Looney Tunes Co presents you with the following list of accounts and adjusted balances from its general ledger for the year ended 12/31/2017. The beginning balance in RE is left out on purpose. The debit and credit columns are needed. Bonds Payable $40,000 Cash 5,000 Depreciation expense 4,000 Gain on Sale of Investment 1,500 Goodwill 16,000 Interest Income 800 Dividend Income 3,000 Dividends Paid 2,500 Accounts Payable 4,800 Accounts Receivable 7,500 Accumulation depreciation 10,000 Advertising expense 5,000 Interest expense 600 Inventory 3,000 Investments 30,000 Common Stock 50,000 Cost of Goods Sold 13,000 Maintenance Expense 200 Prepayments 110 Property Plant and Equipment 20,000 Rent Expense Sales Revenue 2,500 Salaries expense 30,000 Income tax expense 4,000 Salaried payable 2,500 Retained Earnings 200 Loss of Impairment of Goodwill ??? $8,400 Prepare a classified Balance Sheet and multi-step Income Statement in good form. Here ia a format for the income statement Revenue Less: Cogs Gross Profit Less: operating expenses Operating Profit before tax Non Operating items Gains Losses ( - ) Interest Expense, Interest Income Dividends received Total non-operating items Net Income before tax Income tax expense Net Income

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Looney Tunes Co Balance Sheet As on 12312017 ASEETS Current Assets Cash 5000 Accounts receivable 750... View the full answer