In: Accounting
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 |
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