PLEASE SHOW ALL WORK INVOLVED INCLUDING INCOME STATEMENTS, ETC.
OPTIONS FOR E)
Southgate Inc.'s alphabetized adjusted trial balance on December 31, 2015 is below. a) Calculate net income (loss) for the year ending December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Net income foss) - $ b) Calculate retained earnings on December 31, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Retained earnings balance - S c) The order of the accounts in the equity section is important. Order the equity accounts as they should be reported in the balance sheet. Account Order of account in equity section Retened eamings (select one) Contributed surplus (select one) Common shares (select one) Preferrer shares (select one) Account Accounts payable Accounts receivable Accumulated depreciation, equipment Administrative expenses Allowance for doubtful accounts Bonds payable Cash Common shares Contributed surplus Cost of goods sold Dividends reclared Equipment Inventary Investments (available for sale) Investments held to maturity, due 2018) Long-lern noles payable Notes payable, due June 30, 2016) Patente Preferred shares Prepaid Insurance Prepaid rent Retained earnings Salaries payable Salas Selling expenses Balance 10,900 16,700 600 18,100 700 12,800 12,900 13,700 5.200 15,600 4,800 9.400 34,700 6,700 10,600 14,000 13,300 13,600 9,900 5,700 8.200 23,800 23,700 49.400 22,400 d) Prepare a classified balance sheet / statement of financial position for Southgate Inc. at December 31, 2015. Include all appropriate headings and sub-totals. Please make sure your final answer(s) are accurate to 2 decimal places. Southgate Inc Balance Sheet/Statement of Financial Position December 31, 2015 XSales 49.400 e) Below are the accounts that require valuation and other types of disclosures, select the most appropriate disclosure for each account listed below. Account Accounts receivable Common shares Inventory Investments (available for sale) Investments (held ta maturity due 2018 Patents_ Preferred shares Disclosure (select one) iselect one) select ann) iselect one) select ana) select ane) select ana) o g X ", Ly Chapter 4 Assignment - Required (Question 1) - Lyryx Learning Inc - Google Chrome lifa1.lyryx.com/student-servlets/LabServlet?ccid=9978 Preferred shares (select one) Common shares 13,100 Contributed surplus. 5,200 d) Prepare a classified balance sheet / statement of financial position for Southgate Inc. at December 31, 2015. Include all appropriate headings and sub-totals. Please make Cost of goods sold 15,600 sure your final answer(s) are accurate to 2 decimal places. Dividends declared 4,800 Southgate Inc. Equipment 9,400 Balance Sheet/Statement of Financial Position Inventory 34,700 December 31, 2015 Investments (available for sale). 6,700 Investments (held to maturity, due 2018). Sales 49,400 X 10,600 Long-term notes payable 14,000 Notes payable, (due June 30, 2016) 13,300 Patents 13,600 Preferred shares 9,900 Prepaid insurance 5,700 Prepaid rent 6,200 Retained earnings 23,800 Salaries payable 23.700 Sales 49,400 Selling expenses 22,400 e) Below are the accounts that require valuation and other types of disclosures, select the most appropriate disclosure for each account listed below. Account Disclosure Accounts receivable. (select one) Common shares (select one) Inventory (select one) Investments (available for sale). (select one) Investments (held to maturity, due 2018) (select one) Patents Cost/Amortized cost Preferred shares Due date, interest rate and how it is secured Fair value (FV) Fair value through other comprehensive income (OCI) Official Time: 15:12:48 Lower of carrying value and fair value less costs to sell Lower of cost and net realizable value (LCNRV) Net realizable value (NRV) Number of authorized shares and the number of shares issued and outstanding The dividend amount, number of authorized shares and the number of shares issued and outstanding SAVE AND CLOSE HE 6:12 PM 2021-11-23 123
