The trial balance for Domenico, Inc. as of December 31, 2014 is given below. Additional information: The restructuring liability is 60% current. The notes payable are due in 2018. The company accountant erroneously failed to record the expiration of prepaid insurance of $6,000. Noncontrolling interest in income is $12,500 No provision has been made for income taxes. Income tax expense is 30% of income from continuing operations before tax (round to nearest dollar). There were 100,000 common shares outstanding at all times during the year. Required: On the labelled tabs, prepare a balance sheet as of December 31, 2014 and an income statement for the year then ended. The financial statements should be in proper format. Accounts Payable 107,619.00 Accounts Receivable 215,310.00 Accrued Payables 63,381.00 Accumulated Depreciation 359,445.00 Additional Paid-in Capital 82,568.00 Administrative Expense 226,547.00 Allowance for Bad Debts 8,400.00 Cash 169,384.00 Common Stock 20,000.00 Cost of Goods Sold 853,427.00 Deferred Revenue (current) 16,000.00 Dividends 22,000.00 Goodwill 180,000.00 Interest Expense 62,000.00 Inventory 472,911.00 Investments 148,200.00 Loss on Discontinued Operations (net of tax) 14,300.00 Non-controlling interest in net assets 31,600.00 Notes Payable 900,000.00 Plant and Equipment 1,345,377.00 Preferred Stock 10,000.00 Prepaid Insurance 36,000.00 Restructuring Expense 126,400.00 Restructuring Liability 100,000.00 Retained Earnings, January 1, 2014 836,422.00 Sales 1,557,360.00 Selling Expense 143,945.00 Supplies 14,665.00 Treasury Stock (common) 62,329.00 4,092,795.00 4,092,795.00
