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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Definitions:

Self-Defeating

Behaviors or thought patterns that undermine an individual's success, happiness, or well-being.

Suicide Rates

The statistical measure of the number of suicide deaths in a specified population, typically expressed per 100,000 individuals.

Burdensomeness

The feeling or perception of being a burden to others, often associated with negative self-evaluation and emotional distress.

Temporal Discounting

The inclination among individuals to prioritize short-term gains over long-term benefits.