Identify each account types as either asset, Liability, Equity, Revenue or Expenses. \begin{tabular}{|l|r|r|}...

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Accounting

Identify each account types as either asset, Liability, Equity, Revenue or Expenses.

imageimage Unknown environment 'tabular' Additional Information: The Company's policy on Income Tax Expense is to pay the full amount when due on April 15 of the following year. Since it was not been paid in the year incurred, it is classified on the Balance Sheet as Income Tax Payable. Round to the nearest dollar. The year-end market price per share of common stock is $38 for the current year. *Depreciation on Equipment, Rent, Insurance, and Utility Expense are allocated 80% to Selling and 20% to General and Administrative. The company's policy is to use four classifications of expenses on the Income Statement Cost of Goods Sold, Selling, General and Administrative, and Income Tax. General and Administrative catch all costs that do not clearly fit in the other classifications Requirements: Create the Income Statement, Statement of Retained Earning and the Balance Sheet for the prior year. Create a formal classified Income Statement for the current year (include earnings per share) Create a formal Statement of Retained Earnings for the current year. Create a formal classified Balance Sheet for the current year Create a formal Statement of Cash Flows (Indirect Method) for the current year only. The following information relates to the Statement of Cash Flow. The preferred stock was issued to retire $5,500,000 of bonds. This was considered a non-cash financing activity. There were no other non-cash financing or investing activities In the current year the Company purchased Sregor, Stock, land for future use, building improvements, and office equipment. In the current year, the Company paid dividends, the current portion of the mortgage, and purchased treasury stock. Calculate all the ratios listed in Chapter 15 for the current year only.]

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