Question

Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare Income Statement - multiple-step for fiscal years 2015. Include earnings per share data.

		2015
		Dr	Cr
Accounts Payable			999,210
Accounts Receivable		2,943,125
Accrued Liabilities - Other			508,643
Accrued Pension Liabilities			650,216
Accrued Restructuring Charges			126,000
Accrued Salaries, Wages and Commissions			281,364
Accumulated Other Comprehensive Income (Loss)		621,236
Accumulated Depreciation - Property, Plant & Equipment			1,829,634
Accumulated Post-Employment Benefit Obligation (long-term)			802,316
Additional Paid-in Capital, Common Stock			299,304
Additional Paid-in Capital, Preferred Stock			75
Allowance for Doubtful Accounts			125,436
Bonds Payable			244,563
Cash and Cash Equivalents		401,236
Common Stock ($1.00 par value) authorized 900 million shares			300,000
issued 300 million shares in 2016, 284 million in 2015
Cost of Goods Sold		3,000,235
Current Portion of Long-term Debt			720,125
Deferred Tax Assets (current)		62,596
Deferred Tax Liabilities (long-term)			229,000
Depreciation Expense		307,200
Dividends - Common		292,351
Dividends - Preferred		2,000
General & Administrative Expenses		1,732,429
Goodwill and Other Intangibles		3,212,491
Income Taxes Payable			246,002
Interest Expense		201,366
Interest Income			10,126
Investments in unconsolidated affiliated companies		1,235,000
Inventories		163,214
Long-term Debt			3,223,713
(Loss) Income from Discontinued Operations, net of tax		28,100
Preferred Stock ($10 par value) authorized 10 million shares			900
issued 90,000 shares in 2016, 90,000 in 2015
Prepaid Expenses		141,029
Property, Plant and Equipment		2,943,216
Provision for income taxes		245,105
Research and Development Expenses		199,500
Restructuring Charges		199,506
Retained Earnings, beginning			2,960,256
Sales			8,430,061
Selling Expenses		19,365
Short-term Investments		20,000
Treasury Stock, at cost - 117,156,719 shares in 2016		4,472,969
and 108,822,953 shares in 2015
Unearned Revenues			456,325
		22,443,269	22,443,269

Answer 1

Brady and Co.

Income Statement - multiple-step for fiscal year 2015. (Include earnings per share data)

Sales		8430061
Cost of Goods Sold		3000235
Gross Profit		5429826
Operating Expenses
Selling Expenses	19365
General & Administrative Expenses	1732429
Research and Development Expenses	199500
Restructuring Charges	199506	2150800
Operating Income before Depreciation and Interest		3279026
Depreciation Expense	307200
Interest Expense	201366	508566
Interest Income		10126
Net Income from Continuing Operations		2780586
(Loss) Income from Discontinued Operations net of tax		28100
Net Income		2752486 EPS= Netincome-preferred dividends/Common shares =2742486-2000/3000000 = 0.94