Look carefully it has two sets of data listed below
The 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).
Read 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 COMPUTATION
Prepare a multi-step income statement in good form. MUST SHOW COMPUTATION
Financial Data of New York Traders Inc. as of January 1, 2016
Additional Paid-In Capital
Allowance for Doubtful Accounts
Building and Equipment
Customer Deposits (expected to be paid in 2017)
Income Taxes Payable
Long-term Investments in Warren Co.
Deposits With Vendors
Mortgage Payable ($2,780 per month)
2% Notes Payable to Banks ( due 2017)
Notes Receivable (due 2017)
Twenty-year, 12% Bonds, Due 1/1/2020
Financial Data of New York Traders Inc. for the Year 2016
Finished Goods inventory purchased from suppliers on account.
2/10/2016 10,000 units @ $26ï»¿ each
6/12/2016 15,000 units @ $28ï»¿ each
10/23/2016 12,000 units @ $29 each
11/25/2016 8,000 units @ $30 each
New York Traders Inc. uses periodic inventory system and LIFO costing method. All purchases and sales are made on account.
Payments made to suppliers on account during 2016 are $1,124,450.
Sales made to customers on account are 49,356 units @ $36 each
Cash collected from customers during 2016 is $1,750,700
Total Interest paid on Notes Payable and Bonds Payable amounted to $17,415
Rental Income on property leased out $ 25,650
New 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 $35,800ï»¿.
New York Traders Inc. wants to make an allowance for doubtful debts at 2% on accounts receivable for the year 2016.
Selling and Administrative expenses are $128,475. These expenses include $56,000 depreciation expense on Building and Equipment but exclude bad debts expenses.
Income Tax Expense paid is $90,500. New York Traders Income Tax Rate for 2016 is 30%.
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