1. Make a Balance Sheet in Good Form

2. Make an Income Statement in Good Form

3. Make a Statement of Equity

Company Name: Accountants R US

As of September 30, 2022

Cash Debit 55000

Short term Investment Debit 57500

Accounts Receivable Debit 92000

Allowance for Doubtful Accounts Credit 4000

Additional Paid in Capital Preferred Credit 14000

Inventory Debit 154000

Automobiles Debit 27000

Buildings Debit 410000

Land Debit 282000

Equipment Debit 109500

Accumulated Dep Buildings Credit 256000

Accumulated Dep Equipment Credit 73000

Accumulated Dep Automobiles Credit 21000

Patent Debit 4500

Sales Credit 301000

Sales Returns Debit 4500

Non Controlling Interest Credit 5000

Cost of Goods Sold Debit 134000

Accounts Payable Credit 64000

Wages Payable Credit 14000

Long-Term Note Credit 214,000

Retained Earnings, Beginning Credit 301,000

Common Stock Credit 261000

Additional Paid in Capital- Common Credit 24000

Treasury Stock Debit 3800

Wage Expense Debit 31500

Rent Expense Debit 8000

Utilities Expense Debit 6500

Depreciation Expense Debit 15000

Employee Benefit Expense Debit 4000

Advertising Expense Debit 6400

Preferred Stock Credit 37000

Credit Card Expense Debit 3900

Sales Discount Debit 3700

Supplies Expense Debit 4000

Accumulated Comprehensive Income Debit 7000

Insurance Expense Debit 4000

Rental Revenue Credit 6500

Interest Expense Debit 1500

Dues Expense Debit 750

Unearned Revenues Credit 6800

Prepaid Insurance Current Debit 4250

Auto Expense Debit 7000

Interest Income Credit 1000

Good Will Debit 163500

Additional Paid in Capital -Treasury Credit 1500

Totals: Debits 1,604,800 Credits 1,604,800

1. The income tax rate is 5%

2. '$25,000 of the long-term note payable is due in the current year

3. The investment account is considered short-term in nature

4. At this point no taxes have been accrued

5. List the expenses in order of magnitude (biggest first)

6. A cash dividend for $13,000 was declared on 9-28-2022 to be paid 10-7-2022, this has not been recorded

7. The company uses the FIFO inventory method

8. Based on the Accounts receivble aging method the allowance should be 7,000