Question
Whoopie Company adjusted account balances as of the year end, 2010 are as follows (some noted balances are Jan. 1, 2011, in thousands): Sales .
Whoopie Company adjusted account balances as of the year end, 2010 are as follows (some noted balances are Jan. 1, 2011, in thousands): Sales . . . . . . . . . . . . . . . . . . . . . . . .1,200,000 Purchases . . . . . . . . . . . . . . . . . . . . . . 810,000 Marketable securities . . . . . . . . . . . . . . . . 15,000 Purchase returns and allowances . . . . . . . . . . . 2,000 Extraordinary loss due to earthquake, net of applicable taxes of $12,000. . . . . . . . . . . . 28,000 Selling expenses . . . . . . . . . . . . . . . . . . 114,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . 87,000 Accounts receivable . . . . . . . . . . . . . . . . . 60,000 Common stock . . . . . . . . . . . . . . . . . . . . 150,000 Accumulated depreciation . . . . . . . . . . . . . . 42,000 Paid-in-capital in excess of par . . . . . . . . . . 30,000 Inventory, January 1, 2010 . . . . . . . . . . . . . 149,000 Inventory, December 31, 2010 . . . . . . . . . . . . 120,000 Accounts payable . . . . . . . . . . . . . . . . . . 68,000 Salaries payable . . . . . . . . . . . . . . . . . . 5,000 Long Term Debt. . . . . . . . . . . . . . . . . . 36,400 Cash surrender value of life insurance (other assets. 22,000 Patents . . . . . . . . . . . . . . . . . . . . . . . 18,000 Retained earnings, January 1, 2010 . . . . . . . . . 60,600 Interest expense . . . . . . . . . . . . . . . . . . 13,000 Cumulative effect of change in depreciation methods, net of applicable taxes of $3,000 . . . . . . . . . 7,000 General and administrative expenses . . . . . . . . . 160,000 Allowance for doubtful accounts . . . . . . . . . . . 3,000 Notes payable (maturity 7/1/13) . . . . . . . . . . . 87,000 Machinery and equipment . . . . . . . . . . . . . . . 150,000 Income tax expense . . . . . . . . . . . . . . . . . 30,600 Treasury stock . . . . . . . . . . . . . . . . . . . 10,000 Dividends declared and paid . . . . . . . . . . . . . 8,000 Prepare multi-step income statement, statement of retained earnings and classified balance sheet:
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