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Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Note: You must complete Comprehensive Problem 4 (Part A} before completing Comprehensive Problem 4 (Part B). Required: 2 After all of the transactions for the year ended December 31, 2015, had been posted [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products in a Prepare a multiple-step income statement for the year ended December 31, 2045, concluding with earnings per share in computing earnings per share assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Less" or Add will automatically appear ild is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net loss should be negative. Expenses should be positive (Round earnings per share to the nearest cent.) b. Prepare a retained eamings statement for the year ended December 31, 2045. Be sure to complete the statement heading Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Il a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign c. Prepare a balance sheet in report form as of December 31, 2015. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Lessor-Add will automafically appear if it is required. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Recall that current assets are to be reported in order of liquidity. Available-for-sale investments are considered to be more liquid than accounts receivable. Report feed assets and paid-in capital accounts in account-number order. Omit the description of bonds and stocks (le. percentage rates, due date, number of shares, etc.) Income Statement data: Advertising expense Cost of merchandise sold Delivery expense Depreciation expense-office buildings and equipment Depreciation expenso-store buildings and equipment Gain on sale of investments Income from Pinkberry Co, investment Income tax expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales Sales commissions expense Sales salaries expense Store supplies expense $150,000 3,700,000 30,000 30.000 100,000 4.980 76,800 142.000 21.000 8,720 7.500 14,000 50,000 170.000 10.000 5.254,000 185.000 385,000 21.000 Retained earnings and balance sheet data: Accounts payable Accounts receivable $194,300 545.000 Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Office rent expense Office salaries expense Office supplies expense Sales Sales commissions expense Sales salarios expense Store supplies expense 50,000 170,000 10,000 5,254,000 185.000 385,000 21,000 $194,300 545,000 1,580,000 4,125.000 8.450 260,130 500.000 246,000 2,000,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Available-for-sale investments (at cost) Bonds payabio, 5% due in 10 years Cash Common stock $20 par (400,000 shares authorized: 100,000 shares issued, 94,600 outstanding) Dividends: Cash dividends for common stock Cash dividends for preterred stock Goodwill Income tax payable Interest receivable Investment in Pinkberry Co stock (equity method) Investment in Dream Inc. bonds long term Merchandise inventory (December 31, 20Y5) at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-common stock Excess of issue price over par--preferred stock Preferred $1 stock 580 par (30,000 shares authorized: 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, 2045 Store buildings and equipment Treasury stock (5.400 shares of common stock at cost of $33 per share) Unrealized gain (loss) on available for-sale investments Valuation allowance for available-for-sale investments 155,120 100,000 500,000 44,000 1.125 1,009.300 90,000 778,000 4,320,000 13,000 886.800 150.000 1,600,000 19.000 27.400 9,319,725 12,560.000 178.200 (6,500) (6.500) Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Labels Current assets Current liabilities December 31, 2015 Dividends For the Year Ended December 31, 2045 Intangible assets Investments Long-term labilities Operating expenses Other revenue and expenses Paid-in capital Property, plant, and equipment Amount Descriptions Available-for-sale investments Bonds payable Common stock Decrease in retained earnings From sale of treasury stock Gross profit Investment in Pinkberry Co stock Investment in Dream Inc, bonds Income before income tax Income from operations Increase in retained earnings Merchandise inventory, at lower of cost (FIFO) or market Net income Net loss Preferred stock Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Retained earnings, January 1, 2045 Retained earnings, December 31, 2045 Treasury common stock Total administrative expenses Total Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total