Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After all of the transactions for the year ended December 3 1 , 2 0 Y 8 , had been posted [ including the transactions

After all of the transactions for the year ended December 31,20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Equinox Products Inc. Unless otherwise stated, assume a December 31 balance after adjusting entries.
Income statement data:
Advertising expense $150,000
Cost of goods sold 3,700,000
Delivery expense 30,000
Depreciation expenseoffice buildings and equipment 30,000
Depreciation expensestore buildings and equipment 100,000
Income tax expense 140,500
Interest expense 21,000
Interest revenue 30,000
Miscellaneous administrative expense 7,500
Miscellaneous selling expense 14,000
Office rent expense 50,000
Office salaries expense 170,000
Office supplies expense 10,000
Sales 5,313,000
Sales commissions 185,000
Sales salaries expense 385,000
Store supplies expense 21,000
Retained earnings and balance sheet data:
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
Bonds payable, 5%, due in 10 years 500,000
Cash 282,850
Common stock, $20 par (400,000 shares authorized;
85,000 shares issued, 94,600 outstanding), January 1,20Y81,700,000
Dividends:
Cash dividends for common stock 155,120
Cash dividends for preferred stock 100,000
Goodwill 700,000
Income tax payable 44,000
Interest receivable 1,200
Inventory (December 31,20Y8), at lower of cost (FIFO) or market 778,000
Office buildings and equipment 4,320,000
Paid-in capital from sale of treasury stock, January 1,20Y80
Paid-in capital in excess of parcommon stock, January 1,20Y8736,800
Paid-in capital in excess of parpreferred stock, January 1,20Y870,000
Preferred 5% stock, $80 par (30,000 shares authorized;
16,000 shares issued), January 1,20Y81,280,000
Premium on bonds payable 19,000
Prepaid expenses 27,400
Retained earnings, January 1,20Y88,197,220
Store buildings and equipment 12,560,000
Treasury stock, January 1,20Y80 Equinox Products Inc.
Statement of Stockholders' Equity
For the Year Ended December 31,20Y8
Preferred Stock Paid-In Capital
in Excess
of Par
Preferred
Stock Common Stock Paid-In Capital
in Excess
of Par
Common
Stock Paid-In Capital
from Sale of
Treasury Stock Retained
Earnings Treasury
Stock Total
$fill in the blank 43 $fill in the blank 44 $fill in the blank 45 $fill in the blank 46 $fill in the blank 47 $fill in the blank 48 $fill in the blank 49 $fill in the blank 50
fill in the blank 52 fill in the blank 53 fill in the blank 54
fill in the blank 56 fill in the blank 57 fill in the blank 58
fill in the blank 60 fill in the blank 61
fill in the blank 63 fill in the blank 64
fill in the blank 66 fill in the blank 67 fill in the blank 68
fill in the blank 70 fill in the blank 71
$fill in the blank 73 $fill in the blank 74 $fill in the blank 75 $fill in the blank 76 Stockholders Equity
Paid-in capital:
$fill in the blank 124
fill in the blank 126
$fill in the blank 128
$fill in the blank 130
fill in the blank 132
fill in the blank 134
fill in the blank 136
Total paid-in capital $fill in the blank 137
fill in the blank 139
fill in the blank 141
Total stockholders equity fill in the blank 142
Total liabilities and Stockholders Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach with Data Analytics

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

1st edition

1119401747, 978-1119401742

More Books

Students also viewed these Accounting questions

Question

How would you describe the work atmosphere?

Answered: 1 week ago

Question

What should Sheila have done to avoid interviews like this one?

Answered: 1 week ago