Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create a trial balance with the following information Financial Statements Income Statement Year Ended 12/31/15 Income Statement Year Ended 12/31/14 Sales 8,052 Cost of goods

Create a trial balance with the following informationimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Financial Statements Income Statement Year Ended 12/31/15 Income Statement Year Ended 12/31/14 Sales 8,052 Cost of goods sold 4,365) (941) (580) (116) (5,140) Marketing and selling expenses Administrative expenses (677) (128) (29) Research and development expenses Other (expenses)/ income Restructuring charges Total costs and expenses Earnings before interest and taxes Interest expense Interest income Earnings before taxes Tax expense 1,080 1,155 (135) 10 955 75 680 (114) 1,049 325 724 40 Earnings from continuing operations Earnings/(loss) from discontinued ops Net earnings 449 Statement of Changes in Retained Earnings Year Ended 12/31/15Year Ended 12/31/14 Statement of Changes in Retained Earnings Beginning Retained Earnings Plus: Net Earnings Less: Dividends Ending Retained Earnings 727 764 373 1,118 1,118 1,200 Balance Sheet As of 12/31/15 Balance Sheet As of 12/31/14 Cash and cash equivalents Acccounts receivable, net Inventories Prepaids and other current assets Current assets held for sale Total current assets 335 553 714 169 925 135 193 1,771 5,655 (3,395) 2,297 1,021 131 5,127 Plant assets Accumulated depreciation Goodwill Patents, net of amortization Other assets Non-current assets held for sale Total assets (3,000) 2,013 496 123 8,323 6,530

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_2

Step: 3

blur-text-image_3

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

Modern Internal Auditing Appraising Operations And Controls

Authors: Victor Z. Brink, Herbert N. Witt

4th Edition

0471080977, 978-0471080978

More Books

Students also viewed these Accounting questions