Question

I haven't been able to make the balance sheet balance while using all the accounts. Please help.

Using the List of Accounts, create a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year ending December 31, 201x. The multiple-step income statement should also include a section for basic “per-share” amounts for the Income from Continuing Operations and the Net Income line items. Also, create your own company name. These statements should be in an appropriate format. This means that the multiple-step income statement should present gross profit, operating, nonoperating, and nonrecurring items separately. This also means that the classified balance sheet should present current and long-term items separately. The statement of retained earnings only needs to present the “Retained Earnings” column from a Statement of Stockholders’ Equity. For purposes of the “per-share” section, assume that basic and diluted EPS are the same amount (i.e., there are no dilutive securities). Also, assume that the weighted-average number of shares outstanding for both basic and diluted is equal to 300,000 shares.

Account Names	VALUE
Accounts Payable	$75,946
Accounts Receivable (Gross)	$92,816
Accumulated Depreciation (Factory)	$450,821
Accumulated Depreciation (Machine Under Capital Lease)	$22,265
Accumulated Other Comprehensive Income (Ending)	$(22,208)
Additional Paid in Capital-Common Stock	$449,821
Additional Paid in Capital-Preferred Stock	$59,706
Additional Paid in Capital-Stock Options	$65,816
Additional Paid in Capital-Treasury Stock	$2,863
Allowance for Doubtful Accounts	$4,641
Bad Debt Expense (Selling)	$7,219
Bond Issue Cost Expense	$2,987
Bonds Payable	$132,303
Brands and Trademarks	$56,951
Cash	$44,025
Common Stock	$21,222
Common Stock Dividends Declared	$2,279
Copyrights	$27,819
Cost of Goods Sold	$798,337
Current Marketable Securities (Trading)	$37,764
Current Portion of Capital Lease Payable	$10,048
Deferred Tax Liabilities	$47,293
Depreciation Expense (Factory-Admin)	$20,320
Depreciation Expense (Machine Under Capital Lease-Selling)	$10,687
Dividend Revenue	$7,592
Dividends Payable	$1,465
Factory	$1,482,092
Gain from Discontinued Operations (Net of Tax)	$726
Goodwill	$71,263
Income Tax Expense-Current	$32,632
Income Tax Expense-Deferred	$8,362
Interest Expense	$40,523
Interest Payable	$3,364
Interest Revenue	$8,723
Inventory	$153,043
Land	$277,925
Long-Term Capital Lease Payable	$118,147
Long-Term Investments (HTM)	$15,749
Long-Term Marketable Securities (AFS)	$18,787
Loss on Extinguishment of Note Payable	$77,911
Machine Under Capital Lease	$41,063
Pension Expense (Admin)	$2,631
Pension Expense (Selling)	$14,605
Preferred Stock	$9,216
Preferred Stock Dividends Declared	$1,342
Premium on Bonds Payable	$13,853
Prepaid Rent	$2,087
Prepaid Supplies	$11,958
Rent Expense (Selling)	$100,605
Retained Earnings (Beginning)	$179,408
Salaries Payable	$7,632
Salary Expense (Admin)	$24,489
Salary Expense (Selling)	$62,764
Sales Revenue	$1,869,331
Supplies Expense (Selling)	$2,113
Treasury Stock	$65,174
Unamortized Bond Issue Costs	$38,574
Unearned Revenue	$93,096
Unrealized Loss on Marketable Securities (Trading)	$13,806

Answer 1

Income Statement
Particulars	Amount($)
Sales Revenue	1869331
Cost of goods sold	798337
Gross profit	1070994
Interest Revenue	8723
Dividend Revenue	7592
Expenses:
Bad debt -selling	7219
Bond issue cost expense	2987
Depreciation(Factory Admin)	20320
Depreciation(Machine-Capital lease)	10687
Interest Expense	40523
Pension (Admin)	2631
Pension(Selling)	14605
Rent(Selling)	100605
Salaries Expense(Admin)	24489
Salaries Expense(Selling)	62764
Supplies Expense(Selling)	2113
Unrealised loss on marketable Securities	13806
Loss on Extinguishment of notes payable	77911
Income from Continuing operations	706649
Less: Current Tax	32632
Deferred Tax	8362
Gain from Discontinuing Operations(net of tax)	726
Net Income	666381
Balance Sheet
Liabilities	Amount($)	Assets	Amount($)
Interest Payable	3364	Unamortised Bond issue costs	38574
Salaries Payable	7632	Prepaid rent	2087
Dividend Payable	1465	Prepaid supplies	11958
Current portion of Capital lease payable	10048	Inventory	153043
Accounts payable	75946	Accounts Receivable	92816
Unearned Revenue	93096	Allowance for doubtful debts	-4641
Total Current Liabilities	191551	Current Marketable Trading Securities	37764
Premium on Bonds Payable	13853	Cash	44025
Bonds Payable	132303	Total Current Assets	375626
Long term Capital Lease payable	118147
Deferred Tax liabilities	47293	Factory	1482092
Total Liabilities	503147	Accumulated Dep- factory	-450821
Shareholders Equity		Land	277925
Preferred Stock	9216	Machine under Capital Lease	41063
Additional Paid in Capital-Preferred stock	59706	Accumulated Dep- Machine	-22265
Common Stock	21222	Long Term Investments	15749
Additional Paid in Capital-Common Stock	449821	Long Term Marketable Securities	18787
Additional Paid in Capital - Stock options	65816	Goodwill	71263
Treasury Stock	-65174	Copyrights	27819
Additional Paid in Capital -Treasury Stock	2863	Brands & trademarks	56951
Retained Earnings
Opening	179408
Add: Current year net profit	690372
Other Comprehensive Income	-22208
Closing retained earnings	847572
Total Equity & Liabilities	1894189	Total Assets	1894189