Question

In: Accounting

Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare Statement...

Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare Statement of Retained Earnings for 2016.

2016
Dr Cr
Accounts Payable     1,079,837
Accounts Receivable     3,245,967
Accrued Liabilities - Other        721,358
Accrued Pension Liabilities        450,356
Accrued Restructuring Charges           90,476
Accrued Salaries, Wages and Commissions        350,191
Accumulated Other Comprehensive Income (Loss)           85,000
Accumulated Depreciation - Property, Plant & Equipment     1,999,999
Accumulated Post-Employment Benefit Obligation (long-term)        402,634
Additional Paid-in Capital, Common Stock        299,304
Additional Paid-in Capital, Preferred Stock                  75
Allowance for Doubtful Accounts        124,645
Bonds Payable        249,046
Cash and Cash Equivalents        751,329
Common Stock ($1.00 par value) authorized 900 million shares issued 300 million shares in 2016, 284 million in 2015        284,000
Cost of Goods Sold     2,763,584
Current Portion of Long-term Debt        849,869
Deferred Tax Assets (current)           81,236
Deferred Tax Liabilities (long-term)        440,263
Depreciation Expense        311,236
Dividends - Common        214,956
Dividends - Preferred                945
General & Administrative Expenses     1,459,695
Goodwill and Other Intangibles     3,212,491
Income Taxes Payable        102,563
Interest Expense        250,000
Interest Income           18,227
Investments in unconsolidated affiliated companies     1,456,896
Inventories        224,561
Long-term Debt     3,702,700
(Loss) Income from Discontinued Operations, net of tax             7,453
Preferred Stock ($10 par value) authorized 10 million shares issued 90,000 shares in 2016, 90,000 in 2015                900
Prepaid Expenses        170,296
Property, Plant and Equipment     3,936,726
Provision for income taxes        201,636
Research and Development Expenses        496,597
Restructuring Charges        255,013
Retained Earnings, beginning     5,173,286
Sales     6,526,967
Selling Expenses           58,890
Short-term Investments           26,800
Treasury Stock, at cost - 117,156,719 shares in 2016 and 108,822,953 shares in 2015     4,263,984
Unearned Revenues        423,689
23,382,838 23,382,838

Solutions

Expert Solution

First we need to find out Net Income

Dr. Cr.

Accrued Restructuring Charges 350,191

Accrued restruction charges 90,476

Accrued other comprehensive income 85,000

Accrued Depreciation 1,999,999

Allowances for doubtful Accounts 126,645

Cost of Goods Sold 2,763,584

Depreciation Expenses 311,236

Interest Expenses 250,000

Interest income 18,227

Inventories 224,561

Prepaid expenses 170,296

Provision for Income tax 201,636

Research & Development 496,597

Restruction Charges 255,013

Sales 6,526,967

Selling Expenses 58,890

Total   4,731,813 9,197,505

So Net Income Will be = 9,197,505 - 4,731,813

= 4,465,692

Statement of Retained earnings

Begging Balance 5,173,286

Add: Net Income of fiscal Year   4,465,692

Total      9,638,978

Less : Dividend paid on common stock (214,956)

Dividend paid on preferred stock    (945)

Total Dividend Deducted (215,901)

So total Retained earnings 9,423,077 ANSWER


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