You have been provided with the following alphabetical list of accounts for Thaxted Ltd. for 2017. Use the information to prepare an income statement for the year ended December 31, 2017, and balance sheet as of December 31, 2017. You should be able to figure out how to treat accounts that have names that are unfamiliar to you by applying your understanding of the financial statements learned in thischapter.

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Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation Accumulated other comprehensive S 26,250 Income taxes recoverable from government S 2,250 70,000 500 42,500 27,500 Interest expense 5,000 Interest revenue 375,000 Inventory income at the end of the year Advances to employees Advertising expense:s Depreciation expense Cash Cash sales in 2017 Charitable donations made Common shares Cost of sales Credit sales in 2017 Current portion of long-term debt Deposits from customers Dividends Income tax expense Income taxes payable 10,000 Intangible assets 100,000 1,250 47,500 115,000 5,000 112,500 50,000 500,000 Investments in the shares of other corporations (non-current) Long-term debt (non-current portion) Loss on lawsuit 0ther comprehensive income 0ther expense Other non-current assets 60,000 700,000 45,000 3,250 10,000 25,000 1,000 1,800,000 187,500 Prepaid insurance 725,000 27,500 Property, plant, and equipment Retained earnings at the beginning 1,250 of the year 12,500 Selling expenses 75,000 Wages expense 3,750 Wages payable 366,000 67,500 110,000 1,750