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Hello Financial Accounting question here. Below is a list of balances taken from the ledger of LAKELAND CORPORATION at July 31, 2017. Cash $1,610,000 Marketable
Hello Financial Accounting question here.
Below is a list of balances taken from the ledger of LAKELAND CORPORATION at July 31, 2017.
Cash | $1,610,000 |
Marketable Securites | 510,000 |
Accounts Recievables, net | 4,075,000 |
Inventories, at lower of cost or market | 7,250,000 |
Prepaid expenses | 125,000 |
Plant and equipment, at cost: | |
Land and Buildings | 13,500,000 |
Machinery and Equipment | 9,250,000 |
Accumulated depreciation - plant assets | 13,470,000 |
Long Term receivables | 250,000 |
Deferred Charges | 25,000 |
Accounts payable | 2,950,000 |
Accrued expenses | 1,575,000 |
Federal Taxes Payable | 875,000 |
Current maturities on long-term debt | 500,000 |
5% sinking fund debentures due January, 2029 ($500,000 redeemable annually) | 5,000,000 |
Deferred Taxes on income, due to depreciation | 350,000 |
Preferred stock, $1 cumulative, $20 par, preference on Liquidation $100 per share (authorized 100,000 shares; Issued and outstanding: 50,000 shares) | 1,000,000 |
Comon stock, $1 par (authorized: 900,000 shares; Issues and outstanding: year 5, 550,000 shares; year 4, 500,000 shares) | 550,000 |
Paid-in captial in excess of par value on common stock | 3,075,000 |
Retained Earnings, beginning of year | 7,965,000 |
Dividends declared and paid: | |
Preferred stock, $1 per share in cash | 50,000 |
Common stock, $1 per share in cash | 525,000 |
Stock dividend: common stock, (10%) - 50,000 shares at market value of $50 per share | 2,500,000 |
Net Sales | 48,400,000 |
Revenues from royalties | 70,000 |
Interest revenues | 30,000 |
Cost of sales | 31,460,000 |
Selling, general and administrative expenses | 12,090,000 |
Interest on 5% signing fund debentures | 275,000 |
Provision for federal income taxes | 2,315,000 |
1. Prepare a Trial Balance for Lakeland Corporation at December 31, 2017.
2. Prepare a muliple-step income statement for lakeland corporation for year Ended December 31, 2017.
3. Prepare a classified balance sheet for Lakeland Corporation at December 31, 2017. Include retained earnings statement that shows dividends.
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