Problem 4-2 Presented below is the trial balance of Windsor Corporation at December 31, 2017. WINDSOR...

Problem 4-2

Presented below is the trial balance of Windsor Corporation at December 31, 2017.

WINDSOR CORPORATION TRIAL BALANCE DECEMBER 31, 2017
	Debits	Credits
Purchase Discounts		$13,720
Cash	$193,420
Accounts Receivable	108,720
Rent Revenue		21,720
Retained Earnings		163,720
Salaries and Wages Payable		21,720
Sales Revenue		1,103,720
Notes Receivable	113,720
Accounts Payable		52,720
Accumulated Depreciation—Equipment		28,744
Sales Discounts	18,220
Sales Returns and Allowances	21,220
Notes Payable		73,720
Selling Expenses	235,720
Administrative Expenses	102,720
Common Stock		303,720
Income Tax Expense	57,620
Cash Dividends	48,720
Allowance for Doubtful Accounts		8,720
Supplies	17,720
Freight-in	23,720
Land	73,720
Equipment	143,720
Bonds Payable		120,832
Gain on Sale of Land		33,720
Accumulated Depreciation—Buildings		20,344
Inventory	92,720
Buildings	101,720
Purchases	613,720
Totals	$1,967,120	$1,967,120

A physical count of inventory on December 31 resulted in an inventory amount of $67,720; thus, cost of goods sold for 2017 is $648,720.

a) Prepare a single-step income statement. 30,372 shares of common stock were outstanding the entire year. (Round earnings per share to 2 decimal places, e.g. 1.48.)

b)Prepare a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. (List items that increase retained earnings first.)

Expert Solution

ekkarill92 answered 3 years ago

Presented below is the trial balance of Windsor Corporation at December 31, 2017. Debit Credit Cash...

Presented below is the trial balance of Windsor Corporation at December 31, 2017. Debit Credit Cash $ 198,500 Sales $ 8,104,040 Debt Investments (trading) (cost, $145,000) 157,040 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 300,500 Equity Investments (long-term) 278,500 Notes Payable (short-term) 94,040 Accounts Payable 459,040 Selling Expenses 2,004,040 Investment Revenue 66,950 Land 264,040 Buildings 1,041,500 Dividends Payable 137,500 Accrued Liabilities 100,040 Accounts Receivable 439,040 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,040 Administrative Expenses 903,950 Interest Expense 214,950 Inventory...

Presented below is the adjusted trial balance of Windsor, Inc. at December 31, 2017. Debit Credit...

Presented below is the adjusted trial balance of Windsor, Inc. at December 31, 2017. Debit Credit Cash $ ? Supplies 1,410 Accounts Receivable 3,520 Prepaid Insurance 2,380 Equipment 80,220 Accumulated Depreciation—Equipment $20,600 Trademarks 3,760 Accounts Payable 2,820 Salaries and Wages Payable 1,360 Unearned Service Revenue 1,260 Bonds Payable (due 2024) 32,540 Common Stock 2,080 Additional paid-in capital 15,780 Retained Earnings 14,940 Service Revenue 30,180 Salaries and Wages Expense 14,800 Insurance Expense 2,400 Rent Expense 3,180 Interest Expense 2,300 Total $ ? $ ?...

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