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Preparing Income Statements and Balance Sheets 15pts For both 2&3 prepare a classified...

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Accounting

Preparing Income Statements and Balance Sheets $15 p t s$

For both $2$ & $3$ prepare a classified income statement and a classified balance sheet

Tax Rate $i s 22 %$

Trial Balance

$\begin{matrix} C a s h & 19 \\ 000.00 & ? \\ A c c o u n t s R e c e i v a b l e & 26 \\ 000.00 & ? \\ I n v e n t o r y & 42 \\ 000.00 & ? \\ P r e p a i d A s s e t s & 17 \\ 000.00 & ? \\ L a n d & 45 \\ 000.00 & ? \end{matrix}$

$\begin{matrix} E q u i p m e n t & 82 \\ 000.00 & ? \\ A c c u m u l a t e d D e p r e c i a t i o n & ? \\ 36 & 000.00 \\ A c c o u n t s P a y a b l e & ? \\ 18 & 000.00 \\ I n c o m e T a x P a y a b l e & ? \\ 11 & 000.00 \\ N o t e s P a y a b l e & ? \\ 55 & 000.00 \end{matrix}$

Preparing $a n$ Income Statement & Balance Sheet

$15 p t s$

Tax rate $i s 22 %$

Trial Balance

Preparing $a n$ Income Statement & Balance Sheet $15 p t s$

Tax rate $i s 22 % \begin{matrix} E q u i p m e n t & 86 \\ 470.00 & ? \\ A c c u m u l a t e d D e p r e c i a t i o n & ? \\ 24 & 000.00 \\ A c c o u n t s P a y a b l e & ? \\ 12 & 000.00 \\ I n c o m e T a x P a y a b l e & ? \\ 14 & 300.00 \\ N o t e s P a y a b l e & ? \\ 51 & 120.00 \\ C o m m o n S t o c k & ? \\ 12 & 700.00 \\ A d d i t i o n a l P a i d - I n C a p i t a l & ? \\ 56 & 500.00 \\ R e t a i n e d E a r n i n g s & 214 \\ 470.0 & ? \\ 0 & 214 \\ 470.0 & ? \\ S a l e s & 9 \\ 800.00 & ? \\ S a l e s D i s c o u n t s & A l l o w a n c e s & 204 \\ 768.00 & ? \\ C o s t o f S a l e s & 34 \\ 500.00 & ? \\ S a l e s & M a r k e t i n g E x p e n s e s & 27 \\ 500.00 & ? \\ A d m i n i s t r a t i v e E x p e n s e s & 63 \\ 450.00 & ? \\ S a l a r y & W a g e s E x p e n s e & 4 \\ 500.00 & ? \\ I n t e r e s t E x p e n s e & ? \\ ? & ? \\ I n c o m e b e f o r e t a x & ? \\ ? & ? \\ T a x E x p e n s e & ? \\ ? & ? \\ N e t O p e r a t i n g I n c o m e & ? \\ ? & ? \\ P & ? \\ ? & ? \end{matrix}$

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