Question

Create a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year...

Create a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year ending December 31, 2018. These statements should be in an appropriate format. This means that the multiple-step income statement should present gross profit, operating, nonoperating, and nonrecurring items separately. This also means that the classified balance sheet should present current and long-term items separately. The statement of retained earnings only needs to present the “Retained Earnings” column from a Statement of Stockholders’ Equity.

Information:

Sales Revenue $         3,071,987
Taproom Building $         2,321,468
Cost of Sales $         1,350,828
Accumulated Depreciation (Taproom Building) $             735,017
Additional Paid in Capital-Common Stock $             697,177
Land $             453,128
Inventory $             341,723
Retained Earnings (Beginning) $             292,506
Long-Term Notes Payable $             269,731
Unearned Revenue $             196,956
Bonds Payable $             170,536
Wage Expense (Admin) $             170,361
Insurance Expense (Admin) $             164,026
Accounts Receivable (Gross) $             151,359
Goodwill $             141,864
Loss on Extinguishment of Note Payable $             127,026
Accounts Payable $             123,851
Additional Paid in Capital-Stock Options $             107,305
Treasury Stock $             106,259
Additional Paid in Capital-Preferred Stock $               97,345
Customer Lists, Net $               92,853
Cash $               75,180
Tap System $               66,950
Income Tax Expense $               64,469
Unamortized Bond Issue Costs $               62,891
Brand Name, Net $               45,356
Accumulated Depreciation (Tap System) $               36,301
Common Stock $               34,601
Depreciation Expense (Taproom Building-Admin) $               33,129
Interest Expense (Notes) $               24,670
Discount on Bonds Payable $               22,586
Prepaid Insurance $               19,497
Depreciation Expense (Tap System-Selling) $               17,425
Interest Expense (Bonds) $               17,053
Current Portion of Notes Payable $               16,381
Preferred Stock $               15,025
Wages Payable $               12,443
Bad Debt Expense (Selling) $               11,769
Allowance for Doubtful Accounts $                  7,568
Interest Payable $                  5,486
Bond Issue Expense $                  4,871
Additional Paid in Capital-Treasury Stock $                  4,669
Common Stock Dividends Declared $                  3,716
Wage Expense (Selling) $                  3,446
Dividends Payable $                  2,390
Preferred Stock Dividends Declared $                  2,188
Loss from Discontinued Operations (Net of Tax) $                  1,184

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