please answer the blank...dont make your own format...thnaks

ACCT 220 - Intermediate Accounting Assignment 1 10 4. Incomplete Info Blue Spruce Industries is a small, owner managed business that sells artificial Christmas trees and decorations. The owner of Blue Spruce, Terrie Leroy, is a busy entrepreneur who does not have bookkeeper. She provides the bank account records for the butiness, as well as various other documents, to her accountant at the end of each year. The accountant uses this information to prepare both a balance sheet and an income statement An analysis of bank deposits and dkbursements prepared by the accountant for the current year showed the following Bank Deposits $ Proceeds of bank loan Collections from customers Collections on trade notes Interest received on notes recevable Total cath receipts 10,000 1.225.000 60.000 5.000 1.330.000 Bank Disbursements Purchases of inventory Payment for new equipment Freight-in on purchase of merchandise Payments for selling expenses Payments for wages and salaries expenses Payment for insurance Dividends paid Payment of corporate income taxes Payment on bank loan interest 58.000 Total cash payments 752.000 10,200 65.000 75.000 121.000 12.000 42.000 54,000 15.900 1.147.100 Following is a list of assets and liabilities at the beginning and end of the current year that was prepared by the accountant Dec. 31 Cash $ 164,100 $ 347,000 Accounts receivable 91,000 135 000 Notes receivable 110,000 50.000 Inventory 105,000 115,000 Prepaid insurance 14,000 12,000 Land 60,000 50,000 Building (net of depreciation) 200.000 195,000 Equipment (net of depreciation) 140,000 142.000 Total assets $ 884, 1005 1,056.000 $ Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable 54.000 5 14,000 5,000 100,000 173,000 $ 45,000 15.000 3.000 132.100 195,100 According to the corporation's legal records, 55.000 in common share capital was issued at the inception of the corporation. No other shares have been issued or retired Assume that all accounts payable arise from the purchase of inventory REQUIRED: Prepare a draft income statement for the year. You may use the following template: Sales Cost of goods sold Opening Inventory Purchases (incl. Freight-in) Closing inventory Gross profit on sales Expenses Selling expenses Wages and salaries expense Insurance expense Depreciation expense Total axpenses Income doss) from operations Other revenues and expenses Interest revenue Interest expense Profit loss) before income taxes Income tax expense Profit (loss) for the year Note: include schedules or show T-accounts for any calculation you perform Alternatively, a worksheet is also attached. If using the worksheet ensure that it's complete with columns totaled. ACCT 220 - Intermediate Accounting Assignment 1 O 4. Incomplete Info - Worksheet Template come On DR 31-Dec Debits Cash 35 Accounts receivable Notes recevable Inventory Prepaid Insurance Iland Building te Equipment het Purchases Selling expenses Freicht.in interest expense IS insurance expense Depreciation expense Income tax expense Wages and salarialexpense Profit/loss revenues experts Total Debits BS Credits Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable Common shares Retained earnines Sales Interest revenue 15 Income summary inventory chance Total Credits Total DR and CR Columns ACCT 220 - Intermediate Accounting Assignment #1 LO 4 - Incomplete Info Blue Spruce Industries is a small, owner-managed business that sells artificial Christmas trees and decorations. The owner of Blue Spruce, Terrie Leroy, is a busy entrepreneur who does not have a bookkeeper. She provides the bank account records for the business, as well as various other documents, to her accountant at the end of each year. The accountant uses this information to prepare both a balance sheet and an income statement. An analysis of bank deposits and disbursements prepared by the accountant for the current year showed the following: Bank Deposits: Proceeds of bank loan Collections from customers Collections on trade notes Interest received on notes receivable Total cash receipts 40,000 1,225,000 60,000 5,000 1,330,000 Bank Disbursements: Purchases of inventory Payment for new equipment Freight-in on purchase of merchandise Payments for selling expenses Payments for wages and salaries expenses Payment for insurance Dividends paid Payment of corporate income taxes Payment on bank loan (interest $8,000) Total cash payments 752,000 10,200 65,000 75,000 121,000 12.000 42,000 54,000 15.900 1,147,100 Following is a list of assets and liabilities at the beginning and end of the current year that was prepared by the accountant: lan 1 Dec. 31 - Cash 164,100 $ 347,000 Accounts receivable 291,000 135,000 Notes receivable 110,000 50,000 Inventory 105,000 115,000 Prepaid insurance 14,000 12.000 Land 60,000 60,000 Building (net of depreciation) 200.000 195,000 142,000 140,000 Equipment (net of depreciation) 1.056,000 884,1005 Total assets $ Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable 54,000 5 14.000 5,000 100.000 173,000 $ 45,000 15,000 3,000 132,100 195 100 According to the corporation's legal records, $5,000 in common share capital was issued at the inception of the corporation. No other shares have been issued or retired. Assume that all accounts payable arise from the purchase of inventory. REQUIRED: Prepare a draft income statement for the year. You may use the following template: Sales Cost of goods sold Opening Inventory Purchases (incl. Freight-in) Closing inventory Gross profit on sales Expenses: Selling expenses Wages and salaries expense Insurance expense Depreciation expense Total expenses Income (loss) from operations Other revenues and expenses Interest revenue Interest expense Profit (loss) before income taxes Income tax expense Profit (loss) for the year Note: Include schedules or show T-accounts for any calculation you perform. Alternatively, a worksheet is also attached. If using the worksheet, ensure that it's complete with columns totalled. ACCT 220 - Intermediate Accounting i Assignment 01 LO 4 - Incomplete Info - Worksheet Template 01-Jan Debits Cash DR CR Income Statement 31-Dec BS Accounts receivable Notes receivable Inventory Prepaid insurance Iland Building (net) Equipment (net) Purchases 15 Selling expenses Freight-in interest expense insurance expense Depreciation expense income tax expense Wages and salaries expense Profit/loss (revenues expenses) Total Debits BS Credits Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable Common shares Retained earnings Sales Interest revenue IS income summary inventory change) Total Credits Total DR and CR Columns ACCT 220 - Intermediate Accounting Assignment 1 10 4. Incomplete Info Blue Spruce Industries is a small, owner managed business that sells artificial Christmas trees and decorations. The owner of Blue Spruce, Terrie Leroy, is a busy entrepreneur who does not have bookkeeper. She provides the bank account records for the butiness, as well as various other documents, to her accountant at the end of each year. The accountant uses this information to prepare both a balance sheet and an income statement An analysis of bank deposits and dkbursements prepared by the accountant for the current year showed the following Bank Deposits $ Proceeds of bank loan Collections from customers Collections on trade notes Interest received on notes recevable Total cath receipts 10,000 1.225.000 60.000 5.000 1.330.000 Bank Disbursements Purchases of inventory Payment for new equipment Freight-in on purchase of merchandise Payments for selling expenses Payments for wages and salaries expenses Payment for insurance Dividends paid Payment of corporate income taxes Payment on bank loan interest 58.000 Total cash payments 752.000 10,200 65.000 75.000 121.000 12.000 42.000 54,000 15.900 1.147.100 Following is a list of assets and liabilities at the beginning and end of the current year that was prepared by the accountant Dec. 31 Cash $ 164,100 $ 347,000 Accounts receivable 91,000 135 000 Notes receivable 110,000 50.000 Inventory 105,000 115,000 Prepaid insurance 14,000 12,000 Land 60,000 50,000 Building (net of depreciation) 200.000 195,000 Equipment (net of depreciation) 140,000 142.000 Total assets $ 884, 1005 1,056.000 $ Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable 54.000 5 14,000 5,000 100,000 173,000 $ 45,000 15.000 3.000 132.100 195,100 According to the corporation's legal records, 55.000 in common share capital was issued at the inception of the corporation. No other shares have been issued or retired Assume that all accounts payable arise from the purchase of inventory REQUIRED: Prepare a draft income statement for the year. You may use the following template: Sales Cost of goods sold Opening Inventory Purchases (incl. Freight-in) Closing inventory Gross profit on sales