FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Retained earnings and balance sheet data:
Accounts payable
Accounts receivable
Accumulated depreciation-office buildings and equipment
Accumulated depreciation-store buildings and equipment
Allowance for doubtful accounts
Bonds payable, 5%, due in 10 years
Cash
Common stock, $20 par (400,000 shares authorized;
85,000 shares issued, 94,600 outstanding), January 1, 20Y8
Dividends:
Sales
$194,300
545,000
1,580,000
4,126,000
Operating oxpopcos:
8,450
500,000
282,850
Cash dividends for common stock
Cash dividends for preferred stock
Goodwill
Income tax payable
Interest receivable
Inventory (December 31, 20Y8), at lower of cost (FIFO) or market
Office buildings and equipment
Paid-in capital from sale of treasury stock, January 1, 2018
Paid-in capital in excess of par-common stock, January 1, 20Y8
Paid-in capital in excess of par-preferred stock, January 1, 20Y8
Preferred 5% stock, $80 par (30,000 shares authorized;
16,000 shares issued), January 1, 20Y8
Premium on bonds payable
Prepaid expenses
Retained earnings, January 1, 20Y8
Store buildings and equipment
Treasury stock, January 1, 20Y8
a. Prepare a multiple-step income statement for the year ended December 31, 20Y8.
Equinox Products Inc.
Income Statement
For the Year Ended December 31, 20Y8
1,700,000
155,120
100,000
700,000
44,000
1,200
778,000
4,320,000
736,800
70,000
0
1,280,000
19,000
27,400
8,197,220
12,560,000
$
$
0
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Transcribed Image Text:Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Bonds payable, 5%, due in 10 years Cash Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding), January 1, 20Y8 Dividends: Sales $194,300 545,000 1,580,000 4,126,000 Operating oxpopcos: 8,450 500,000 282,850 Cash dividends for common stock Cash dividends for preferred stock Goodwill Income tax payable Interest receivable Inventory (December 31, 20Y8), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock, January 1, 2018 Paid-in capital in excess of par-common stock, January 1, 20Y8 Paid-in capital in excess of par-preferred stock, January 1, 20Y8 Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), January 1, 20Y8 Premium on bonds payable Prepaid expenses Retained earnings, January 1, 20Y8 Store buildings and equipment Treasury stock, January 1, 20Y8 a. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Equinox Products Inc. Income Statement For the Year Ended December 31, 20Y8 1,700,000 155,120 100,000 700,000 44,000 1,200 778,000 4,320,000 736,800 70,000 0 1,280,000 19,000 27,400 8,197,220 12,560,000 $ $ 0
Income statement data:
Advertising expense
Cost of goods sold
Delivery expense
Depreciation expense-office buildings and equipment
Depreciation expense-store buildings and equipment
Income tax expense
Interest expense
Interest revenue
Miscellaneous administrative expense
Miscellaneous selling expense
Office rent expense
Office salaries expense
Office supplies expense
Sales
Sales commissions
Sales salaries expense
Store supplies expense
Retained earnings and balance sheet data:
Accounts payable
Accounts receivable
Accumulated depreciation-office buildings and equipment
Accumulated depreciation-store buildings and equipment
Allowance for doubtful accounts
Bonds payable, 5%, due in 10 years
Cash
Common stock, $20 par (400,000 shares authorized;
85,000 shares issued, 94,600 outstanding), January 1, 20Y8
Dividends:
Cash dividends for common stock
Cash dividends for preferred stock
Goodwill
Income tax payable
$150,000
3,700,000
30,000
30,000
100,000
140,500
21,000
30,000
7,500
14,000
50,000
170,000
10,000
5,313,000
185,000
385,000
21,000
$194,300
545,000
1,580,000
4,126,000
8,450
500,000
282,850
1,700,000
155,120
100,000
700,000
44,000
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Transcribed Image Text:Income statement data: Advertising expense Cost of goods sold Delivery expense Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment Income tax expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales Sales commissions Sales salaries expense Store supplies expense Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Bonds payable, 5%, due in 10 years Cash Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding), January 1, 20Y8 Dividends: Cash dividends for common stock Cash dividends for preferred stock Goodwill Income tax payable $150,000 3,700,000 30,000 30,000 100,000 140,500 21,000 30,000 7,500 14,000 50,000 170,000 10,000 5,313,000 185,000 385,000 21,000 $194,300 545,000 1,580,000 4,126,000 8,450 500,000 282,850 1,700,000 155,120 100,000 700,000 44,000
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Follow-up Question

