Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The attached file has 3 parts to it: a. Prepare a 2014 multi-step income income statement, include EPS. b. Prepare a 2014 retained earnings statement.
The attached file has 3 parts to it: a. Prepare a 2014 multi-step income income statement, include EPS. b. Prepare a 2014 retained earnings statement. c. Prepare a 12/31/14 balance sheet. Please complete all 3 parts on 1 excel tab.
SUBMISSION INFORMATION: Submit the assignment in Excel using one page. ASSIGNMENT INFORMATION: Tempe Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2014 account balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (20% tax rate). Sales Purchase Discounts Purchases Loss on Segment Disposal Selling Expenses Cash Accounts Receivable Common Stock Accumulated Depreciation Dividend Revenue Inventory, January 1, 2014 Unearned Service Revenue Accrued Interest Payable Land Patents Retained Earnings, January 1, 2014 Interest Expense General and Administrative Expenses Dividends Declared Allowance for Doubtful Accounts Notes Payable (maturity 7/1/17) Machinery and Equipment Office Supplies Accounts Payable Inventory, December 31, 2014 1,421,000 21,000 693,000 95,000 134,000 64,000 93,000 250,000 176,000 9,500 142,000 7,500 1,700 463,000 60,000 310,000 11,500 145,000 32,000 5,800 187,000 468,000 35,000 46,000 158,000 REQUIREMENTS: Textbook Intermediate Accounting, Volume 1, 15th Edition Kieso, Weygandt & Warfield by Wiley ISBN# 9781118147276 a. Prepare a 2014 multi-step income statement; include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito (Illustration 4-9) Company examples in Chapter 4 of the textbook for format suggestions. Many items in these format examples are not applicable to this homework problem. b. Prepare a 2014 retained earnings statement. Refer to the Stricker example (Illustration 4-23) in Chapter 4 of the textbook for format suggestions. No corrections of prior periods exist. c. Prepare a 12/31/14 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the textbook for format suggestions. Many items in this example are not applicable to thisStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started