Question

prepare a multi-step income statement and statement of retained earnings for the quarter ended december 31, 2018. prepare a classified balance sheet as of december 31,2018. assume that $9,520 of the mortgage payable is due within the next year. if you dont know the number please at least put what goes in the blank (ex: accounts payable, interest expense)

ully at began operations on October 1,2018, when it incorporated in the iuwell Company i authorized to issue 150,000 shares of $1 par value common stock state of N $70 par value preferred stock. Thempan ells a product that includes a one-year warranty payable each month. Customers are haro a 6% state sales tax. The company uses a perpetual three employees that are paid a monunly salary on the last day of the month. and records estimated warran the next year First, prepare a multi-step income statement (Use parentheses or a minus sign for other expense amounts ) The Caldwell Company Income Statement For Quarter Ended December 31, 2018 hoose from any list or enter any number in the input fields and then click Check Answer

Answer 1

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Caldwell Company
Statement of Comprehensive Income (Multi Step)				Balance Sheet
Particulars	Amount	Amount		Assets	Amount
Sales Revenue	590,000.00			Cash	672,418.00
Net Sales		590,000.00		Merchandise Inventory	16,000.00
Cost of goods sold		354,000.00		Total Current Assets	688,418.00
Gross Profit		236,000.00		Land	110,000.00
Depreciation	400.00			Building	40,000.00
Payroll expense	4,542.00			Accumulated Depreciation	(400.00)
Warranty expense	41,300.00			Stores Fixtures	12,000.00
Salaries expense	42,900.00			Total Assets	850,018.00
Utilities expense	545.00
Operating Expense		89,687.00		Liabilities
Operating Income		146,313.00		Accounts Payable	110,000.00
Interest Expense		3,778.00		Employee Health Insurance Payable	1,050.00
Income before tax		142,535.00		Employee Income Taxes Payable	3,345.00
Income tax expense		30,000.00		Estimated Warranty Payable	28,400.00
Net Income after tax		112,535.00		Federal Unemployment Taxes Payable	7.00
				State Unemployment Taxes Payable	65.00
Statement of Retained Earnings	Amount $			FICA- Medicare Taxes Payable	415.00
Opening Balance	-			FICA- OSADI Taxes Payable	1,773.00
Add: Net Income for the year	112,535.00			Income Tax Payable	30,000.00
Less: Cash Dividend	27,200.00			Sales Tax Payable	12,000.00
Closing Balance	85,335.00			Interest payable	1,534.00
				Mortgage Payable (Current Portion)	9,520.00
				Notes Payable	12,000.00
				Current Liabilities	210,109.00
				Mortgage Payable (Non Current Portion)	138,974.00
				Long Term Liabilities	138,974.00
				Stockholders' Equity
				Common Stock- $1 par Value	28,000.00
				Paid in Capital In excess of par -Common	392,000.00
				Paid in Capital from Treasury Stock Transactions	2,000.00
				Retained Earnings	85,335.00
				Treasury Stock - Common	(6,400.00)
				Total Stockholders' Equity	500,935.00
				Total Liabilities & Stockholders' Equity	850,018.00