week 7 course project final

courseprojectexample.xlsx

Income Statement

		NEW Y0RK TRADERS INC.
		Multi-Step Income Statement
		For the Period of January 1 - December 31,2016
	Gross Profit
	Operating Income
	Income from continuing operations
	Net Income
		NEW Y0RK TRADERS INC.
		Statement of Retained Earnings
		For the Period of January 1 - December 31,2016
	Beginning Balance
	Net Income
	Ending Balance

				New York Traders Inc.
				Balance Sheet
				As Of December 31, 2016
Current Assets:					Current Liabilibities:
	Cash		45,300			Accounts Payable	200,500
	Account Receivable	165,700				Customer Deposit	375
	Allowance for Doubtful Accounts	2650	168,350			Income Taxes Payable	42340
						2% notes payable	26,000
	Inventories		315,250
	Deposits With Vendors		47,200
		Total Current Assets
Long-term Investments:							Total Current Liabilities
		Total Long-term Investments			Long-term Liabilities:
						Mortgages Payable	667200
Property, Plant and Equipment:						Twenty-year, 12% Bonds, Due 1/1/2020	600,000
	Building and Equipment		1,120,000			`3% Bonds Payable
	Accumulated Depreciations		350,000
	Land		125,000				Total Long-term Liabilities
		Total P, P, & E					Total Liabilities
					Stockholders' Equity:
Goodwill:
	Goodwill	225000				Capital Stock	544,850
		Total Goodwill				Common Stock
Intangible Assets:							40000
	Copyrights		112000			Additional Paid-In Capital
	Patents		219,335
	Trademarks		115,000				Total Capital Stock
		Total Intangible Assets
Other Assets:						Retained Earnings	127,500
	Long-term Investments in Warren Co.		95,630				Total Equity
	Notes Receivable (due 2017)		16,000
		Total Other Assets
		Total Assets
						Total Equity and Liabilities

1	Sales Revenue	5	Inventory
2	Cost of Goods Sold (LIFO)
		6	Accounts Payable
3	Interest Expense
		7	Cash balance
4	Bad debts expense
		8	Cash Proceeds receiced from sale of Chicago store
		9	Income Tax Payable
		10	Building and Equipment
		11	Accumulated Depreciation

		Accounts Payable	200,500
		Account Receivable	165,700
		Accumulated Depreciations	350,000
		Additional Paid-In Capital	40,000
		Allowance for Doubtful Accounts	2,650
		Building and Equipment	1,120,000
		Cash	45,300
		Common Stock	544,850
		Copyrights	112,000
		Customer Deposits (expected to be paid in 2017)	375
		Goodwill	225,000
		Income Taxes Payable	42,340
		Inventories	315,250
		Long-term Investments in Warren Co.	95,630
		Deposits With Vendors	47,200
		Land	125,000
		Mortgage Payable ($2,780 per month)	667,200
		2% Notes Payable to Banks ( due 2017)	26,000
		Notes Receivable (due 2017)	16,000
		Patents	219,335
		Retained Earnings	127,500
		Trademarks	115,000
		Twenty-year, 12% Bonds, Due 1/1/2020	600,000