Expenses Selling expenses Wages and salaries expense Insurance expense Depreciation expense Total axpenses Income doss) from operations Other revenues and expenses Interest revenue Interest expense Profit loss) before income taxes Income tax expense Profit (loss) for the year Note: include schedules or show T-accounts for any calculation you perform Alternatively, a worksheet is also attached. If using the worksheet ensure that it's complete with columns totaled. ACCT 220 - Intermediate Accounting Assignment 1 O 4. Incomplete Info - Worksheet Template come On DR 31-Dec Debits Cash 35 Accounts receivable Notes recevable Inventory Prepaid Insurance Iland Building te Equipment het Purchases Selling expenses Freicht.in interest expense IS insurance expense Depreciation expense Income tax expense Wages and salarialexpense Profit/loss revenues experts Total Debits BS Credits Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable Common shares Retained earnines Sales Interest revenue 15 Income summary inventory chance Total Credits Total DR and CR Columns ACCT 220 - Intermediate Accounting Assignment #1 LO 4 - Incomplete Info Blue Spruce Industries is a small, owner-managed business that sells artificial Christmas trees and decorations. The owner of Blue Spruce, Terrie Leroy, is a busy entrepreneur who does not have a bookkeeper. She provides the bank account records for the business, as well as various other documents, to her accountant at the end of each year. The accountant uses this information to prepare both a balance sheet and an income statement. An analysis of bank deposits and disbursements prepared by the accountant for the current year showed the following: Bank Deposits: Proceeds of bank loan Collections from customers Collections on trade notes Interest received on notes receivable Total cash receipts 40,000 1,225,000 60,000 5,000 1,330,000 Bank Disbursements: Purchases of inventory Payment for new equipment Freight-in on purchase of merchandise Payments for selling expenses Payments for wages and salaries expenses Payment for insurance Dividends paid Payment of corporate income taxes Payment on bank loan (interest $8,000) Total cash payments 752,000 10,200 65,000 75,000 121,000 12.000 42,000 54,000 15.900 1,147,100 Following is a list of assets and liabilities at the beginning and end of the current year that was prepared by the accountant: lan 1 Dec. 31 - Cash 164,100 $ 347,000 Accounts receivable 291,000 135,000 Notes receivable 110,000 50,000 Inventory 105,000 115,000 Prepaid insurance 14,000 12.000 Land 60,000 60,000 Building (net of depreciation) 200.000 195,000 142,000 140,000 Equipment (net of depreciation) 1.056,000 884,1005 Total assets $ Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable 54,000 5 14.000 5,000 100.000 173,000 $ 45,000 15,000 3,000 132,100 195 100 According to the corporation's legal records, $5,000 in common share capital was issued at the inception of the corporation. No other shares have been issued or retired. Assume that all accounts payable arise from the purchase of inventory. REQUIRED: Prepare a draft income statement for the year. You may use the following template: Sales Cost of goods sold Opening Inventory Purchases (incl. Freight-in) Closing inventory Gross profit on sales Expenses: Selling expenses Wages and salaries expense Insurance expense Depreciation expense Total expenses Income (loss) from operations Other revenues and expenses Interest revenue Interest expense Profit (loss) before income taxes Income tax expense Profit (loss) for the year Note: Include schedules or show T-accounts for any calculation you perform. Alternatively, a worksheet is also attached. If using the worksheet, ensure that it's complete with columns totalled. ACCT 220 - Intermediate Accounting i Assignment 01 LO 4 - Incomplete Info - Worksheet Template 01-Jan Debits Cash DR CR Income Statement 31-Dec BS Accounts receivable Notes receivable Inventory Prepaid insurance Iland Building (net) Equipment (net) Purchases 15 Selling expenses Freight-in interest expense insurance expense Depreciation expense income tax expense Wages and salaries expense Profit/loss (revenues expenses) Total Debits BS Credits Accounts payable Salaries and wages payable Corporate income tax payable Bank loans payable Common shares Retained earnings Sales Interest revenue IS income summary inventory change) Total Credits Total DR and CR Columns