Question

You are required to construct a Statement of Earnings, a Statement of Retained Earnings, and a Balance Sheet for the year ended, or as at, April 30, 2020, whichever is appropriate. Not all the account titles needed are given (i.e., Total Current Assets). You must provide the missing titles as well as use those listed below and, in certain cases, determine the missing amounts. This quiz has been designed so that if you cannot complete one section you can still proceed to the next section and not be at a disadvantage. PIE GUY ENTERPRISES LTD. (5000's) Salaries & Wages 482.6 Dividends .34.0 Allowance for Doubtful Accounts .7.6 Building, cost 5193 Organizational Expenses 52.8 Preferred Stock. ...60.0 Gross Sales 3.469.8 Prepaid Expenses .92 Long-term Debt 107,6 Retained Earnings, April 30, 2020 647.6 Accounts Payable 94.2 Ayamulated Amortization: Equipment, April 30, 2020 .72.8 Invintory, April 30, 2019 2843 Income Taxes Payable 26.7 Amortization: Equipment 24.2 Goodwill 10.1 Mortgage, due 2027 497.0 Notes Payable 23.4 Other Investments .62.4 Sales Discounts 208.4 Marketable Securities .106.0 Accrued Expenses Payable 9.8 Equipment, cost 246.1 Common Stock 72.5 Purchases 2,043.8 Administrative Expenses .126.9 Accounts Receivable 38.3 Current Portion Long-term Debt 18.9 Land 520.4 Amortization: Building 25.9 Cash Inventory, April 30, 2020 143.0 Accumulated Amortization: Building, April 30, 2020 Interest Expense .77.8 325 Income Tax Expense 153.6 Net Income After Tax 230.6 21

Answer 1

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Summadized the data provided in the questions iiePIE GOY ENTERPRISES LTD., * Statement of Earnings: 3464.8 Grass Sales Less: Sales discount Net sales Less: Purchases 208.4 3261.4 2043.8

1212.6 482.6 7.6 Gross profit Less: Salaries & wages Less: Allowances foo doutful Accounts Lesso organizational Expenses Less: Amortization Equipment Less: Amortization Building 52.8 24.2 25.9

Less: Admin Expenses Less: Ircome tax expense Less: Interest expense 126.9 153.6 32.5 311.5

*Balance sheet: 2 non-cuttent assets: Building Land Goodwill Equipment Current assets: 519. 3. 520.4 10:1 24.6.14

62.44 38.3 143 Current assets: other investments Accounts receivable inventory prepaid expenses Marketable securities cash 9.2 106 8.3 1663.1

Hai5 60. 647.6 Shareholders fund: Common stock Preferred stock Retained earnings non- curgent liabilities: Long term debt mottagage current liabilities: 88.7 497

१५.३ custent liabilities: Accounts payable Accumulatedam cotization Equipment 72.8 Accumulated amortization: Building | 77.8 Income tax payable 26.7 notes payable | Accuted expenses payable 23.4 9.8 1670.5