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Acct3310 - Assignment #2 - due May 24 #1. Post -closing balance sheet accounts of Ibsen Inc. at December 31, 2015 are as follows: Account Debit Credit Cash (overdraft) $ 3,500 Accounts payable 15,000 Future income tax liability-long term 30,000 Common shares 40,000 Preferred shares 24,000 L.T. investment in common shares of Gregor Inc. $ 14,000 Accounts receivable 19,000 Loan from shareholder, due 1 July 2017 40,000 Leasehold improvements (net of depreciation) 30,000 Land 120,000 Furniture and equipment (at cost) 90,000 Accumulated depreciation, furniture and equipment 30,000 Retained earnings 79,000 ,000 Unearned revenue 6,500 Installment notes receivable (within 180 days) 7,000 Goodwill 9,000 Prepaid expenses 3,500 Accumulated other comprehensive income 15,000 Marketable securities 3,000 Note payable to bank, due 15 October 2016 25,000 Allowance for doubtful accounts 2,000 Supplies inventory 14,500 310,000 310,000 Required: #2. Prepare a classified balance sheet in good form. The following pre-tax amounts are taken from the adjusted trial balance of Killian Corporation at December 31, 2015, the end of Killian's fiscal year: Account Amount Sales revenue $ 1,000,000 Service revenue 200,000 Interest revenue 30,000 Gain on sale of capital asset 100,000 Cost of goods sold 600,000 Selling, general, and administrative expense 150,000 Depreciation expense 50,000 Interest expense 20,000 Loss on sale of long-term investment 10,000 Cumulative effect of change in accounting policy (gain) 50,000 Loss on discontinued business segment assets 60,000 Loss on operation of discontinued business segment 10,000 Other information: a. The income tax rate is 40% on all items. b. There were 100,000 common shares outstanding throughout the year. No preferred shares. c. Assume that the capital cost allowance deductible for tax purposes is equal to the depreciation expense shown on the income statement. Required: Prepare a multiple-step income statement in good form (including recommended EPS disclosures on the face of the statement). You may present discontinued operations in either fashion decribed in the lesson notes. #3. Skoville Ltd.'s December 31, 2015 balance sheet contained the following: SHAREHOLDERS' EQUITY Contributed Capital: Preferred Shares, $8, non-cumulative, convertible, 100,000 shares authorized, 5,000 shares issued & outstanding $ 700,000 Common Shares, unlimited # authorized, 40,000 shares issued & o/s 2,000,000 Total Contributed Capital $ 2,700,000 Retained Earnings: 1,400,000 Total Shareholders' Equity $ 4,100,000 During 2015, Skoville reported net income of $300,000 and comprehensive income of $100,000 (both after tax) relating to holding gains on investments. The corporation declared preferred dividends of $40,000 and common dividends of $150,000. Preferred shareholders converted 1,000 of their shares for 500 common shares (which the corporation recorded at their average issue price). An additional 10,000 common shares were issued during 2015 for $80.00 per share. Required: a) Using the basic format presented in the lesson notes, prepare a Statement of Changes in Equity for the year ended December 31, 2015. Be sure to reconcile the change in each element of shareholders' equity to arrive at the values shown in the next requirement, (b). b) Prepare the shareholders' equity section of the balance sheet for December 31, 2015. Check Figures 1. current assets $45,000 current liabilities $50,000 total assets $278,000 2. Income from continuing ops $300,000; Net loss discontinued ops $258,000 EPS cont. ops/disc. opset income = $3.00/(0.42)/2.58 3. For Dec. 31/15: Total contributed capital $3,500,000, Total shareholders' equity $5,110,000 Note: As discussed in class, Assignment #2 will be quickly checked and submitted next class before Test #1 (50 minutes) which covers Ch. 1-3, all on Scantron (i.e. M/C). Test #1 - Approximate content weighting: 25% Ch 1&2 50%. Ch 3 part 1 (accounting cycle) 25% Ch 3 part 2 (financial statements & other theory)