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Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, Year 1, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. Income statement data: Advertising expense $150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 30,000 Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 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 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 $194,300 545,000 1,580,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Available-for-sale investments (at cost) Bonds payable, 5%, due 2022 4,126,000 8,450 260,130 500,000 Cash 246,000 Common stock, $20 par (400,000 shares auth 100,000 issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock Cash dividends for preferred stock 155,120 100,000 500,000 44,000 Goodwill 1,125 1,009,300 90,000 778,000 4,320,000 13,000 886,800 Income tax payable Interest receivable Investment in Pinkberry Co. stock (equity method) Investment in Dream Inc. bonds (long term) Merchandise inventory (December 31, Year 1), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-common stock Excess of issue price over par-preferred stock Preferred 5% stock, $80 par (30,000 shares authorized; 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, Year 1 Store buildings and equipment Treasury stock (5,400 shares of common stock at cost of $33 per share) Unrealized gain (loss) on available-for-sale investments Valuation allowance for available-for-sale investments 150,000 1,600,000 19,000 27,400 9,319,725 12,560,000 178,200 (6,500) (6,500) On your own paper, in the working papers, or using a spreadsheet, prepare the following: a. Prepare a multiple-step income statement for the year ended December 31, Year 1, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested amounts below. b. Prepare a retained earnings statement for the year ended December 31, Year 1. Save your calculations and enter the requested amounts below. C. Prepare a balance sheet in report form as of December 31, Year 1. Save your calculations and enter the requested amounts below. If required, only use the minus sign to indicate loss before income tax, net loss, or a deficit balance in retained earnings. Gross profit Total selling expenses Total administrative expenses s Total operating expenses s Income from operations s s Net other expenses and income Income tax s Net income s Earnings per common share (rounded to the nearest cent) s Retained earnings, January 1, Year 1 s Total current assets s Investment in Dream Inc. bonds s Total property, plant, and equipment s Total assets s s Total current liabilities Net long-term liabilities s s Total liabilities Total paid-in capital preferred 5% stock s Total paid-in capital common stock, $20 par s Total paid in capital s Retained earnings, December 31, Year 1 Total stockholders' equity Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, Year 1, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. Income statement data: Advertising expense $150,000 Cost of merchandise sold 3,700,000 Delivery expense 30,000 30,000 Depreciation expense-office buildings and equipment Depreciation expense-store buildings and equipment 100,000 Dividend revenue 4,500 Gain on sale of investment 4,980 Income from Pinkberry Co. investment 76,800 Income tax expense 140,500 Interest expense 21,000 Interest revenue 2,720 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 5,254,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 $194,300 545,000 1,580,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Available-for-sale investments (at cost) Bonds payable, 5%, due 2022 4,126,000 8,450 260,130 500,000 Cash 246,000 Common stock, $20 par (400,000 shares auth 100,000 issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock Cash dividends for preferred stock 155,120 100,000 500,000 44,000 Goodwill 1,125 1,009,300 90,000 778,000 4,320,000 13,000 886,800 Income tax payable Interest receivable Investment in Pinkberry Co. stock (equity method) Investment in Dream Inc. bonds (long term) Merchandise inventory (December 31, Year 1), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-common stock Excess of issue price over par-preferred stock Preferred 5% stock, $80 par (30,000 shares authorized; 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, Year 1 Store buildings and equipment Treasury stock (5,400 shares of common stock at cost of $33 per share) Unrealized gain (loss) on available-for-sale investments Valuation allowance for available-for-sale investments 150,000 1,600,000 19,000 27,400 9,319,725 12,560,000 178,200 (6,500) (6,500) On your own paper, in the working papers, or using a spreadsheet, prepare the following: a. Prepare a multiple-step income statement for the year ended December 31, Year 1, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested amounts below. b. Prepare a retained earnings statement for the year ended December 31, Year 1. Save your calculations and enter the requested amounts below. C. Prepare a balance sheet in report form as of December 31, Year 1. Save your calculations and enter the requested amounts below. If required, only use the minus sign to indicate loss before income tax, net loss, or a deficit balance in retained earnings. Gross profit Total selling expenses Total administrative expenses s Total operating expenses s Income from operations s s Net other expenses and income Income tax s Net income s Earnings per common share (rounded to the nearest cent) s Retained earnings, January 1, Year 1 s Total current assets s Investment in Dream Inc. bonds s Total property, plant, and equipment s Total assets s s Total current liabilities Net long-term liabilities s s Total liabilities Total paid-in capital preferred 5% stock s Total paid-in capital common stock, $20 par s Total paid in capital s Retained earnings, December 31, Year 1 Total stockholders' equity