The objective is to test student skills in using the given financial data to prepare a comprehensive balance sheet and multi-step income statement in good form .The given financial data will be comprised of all the various subgroupings that are reported in a multi-step income statement and balance sheet (operating revenues and expenses, other revenues and expenses and irregular items, current assets, investment, fixed assets, intangibles, current liabilities, long-term liabilities, and the equity sections).

Guideline

Read the given financial data of New York Traders Inc.

Determine which accounts belong to the balance sheet and which accounts belong to the income statement.

Determine to which subgroup of balance sheet or income statement each account belongs.

Compute the correct account balances that should be reported in balance sheet and correct amounts of revenues and expenses that should be reported in income statement.

Arrange the accounts in proper order and functionality.

Prepare a comprehensive balance sheet in good form.

Prepare a multi-step income statement in good form.

Submit the Course Project in Week 7.

ANSWER SHOULD BE POSTED AS COPY AND PASTE ONLY!

IT SAYS FOR THE YEAR 2016 and JAN 1 2016

Financial Data of New York Traders Inc. as of January 1, 2016 Accounts Payable Account Receivable Accumulated Depreciations Additional Paid-In Capital Allowance for Doubtful Accounts Building and Equipment Cash Common Stock Copyrights Customer Deposits (expected to be 200,500 165,700 350,000 40,000 2,650 1,120,000 45,300 544,850 112,000 paid in 2017) Goodwill Income Taxes Payable Inventories@ $25/unit Long-term Investments in Warren Co. 95,630 Deposits With Vendors 375 225,000 42,340 315,250 47,200