Prepare an Income Statement and Balance Sheet for Nipissing Ltd

question 51

Essay

Prepare an income statement and balance sheet for Nipissing Ltd.from the following list of accounts as at April 30, 2012. $\begin{array}{lrlr}\text { Accounts payable } & 108,000 & \text { Income tax expense } & 135,000 \\\text { Accounts receivable } & 305,000 & \text { Income taxes payable } & 34,000 \\\text { Accrued wages } & 15,500 & \text { Interest expense } & 65,000 \\\text { Amortization expense } & 105,000 & \text { Inventory } & 125,000 \\\text { Capital Stock } & 200,000 & \text { Mortgage payable (non- } &\\\text { Cash } & 15,000 & \text { current portion) } & 550,000 \\\text { Cost of sales } & 678,500 & \text { Patents } & 200,000 \\\text { Current portion of mortgage } & & \text { Prepaid expenses } & 6,000\\\text { payable }&25,000&\text { Prepaid expenses } \\& & \text { equipment } & 850,000 \\\text { Dividends } & 30,000 & \text { Sales for cash } & 250,000 \\\text { Dividends payable } & 7,500 & \text { Sales on credit } & 1,825,000 \\\text { General, administrative } & & \text { Retained earnings } & 303,500\\\text { and selling expenses }& 804,000 &\text { (beginning of the year balance) }\end{array}$

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