Question

Income statement data: Advertising expense Cost of goods sold Dellvery expense S 150,000 3,700,000 30,000 30,000 100,000 140,500 21,000 30,000 .500 14,000 50,000 170,000 10,000 5,313,000 185,000 385,000 21,000 Depreciation expense-office buildings and equipment Depreciation expense -store buildings and equipment Income tax expense interest expense Interest revenue Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense Sales salaries expense Store supplies expense earnings and balance sheet data: Accounts payable Accounts recelvable s 194300 545,000 1,580,000 4,126,000 8,450 Accumulated depreciation-office buildings and equipment depreciation--store buildings and equipment Allowance for doubtful accounts Bonds payable, 5%, due in 10years Cash Common stock, $20 par (400,000 shares authorized 282,850 100,000 shares issued, 94,600 outstanding) Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 700,000 44,000 1,200 778000 4,320,000 13,000 886,800 150,000 Income tax payable Interest receivable Inventory (December 31, 20YS), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-common stock Excess of issue price over par-preferred stock Preferred 5% stock S80 par (30,000 shares authorized 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1,20Y8 Store buildings and equipment Treasury stock (5,400 shares of common stock at cost of 1,600,000 19,000 27,400 8,197,220 12,560,000 $33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20YS B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.

Answer 1

Soludion multi stef JnCrne 닭Jemord Po the Ended cb3Y Amount Amount Revenue Sales 313 1-5,00) Less: sJes omissions Net sales Less : cad。t Coods. Sold ( 3,7m,06。) Sellin Spen ses- Adve lisin Cpanses 3o,oob) reti pen se- DobO and pment Sales sSasies Eupense 385 ,00) с 21,000 ) Dob) Stoe plesen se mis cellaneous Seli Epen se pen Ses Ad minists dive Eonpen De precialineene- and office Rent eye n se

office slies pense office ç Plies Splies epense his celianeus Adminstive se 500 nisthadfiute Ense Toto oper ad evpen ses Pit on operaing ond orthers Less:nteoseense Add nterest Revenue 69150o Epense ( 140,50) Less: InCome 329,000.

statement tRetsined Eosrins he veos Ende dDember 2018 Account THe Anoun Retind Less Divi dends SAock Cash Dividends for PreRevxed Stoct Total Dvidends Add: Net Income Retained Decen be 511 ギ9,291,00 31128

3 Balanco seel s an Decem bex 31261% ACcount TAle Amo uN Ano A ssets Carrer Asses4s: ACco Re cei vable 5,0c Less: AlsiasnceDod A0 Account ash 28285 o Inietest eceivable 200 Pie Pid expenses 29, 40D Total cu*vedtA ssets 16 26,00o fited Assets 3261601 essACcuaed Deprecidion e idings ad fruipmem.as 126D ,124,000 idina ond Ei pment 》1,1ㅋ 4,006. en ansbInstanble Asset +001 boo.

Accoub Paysble Income tax f업。ble Toto Cuent Liab thes 500 238130 6 due in lyea5000o Bon ds P re mium an Pole 19,00 9,600 , Shock hslderseiu Grmm on stockき10 luto po。 s hase Quedoo ooo Shases 、ssued 44, 6 00 . ,000,00o Ct cess ‘f issue price ovev 800 Common stocle . . Issue price ove par 0oco Pre tered stock shasesssued 7seauvy s (5400) shaves tock 178,200) . 33 per share) Caetǐngs 7 Decembe 31 201 7etao otablilties and stoc k holdeづ き131 500)。、。