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Question 1 (Financial Statements Revisited) Using the adjusted trial balances (i.e., List of Accounts) for December 31, 2022 (fiscal year end), provide a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year ending December 31, 2022. These statements should be in the appropriate format.

Account Names	Balances
Accounts Payable	78,854
Accounts Receivable (Gross)	96,367
Accumulated Depreciation (Equipment)	23,112
Accumulated Depreciation (Building)	467,972
Additional Paid in Capital	510,123
Advertising Expense (Selling)	2,194
Allowance for Doubtful Accounts	4,818
Long-Term Investments in Stocks	3,599
Bad Debt Expense (Selling)	7,493
Building	1,508,305
Cash	47,866
Common Stock	31,599
Common Stock Dividends	3,759
Cost of Goods Sold	828,708
Current Portion of Note Payable	10,430
Depreciation Expense (Building-Admin)	21,093
Depreciation Expense (Equipment-Selling)	11,094
Equipment	42,626
Loss on Sale of Building	754
Gain from Discontinued Operations, Net of Tax	6,465
Goodwill	90,322
Long-Term Investments in Bonds	80,875
Income Tax Expense	42,554
Interest Expense	54,889
Inventory	217,569
Land	288,499
Long-Term Notes Payable	337,829
Patents, Net	59,118
Prepaid Rent	12,413
Research and Development Expense	67,678
Restructuring Expense	36,754
Retained Earnings (Beginning)	187,755
Salaries Expense (Admin)	108,466
Salaries Payable	7,922
Sales Revenue	1,955,878
Supplies	8,068
Supplies Expense (Admin)	6,312
Trademarks, Net	28,877
Marketable Securities	40,042
Unearned Revenue	96,638
Salaries Expense (Selling)	3,101

Question 2 (Accounts Receivable) A company is preparing year-end financial statements. The company uses the aging of receivables method to calculate bad debt expense. At the beginning of the year, the companys balance in its Allowance for Uncollectible Accounts was $92,375. Throughout the year, the company wrote-off $96,488 in overdue accounts. The company has compiled the following table concerning its receivables at year-end.

	Current	Less than 30 days	30-60 days	More than 60 days	Total
Estimated % Uncollectible	0.5%	3%	30%	100%

Required Complete an accounts receivable aging analysis based on the raw customer account information provided in the separate Excel spreadsheet (i.e., AR Aging By Customer). See Module 5 for an example. Provide the full financial statement template effects (no short-hand approach) for the writeoffs during the year as well as the adjustment for bad debt expense at the end of the year. Show how Accounts Receivable, Net and Bad Debt Expense would be formally reported on the companys financial statements. In other words, show me the line-item (i.e., a snapshot or picture of how these accounts would appear, similar to the presentation in the in-class problems) on the applicable financial statements. Make sure you identify the appropriate financial statement as well.

