View the step-by-step solution to: Depreciation Expense (40% - Selling,60% - Administrative)

Depreciation Expense (40% - Selling,60% - Administrative) 100,000 Dividend Income 30,000 Goodwill 100,000 Income Tax Expense 82,250 Income Taxes Payable 62,520 Interest Revenue 25,000 Inventories 499,493 Investments in Warren Co. 87,500 Land 125,000 Mortgage Payable ($1,500 per month) 308,000 Notes Payable to Banks 50,000 Notes Receivable (due next year) 23,000 Patents 125,000 Preferred Stock, 7% 300,000 Prepaid Expenses 16,252 Rental Income 50,000 Retained Earnings 162,582 Selling Expenses 300,000 Salaries Payable 52,000 Sales Discounts 120,000 Sales Revenue 2,000,000 Securities (available for sale)–at fair Market value 28,250 Trademarks 80,000 Twenty-year, 12% Bonds, due 1/1/2013 500,000 Obtain the list of accounts under the section Course Project Listing of Accounts Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement Determine to which sub-group each account belongs Arrange the accounts in proper order and functionality Prepare a Comprehensive Balance Sheet in good form Prepare a Single-step Income Statement in good form Put the course project in the Dropbox for the project in Week 8

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