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PLEASE HELP! ty Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 20Y5, had
PLEASE HELP! ty
Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 20Y5, had been posted [induding the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. Office rent expense Office salaries expense Office supplies expense Sales Sales commissions expense Sales salaries expense 50,000 Store supplies expense 170,000 10,0005,254,000 Store supplies expense 185,000 385,000 21,000 Retained earnings and balance sheet data: Accounts payable Accounts recelvable $194,300 Accumulated depreciation-office buildings and equipment 1,580,000 Accumulated depreciation-store buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Available-for-sale investments (at cost) 260,130 Bonds payable, 5%, due in 10 years 500,000 Cash 246,000 Common stock, $20 par (400,000 shares authorizad: Bonds payable, 5%, due in 10 years Cash Common stock, $20 par (400,000 shares authorized; 246,000 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividend Cash dividends Goodwill Income tax payable Interest receivable InvestmentinPinkberryCo.stock(equitymethod)InvestmentinDreamInc.bonds(longterm)1,009,30090,000 Merchandise inventory (December 31, 20Y5), at lower of cost (FIFO) or market office buildings and equipment 4,320,000 Paid-incapitalfromsaleoftreasurystockExcessofissuepriceoverpart-commonstock13,000886,800 Excess of issue price over par-common stock 886,800 Excessofissuepriceoverpar-preferredstock150,000 Preferred \&1 stork. \&80 nar (30.nan shares autharized: 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 , 20Y5, concluding with earnings per share. In computing eamings 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 , 20v5. Save your calculations and enter the requested amounts below. c. Prepare a balance sheet in report form as of December 31,20 Y. Save your calculations and enter the requested amounts below. c. Prepare a balance sheet in report form as of December 31, 20Y5. 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. Net other expenses and income Step by Step Solution
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