Customer Name	Current	Less than 30 Days	30-60 Days	More than 60 Days
Abc Enterprises Inc	70,203	-	-	-
Ballard Spahr Andrews	1,098,785	-	-	-
Benton, John B Jr	109,846	40,244	-	-
Bollinger Mach Shp & Shipyard	2,622	-	-	-
Bolton, Wilbur Esq	15,454	21,614	-	-
Buckley Miller & Wright	115,441	-	-	-
C 4 Network Inc	125,822	-	-	-
Cascade Realty Advisors Inc	259,428	64,832	-	-
Century Communications	29,383	-	-	-
Chanay, Jeffrey A Esq	134,242	-	-	-
Chapman, Ross E Esq	3,056	-	-	-
Chemel, James L Cpa	32,196	-	-	-
Cindy Turner Associates	16,838	-	-	-
Clark, Richard Cpa	17,293	1,621	675	20
Commercial Press	5,014	-	-	-
Dorl, James J Esq	66,678	-	-	-
Eder Assocs Consltng Engrs Pc	134,619	-	-	-
Farmers Insurance Group	4,140	20,122	-	-
Fbs Business Finance	55,778	10,098	-	-
Feiner Bros	5,237	16,849	1,631	14
Feltz Printing Service	651,897	-	-	-
Franklin, Peter L Esq	59,278	-	-	-
Giampetro, Anthony D	11,036	-	-	-
Grace Pastries Inc	371,619	21,046	-	-
Ingalls, Donald R Esq	112,661	-	-	-
International Eyelets Inc	4,320	-	-	-
King, Christopher A Esq	901,310	188,264	82,073	2,188
Knights Inn	3,510	-	-	-
Knwz Newsradio	151,095	-	18,469	-
Ledecky, David Esq	303,080	-	-	-
Lowy Limousine Service	34,870	-	-	-
Milford Enterprises Inc	272,458	-	-	-
Morlong Associates	6,712	-	-	-
Moskowitz, Barry S	145,477	-	-	-
Mosocco, Ronald A	11,239	-	212	-
Orinda News	5,458	6,822	118	-
Parkway Company	40,226	-	-	-
Post Box Services Plus	1,050	-	-	1
Printing Dimensions	710,614	-	-	-
Professional Image Inc	401,886	-	-	-
Rangoni Of Florence	44,014	-	-	-
Rapid Trading Intl	57,445	-	-	-
Rousseaux, Michael Esq	14,530	-	-	-
Schroer, Gene E Esq	1,598	1,996	47	-
Sider, Donald C Esq	470,605	-	-	-
Sport En Art	4,865	6,080	-	-
Stanton, James D Esq	340,913	-	-	-
T M Byxbee Company Pc	59,378	-	-	-
Tri M Tool Inc	2,120	-	67	87
Tri State Refueler Co	8,792	-	-	-
Truhlar And Truhlar Attys	10,438	-	14,879	168
U Pull It	82,354	-	-	-
Vicon Corporation	23,017	-	-	111
Wtlz Power 107 Fm	76,462	-	-	-

Question 3 (Inventory) A company uses the periodic system to account for inventory. The company records sales of 3,348,230 units throughout the year. The selling price throughout the year is $47 per unit. A physical inspection of the inventory warehouse reveals 1,498,183 units of ending inventory. Any difference between recorded sales units and cost of sales units (calculated) is attributable to inventory shrinkage and should be absorbed directly into cost of goods sold.

The company has compiled the following inventory schedule for the year.

	# of Units	Cost Per Unit
Beginning Balance	1,638,488	$22
First Quarter Purchases	816,847	$23
Second Quater Purchases	674,909	$20
Third Quarter Purchases	906,478	$26
Fourth Quarter Purchases	824,691	$27

Required Compute the inventory shrinkage in number of units. Assuming the FIFO inventory cost flow assumption: o Provide the full financial statement template effects (no short-hand approach) for determining Sales Revenue and Cost of Goods Sold for the year. Assume all sales are cash sales. o Show how Ending Inventory, Sales Revenue, Cost of Goods Sold, and Gross Profit, would be formally reported on the companys financial statements. In other words, show me the line-items (i.e., a snapshot or picture of how these accounts would appear, similar to the presentation in the in-class problems on the applicable financial statements. Make sure you identify the appropriate financial statement. Assuming the LIFO inventory cost flow assumption: o Provide the full financial statement template effects (no short-hand approach) for determining Sales Revenue and Cost of Goods Sold for the year. Assume all sales are cash sales. o Show how Ending Inventory, Sales Revenue, Cost of Goods Sold, and Gross Profit, would be formally reported on the companys financial statements. In other words, show me the line-items (i.e., a snapshot or picture of how these accounts would appear, similar to the presentation in the in-class problems) on the applicable financial statements. Make sure you identify the appropriate financial statement. In one separately presented and summarized table, provide the following: o Sales Revenue, FIFO Cost of Goods Sold, and FIFO Gross Profit, FIFO Ending Inventory o Sales Revenue, LIFO Cost of Goods Sold, and LIFO Gross Profit, LIFO Ending Inventory o Articulate why LIFO Cost of Goods Sold is a higher amount than FIFO Cost of Goods Sold?

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