Question

Fill in the missing numbers from some slightly modified recent Financial Statements. If I list an account area, that account areas is correct.

Deferred income taxes (current asset) 5,

Total current liabilities 93,

Total current assets 101,

Deferred revenue (Current liability) 10,

Long-term investments 4,

Short-term investments 4,

Total liabilities 218,

Other current assets 3,

Short-term borrowings 21,

Total assets 318,

Accounts payable 49,

Gross margin 195,

Preferred stock ($5 par) 12,

Merchandise inventory 76,

Deferred income taxes (Long term liability) 2,

Current maturities of long-term debt 5,

Other Long Term Assets 13,

Net earnings 27,

Capital in excess of par value 4,

Retained earnings 76,

Accumulated other comprehensive loss (Equity) -2,

Cost of sales 366,

Dividends 8,

Other Long Term liabilities 8,

Pre-tax earnings 43,

Selling, general and administrative 132,

EBIT 48,

Deferred revenue – long-term protection plans (Long term Liability) 7,

Addition to Retained Earnings ________, Total liabilities and shareholders' equity ________, Cash and cash equivalents _______ , Income tax provision ________, Net sales _________ , Long-term debt ________, Common stock ($.50 par) __________ , Interest Expense – net ________, Depreciation ________ , Accrued compensation ________, Property, less accumulated depreciation _______ .

ANSWER OPTIONS (MATCH LETTERS AND NUMBERS):

A. 108 B. 200 C. 318 D. 13 E. 15 F. 561 G. 10 H. 5 I. 19 J. 16 K. 8

1. Cash and cash equivalents 2. Property, less accumulated depreciation 3. Accrued compensation 4. Long-term debt 5. Common stock ($.50 par) 6. Total liabilities and shareholders' equity 7. Net sales 8. Depreciation 9. Interest Expense – net 10. Income tax provision 11. Addition to Retained Earnings

Answer 1

Solution -

Working Note -

1. Income Statement -

2. Retained Earnings -

3. Balance Sheet -