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Presented below is a list of the accounts and balances of Wildcat Corporation at December 31,...

Presented below is a list of the accounts and balances of Wildcat Corporation at December 31, 2018.

Debit   Credit

Accounts Payable 212,000
Accounts Receivablle 295,000
Accrued Liabilities 35,000
A/D-Buildings 82,000
A/D-Equipment 28,000
Additional Paid-in Capital 55,000
Administrative Expenses 480,000
Advances to Employees 12,500
Allowance for Doubtful Accounts 15,500
Bonds Payable (1/4 due 2019) 400,000
Buildings 490,000
Cash - Chase Bank 15,000
Cash - Fifth Third Bank 198,500
Common Stock ($10 par) 600,000
Copyrights 75,000
Cost of Goods Sold 2,895,000
Dividends 60,000
Equipment 350,000
Gain on Sale of Assets 29,000
Goodwilll 120,000
Income from operations of discontinued division 85,000
Income Tax Expense 118,200
Income Taxes Payable 118,200
Interest Expense 115,000
Inventories 310,000
Investments in Bonds 175,000
Investments in Stocks 115,000
Land 150,000
Long-term Notes Payable 350,000
Loss from disposal of division 110,000
Prior Period Adjustment -- Benefits Expense 60,000
Retained Earnings 197,000
Sales 5,125,000
Selling Expenses 1,245,000
Short-term Notes Payable 30,000
Trading Securities (at cost, $76,500) 90,000
Treasury Stock (2,500 shares) 32,000
Totals 7,436,000 7,436,000

Note:        
·       Assume a 30% effective tax rate on all items for the year.      
·       A preliminary estimate of accrued income taxes has been recorded and is included in the trial balance above.
If this is not the correct amount of tax expense, you will need to make an additional adjusting entry.      
·       Investments in Bonds are considered "held to maturity"; Investments in Stocks are considered "available for sale"      
      
      
Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM      
      
1.     Multi-step Income Statement with EPS calculations.      
2.     Statement of Stockholder's Equity (no new shares were issued during the year)      
3.     Classified Balance Sheet        
      
(All statements should be prepared according to GAAP and in "good form" (proper format, alignment, spelling, $ signs, underlines, etc.))      

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Expert Solution

ekkarill92 answered 6 months ago
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