Part of FINAL HW Assignment due May 1st The balance sheets of Weinstein's Nordic Italian Cuisine...

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Part of FINAL HW Assignment due May 1st The balance sheets of Weinstein's Nordic Italian Cuisine Inc. at December 31, 2023 and December 31, 2024 and the related Income statement for the year ended December 31, 2024 are as follows: Assets 31-Dec-24 31-Dec-23 Cash 190,050 80,000 Trading securities 99,200 127,200 Securities fair value adjustment (11,500) 2,500 Accounts Receivable 165,200 175,000 Inventory 156,250 141,000 Prepaid Expenses 25,000 28,200 Supplies 3,800 1,200 Machinery & Equipment 88,500 65,000 Accumulated Depreciation (30,000) (18,000) Patents 51,000 26,000 737,500 628,100 Liabilities & Equity Accounts Payable 78,000 112,000 Salaries Payable 6,700 1,200 Accrued Expenses Payable 14,000 19,000 Accrued pension cost 1,500 6,200 Income taxes payable 12,100 3,600 Deferred taxes payable Dividends Payable Note payable-machinery Bonds Payable 2,000 1,800 3,700 15,000 210,000 350,000 Bond Discount (9,720) (18,000) Common Stock 135,000 75,000 Paid-in Capital in Excess of Par 103,400 42,000 Paid-in Capital from sale Treas. Stk. 2,500 Retained Earnings 171,220 48,400 Treasury Stock (3,500) (17,500) 737,500 628,100 Weinstein's Nordic Italian Cuisine Inc. Income Statement for the year ended December 31, 2024 Sales $ 1,225,000 Interest Revenue 200 Dividend Revenue 1,500 Gain on Sale of Trading securities Gain on Sale of Patents 2,600 17,500 Total Revenue & Gains Cost of Goods Sold Salary Expense $ 1,246,800 $ 465,500 357,000 Pension expense 45,000 Depreciation Expense 20,000 Amortization Expense 9,000 Other Operating Expenses 98,100 Interest Expense (incl. $1,800 amort bond discount) 18,500 Unrealized holding loss - Trading Securities 14,000 Loss on Sale of Equipment 3,200 Loss on Bond Retirement 7,480 Total Expenses & Losses 1,037,780 Income Before Tax Income Taxes Net Income $ 209,020 37,000 $ 172,020 Part of FINAL HW Assignment due May 1st The balance sheets of Weinstein's Nordic Italian Cuisine Inc. at December 31, 2023 and December 31, 2024 and the related Income statement for the year ended December 31, 2024 are as follows: Assets 31-Dec-24 31-Dec-23 Cash 190,050 80,000 Trading securities 99,200 127,200 Securities fair value adjustment (11,500) 2,500 Accounts Receivable 165,200 175,000 Inventory 156,250 141,000 Prepaid Expenses 25,000 28,200 Supplies 3,800 1,200 Machinery & Equipment 88,500 65,000 Accumulated Depreciation (30,000) (18,000) Patents 51,000 26,000 737,500 628,100 Liabilities & Equity Accounts Payable 78,000 112,000 Salaries Payable 6,700 1,200 Accrued Expenses Payable 14,000 19,000 Accrued pension cost 1,500 6,200 Income taxes payable 12,100 3,600 Deferred taxes payable Dividends Payable Note payable-machinery Bonds Payable 2,000 1,800 3,700 15,000 210,000 350,000 Bond Discount (9,720) (18,000) Common Stock 135,000 75,000 Paid-in Capital in Excess of Par 103,400 42,000 Paid-in Capital from sale Treas. Stk. 2,500 Retained Earnings 171,220 48,400 Treasury Stock (3,500) (17,500) 737,500 628,100 Weinstein's Nordic Italian Cuisine Inc. Income Statement for the year ended December 31, 2024 Sales $ 1,225,000 Interest Revenue 200 Dividend Revenue 1,500 Gain on Sale of Trading securities Gain on Sale of Patents 2,600 17,500 Total Revenue & Gains Cost of Goods Sold Salary Expense $ 1,246,800 $ 465,500 357,000 Pension expense 45,000 Depreciation Expense 20,000 Amortization Expense 9,000 Other Operating Expenses 98,100 Interest Expense (incl. $1,800 amort bond discount) 18,500 Unrealized holding loss - Trading Securities 14,000 Loss on Sale of Equipment 3,200 Loss on Bond Retirement 7,480 Total Expenses & Losses 1,037,780 Income Before Tax Income Taxes Net Income $ 209,020 37,000 $ 172,020