It is December 31, 2012, and the program at Monsters, Inc. is
crashing. Instead of producing...
It is December 31, 2012, and the program at Monsters, Inc. is
crashing. Instead of producing an income statement, it keeps
printing an alphabetical list of accounts:
Administrative
expenses $215,000
Cost of goods
sold 408,500
Extraordinary casualty
loss 70,000
Income
taxes 54,900
Loss on inventory write-down
(nonrecurring) 13,000
Gain on foreign currency
translation 19,500
Loss from discontinued
operations 30,000
Sales 945,000
Selling
expenses 145,000
1. Prepare the firm’s multiple-step income statement for 2012
with EPS disclosures in accordance with G.A.A.P. Monsters Inc firm
has 65,000 shares of common stock...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment
$
6,250
Depreciation expense—Office copier
$
420
Office supplies expense
790
Sales discounts
15,200
Insurance expense
1,240
Sales returns and allowances
3,900
Sales
225,000
TV advertising expense
3,000
Office salaries expense
32,100
Interest revenue
660
Rent expense—Selling space
10,500
Cost of goods sold
88,800
Sales staff wages
22,400
Sales commission expense
13,600
Prepare a multiple-step income statement.
Gerdes Psychological Services, Inc., closes its temporary
accounts once each year on December 31. The company...
Gerdes Psychological Services, Inc., closes its temporary
accounts once each year on December 31. The company recently issued
the following income statement as part of its annual report:
GERDES PSYCHOLOGICAL SERVICES, INC.
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR
Revenue:
Counseling revenue $270,000
Expenses:
Advertising expense $ 2,160
Salaries expense 112,800
Office supplies expense 1,440
Utilities expense 1,020
Malpractice insurance expense 7,200...
Consolidated Balance Sheet Working Paper, Bargain
Purchase
On December 31, 2012, Paxon Corporation acquired all of...
Consolidated Balance Sheet Working Paper, Bargain
Purchase
On December 31, 2012, Paxon Corporation acquired all of the
outstanding common stock of Saxon Company for $2.88 billion cash.
The balance sheets of Paxon and Saxon, immediately prior to the
combination, are shown below:
Balance Sheets (in millions)
Paxon
Saxon
Assets
Cash and receivables
$4,576
$1,152
Inventory
2,720
1,440
Equity method investments
--
480
Land
1,040
280
Buildings and equipment, net
3,840
960
Total assets
12,176
4,312
Liabilities and Shareholders' Equity
Current...
At December 31, 2018, the accounting records of Braun
Corporation contain the following items:
Accounts Payable...
At December 31, 2018, the accounting records of Braun
Corporation contain the following items:
Accounts Payable
$
15,000
Accounts Receivable
$
38,000
Land
$
238,000
Cash
?
Capital Stock
?
Equipment
$
118,000
Building
$
178,000
Notes Payable
$
188,000
Retained Earnings
$
158,000
If Capital Stock is $258,000, what is the December 31, 2018 cash
balance?
Multiple Choice
$47,000.
$619,000.
$93,000.
$85,000.
If Capital Stock is $318,000, total assets of Braun Corporation
at December 31, 2018, amount to:
Multiple...
The following is the adjusted trial balance of Wilson Trucking
Company.
Account Title
Debit
Credit
Cash...
The following is the adjusted trial balance of Wilson Trucking
Company.
Account Title
Debit
Credit
Cash
$
8,000
Accounts receivable
17,500
Office supplies
3,000
Trucks
172,000
Accumulated depreciation—Trucks
$
36,000
Land
85,000
Accounts payable
12,000
Interest payable
4,000
Long-term notes payable
53,000
Common stock
20,000
Retained earnings
155,000
Dividends
20,000
Trucking fees earned
130,000
Depreciation expense—Trucks
23,500
Salaries expense
61,000
Office supplies expense
8,000
Repairs expense—Trucks
12,000
Totals
$
410,000
$
410,000
The Retained Earnings account balance is $155,000...
Multiple-Step Income Statement
On March 31, 2018, the balances of the accounts appearing in the
ledger...
Multiple-Step Income Statement
On March 31, 2018, the balances of the accounts appearing in the
ledger of Royal Furnishings Company, a furniture wholesaler, are as
follows:
Accounts Receivable
$170,000
Inventory
995,500
Accumulated Depreciation—Building
725,050
Notes Payable
310,050
Administrative Expenses
546,850
Office Supplies
19,550
Building
2,400,800
Retained Earnings
1,265,900
Cash
178,900
Salaries Payable
7,900
Common Stock
312,900
Sales
6,449,000
Cost of Goods Sold
3,796,900
Selling Expenses
728,800
Dividends
169,800
Store Supplies
93,400
Interest Expense
10,500
a. Prepare a multiple-step income statement...
4. Information related to Batavia Furniture Company for the year
ended December 31, 2009, follows.
Cost...
4. Information related to Batavia Furniture Company for the year
ended December 31, 2009, follows.
Cost of Goods Sold
$ 70,000
Dividends Declared
5,000
Flood Loss (pre-tax)
12,000
General Expense
8,000
Other Income
9,000
Other Expense
11,000
Retained Earnings, January 1, 2009
116,000
Sales
131,000
Selling Expense
7,000
Required:
Prepare in good form a multiple-step income statement for the
year 2009. Assume a 50% tax rate and that 5,000 shares of common
stock were outstanding during the year.
(CO C) Presented below is information related to Tidal Wave
Company.
Retained earnings, December 31, 20X2 ...
(CO C) Presented below is information related to Tidal Wave
Company.
Retained earnings, December 31, 20X2
$ 2,350,000
Sales
2,600,000
Selling and administrative expenses
240,000
Earthquake loss (pre-tax) on plant (extraordinary item)
250,000
Cash dividends declared on common
stock
53,600
Cost of goods
sold
1,000,000
Gain resulting from computation error on depreciation charge in
2009 (pre-tax)
520,000
Other revenue
80,000
Other expenses
50,000
Instructions: Prepare in good form a multiple-step income statement
for the year 20X2. Assume a 30% tax...
The adjusted trial balance of Sandhu Corporation at
December 31, 2022 included the following selected accounts:...
The adjusted trial balance of Sandhu Corporation at
December 31, 2022 included the following selected accounts:
Debit
Credit
...... Advertising
expense................................................ $
15,000
...... Cost of goods
sold.....................................................
347,000
...... Depreciation
expense....................................................
3,296
...... Freight
out.....................................................................
2,000
...... Income tax
expense....................................................
32,000
...... Interest
expense..........................................................
19,000
...... Interest
income....................................................
.................. $15,000
...... Sales
revenue.........................................................................
509,500
...... Salaries
expense................................................. .......
45,000
...... Utilities
expense.................................................. .......
18,000
Instructions
(a) Use the above information to prepare a
multiple-step statement of income for...