11 Apr Look carefully it has two sets of data listed belo
Look carefully it has two sets of data listed belowObjectiveThe objective is to test student skills in using the given financial data to prepare a comprehensive balance sheet and multi-step income statement in good form .The given financial data will be comprised of all the various subgroupings that are reported in a multi-step income statement and balance sheet (operating revenues and expenses, other revenues and expenses and irregular items, current assets, investment, fixed assets, intangibles, current liabilities, long-term liabilities, and the equity sections).GuidelineRead the given financial data of New York Traders Inc.Determine which accounts belong to the balance sheet and which accounts belong to the income statement.Determine to which subgroup of balance sheet or income statement each account belongs.Compute the correct account balances that should be reported in balance sheet and correct amounts of revenues and expenses that should be reported in income statement.Arrange the accounts in proper order and functionality.Prepare a comprehensive balance sheet in good form. MUST SHOW COMPUTATIONPrepare a multi-step income statement in good form. MUST SHOW COMPUTATIONFinancial Data of New York Traders Inc. as of January 1, 2016Accounts Payable200,500Account Receivable165,700Accumulated Depreciations350,000Additional Paid-In Capital40,000Allowance for Doubtful Accounts2,650Building and Equipment1,120,000Cash45,300Common Stock544,850Copyrights112,000Customer Deposits (expected to be paid in 2017)375Goodwill225,000Income Taxes Payable42,340Inventories315,250Long-term Investments in Warren Co.95,630Deposits With Vendors47,200Land125,000Mortgage Payable ($2,780 per month)667,2002% Notes Payable to Banks ( due 2017)26,000Notes Receivable (due 2017)16,000Patents219,335Retained Earnings127,500Trademarks115,000Twenty-year, 12% Bonds, Due 1/1/2020600,000Financial Data of New York Traders Inc. for the Year 20161Finished Goods inventory purchased from suppliers on account.2/10/2016 10,000 units @ $26 each6/12/2016 15,000 units @ $28 each10/23/2016 12,000 units @ $29 each11/25/2016 8,000 units @ $30 eachNew York Traders Inc. uses periodic inventory system and LIFO costing method. All purchases and sales are made on account.2Payments made to suppliers on account during 2016 are $1,124,450.3Sales made to customers on account are 49,356 units @ $36 each4Cash collected from customers during 2016 is $1,750,7005Total Interest paid on Notes Payable and Bonds Payable amounted to $17,4156Rental Income on property leased out $ 25,6507New York Traders Inc. was operating a retail store at Chicago. Original cost of building and equipment was $120,000 with a book value of $95,000. During 2016 New York Traders disposed of this store at a loss of $35,800.8New York Traders Inc. wants to make an allowance for doubtful debts at 2% on accounts receivable for the year 2016.9Selling and Administrative expenses are $128,475. These expenses include $56,000 depreciation expense on Building and Equipment but exclude bad debts expenses.10Income Tax Expense paid is $90,500. New York Traders Income Tax Rate for 2016 is 30%.
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