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The following is information for ABC a publicly traded company Condensed Balance Sheet at end of 2 0 2 1 ( amounts in thousands )
The following is information for ABC a publicly traded company Condensed
Balance Sheet at end of amounts in thousands Income Statement for Statement of Comprehensive Income
Current Assets
Cash $ Sales $ Net Income $
Accounts Receivable $ Cost of Goods Sold $ Other Comprehensive Income
Inventory $ Gross Profit $ Unrealized Gain on
Prepaid insurance $ AFS Debt Securities $
Total Current Assets $ Wages Expense $ Income Tax Effect $
Property, Plant and Equipment $ Depreciation Expense $ Total Other Comprehensive Inc $
Accumulated Depreciation $ Amortization Expense $
Patent $ Insurance Expense $ Comprehensive Income $
AFS Debt Securities $ Interest Expense $
Total Assets $ Other Expense $
Current Liabilities Total Expenses $
Accounts Payable $ reduce taxesIncome before Taxes $
Interest Payable $ Income Tax Expense $ x
Wages Payable $ Net Income $
Unearned Revenue $
Total Current Liabilities $ Earnings Per Share $
Note Payable $
Bond Payable in $ Statement of Changes in Stockholders Equity
Equity Common Stock $ par, shares is $ CS APIC RE AOCI
APIC $ Beginning $ $ $ $
Retained Earnings $ Total OCI $
Accumulated Other Comprehensive Los $ Net Income $
Liabilities and Equity $ Dividends $
Ending Balance $ $ $ $
Results for
Sales $ All sales on credit
Inventory Purchases on credit and ending inventory $you calculate COGS
Depreciation expense $ not including assets sold, bought or found
Patent purchased in and determined to have remaining useful life of years in
Wages Expense $ Paid in cash $ additional owed at end of this should be the amount in the payable
Insurance policy indicates that $ was paid in May for month coverage starting May
During found an asset purchased and recorded in that had not been depreciated cost no salvage year useful life an error
Sold AFS Debt Securities that cost for in cash $ loss in AOCI recorded previously
Sold equipment that cost with accumulated depreciation of for $ in cash.
Purchased new equipment costing $ with $ down payment and note payable on December first payment due January
year useful life and no salvage
Collections on AR
Payments on AP all accounts payable deal with inventory
All service agreements sold to customers in completed in New service agreements sold for $ in cash during percent of the services provided
during
Bond terms interest only for paid annually on September Firm agreement with a bank signed on December to refinance bond to a year note in
Note Payable payments of $ made March June Sept and December interest of per year per quarter
Each note payment pays the interest since the last payment with any remaining amount going toward principle
Fair value of remaining AFS Debt Securities $
Other Information
Tax rate is unlike income taxes have not been paid and need to be recorded
Half year convention for depreciation
Required:
Show journal entries or T accounts for results of operations.
Create an income statement including taxes and required EPS disclosures for
Create a statement of comprehensive income for
Create a statement of changes in stockholders equity for
Create a balance sheet for the end of
Create a cash flow statement for using the indirect method.
Show any necessary disclosures for that would be needed if both and were to be reported
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