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Accounts payable $ 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available-for-sale

Accounts payable

$ 194,300

Accounts receivable

545,000

Accumulated depreciationoffice buildings and equipment

1,580,000

Accumulated depreciationstore buildings and equipment

4,126,000

Allowance for doubtful accounts

8,450

Available-for-sale investments (at cost)

260,130

Bonds payable, 5%, due 2024

500,000

Cash

246,000

Common stock, $20 par

(400,000 shares authorized; 100,000 shares issued, 94,600 outstanding)

2,000,000

Dividends:

Cash dividends for common stock

155,120

Cash dividends for preferred stock

100,000

Goodwill

500,000

Income tax payable

44,000

Interest receivable

1,125

Investment in Pinkberry Co. stock (equity method)

1,009,300

Investment in Dream Inc. bonds (long term)

90,000

Merchandise inventory (December 31, 2016),

at lower of cost (FIFO) or market

778,000

Office buildings and equipment

4,320,000

Paid-in capital from sale of treasury stock

13,000

Excess of issue price over par:

-Common

886,800

-Preferred

150,000

Preferred 5% stock, $80 par

(30,000 shares authorized; 20,000 shares issued)

1,600,000

Premium on bonds payable

19,000

Prepaid expenses

27,400

Retained earnings, January 1, 2016

9,319,725

Store buildings and equipment

12,560,000

Treasury stock

(5,400 shares of common stock at cost of $33 per share)

178,200

Unrealized gain (loss) on available-for-sale investments

(6,500)

Valuation allowance for available-for-sale investments

(6,500)

CHART OF ACCOUNTS
Equinox Products Inc.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable
122 Allowance for Doubtful Accounts
131 Merchandise Inventory
132 Interest Receivable
133 Prepaid Expenses
141 Investments-Solstice Corp.
142 Investment in Pinkberry Co. Stock
143 Investment in Dream Inc. Bonds
144 Valuation Allowance for Available-for-Sale Investments
181 Store Buildings and Equipment
182 Accumulated Depreciation-Store Buildings and Equipment
183 Office Buildings and Equipment
184 Accumulated Depreciation-Office Buildings and Equipment
191 Goodwill
LIABILITIES
211 Accounts Payable
221 Income Tax Payable
225 Cash Dividends Payable
251 Bonds Payable
252 Discount on Bonds Payable
253 Premium on Bonds Payable
EQUITY
311 Preferred Stock
312 Paid-in Capital in Excess of Par-Preferred Stock
321 Common Stock
322 Paid-in Capital in Excess of Par-Common Stock
331 Retained Earnings
341 Cash Dividends
351 Treasury Stock
352 Paid-in Capital from Sale of Treasury Stock
361 Unrealized Gain (Loss) on Available-for-Sale Investments
REVENUE
410 Sales
611 Dividend Revenue
621 Interest Revenue
631 Income from Pinkberry Co.
641 Gain on Sale of Investments
EXPENSES
511 Cost of Merchandise Sold
512 Bad Debt Expense
520 Sales Salaries Expense
521 Sales Commissions
522 Office Salaries Expense
531 Advertising Expense
532 Delivery Expense
537 Store Supplies Expense
538 Office Supplies Expense
539 Office Rent Expense
541 Income Tax Expense
551 Depreciation Expense-Store Equipment
552 Depreciation Expense-Office Equipment
591 Miscellaneous Selling Expense
592 Miscellaneous Administrative Expense
710 Interest Expense
731 Loss on Sale of Investments

LABLES

Current assets

Current liabilities
December 31, 2016
For the Year Ended December 31, 2016
Intangible assets
Investments
Less dividends
Long-term liabilities
Operating expenses
Other income and expenses
Paid-in capital
Add dividends
Property, plant, and equipment
Amount Descriptions
Available-for-sale investments
Decrease in retained earnings
Excess of issue price over par
Gross profit
Income before income tax
Income from operations
Increase in retained earnings
Miscellaneous selling expense
Net income
Net loss
Retained earnings, January 1, 2016
Retained earnings, December 31, 2016
Sales commissions
Sales salaries expense
Store supplies expense
Total administrative expenses
Total assets
Total (before treasury stock)
Total current assets
Total current liabilities
Total liabilities
Total liabilities and stockholders equity
Total long-term liabilities
Total investments
Total operating expenses
Total paid-in capital
Total property, plant, and equipment
Total selling expenses
Total stockholders equity
Unamortized premium

Unamortized discount

QUESTION: Prepare a balance sheet in report form as of December 31, 2016. You are not required to present the details of Preferred and Common Stock (i.e., number of shares authorized, issued and outstanding).

Refer to the Chart of Accounts for exact wording of account titles.

Refer to the Labels and Amount Descriptions for exact wording of text entries. Less , Deduct, Add and colons will appear automatically.

Available-for-sale investments should be reported as a single asset on the balance sheet, regardless of how many accounts exist in the ledger for such assets.

Recall that current assets are to be reported in order of liquidity. Available-for-sale investments are considered to be more liquid that accounts receivable.

Report fixed assets and paid-in capital accounts in account-number order.

Omit the description of bonds and stocks (i.e., percentage rates, due date, number of shares, etc.)

Enter all amounts as positive numbers, with one exception: If an unrealized loss has occurred, it must be reported as a negative amount on the balance sheet.

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