long-term abilities Instructions Labels and Amount Descriptions Income Sttomont Retained Earnings Statement Balance Sheet Intangible assets Investments Long-term liabilities Operating expenses Other revenue and expenses Paid-in capital Property, plant, and equipment Amount Descriptions Available-for-sale investments Bonds payable Common stock Decrease in retained earnings From sale of treasury stock Gross profit Investment in Pinkberry Co stock Investment in Dream Inc. bonds Income before income tax Income from operations Increase in retained earnings Merchandise inventory. at lower of cost (FIFO) or market Net income Net loss Preferred stock Paid in capital in excess of par preferred stock Paid in capital in excess of par-common stock Retained earnings Retained earnings, January 1, 2015 Retained earnings, December 31, 2045 Treasury common stock Total administrative expenses Total Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equilty Total long-term abilities Total investments Total operating expenses Total paid-in capital Total property, plant, and equipment Total selling expenses Total stockholders'auty Instructions Labels and Amount Descriptions Income Statement Balance Sheet 6. Proparo a balance sheet in raport form as of December 31, 20Y5. Be sure to complete the statement heading, Refer to the account names in the Instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Lessor * Add will automatically appear if it is required. Enter all amounts as positive numbers. Recall that current assets are to be reported in order of liquidity. Available for sale investments are considered to be more liquid than accounts receivable. Report fixed assets and paid-in capital accounts in account-number order. Omit the description of bonds and stocks (.e., percentage rates, due dite, number of shares, etc.). Equinox Products Inc Balance Sheet December 31, 2015 + Assets 2 Current assets: > Cash $246,000.00 4 Sales $5,254,000.00 3,700,000.00 1,554,000.00 778,000.00 27,400.00 1,626,000.00 4,320,000.00 $1.842,705.00 $700,000.00 $13,500,000.00 5 Less: Cost of merchandise sold Operating expenses Less selling expenses Prepaid expenses Total current assets Office buildings and equipment 11 Store buildings and equipment 12 Property, plant, and equipment: 13 Goodwill 4 Total assets 15 property, plant * property, plant and equipment 17 Less: Office buildings and equipment 2 Store buildings and equipment 13 less accumulate depreciation Store buildings and equipment 21 Intangible assets: 2 Goodwill 23 Total assets 24 Liabilities 23 Current liabilities: 38 account payable 27 premium on bond payable 23 Income tax payable >> Total current liabilities: $194,300.00 44,000.00 $238,300.00 500,000.00 519,000.00 757,300.00 500,000.00 $14,616,005.00 $194,300.00 19,000.00 $44,000.00 non current liabilities $257 300.00 Instructions Labels and Amount Descriptions Income Statement ZAVOU 1,626,000.00 4,320,000.00 $1,842,705.00 $700,000.00 $13,500,000.00 $194,300.00 44,000.00 $238,500.00 500,000.00 519,000.00 757,300.00 500,000.00 $14,616,005.00 $194,300.00 Balance Sheet Total current assets * Office buildings and equipment 1 Store buildings and equipment 12 Property, plant, and equipment: 13 Goodwill 14 Total assets 15 property, plant * property, plant and equipment 17 Less: Office buildings and equipment # Store buildings and equipment 1) Less: accumulate depreciation ** Store buildings and equipment 11 Intangible assets: 12 Goodwill 23 Total assets Liabilities 25 Current liabilities: * account payable 21 premium on bond payable * Income tax payable >> Total current liabilities: non current liabilities 31 Add: Bonds payable Total liabilities Stockholders' Equity 4 Common stock 15 Paid-in capital in excess of par-preferred stock * Common stock preferred 5% stock 580 par (50,000 shares authorized: 20,000 shares issued) > Paid-in capital in excess of par-preferred stock 53 Preferred stock * Total paid-in capital * Retained earnings 4 Paid-in capital in excess of par-common stock & Treasury stock - Unrealized gain loss) on available-for-sale investments Total stockholders' equity 4 Total liabilities and stockholders equity 19,000.00 $44,900.00 $257,500.00 $500,000.00 $757,300.00 $886,800.00 2.886,800.00 $1,600,000.00 150,000.00 1,750,000.00 $4,636,800.00 9,393,605.00 13,000.00 $178,200.00 6,500.00 13,858.705.00 $14,616,005.00 Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Note: You must complete Comprehensive Problem 4 (Part A} before completing Comprehensive Problem 4 (Part B). Required: 2 After all of the transactions for the year ended December 31, 2015, had been posted [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products in a Prepare a multiple-step income statement for the year ended December 31, 2045, concluding with earnings per share in computing earnings per share assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Less" or Add will automatically appear ild is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net loss should be negative. Expenses should be positive (Round earnings per share to the nearest cent.) b. Prepare a retained eamings statement for the year ended December 31, 2045. Be sure to complete the statement heading Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Il a net loss is incurred or there is a decrease in owner's equity, enter that amount as a negative number using a minus sign c. Prepare a balance sheet in report form as of December 31, 2015. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Lessor-Add will automafically appear if it is required. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Recall that current assets are to be reported in order of liquidity. Available-for-sale investments are considered to be more liquid than accounts receivable. Report feed assets and paid-in capital accounts in account-number order. Omit the description of bonds and stocks (le. percentage rates, due date, number of shares, etc.) Income Statement data: Advertising expense Cost of merchandise sold Delivery expense Depreciation expense-office buildings and equipment Depreciation expenso-store buildings and equipment Gain on sale of investments Income from Pinkberry Co, investment Income tax expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales Sales commissions expense Sales salaries expense Store supplies expense $150,000 3,700,000 30,000 30.000 100,000 4.980 76,800 142.000 21.000 8,720 7.500 14,000 50,000 170.000 10.000 5.254,000 185.000 385,000 21.000 Retained earnings and balance sheet data: Accounts payable Accounts receivable $194,300 545.000 Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Office rent expense Office salaries expense Office supplies expense Sales Sales commissions expense Sales salarios expense Store supplies expense 50,000 170,000 10,000 5,254,000 185.000 385,000 21,000 $194,300 545,000 1,580,000 4,125.000 8.450 260,130 500.000 246,000 2,000,000 Retained earnings and balance sheet data: Accounts payable Accounts receivable Accumulated depreciation-office buildings and equipment Accumulated depreciation-store buildings and equipment Allowance for doubtful accounts Available-for-sale investments (at cost) Bonds payabio, 5% due in 10 years Cash Common stock $20 par (400,000 shares authorized: 100,000 shares issued, 94,600 outstanding) Dividends: Cash dividends for common stock Cash dividends for preterred stock Goodwill Income tax payable Interest receivable Investment in Pinkberry Co stock (equity method) Investment in Dream Inc. bonds long term Merchandise inventory (December 31, 20Y5) at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-common stock Excess of issue price over par--preferred stock Preferred $1 stock 580 par (30,000 shares authorized: 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, 2045 Store buildings and equipment Treasury stock (5.400 shares of common stock at cost of $33 per share) Unrealized gain (loss) on available for-sale investments Valuation allowance for available-for-sale investments 155,120 100,000 500,000 44,000 1.125 1,009.300 90,000 778,000 4,320,000 13,000 886.800 150.000 1,600,000 19.000 27.400 9,319,725 12,560.000 178.200 (6,500) (6.500) Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Labels Current assets Current liabilities December 31, 2015 Dividends For the Year Ended December 31, 2045 Intangible assets Investments Long-term labilities Operating expenses Other revenue and expenses Paid-in capital Property, plant, and equipment Amount Descriptions Available-for-sale investments Bonds payable Common stock Decrease in retained earnings From sale of treasury stock Gross profit Investment in Pinkberry Co stock Investment in Dream Inc, bonds Income before income tax Income from operations Increase in retained earnings Merchandise inventory, at lower of cost (FIFO) or market Net income Net loss Preferred stock Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Retained earnings, January 1, 2045 Retained earnings, December 31, 2045 Treasury common stock Total administrative expenses Total Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equity Total long-term abilities Instructions Labels and Amount Descriptions Income Sttomont Retained Earnings Statement Balance Sheet Intangible assets Investments Long-term liabilities Operating expenses Other revenue and expenses Paid-in capital Property, plant, and equipment Amount Descriptions Available-for-sale investments Bonds payable Common stock Decrease in retained earnings From sale of treasury stock Gross profit Investment in Pinkberry Co stock Investment in Dream Inc. bonds Income before income tax Income from operations Increase in retained earnings Merchandise inventory. at lower of cost (FIFO) or market Net income Net loss Preferred stock Paid in capital in excess of par preferred stock Paid in capital in excess of par-common stock Retained earnings Retained earnings, January 1, 2015 Retained earnings, December 31, 2045 Treasury common stock Total administrative expenses Total Total assets Total current assets Total current liabilities Total liabilities Total liabilities and stockholders' equilty Total long-term abilities Total investments Total operating expenses Total paid-in capital Total property, plant, and equipment Total selling expenses Total stockholders'auty Instructions Labels and Amount Descriptions Income Statement Balance Sheet 6. Proparo a balance sheet in raport form as of December 31, 20Y5. Be sure to complete the statement heading, Refer to the account names in the Instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Lessor * Add will automatically appear if it is required. Enter all amounts as positive numbers. Recall that current assets are to be reported in order of liquidity. Available for sale investments are considered to be more liquid than accounts receivable. Report fixed assets and paid-in capital accounts in account-number order. Omit the description of bonds and stocks (.e., percentage rates, due dite, number of shares, etc.). Equinox Products Inc Balance Sheet December 31, 2015 + Assets 2 Current assets: > Cash $246,000.00 4 Sales $5,254,000.00 3,700,000.00 1,554,000.00 778,000.00 27,400.00 1,626,000.00 4,320,000.00 $1.842,705.00 $700,000.00 $13,500,000.00 5 Less: Cost of merchandise sold Operating expenses Less selling expenses Prepaid expenses Total current assets Office buildings and equipment 11 Store buildings and equipment 12 Property, plant, and equipment: 13 Goodwill 4 Total assets 15 property, plant * property, plant and equipment 17 Less: Office buildings and equipment 2 Store buildings and equipment 13 less accumulate depreciation Store buildings and equipment 21 Intangible assets: 2 Goodwill 23 Total assets 24 Liabilities 23 Current liabilities: 38 account payable 27 premium on bond payable 23 Income tax payable >> Total current liabilities: $194,300.00 44,000.00 $238,300.00 500,000.00 519,000.00 757,300.00 500,000.00 $14,616,005.00 $194,300.00 19,000.00 $44,000.00 non current liabilities $257 300.00 Instructions Labels and Amount Descriptions Income Statement ZAVOU 1,626,000.00 4,320,000.00 $1,842,705.00 $700,000.00 $13,500,000.00 $194,300.00 44,000.00 $238,500.00 500,000.00 519,000.00 757,300.00 500,000.00 $14,616,005.00 $194,300.00 Balance Sheet Total current assets * Office buildings and equipment 1 Store buildings and equipment 12 Property, plant, and equipment: 13 Goodwill 14 Total assets 15 property, plant * property, plant and equipment 17 Less: Office buildings and equipment # Store buildings and equipment 1) Less: accumulate depreciation ** Store buildings and equipment 11 Intangible assets: 12 Goodwill 23 Total assets Liabilities 25 Current liabilities: * account payable 21 premium on bond payable * Income tax payable >> Total current liabilities: non current liabilities 31 Add: Bonds payable Total liabilities Stockholders' Equity 4 Common stock 15 Paid-in capital in excess of par-preferred stock * Common stock preferred 5% stock 580 par (50,000 shares authorized: 20,000 shares issued) > Paid-in capital in excess of par-preferred stock 53 Preferred stock * Total paid-in capital * Retained earnings 4 Paid-in capital in excess of par-common stock & Treasury stock - Unrealized gain loss) on available-for-sale investments Total stockholders' equity 4 Total liabilities and stockholders equity 19,000.00 $44,900.00 $257,500.00 $500,000.00 $757,300.00 $886,800.00 2.886,800.00 $1,600,000.00 150,000.00 1,750,000.00 $4,636,800.00 9,393,605.00 13,000.00 $178,200.00 6,500.00 13,858.705.00 $14,616,005.00
