| The trial balance for Domenico, Inc. as of December 31, 2014 is given below. |
| Additional information: |
| The restructuring liability is 60% current. The notes payable are due in 2018. |
| The company accountant erroneously failed to record the expiration of prepaid insurance of $6,000. |
| Noncontrolling interest in income is $12,500 |
| No provision has been made for income taxes. Income tax expense is 30% of income from continuing operations before tax (round to nearest dollar). |
| There were 100,000 common shares outstanding at all times during the year. |
| Required: On the labelled tabs, prepare a balance sheet as of December 31, 2014 and an income statement for the year then ended. The financial statements should be in proper format. |
| Accounts Payable | | 107,619 |
| Accounts Receivable | 215,310 |
| Accrued Payables | | 63,381 |
| Accumulated Depreciation | | 359,445 |
| Additional Paid-in Capital | | 82,568 |
| Administrative Expense | 226,547 |
| Allowance for Bad Debts | | 8,400 |
| Cash | 169,384 |
| Common Stock | | 20,000 |
| Cost of Goods Sold | 853,427 |
| Deferred Revenue (current) | | 16,000 |
| Dividends | 22,000 |
| Goodwill | 180,000 |
| Interest Expense | 62,000 |
| Inventory | 472,911 |
| Investments | 148,200 |
| Loss on Discontinued Operations (net of tax) | 14,300 |
| Non-controlling interest in net assets | | 31,600 |
| Notes Payable | | 900,000 |
| Plant and Equipment | 1,345,377 |
| Preferred Stock | | 10,000 |
| Prepaid Insurance | 36,000 |
| Restructuring Expense | 126,400 |
| Restructuring Liability | | 100,000 |
| Retained Earnings, January 1, 2014 | | 836,422 |
| Sales | | 1,557,360 |
| Selling Expense | 143,945 |
| Supplies | 14,665 |
| Treasury Stock (common) | 62,329 |
| | 4092795 | 4092795 |
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homework.xlsx
