In: Accounting
Income Statement data: | |
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Advertising expense | $ 150,000 |
Cost of goods sold | 3,700,000 |
Delivery expense | 30,000 |
Depreciation expense-office buildings and equipment | 30,000 |
Depreciation expense-store buildings and equipment | 100,000 |
Income tax expense | 140,500 |
Interest expense | 21,000 |
Interest revenue | 30,000 |
Miscellaneous administrative expense | 7,500 |
Miscellaneous selling expense | 14,000 |
Office rent expense | 50,000 |
Office salaries expense | 170,000 |
Office supplies expense | 10,000 |
Sales | 5,313,000 |
Sales commissions | 185,000 |
Sales salaries expense | 385,000 |
Store supplies expense | 21,000 |
Retained earnings and balance sheet data: | |
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Accounts payable | $ 194,300 |
Accounts receivable | 545,000 |
Accumulated depreciation—office buildings and equipment | 1,580,000 |
Accumulated depreciation—store buildings and equipment | 4,126,000 |
Allowance for doubtful accounts | 8,450 |
Bonds payable, 5%, due in 10 years | 500,000 |
Cash | 282,850 |
Common stock, $20 par | |
(400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) | 2,000,000 |
Dividends: | |
Cash dividends for common stock | 155,120 |
Cash dividends for preferred stock | 100,000 |
Goodwill | 700,000 |
Income tax payable | 44,000 |
Interest receivable | 1,200 |
Inventory (December 31, 20Y8), | |
at lower of cost (FIFO) or market | 778,000 |
Office buildings and equipment | 4,320,000 |
Paid-in capital from sale of treasury stock | 13,000 |
Excess of issue price over par: | |
-Common | 886,800 |
-Preferred | 150,000 |
Preferred 5% stock, $80 par | |
(30,000 shares authorized; 20,000 shares issued) | 1,600,000 |
Premium on bonds payable | 19,000 |
Prepaid expenses | 27,400 |
Retained earnings, January 1, 20Y8 | 8,197,220 |
Store buildings and equipment | 12,560,000 |
Treasury stock | |
(5,400 shares of common stock at cost of $33 per share) | 178,200 |
prepare a balance sheet.
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Equinox Products, Inc. |
Balance Sheet |
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Equinox Products, Inc. | |||
Balance Sheet | |||
At Dec 31, 20Y8 | |||
Assets | |||
Current Assets | |||
Cash | 282,850.00 | ||
Accounts Receivable | 545,000.00 | ||
Allowance for Doubtful Accounts | (8,450.00) | 536,550.00 | |
Inventory | 778,000.00 | ||
Interest Receivable | 1,200.00 | ||
Prepaid Expenses | 27,400.00 | ||
Total Current Assets | 1,626,000.00 | ||
Property, Plant & Equipment | |||
Office Buildings & Equipment | 4,320,000.00 | ||
Accumulated Dep. - Office Buildings & Equipment | (1,580,000.00) | 2,740,000.00 | |
Store Buildings & Equipment | 12,560,000.00 | ||
Accumulated Dep. - Store Buildings & Equipment | (4,126,000.00) | 8,434,000.00 | |
Total Property, Plant & Equipment | 11,174,000.00 | ||
Intangible Assets | |||
Goodwill | 700,000.00 | ||
Total Assets | 13,500,000.00 | ||
Liabilities & Stockholders' Equity | |||
Liabilities | |||
Current Liabilities | |||
Accounts Payable | 194,300.00 | ||
Income Tax Payable | 44,000.00 | ||
Total Current Liabilities | 238,300.00 | ||
Long-Term Liabilities | |||
Bonds Payable | 500,000.00 | ||
Premium on Bonds Payable | 19,000.00 | 519,000.00 | |
Total Long-Term Liabilities | 519,000.00 | ||
Total Liabilities | 757,300.00 | ||
Total Shareholders' Equity | |||
Paid-in Capital | |||
Preferred Stock | 1,600,000.00 | ||
Common Stock | 2,000,000.00 | ||
Excess of Issue Price Over Par | |||
Common Stock | 886,800.00 | ||
Preferred Stock | 150,000.00 | ||
Paid-in Capital From Sale of Trearury Stock | 13,000.00 | 1,049,800.00 | |
Total Paid In Capital | 4,649,800.00 | ||
Retained Earnings | 8,271,100.00 | ||
Sub-total | 12,920,900.00 | ||
Treasury Stock | (178,200.00) | ||
Total Stockholders Equity | 12,742,700.00 | ||
Total Liabilities & Stockholders' Equity | 13,500,000.00 | ||
Equinox Products, Inc. | |||
Statement of Retained Earnings | |||
For the Year Ended Dec 31, 20Y8 | |||
Beginning Balance - Jan 1, 20Y8 | 8,197,220.00 | ||
Dividends: | |||
Cash Dividends for Common Stock | (155,120.00) | ||
Cash Dividends for Preferred Stock | (100,000.00) | (255,120.00) | |
Sub-Total | 7,942,100.00 | ||
Net Income | 329,000.00 | ||
Ending Balance - Dec 31, 20Y8 | 8,271,100.00 | ||
Income Statement | |||
For the Year Ended Dec 31, 20Y8 | |||
Sales | 5,313,000.00 | ||
Cost of Goods Sold | 3,700,000.00 | ||
Gross Income | 1,613,000.00 | ||
Less Expenses | |||
Advertising expense | 150,000.00 | ||
Delivery Expense | 30,000.00 | ||
Dep. Exp. - Ofice Building & Equipment | 30,000.00 | ||
Dep. Exp. - Store Building & Equipment | 100,000.00 | ||
Misc Administrative Expense | 7,500.00 | ||
Misc Selling expense | 14,000.00 | ||
Office Rent Expense | 50,000.00 | ||
Office Salaries Expense | 170,000.00 | ||
Office Supplies Expense | 10,000.00 | ||
Sales Commission | 185,000.00 | ||
Sales Salaries Expense | 385,000.00 | ||
Store Supplies Expense | 21,000.00 | 1,152,500.00 | |
Net Operating Income | 460,500.00 | ||
Other Income or Expense: | |||
Interest Expense | 21,000.00 | ||
Interest Revenue | 30,000.00 | 9,000.00 | |
Net Income before Tax | 469,500.00 | ||
Income Tax Expense | 140,500.00 | ||
Net Income | 329,000.00 |