Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the data for Brady and Co. provided in the sheet labeled Trial Balance prepare: Balance Sheet - comparative, classified in proper format for fiscal
Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare: | ||||||||||
Balance Sheet - comparative, classified in proper format for fiscal years 2015 and 2016 | ||||||||||
Income Statement - multiple-step for fiscal years 2015 and 2016. Include earnings per share data. | ||||||||||
Statement of Retained Earnings for 2016. | ||||||||||
Use separate sheets, appropriately named, for each financial statement in good form. | ||||||||||
List 5 notes that would be required if you were also preparing the notes to these financial statements. | ||||||||||
Do not prepare the notes, just briefly list the accounts, etc. for which GAAP would require disclosure | ||||||||||
based on Brady's financial statements. |
PLEASE HELP. I have a teacher who teaches us nothing and I've been struggling to figure out how to complete the statements with the book for weeks. I'm also confused on how I'm suppossed to include earnings per share on the income statement. I posted the trial balance once above and once below in case it helps
Brady and Co. | ||||||
List of Accounts from General Ledger in Alphabetical Order | ||||||
December 31, 2016 | ||||||
(thousands of dollars) | ||||||
2015 | 2016 | |||||
Dr | Cr | Dr | Cr | |||
Accounts Payable | 999,210 | 1,079,837 | ||||
Accounts Receivable | 2,943,125 | 3,245,967 | ||||
Accrued Liabilities - Other | 508,643 | 721,358 | ||||
Accrued Pension Liabilities | 650,216 | 450,356 | ||||
Accrued Restructuring Charges | 126,000 | 90,476 | ||||
Accrued Salaries, Wages and Commissions | 281,364 | 350,191 | ||||
Accumulated Other Comprehensive Income (Loss) | 621,236 | 85,000 | ||||
Accumulated Depreciation - Property, Plant & Equipment | 1,829,634 | 1,999,999 | ||||
Accumulated Post-Employment Benefit Obligation (long-term) | 802,316 | 402,634 | ||||
Additional Paid-in Capital, Common Stock | 299,304 | 299,304 | ||||
Additional Paid-in Capital, Preferred Stock | 75 | 75 | ||||
Allowance for Doubtful Accounts | 125,436 | 124,645 | ||||
Bonds Payable | 244,563 | 249,046 | ||||
Cash and Cash Equivalents | 401,236 | 751,329 | ||||
Common Stock ($1.00 par value) authorized 900 million shares | 300,000 | 284,000 | ||||
issued 300 million shares in 2016, 284 million in 2015 | ||||||
Cost of Goods Sold | 3,000,235 | 2,763,584 | ||||
Current Portion of Long-term Debt | 720,125 | 849,869 | ||||
Deferred Tax Assets (current) | 62,596 | 81,236 | ||||
Deferred Tax Liabilities (long-term) | 229,000 | 440,263 | ||||
Depreciation Expense | 307,200 | 311,236 | ||||
Dividends - Common | 292,351 | 214,956 | ||||
Dividends - Preferred | 2,000 | 945 | ||||
General & Administrative Expenses | 1,732,429 | 1,459,695 | ||||
Goodwill and Other Intangibles | 3,212,491 | 3,212,491 | ||||
Income Taxes Payable | 246,002 | 102,563 | ||||
Interest Expense | 201,366 | 250,000 | ||||
Interest Income | 10,126 | 18,227 | ||||
Investments in unconsolidated affiliated companies | 1,235,000 | 1,456,896 | ||||
Inventories | 163,214 | 224,561 | ||||
Long-term Debt | 3,223,713 | 3,702,700 | ||||
(Loss) Income from Discontinued Operations, net of tax | 28,100 | 7,453 | ||||
Preferred Stock ($10 par value) authorized 10 million shares | 900 | 900 | ||||
issued 90,000 shares in 2016, 90,000 in 2015 | ||||||
Prepaid Expenses | 141,029 | 170,296 | ||||
Property, Plant and Equipment | 2,943,216 | 3,936,726 | ||||
Provision for income taxes | 245,105 | 201,636 | ||||
Research and Development Expenses | 199,500 | 496,597 | ||||
Restructuring Charges | 199,506 | 255,013 | ||||
Retained Earnings, beginning | 2,960,256 | 5,173,286 | ||||
Sales | 8,430,061 | 6,526,967 | ||||
Selling Expenses | 19,365 | 58,890 | ||||
Short-term Investments | 20,000 | 26,800 | ||||
Treasury Stock, at cost - 117,156,719 shares in 2016 | 4,472,969 | 4,263,984 | ||||
and 108,822,953 shares in 2015 | ||||||
Unearned Revenues | 456,325 | 423,689 | ||||
22,443,269 | 22,443,269 | 23,382,838 | 23,382,838 | |||
Net Income (loss) | ||||||
- | - | |||||
Weighted average number of common shares: | ||||||
FY 2016: | ||||||
Basic | 208,448,076 shares | |||||
Diluted | 210,348,076 shares | |||||
FY 2015: | ||||||
Basic | 218,464,140 shares | |||||
Diluted | 220,964,140 shares |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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