### Comprehensive Problem 3#### Mountain Sports, Inc.Mountain Sports, Inc., is a retailer that has engaged you to assist in the preparation of its financial statements at December 31, 2018. Following are the correct adjusted account balances, in alphabetical order, as of that date. Each balance is the “normal” balance for that account. (Hint: The “normal” balance is the same as the debit or credit side that increases the account.)| Account | Amount ($) ||---------------------------------------------------|------------|| Accounts payable | 12,750 || Accounts receivable | 12,000 || Accumulated depreciation: office equipment | 2,600 || Additional paid-in capital (common stock) | 23,000 || Bonds payable (due December 31, 2021) | 13,000 || Cash | 22,550 || Common stock (1,800 shares, $10 par value) | 19,200 || Cost of goods sold | 18,000 || Deferred income taxes | 100,575 || Depreciation expense: office equipment | 5,750 || Dividends declared | 2,750 || Income tax expense | 8,190 || Insurance expense | 5,000 || Land | 39,500 || Merchandise inventory | 17,500 || Notes payable (due December 31, 2019) | 2,500 || Office equipment | 6,000 || Office supplies | 900 || Office supplies expense | 520 || Preferred stock (250 shares, $20 par value) | 5,000 || Premium on bonds payable | 1,750 || Prepaid rent | 1,800 || Rent expense | 6,100 || Retained earnings (January 2018) | 21,075 || Salaries expense | 88,095 || Sales | 226,000 || Sales returns and allowances | 2,500 || Sales taxes payable | 3,200 || Treasury stock (200 common shares at cost) | 2

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epare an income statement for the year ended December 31, 2018, which includes amounts gross profit, income before income taxes, and net income. List expenses (other than cost of for goods sold and income tax expense) in order, from the largest to the smallest dollar balance. You may ignore earnings per share. pare a statement of retained earnings for the year ending December 31, 2018. Prepare thes a statement of financial position (balance sheet) as of December 31, 2018, following Include separate asset and liability categories for those items that are "current." Include and label amounts for total assets, total liabilities, total stockholders' equity, and total liabilities and stockholders' equity. Present deferred income taxes as a noncurrent liability. To the extent information is available that should be disclosed, include the parenthetical disclosure of that information.

epare an income statement for the year ended December 31, 2018, which includes amounts gross profit, income before income taxes, and net income. List expenses (other than cost of for goods sold and income tax expense) in order, from the largest to the smallest dollar balance. You may ignore earnings per share. pare a statement of retained earnings for the year ending December 31, 2018. Prepare thes a statement of financial position (balance sheet) as of December 31, 2018, following Include separate asset and liability categories for those items that are "current." Include and label amounts for total assets, total liabilities, total stockholders' equity, and total liabilities and stockholders' equity. Present deferred income taxes as a noncurrent liability. To the extent information is available that should be disclosed, include the parenthetical disclosure of that information.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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