Question

At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation's executives revealed...

At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation's executives revealed the following information:

The amount of income taxes applicable to ordinary income was $60,372. This tax amount does not include the tax effect of the discontinued operations loss which amounted to $24,540.
Inventory is stated at the lower-of-FIFO-cost-or-market   
Investments include common stock of a company that is classified as short-term and totals $81,360 and common stock of a different company that is classified as a long-term and it totals $271,360.   
The cost and fair value of the investments in the common stock are the same.   
Notes payable includes $81,360 due before December 31, 2018 and the remaining amount due later than that date.   
Bonds payable are comprised of a 7% bond due in 2025.   
The Preferred Stock has no par value. 200,000 shares are authorized and 71,360 shares are issued.   
The Common Stock has a $1.00 par value. 400,000 shares are authorized and 101,360 shares are issued.   
Land consists of $501,360 used in operations and $270,000 held for future use.   

12/31/2017
Sales revenue 1,206,580
Discontinued operations loss (net of tax) 57,260
Selling expenses 125,620
Cash 151,360
Accounts receivable 171,360
Common stock 101,360
Cost of goods sold 704,420
Buildings 1,041,360
Accumulated depreciation-machinery 181,360
Accumulated depreciation - buildings 361,360
Dividend revenue 7,330
Unearned service revenue 6,360
Interest payable 1,150
Land 771,360
Franchises 166,360
Retained deficit 162,190
Interest expense 17,460
Administrative expenses 165,170
Dividends declared 25,820
Allowance for doubtful accounts 11,360
Notes payable 202,720
Machinery 451,360
Inventories 181,360
Accounts payable 141,360
Cash Surrender Value of life Insurance 41,360
Investments 352,720
Goodwill 101,360
Discount on bonds payable 37,280
Income taxes payable 37,280
Bonds payable 1,001,360
Preferred stock 428,160
Additional paid-in capital 912,240

Prepare a multi-step income statement for Porter Company:

