Question
Retained earnings and balance sheet data: Accounts payable$ 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance
Retained earnings and balance sheet data:
Accounts payable$ 194,300
Accounts receivable 545,000
Accumulated depreciationoffice buildings and equipment 1,580,000
Accumulated depreciationstore buildings and equipment 4,126,000
Allowance for doubtful accounts 8,450
Available-for-sale investments (at cost) 260,130
Bonds payable, 5%, due 2024 500,000
Cash 246,000
Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding)2,000,000
Dividends: Cash dividends for common stock155,120
Cash dividends for preferred stock100,000
Goodwill500,000
Income tax payable 44,000
Interest receivable 1,125
Investment in Pinkberry Co. stock (equity method) 1,009,300
Investment in Dream Inc. bonds (long term) 90,000
Merchandise inventory (December 31, 2016), at lower of cost (FIFO) or market 778,000
Office buildings and equipment 4,320,000
Paid-in capital from sale of treasury stock 13,000
Excess of issue price over par: -Common 886,800 -Preferred 150,000
Preferred 5% stock, $80 par (30,000 shares authorized; 20,000 shares issued)1,600,000
Premium on bonds payable 19,000
Prepaid expenses 27,400
Retained earnings, January 1, 2016 9,319,725
Store buildings and equipment 12,560,000
Treasury stock (5,400 shares of common stock at cost of $33 per share)178,200
Unrealized gain (loss) on available-for-sale investments(6,500)
Valuation allowance for available-for-sale investments(6,500)
QUESTION: Prepare a retained earnings statement for the year ended December 31, 2016. Refer to the Chart of Accounts for exact wording of account titles. Refer to the Labels and Amount Descriptions for exact wording of text entries. You will need to enter the word Less or Add as necessary.
Equinox Products, Inc. |
Retained Earnings Statement |
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