Prepare a balance sheet in report form as of December 31, 20Y8 

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Follow-up Question

Prepare a balance sheet in report form as of December 31, 20Y8

Current assets:
Cash
Accounts receivable
Allowance for doubtful accounts.
Accounts receivable, net
Inventory
Interest receivable
Prepaid expenses
Total current assets
Property, plant, and equipment:
Store buildings and equipment
Accumulated depreciation
Store buildings and equipment, net value
Office buildings and equipment
Accumulated depreciation
Office buildings and equipment, net value
Total property, plant, and equipment
Intangible assets:
Goodwill
Total assets
Current liabilities:
Total current liabilities
Long-term liabilities:
Equinox Products Inc.
Balance Sheet
December 31, 20Y8
Total liabilities
Paid-in capital:
Total paid-in capital
Assets
Total stockholders' equity
Total liabilities and Stockholders' Equity
$
545,000
-8,450
12,560,000
-4,126,000
4,320,000
-158,000
Liabilities
Stockholders' Equity
282,850
536,550
778,000
1,200
27,400
8,434,000
2,740,000
1,626,000
11,174,000
700,000
$ 13,500,000
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Transcribed Image Text:Current assets: Cash Accounts receivable Allowance for doubtful accounts. Accounts receivable, net Inventory Interest receivable Prepaid expenses Total current assets Property, plant, and equipment: Store buildings and equipment Accumulated depreciation Store buildings and equipment, net value Office buildings and equipment Accumulated depreciation Office buildings and equipment, net value Total property, plant, and equipment Intangible assets: Goodwill Total assets Current liabilities: Total current liabilities Long-term liabilities: Equinox Products Inc. Balance Sheet December 31, 20Y8 Total liabilities Paid-in capital: Total paid-in capital Assets Total stockholders' equity Total liabilities and Stockholders' Equity $ 545,000 -8,450 12,560,000 -4,126,000 4,320,000 -158,000 Liabilities Stockholders' Equity 282,850 536,550 778,000 1,200 27,400 8,434,000 2,740,000 1,626,000 11,174,000 700,000 $ 13,500,000
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Follow-up Questions
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Follow-up Question

Prepare a balance sheet in report form as of December 31, 20Y8 

Solution
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by Bartleby Expert
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Follow-up Question

Prepare a balance sheet in report form as of December 31, 20Y8

Current assets:
Cash
Accounts receivable
Allowance for doubtful accounts.
Accounts receivable, net
Inventory
Interest receivable
Prepaid expenses
Total current assets
Property, plant, and equipment:
Store buildings and equipment
Accumulated depreciation
Store buildings and equipment, net value
Office buildings and equipment
Accumulated depreciation
Office buildings and equipment, net value
Total property, plant, and equipment
Intangible assets:
Goodwill
Total assets
Current liabilities:
Total current liabilities
Long-term liabilities:
Equinox Products Inc.
Balance Sheet
December 31, 20Y8
Total liabilities
Paid-in capital:
Total paid-in capital
Assets
Total stockholders' equity
Total liabilities and Stockholders' Equity
$
545,000
-8,450
12,560,000
-4,126,000
4,320,000
-158,000
Liabilities
Stockholders' Equity
282,850
536,550
778,000
1,200
27,400
8,434,000
2,740,000
1,626,000
11,174,000
700,000
$ 13,500,000
expand button
Transcribed Image Text:Current assets: Cash Accounts receivable Allowance for doubtful accounts. Accounts receivable, net Inventory Interest receivable Prepaid expenses Total current assets Property, plant, and equipment: Store buildings and equipment Accumulated depreciation Store buildings and equipment, net value Office buildings and equipment Accumulated depreciation Office buildings and equipment, net value Total property, plant, and equipment Intangible assets: Goodwill Total assets Current liabilities: Total current liabilities Long-term liabilities: Equinox Products Inc. Balance Sheet December 31, 20Y8 Total liabilities Paid-in capital: Total paid-in capital Assets Total stockholders' equity Total liabilities and Stockholders' Equity $ 545,000 -8,450 12,560,000 -4,126,000 4,320,000 -158,000 Liabilities Stockholders' Equity 282,850 536,550 778,000 1,200 27,400 8,434,000 2,740,000 1,626,000 11,174,000 700,000 $ 13,500,000
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