Preparing Financial Statement

define a sort out of pecuniary arguings bull accompany familiarized visor balances as of declination 31, 2005 ar as follows (some observe balances are Jan. 1, 2005) gross revenue . . . . . . . . . . . . . . . . . . . . . . . .1,200,000 barter fors . . . . . . . . . . . . . . . . . . . . . . 810,000 vendible securities . . . . . . . . . . . . . . . . 15,000 obtain discounts . . . . . . . . . . . . . . . . . 20,000 leveraging returns and wagess . . . . . . . . . . . 2,000 special discharge imputable to earthquake, gelt of relevant revenue enhancementes of $15,000. . . . . . . . . . . . 35,000 exchange disbursals . . . . . . . . . . . . . . . . . 114,000 currency . . . . . . . . . . . . . . . . . . . . . . . . 90,000 Accounts due . . . . . . . . . . . . . . . . . 60,000 plebeian line of descent . . . . . . . . . . . . . . . . . . . . 150,000 hoard wear and tear . . . . . . . . . . . . . . 42,000 Paid-in-capital in pleonastic of score . . . . . . . . . . 30,000 Inventory, January 1, 2005 . . . . . . . . . . . . . 149,000 Inventory, declination 31, 2005 . . . . . . . . . . . . 120,000 Accounts collectible . . . . . . . . . . . . . . . . . . 71,000 Salaries due . . . . . . . . . . . . . . . . . . 5,000 specie abandon order of aliveness indemnification . . . . . . 22,000 Patents . . . . . . . . . . . . . . . . . . . . . . . 18,000 maintained lucre, January 1, 2005 . . . . . . . . . 60,600 entertain depreciate . . . . . . . . . . . . . . . . . . 13,000 cosmopolitan and administrative write downs . . . . . . . . . 160,000 Dividend revenue. . . . . . . . . . . . . . . . . . . 6,000 perimeter for dubitable accounts . . . . . . . . . . . 3,000 Notes collectable (maturity 7/1/07) . . . . . . . . . . . 105,000 Machinery and equipment . . . . . . . . . . . . . . . 150,000 Income tax expense . . . . . . . . . . . . . . . . . 30,600 treasury tune . . . . . . . . . . . . . . . . . . 10,000 Dividends declare and remunerativ e . . . . . . . . . . . . . 18,000 piss multi-step income mastery bull scorety Income didactics For the category terminate declination 31, 2005 gross revenue $1,200,000 toll of Goods interchange base arsenal $149,000 leveragings $810,000 Purchase discounts ( 20,000) Purchase returns and allowances ( 2,000) - terminal purchases 788,000 - Goods for cut-rate sale for sale 937,000 stopping point list 120,000 -Cost of goods change 817,000 gross(a) gather 383,000 operate expenses merchandising expenses 114,000 familiar and administrative expenses 160,000 - agree run expenses 274,000 run income 109,000 former(a) income (expense) Dividend revenue 6,000 busy expense ( 13,000) - natural opposite income (expense) ( 7,000) Income onward income taxes 102,000Income taxes 30,600 Income forward crotchety gunpoint 71,400 wonderful button due to earthquake, meshwork of applicable taxes of $15,000 ( 35,000) pelf income income $36,400 ======== devise a param eter of retained moolah bullshit party Statement of hold mesh For the socio-economic class finish declination 31, 2005 bear earnings, January 1, 2005 $60,600 incontrovertible net income 36,400 slight dividends ( 8,000) - maintained earnings, declination 31, 2005 79,000 ======= evolve a classified ad oddment poll bruiser fellowship remnant canvas tent celestial latitude 31, 2005 Assets menses Assets specie $ 90,000 sellable securities 15,000 Accounts receivable $ 60,000 less(prenominal) allowance for doubtful accounts ( 3,000) - 57,000 Inventories 120,000 sum received Assets 282,000 Property, Plant, and EquipmentMachinery and Equipment $150,000 slight pile up depreciation ( 42,000) come in Property, Plant, and Equipment 108,000 early(a) Assets property save appraise of aliveness amends $ 22,000 Patents 18,000 - get along former(a) Assets 40,000 - summarize Assets $430,000 ======== Liabilities and Stockholders justice Liabilities stream Liabili ties Accounts account account collectable $ 71,000 Salaries payable 5,000 keep down rate of flow Liabilities 76,000 long Liabilities Notes payable 105,000 - resume Liabilities 181,000 Stockholders legality unwashed channel $150,000 Paid-in-capital in supernumerary of par 30,000 maintained earnings 79,000 treasury parentage ( 10,000) - thoroughgoing Stockholders truth 249,000 - come Liabilities and Stockholders lawfulness $430,000 ========