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
At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation's executives revealed...
At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation's executives revealed the following information: The amount of income taxes applicable to ordinary income was $60,372. This tax amount does not include the tax effect of the discontinued operations loss which amounted to $24,540. Inventory is stated at the lower-of-FIFO-cost-or-market                                                    Investments include common stock of a company that is classified as short-term and...
Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an...
Cullumber Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue $1,219,000 Discontinued operations loss (net of tax) 50,400 Selling expenses 126,000 Cash 60,700 Accounts receivable 92,000 Common stock 200,000 Cost of goods sold 699,400 Accumulated depreciation-machinery 183,200 Dividend revenue 8,500 Unearned service revenue 4,000 Interest payable 1,600 Land 373,000 Patents 106,000 Retained earnings, January 1, 2020 255,480 Interest expense...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 101,000 Accounts receivable 196,000 Inventories 303,000 Prepaid expenses 184,000 Machinery and equipment 356,000 Accumulated depreciation—equipment 128,000 Investments 176,000 Accounts payable 78,000 Interest payable 38,000 Deferred revenue 98,000 Taxes payable 48,000 Notes payable 290,000 Allowance for uncollectible accounts 34,000 Common stock 418,000 Retained earnings 184,000 Totals 1,316,000 1,316,000 Additional information: Prepaid expenses include $156,000 paid on December 31, 2018,...
Carr Company has the following ledger accounts and adjusted balances as of December 31, 2019. All...
Carr Company has the following ledger accounts and adjusted balances as of December 31, 2019. All accounts have normal balances. Carr’s income tax rate is 20%. Carr has 300,000 shares of Common Stock authorized, 100,000 shares of Common Stock issued, and 95,000 shares of Common Stock outstanding.          Accounts Payable…………………………….   58,500          Accounts Receivable………………………… 405,000          Accumulated Depreciation-Building………… 112,500          Accumulated Depreciation-Equipment………. 90,000          Administrative Expenses…………………….    90,000          Allowance for Doubtful Accounts……………   45,000          Bonds Payable……………………………….. 400,000          Building……………………………………..1,125,000...
WINDSOR INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 December 31 Debit...
WINDSOR INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016 December 31 Debit Accounts 2017 2016 Cash $42,200 $33,900 Accounts Receivable 71,100 60,200 Inventory 30,100 24,100 Equity investments 22,500 38,700 Machinery 29,900 18,900 Buildings 67,800 56,400 Land 7,600 7,600 $271,200 $239,800 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation—Machinery 5,700 2,300 Accumulated Depreciation—Buildings 13,600 9,000 Accounts Payable 34,700 24,500 Accrued Payables 3,500 2,600 Long-Term Notes Payable 21,100 30,700 Common Stock, no-par 150,000 125,000 Retained Earnings...
The trial balance of Flint Ltd. at December 31, 2020, follows: Debits Credits Cash $395,000 Sales...
The trial balance of Flint Ltd. at December 31, 2020, follows: Debits Credits Cash $395,000 Sales revenue $10,577,000 FV-NI investments (at fair value) 353,000 Cost of goods sold 6,300,000 Bond investment at amortized cost 379,000 FV—OCI investments (fair value $445,000) 381,000 Notes payable (due in six months) 116,000 Accounts payable 845,000 Selling expenses 2,560,000 Investment income or loss* 13,000 Land 310,000 Buildings 2,240,000 Dividends payable 46,000 Income tax payable 100,000 Accounts receivable 585,000 Accumulated depreciation—buildings 342,000 Allowance for doubtful accounts...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 83,000 Short-term investments 198,000 Accounts receivable 139,000 Long-term investments 43,000 Inventories 223,000 Loans to employees 48,000 Prepaid expenses (for 2019) 24,000 Land 288,000 Building 1,630,000 Machinery and equipment 645,000 Patent 160,000 Franchise 48,000 Note receivable 290,000 Interest receivable 20,000 Accumulated depreciation—building 628,000 Accumulated depreciation—equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/19) 18,000 Interest payable 24,000 Taxes...
Presented below is the trial balance of Shield Corporation at December 31, 2017. Debit Credit Cash...
Presented below is the trial balance of Shield Corporation at December 31, 2017. Debit Credit Cash $   200,230 Sales $ 8,104,580 Debt Investments (trading) (cost, $145,000) 157,580 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 302,230 Equity Investments (long-term) 280,230 Notes Payable (short-term) 94,580 Accounts Payable 459,580 Selling Expenses 2,004,580 Investment Revenue 67,550 Land 264,580 Buildings 1,043,230 Dividends Payable 139,230 Accrued Liabilities 100,580 Accounts Receivable 439,580 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,580 Administrative Expenses 904,550 Interest Expense 215,550 Inventory...
The following balances were taken from the books of Carla Corp. on December 31, 2017. Interest...
The following balances were taken from the books of Carla Corp. on December 31, 2017. Interest revenue $88,200 Accumulated depreciation—equipment $42,200 Cash 53,200 Accumulated depreciation—buildings 30,200 Sales revenue 1,382,200 Notes receivable 157,200 Accounts receivable 152,200 Selling expenses 196,200 Prepaid insurance 22,200 Accounts payable 172,200 Sales returns and allowances 152,200 Bonds payable 102,200 Allowance for doubtful accounts 9,200 Administrative and general expenses 99,200 Sales discounts 47,200 Accrued liabilities 34,200 Land 102,200 Interest expense 62,200 Equipment 202,200 Notes payable 102,200 Buildings 142,200...
Riverbed Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. RIVERBED CORPORATION POST-CLOSING...
Riverbed Corporation’s post-closing trial balance at December 31, 2017, is shown as follows. RIVERBED CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2017 Dr. Cr. Accounts payable $ 160,900 Accounts receivable $ 491,000 Accumulated depreciation—buildings 202,000 Additional paid-in capital in excess of par—common 1,346,000 From treasury stock 165,000 Allowance for doubtful accounts 28,000 Bonds payable 281,000 Buildings 1,344,000 Cash 171,000 Common stock ($1 par) 206,000 Dividends payable (preferred stock—cash) 4,100 Inventory 505,000 Land 416,000 Preferred stock ($50 par) 450,000 Prepaid expenses 41,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT