preparing financial statements, the work sheet for lighting center,inc., for the year ended december 31 of the current year and forms for completing this problem are given in the working papers.(1)...

preparing financial statements, the work sheet for lighting center,inc., for the year ended december 31 of the current year and forms for completing this problem are given in the working papers.(1) prepare an income statement.calculate and record the following component percentages; (a) cost of merchandise sold,(b) gross profit on sales, (c) total expenses, and (d) net income or loss before federal income tax. round percentage calculations to the nearest 0.1%. (2) prepare a statement of stockholders' equity. the company had 90,000 shares of $1.00 par value stock outstanding on january 1. the company issued an additional 10,000 shares during the year. (3) prepare a balance sheet in report form. (4) calculate the earnings per share and price-earnings ratio. the current market price of the stock is $28.50.preparing financial statements, (1) cash,trial balance debit-14,258.00,balance sheet debit-$14,258.00,(2) petty cash trial balance debit-$500.00, balance sheet debit- $500.00,(3) accts.receivable trial balance debit-$22,318.25, balance sheet debit-$22,318.25, (4) allow. for uncoll.accts, trial balance credit-$1,088.80, adjustments-$1,525.00, trial balance credit-$2,613.80, (5) merchandise inventory, trial balance debit-$219,248.25, adjustments credit-$2,154.25, balance sheet debit-$217,094.00,(6) supplies-office, trial balance-$3,510.15,adjustments credit-$3,015.12,balance sheet-$495.00, (7) supplies-store,trial balance debit-$4,828.19, adjustments credit-$3,815.32, balance sheet debit-$1,012.87, (8)prepaid insurance, trial balance debit-$12,000.00, adjustments credit-$10,000.00, balance sheet debit-$2,000.00, (9) office equipment-trial balance debit-$23,185.00, balance sheet debit-$23,185.00,(10) acc.depr.-office equip- trial balance credit-$8,450.00, adjustments credit-$4,050.00,balance sheet credit-$12,500.00, (11) store equipment- trial balance debit-$46,184.00,balance sheet debit-$46,184.00, (12) acc.depr-store equip, trial balance credit-$12,280.00, adjustments credit-$6,025.00, balance sheet credit-$18,305.00,(13) accts.payable-trial balance credit- $24,158.20, adjustments credit-$6,025.00, balance sheet credit-$18,305.00,(14) federal income taxadjustments credit-$52.86,balance sheet credit-$52.86,(15) emp.income tax payable-trial balance credit-$1,055.00, balace sheet credit-$1,055.00,(16) social security tax payable-trial balance credit-$747.60, balance sheet credit-$747.60, (17) medicare tax payable-trial balance credit-$174.84,,balance sheet credit-$174.84,(18) sales tax payable-trial balance credit-$2,248.25, balance sheet credit-$2,248.25, (19) unemploy tax payable-fed-trial balance credit-$25.60,balance sheet credit_%25.60. (20) payable-state- trial balance credit-$172.80, balance sheet credit-$172.80, (21) health insur.premiums payable-trial balance credit-$750.00, balance sheet credit-$750.00,(22)u.s.savings bonds payable-trial balance credit-$100.00, balance sheet credit-$100.00, (23) united way donations payable- trial balance credit-$70.00, balance sheet credit-$70.00, (24) dividends payable- trial balance credit-$10,000.00, balance sheet credit-$10,000.00,(25) capital stock-trial balance credit-$100,000.00,balance sheet credit-$100,000.00,(26) retained earnings-trial balance credit-$107,246.92, balance sheet credit-$107,246.92,(27) dividends-trial balance debit-$40,000, balance sheet credit-$40,000.00,(28)income summary, adjustments-$2,154.25, income statement debit-$2,154.25,(29) sales,trial balance credit-$745,824.50, income statement-$745,824.50,(30)sales discount- trial balance debit-$1,154.25, income statement debit-$1,154.25, (31) sales return and allowances, trial balance credit,$3,481.25 income statement debit,3,481.22,(32)purchases-$368,482.22, income statement debit-$368,482.22,(33) purchases discount-trial balance credit-$1,548.00, income statement-$1,548.00,(34) purch.returns and allowances- trial balance credit-$3,848.77, income statement-$3,848.77, (35) advertising expense-trial balance debit-$12,510.00, income statement debit-$12,510.00, (36) cash short and over, trial balance credit-$14.02, income statement debit-$14.02, (37) credit card fee expense-trial balance debit-$9,182.22,income statement-$9,182.22,(38) depr.exp-office equip, adjustments debit-$4,050.00, income statement debit-$4,050.00, (39) depr. equip, adjustments debit-$6,025.00, income statement debit-$6,025.00, (40)insur.expense, adjustments debit-$10,000.00, income statement debit-$10,000.00, (41) miscellaneous expense- trial balance debit-$12,140.00,income statement debit,-$12,140.00,(42) payroll taxes expense- trial balance debit-$15,482.98, income statement debit-$15,482.98, (43) rent expense-trial balance debit-$36,000.00, income statement debit-$36,000.00, (44) salary expense-trial balance debit-$139,158.47, income statement debit-$139,158.47, (45) supplies expense-office-adjustments debit-$3,015.12, income statement debit-$3,015.12, (46) supplies expense store- adjustments debit-$3,815.32, income statement debit-$3,815.32, (47) uncollectible accts. expense-adjustments debit-$1,525.00, income statementr debit-$1,525.00, (48) utilities expense- trial balance debit-$8,152.03, income statement debit-$8,152.03, (49) federal income tax expense- trial balance debit-$28,000.00,adjustments debit-$52.86, income statement debit-$28.052.86

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