Riley Incorporated reports the following amounts at the end of the year (all amounts in $000): Cash Depreciation Expense Taxes Payable $ 16,140 3,210 1,020 Product Revenues Mortgage Payable Treasury Stock $ 112,500 38,000 650 Buildings Land Current Portion of Notes and Mortgages Payable 79,000 40,000 2,200 Salaries Accumulated Depreciation 62,800 21,730 Accounts Payable Net Accounts Receivable 18,500 23,500 Equipment Income Tax Expense Discount on Notes Payable 42,000 3,650 7,950 Interest Expense Notes Payable Utilities 4,000 25,650 350 Inventory Costs of Good Sold License Revenues 6,400 17,400 250 Advertising Expense Pre-Paid Expenses 11,300 900 Short Term Investments Wages Payable 2,500 3,200 In addition, the company had common stock of $75,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and declared/paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders equity, and balance sheet. Using the account information above develop a Balance Sheet and Income Statement, then answer the next five questions. Q1. Calculate the Net Income After Interest and Taxes. Q2. Calculate the Total Amount of Current Assets Q3. Calculate the Total Amount of Liabilities. Include both current and long term debt. Q4. Calculate the Total Assets for Riley Incorporated. Remember to consider Contra-Assets when making the calculation Q5. Assume that the Net Income After Interest and Taxes for Riley Incorporated is $9,200 (it's not but make this assumption for this question only). Using the other account data shown above for Riley, what is the ending Retained Earnings balance? Q6. AR Balance % Uncollectible Current Accounts $140,000 1% 1 - 30 days past due $15,000 3% 31- 60 days past due $12,000 6% 61- 90 days past due $5,000 12% Over 90 days past due $7,000 30% Total Accounts Receivable $179,000 Grisson Company had a $400 balance in the Allowance for Doubtful Accounts at December 31, 2017, before the current year's provision for uncollectible accounts. An aging the the accounts receivable is provided above. What is the amount of bad debt expense that should be recorded for 2017? Q.7 12/31/2016 12/31/2017 Assets $265,000 $255,000 Liabilities $100,000 $110,000 Capital Stock ? $130,000 Retained Earnings ? ? The above data is for Richard's Bait Shop. During 2017, Richard's net income was $18,000 and $5,000 in dividends were paid out. Calculate the Capital Stock balance at the end of December 2016.

iley Incorporated (Graded Homework)

USE FINANCIAL DATA BELOW FOR HOMEWORK QUESTIONS 1 - 5

Riley Incorporated reports the following amounts at the end of the year (all amounts in $000):

Cash	$16,140	Product Revenues	$112,500
Depreciation Expense	3,210	Mortgage Payable	38,000
Taxes Payable	1,020	Treasury Stock	650
Buildings	79,000	Salaries	62,800
Land	40,000	Accumulated Depreciation	21,730
Current Portion - Notes and Mortgage Payable	2,200
Accounts Payable	18,500	Equipment	42,000
Net Accounts Receivable	23,500	Income Tax Expense	3,650
		Discounts on Notes Payable	7,950
Interest Expense	4,000	Inventory	6,400
Notes Payable	25,650	Costs of Goods Sold	17,400
Utilities	350	License Revenues	250
Advertising Expense	11,300	Short Term Investments (Securities)	2,500
Prepaid Expense	900	Wages Payable	3,200

In addition, the company had common stock of $75,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and declared/paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders equity, and balance sheet.

Using the account information above develop a Balance Sheet and Income Statement,

1. Calculate the Net Income After Interest and Taxes

2.Calculate the Total Amount of Current Assets

3.Calculate the Total Amount of Liabilities. Include both current and long term debt.

4.Calculate the Total Assets for Riley Incorporated. Remember to consider Contra-Assets when making the calculation

5.Assume that the Net Income After Interest and Taxes for Riley Incorporated is $9,200 (its not but make this assumption for this question only). Using the other account data shown above for Riley, what is the ending Retained Earnings balance?

ge	AR Balance	% Uncollectible
Current Accounts	$140,000	1%
1-30 days past due	$15,000	3%
31-60 days past due	$12,000	6%
61-90 days past due	$5,000	12%
Over 90 days past due	$7,000	30%
Total Accounts Receivable	$179,000

Grisson Company had a $400 balance in the Allowance for Doubtful Accounts at December 31, 2017, before the current year's provision for uncollectible accounts. An aging of the accounts receivable is provided above. What is the amount of bad debt expense that should be recorded got 2017?

12/31/2016	12/31/2017
Assets	$265,000	$255,000
Liabilities	$100,000	$110,000
Capital Stock	?	$130,000
Retained earnings	?

The above data is for Richard's Bait Shop. During 2017, Richard's net income was $18,000 and $5,000 in dividends were paid out. Calculate the Capital Stock balance at the end of December 2016.