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ACCT 3320. REVIEW PROBLEM 2. SPRING 2017 DUE APRIL 26. Use the comparative final adjusted account balances of UNG Corporation at the beginning and end of the fiscal year ended October 31, 2016, and any relevant additional information provided, to prepare in good form using EXCEL: multiple step Income Statement for the year ended 10/31/16; statement of comprehensive income for the year ended 10/31/16; statement of shareholders' equity for the year ended 10/31/16, and a comparative classified balance sheet, presenting balances at 10/31/16 and 10/31/15. Bring complete, printed statements to class on April 26. Be prepared to turn in your work with your in class quiz. Additional information about transactions occurring during the year ended 10/31/16: a. During the year, a 30% stock dividend was declared and issued. The reported value of this stock dividend was $59,400. b. Cash dividends of $8,000 were declared during the year. c. All declared dividends are charged directly against Retained Earnings. d. 50,000 shares of common stock were issued for cash during the year at $4.20 per share. e. 500 shares of the treasury stock held at 10/31/15 were sold (reissued) at cost. HELPFUL HINTS: See examples of these statements in your text as follows: classified balance sheet, chapter 4; statement of shareholders' equity, chapter 4; multiple step income statement, chapter 5; statement of comprehensive income, chapter 5. Adjusted trial balance appearing below is NOT presented in the typical account listing order. The closing entries for fye 10/31/16 have NOT been journalized and posted. Therefore, the 10/31/16 balance presented in the adjusted trial balance for retained earnings is not updated for year end closing. Also, the Accumulated Other Comprehensive Income/Loss account is not updated for the closing of any other comprehensive income items occurring in 2016. For simplicity, compute EPS on common shares outstanding at 10/31/16. debits Accounts Receivable Accumulated Other Comprehensive Loss Building Cash Cost of goods sold Discount on Bonds Payable Equipment Income taxes expense Inventories Investment Securities--Available for Sale Investment Securities--Trading Land Loss on sale of equipment Prepaid Insurance Selling & General Expenses Treasury Stock (500 shares @ 10/31/16, 1000 shares @ 10/31/15, at cost) Unrealized Loss on available for sale securities (net of tax) Unrealized Loss on trading securities TOTALS credits accounts payable Accumulated depreciation--building accumulated depreciation--equipment Additional paid-in capital Allowance for bad debts Allowance for change in value on available for sale invest. bonds payable--long term common stock, $2 par deferred income tax liability gain on sale of investment securities miscellaneous expenses payable notes payable--current Notes payable--long term Retained earnings sales (net) taxes payable unearned revenue TOTALS 10/31/2016 10/31/2015 128,000 100,000 2,000 2,000 133,000 133,000 220,000 50,000 539,000 8,500 9,000 305,000 170,000 24,000 291,000 298,000 20,000 0 10,000 40,000 62,000 62,000 1,000 2,500 2,000 287,000 5,000 10,000 11,000 4,000 2,053,000 876,000 55,000 26,250 39,750 116,000 8,000 11,000 250,000 359,400 47,000 12,000 18,000 70,000 40,000 77,600 898,000 24,000 1,000 2,053,000 60,000 22,500 27,500 6,000 5,000 0 250,000 200,000 53,300 8,700 20,000 60,000 145,000 10,000 8,000 876,000