Question

Using the data for Brady and Co. below please provide:

Balance Sheet - comparative, classified in proper format for fiscal years 2015 and 2016

Income Statement - multiple-step for fiscal years 2015 and 2016. Include earnings per share data.

Statement of Retained Earnings for 2016.

	2015			2016
	Dr	Cr		Dr	Cr
Accounts Payable		999,210			1,079,837
Accounts Receivable	2,943,125			3,245,967
Accrued Liabilities - Other		508,643			721,358
Accrued Pension Liabilities		650,216			450,356
Accrued Restructuring Charges		126,000			90,476
Accrued Salaries, Wages and Commissions		281,364			350,191
Accumulated Other Comprehensive Income (Loss)	621,236				85,000
Accumulated Depreciation - Property, Plant & Equipment		1,829,634			1,999,999
Accumulated Post-Employment Benefit Obligation (long-term)		802,316			402,634
Additional Paid-in Capital, Common Stock		299,304			299,304
Additional Paid-in Capital, Preferred Stock		75			75
Allowance for Doubtful Accounts		125,436			124,645
Bonds Payable		244,563			249,046
Cash and Cash Equivalents	401,236			751,329
Common Stock ($1.00 par value) authorized 900 million shares issued 300 million shares in 2016, 284 million in 2015		300,000			284,000
Cost of Goods Sold	3,000,235			2,763,584
Current Portion of Long-term Debt		720,125			849,869
Deferred Tax Assets (current)	62,596			81,236
Deferred Tax Liabilities (long-term)		229,000			440,263
Depreciation Expense	307,200			311,236
Dividends - Common	292,351			214,956
Dividends - Preferred	2,000			945
General & Administrative Expenses	1,732,429			1,459,695
Goodwill and Other Intangibles	3,212,491			3,212,491
Income Taxes Payable		246,002			102,563
Interest Expense	201,366			250,000
Interest Income		10,126			18,227
Investments in unconsolidated affiliated companies	1,235,000			1,456,896
Inventories	163,214			224,561
Long-term Debt		3,223,713			3,702,700
(Loss) Income from Discontinued Operations, net of tax	28,100				7,453
Preferred Stock ($10 par value) authorized 10 million shares issued 90,000 shares in 2016, 90,000 in 2015		900			900
Prepaid Expenses	141,029			170,296
Property, Plant and Equipment	2,943,216			3,936,726
Provision for income taxes	245,105			201,636
Research and Development Expenses	199,500			496,597
Restructuring Charges	199,506			255,013
Retained Earnings, beginning		2,960,256			5,173,286
Sales		8,430,061			6,526,967
Selling Expenses	19,365			58,890
Short-term Investments	20,000			26,800
Treasury Stock, at cost - 117,156,719 shares in 2016 and 108,822,953 shares in 2015	4,472,969			4,263,984
Unearned Revenues		456,325			423,689
	22,443,269	22,443,269		23,382,838	23,382,838

Answer 1

Comparative Balance Sheet of Brady and Co. for year 2015 and 2016
	2015	2016		2015	2016
Shareholders funds			Fixed Assets
Common Stock ($1.00 par value) authorized 900 million shares issued 300 million shares in 2016            284 million in 2015	300000.00	284000.00	Intangible Assets
Additional Paid-in Capital Common Stock	75.00	75.00	Goodwill and Other Intangibles	3212491.00	3212491.00
Additional Paid-in Capital Preferred Stock	299304.00	299304.00
Preferred Stock ($10 par value) authorized 10 million shares issued 90000 shares in 2016 90000 in 2015	900.00	900.00	Tangible assets
Retained Earings	5173286.00	5713381.00	Property Plant and Equipment	2943216.00	3936726.00
			Accumulated Depreciation - Property Plant & Equipment	-1829634.00	-1999999.00
Long Term Liabilites
Bonds Payable	244563.00	249046.00	Long term Investments
Long-term Debt	3223713.00	3702700.00	Investments in unconsolidated affiliated companies	1235000.00	1456896.00
Deferred Tax Liabilities (long-term)	229000.00	440263.00	Treasury Stock at cost - 117156719 shares in 2016 and 108822953 shares in 2015	4472969.00	4263984.00
Accumulated Other Comprehensive Income (Loss)	-621236.00	85000.00
Accumulated Post-Employment Benefit Obligation (long-term)	802316.00	402634.00	Current Assets
			Short-term Investments	20000.00	26800.00
Short Term Liabilities			Deferred Tax Assets (current)	62596.00	81236.00
Accounts Payable	999210.00	1079837.00	Inventories	163214.00	224561.00
Accrued Liabilities - Other	508643.00	721358.00	Prepaid Expenses	141029.00	170296.00
Accrued Pension Liabilities	650216.00	450356.00	Accounts Receivable	2943125.00	3245967.00
Accrued Restructuring Charges	126000.00	90476.00	Allowance for Doubtful Accounts	-125436.00	-124645.00
Current Portion of Long-term Debt	720125.00	849869.00	Cash and Cash Equivalents	401236.00	751329.00
Unearned Revenues	456325.00	423689.00
Accrued Salaries Wages and Commissions	281364.00	350191.00
Income Taxes Payable	246002.00	102563.00
	13639806.00	15245642.00		13639806.00	15245642.00

Comparative Income Statement for year 2015 and 2016
			2015	2016
Revenue From operations:
Sales			8430061.00	6526967.00
Interest Income			10126.00	18227.00
			8440187.00	6545194.00
Cost of Goods Sold			3000235.00	2763584.00
Depreciation Expense			307200.00	311236.00
General & Administrative Expenses			1732429.00	1459695.00
Interest Expense			201366.00	250000.00
Selling Expenses			19365.00	58890.00
Research and Development Expenses			199500.00	496597.00
Restructuring Charges			199506.00	255013.00
			5659601.00	5595015.00
Net profit before Tax and Other Comprehensive Income			2780586.00	950179.00
(Loss) Income from Discontinued Operations, net of tax			28100.00	-7453.00
			28100.00	-7453.00
Net Profit Before Tax			2752486.00	957632.00
Provision for income taxes			245105.00	201636.00
Net Profit After Tax			2507381.00	755996.00
No. of Shares			284000.00	300000.00
Earning Per Share			8.83	2.52
Statement of Retained Earnings
Particulars	2015	2016
Retained Earnings, beginning	2960256	5173286
Net profit After Tax	2507381.00	755996.00
	5467637.00	5929282.00
Dividends - Common	292351	214956
Dividends - Preferred	2000	945
	294351	215901
Retained Earnings at the end of Year	5173286.00	5713381.00