81 B2 Data Sheet Journal and Adjusting Entries 2020 Adjusted Trial Balance Multi-Step Income Type here to search ORI a