Final Course project

acct550courseproject.xlsx

Income Statement

	NEW Y0RK TRADERS INC.
	Multi-Step Income Statement
	For the Period of January 1 - December 31,2016
Sales Revenue		$ 1,776,816
COGS		952,750
Gross Profit		824,066
Operating Expenses (Less)
Bad Debt Expense	664
Depreciation	56,000
Selling and Administrative Expenses	72,475
Total Operating Expenses		129,139
Operating Income		$ 694,927
Non-Operating Expenses
Other Income
Rental Income		25,650
		720,577
Other Expenses
Discontinued Operations
Loss on Disposition of Retail Store	35,800
Interest Expenses	17,415
Total Other Expenses		53,215
Income from continuing operations		667,362
Net Income Before Tax		$ 667,362
Income Tax 30%		200,209
Net Income		467,153
	NEW Y0RK TRADERS INC.
	Statement of Retained Earnings
	For the Period of January 1 - December 31,2016
Beginning Balance		45,300
Net Income		467,153
Ending Balance		512,453

				New York Traders Inc.
				Balance Sheet
				As Of December 31, 2016
Current Assets:						Current Liabilibities:
	Accounts Receivable	165,700					Accounts Payable		200,500
	Less: doubtful accounts	2650	163,050				Income Tax Expense Paid		42,340
	Inventories		315,250				Customer Deposits		375
	Notes Receivable		16,000				Notes Payable		26,000
	Deposits with Vendors		47,200				Interest Payable
	Cash		45,300				Mortgage Payable		33,360
		Total Current Assets		586,800
Long-term Investments:								Total Current Liabilities
	Invenstment in Warren Co.			95,630						302,575
		Total Long-term Investments				Long-term Liabilities:
							Mortgages Payable		633,840
Property, Plant and Equipment:							Twenty Year, 12% Bonds, Due 1/1/2020		600,000
	Land			125,000
	Building and Equipment			1,120,000				Total Long-term Liabilities		1,233,840
	Less: Accumulated Depreciation			350000
				895,000				Total Liabilities
		Total P, P, & E								1,536,415
						Stockholders' Equity:
Goodwill:							Common Stock		544,850
	GoodWill			225,000			Addistional Paid in Capital		40,000
		Total Goodwill		225,000
Intangible Assets:
	Copyrights			112,000
	Patents			219,335				Total Capital Stock		584,850
	Trademarks			115,000
		Total Intangible Assets		446,335			Retained Earnings			127,500
Other Assets:								Total Equity
										712,350
		Total Other Assets
		Total Assets					Total Equity and Liabilities
					2,248,765					2,248,765

1	Sales Revenue		5	Inventory
	1,776,816	36*49,356		260,000	2/10/16
				420,000	6/12/16
				348,000	10/23/16
				240,000	11/25/16
				(315,250)	Beginning
2	Cost of Goods Sold (LIFO)			952,750
	952,750	Inventory
	72,475	Selling Expenses
			6	Accounts Payable
				200,500
3	Interest Expense
	17,415
			7	Cash balance
				1,750,700
				43,500
4	Bad debts expense
	17,250
			8	Cash Proceeds receiced from sale of Chicago store
				(35,800)
			9	Income Tax Payable
				42,340
	25,650	Rntal Income		90,500
			10	Building and Equipment
				1,120,000	Building
				125,000	Land
			11	Accumulated Depreciation
				350,000
				56,000