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

Statement of Earnings
Gross Sales	3469.8
Less: Sales Discount	208.4
Net Sales	3261.4
Less: Purchases	2043.8
Gross Profit	1217.6
Less: Salaries & Wages	482.6
Less: Allowance for Doubtful Accounts	7.6
Less: Organizational Expenses	52.8
Less: Amortization Equipment	24.2
Less: Amortization Building	25.9
Less: Admin Expenses	126.9
Less: Income Tax Expense	153.6
Less: Interest Expense	32.5
	311.5

Balance Sheet
Non Current Assets
Building	519.3
Land	520.4
Goodwill	10.1
Equipment	246.1
Current Assets
Other Investments	62.4
Accounts Receivable	38.3
Inventory	143
Prepaid Expenses	9.2
Marketable Securities	106
Cash	8.3
	1663.1
Shareholders Fund
Common Stock	72.5
Preferred Stock	60
Retained Earnings	647.6
Non current Liabilities
Long Term Debt	88.7
Mortgage	497
Current Liabilities
Accounts Payable	94.2
Accumulated Amortization : Equipment	72.8
Accumulated Amortization : Building	77.8
Income Tax Payable	26.7
Notes Payable	23.4
Accrued Expenses Payable	9.8
	1670.5