Question

Create a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year...

Create a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year ending December 31, 2018. These statements should be in an appropriate format. This means that the multiple-step income statement should present gross profit, operating, nonoperating, and nonrecurring items separately. This also means that the classified balance sheet should present current and long-term items separately. The statement of retained earnings only needs to present the “Retained Earnings” column from a Statement of Stockholders’ Equity.

Information:

Sales Revenue $         3,071,987
Taproom Building $         2,321,468
Cost of Sales $         1,350,828
Accumulated Depreciation (Taproom Building) $             735,017
Additional Paid in Capital-Common Stock $             697,177
Land $             453,128
Inventory $             341,723
Retained Earnings (Beginning) $             292,506
Long-Term Notes Payable $             269,731
Unearned Revenue $             196,956
Bonds Payable $             170,536
Wage Expense (Admin) $             170,361
Insurance Expense (Admin) $             164,026
Accounts Receivable (Gross) $             151,359
Goodwill $             141,864
Loss on Extinguishment of Note Payable $             127,026
Accounts Payable $             123,851
Additional Paid in Capital-Stock Options $             107,305
Treasury Stock $             106,259
Additional Paid in Capital-Preferred Stock $               97,345
Customer Lists, Net $               92,853
Cash $               75,180
Tap System $               66,950
Income Tax Expense $               64,469
Unamortized Bond Issue Costs $               62,891
Brand Name, Net $               45,356
Accumulated Depreciation (Tap System) $               36,301
Common Stock $               34,601
Depreciation Expense (Taproom Building-Admin) $               33,129
Interest Expense (Notes) $               24,670
Discount on Bonds Payable $               22,586
Prepaid Insurance $               19,497
Depreciation Expense (Tap System-Selling) $               17,425
Interest Expense (Bonds) $               17,053
Current Portion of Notes Payable $               16,381
Preferred Stock $               15,025
Wages Payable $               12,443
Bad Debt Expense (Selling) $               11,769
Allowance for Doubtful Accounts $                  7,568
Interest Payable $                  5,486
Bond Issue Expense $                  4,871
Additional Paid in Capital-Treasury Stock $                  4,669
Common Stock Dividends Declared $                  3,716
Wage Expense (Selling) $                  3,446
Dividends Payable $                  2,390
Preferred Stock Dividends Declared $                  2,188
Loss from Discontinued Operations (Net of Tax) $                  1,184
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Requirement 1: Using the List of Accounts, create a multiple-step income statement, statement of retained earnings,...
Requirement 1: Using the List of Accounts, create a multiple-step income statement, statement of retained earnings, and classified balance sheet for the year ending December 31, 201x. The multiple-step income statement should also include a section for basic “per-share” amounts for the Income from Continuing Operations and the Net Income line items. Also, create your own company name. These statements should be in an appropriate format. This means that the multiple-step income statement should present gross profit, operating, nonoperating, and...
complete a Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet, and calculate all of...
complete a Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet, and calculate all of the ratios. Accounts Receivable        16,250 Accumulated depreciation: Office equipment        25,000 Cash        25,300 Land        58,500 Merchandise inventory        25,250 Office equipment        41,000 Office supplies          4,410 Prepaid rent          1,800 Cost of Goods Sold      112,575 Depreciation expense: office equipment          2,750 Income tax expense          9,000 Insurance expense          1,900 Office supplies expense              520 Rent expense          5,700...
Please prepare a balance sheet with the information below. Retained Earnings Retained Earnings      14,544 Net...
Please prepare a balance sheet with the information below. Retained Earnings Retained Earnings      14,544 Net Income      10,777 Dividends Distributed      (6,577) Retained Earnings Ending Balance      18,744 Income Statement Sales      56,875 Cost of Goods Sold      32,733 Gross Profit      24,142 Operating and Admin Expenses Salaries Expense         3,255 Depreciation Expense: Equipment            322 Depreciation Expense: Building            460 Bad Debt Expense            896 Insurance Expense         1,100 Other Expenses            956 Operating and Admin Expenses        ...
Prepare the Income Statement,  the Retained Earning Statement , the Classified  Balance Sheet, and the Closing Entries using...
Prepare the Income Statement,  the Retained Earning Statement , the Classified  Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 Cash $  6,030 Accounts Receivable 2,100 Prepaid Expenses    700 Land 10,000 Equipment 13,700 Accumulated Depreciation $  1,100 Accounts Payable 1,900 Notes Payable,   4,200 Common Stock 10,000 Retained Earnings 12,150 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85...
1. Prepare a retained earnings statement for the year. Ending balance $566,000 2. Prepare a stockholders'...
1. Prepare a retained earnings statement for the year. Ending balance $566,000 2. Prepare a stockholders' equity section at December 31, 2017. Total stockholders' equity $2,898,000 The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During...
4. Use the following Adjusted Trial Balance and Statement of Retained Earnings to prepare the CLASSIFIED...
4. Use the following Adjusted Trial Balance and Statement of Retained Earnings to prepare the CLASSIFIED BALANCE SHEET in good form for Weasley Inc. for December 31, 2016. (30 points) Account Title Balance Debit Credit Cash $       76,000 Accounts Receivable           19,000 Merchandise Inventory         157,000 Office Supplies             2,000 Equipment         750,000 Accumulated Depreciation—Equipment $        50,000 Accounts Payable            44,000 Salaries Payable            12,000 Note Payable (Long Term)          208,000 Common Stock - $1 Par Value          200,000 Paid...
Income Statement, Retained Earnings Statement, and Balance Sheet The following financial data were adapted from a...
Income Statement, Retained Earnings Statement, and Balance Sheet The following financial data were adapted from a recent annual report of Target Corporation for the year ending January 31. In millions Accounts payable $13,714 Cash 1,588 Common stock 5,724 Cost of goods sold 95,720 Debt and other borrowings 34,966 Income tax expense 3,054 Interest expense 1,732 Inventories 15,836 Other assets 5,684 Other expenses 5,154 Other liabilities 12,938 Property, plant, and equipment 58,298 Sales 136,932 Selling, general, and administrative expenses 28,212 Instructions:...
Complete a Statement of Retained Earnings ABC Corporation Income Statement For the Year Ended December 31,...
Complete a Statement of Retained Earnings ABC Corporation Income Statement For the Year Ended December 31, 2014 Sales Revenue    792,845 Less: Operating Expenses Wages Expense         80,350 Office Expense         21,700 Utilities Expense         31,000 Advertising Expense $       8,400 Insurance Expense         82,000 Employee Compensation Expense         10,000 Bad Debt Expense         25,000 Pension Expense         40,000 Depreciation Expense         33,759 Total Operating Expenses    332,209 Income from Operations    460,636 Other Revenue/Expenses Rent Revenue         12,000 Interest Income...
Using the following​ information, complete the income​ statement, statement of retained​ earnings, and balance sheet for...
Using the following​ information, complete the income​ statement, statement of retained​ earnings, and balance sheet for LUV Painting for the month of March 2018. The business began operations on March ​1,2018. Accounts Receivable $1,800 Salaries Expense $1,300 Accounts Payable 1,400 Service Revenue 10,500 Cash 23,500 Office Supplies 1,900 Stock issued during March 40,000 Truck 18,680 Dividends paid during March 4,500 Utilities Expense 220
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of...
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150,000, and the common stock was $50,000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10,000 were paid during the current year. Accounts payable $175,000 Accounts receivable 321,000 Cash 166,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT