The fiscal year for Hokkaido Company ends on May 31. Results for the year ended May 31,
Question:
The fiscal year for Hokkaido Company ends on May 31. Results for the year ended May 31, 20X1, included the following (in millions of Japanese yen except for number of shares outstanding):
Cash and cash equivalents …………………… ¥ 45,000
Cost of goods sold ……………………………. 195,000
Inventories …………………………………….. 29,000
Other current assets ……………………………… 6,000
Fixed assets, net ……………………………….. 217,000
Net sales ……………………………………….. 422,000
Receivables ……………………………………… 22,000
Debentures ………………………………………. 77,000
Research and development expenses ……………. 42,000
Administrative and general expenses …………… 65,000
Other income (expenses), net …………………. (12,000)
Capital construction fund* …………………….. 28,000
Selling and distribution expenses ………………. 41,000
Other current liabilities ……………………………. 9,000
Treasury stock ………………………………….. (13,000)
Long-term investments ………………………………. ?
Accounts payable ……………………………….. 24,000
Mortgage bonds payable ……………………….. 84,000
Deferred income tax liability …………………….. 12,000
Redeemable preferred stock ……………………… 15,000
Common stock, at par (50,000 shares outstanding) … 5,000
Paid-in capital in excess of par …………………… 102,000
Income tax expense ……………………………….. 51,000
Accrued expenses payable ……………………….. 20,000
Retained income ………………………………….. 48,000
Intangible assets ………………………………….. 21,000
* A noncurrent asset
Prepare in proper form the balance sheet as of May 31, 20X1, and the income statement for the year ended May 31, 20X1. Include the proper amount for long-term investments.
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Step by Step Answer:
To compute the amount for longterm investments recognize that total assets must be ...View the full answer
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
