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Posted: October 20th, 2022
Questions 1 Exercise 3-4 Balance sheet preparation [LO3-2, 3-3]
Questions 1
Exercise 3-4 Balance
sheet preparation [LO3-2, 3-3]
The following is a December 31,
2013, post-closing trial balance for the Jackson Corporation.
Account Title
Debits
Credits
Cash
40,000
Accounts receivable
34,000
Inventories
75,000
Prepaid rent
16,000
Marketable securities
(short term)
10,000
Machinery
145,000
Accumulated
depreciationâmachinery
11,000
Patent (net of
amortization)
83,000
Accounts payable
8,000
Wages payable
4,000
Taxes payable
32,000
Bonds payable (due in
10 years)
200,000
Common stock
100,000
Retained earnings
48,000
Totals
403,000
403,000
Required:
Prepare a classified balance sheet
for Jackson Corporation at December 31, 2013.
Questions 2
Exercise 3-12
Financial statement disclosures [LO3-4]
Parkman Sporting Goods is
preparing its annual report for its 2013 fiscal year. The companyâs controller
has asked for your help in determining how best to disclose information about
the following items:
Required:
Indicate whether the above items
should be disclosed (A) in the summary of significant accounting policies
note, (B) in a separate disclosure note, or (C) on the face of the balance
sheet.
1.
A related-party transaction
2.
Depreciation method
3.
Allowance for uncollectible account
4.
Composition of investments
5.
Composition of long-term debt
6.
Inventory costing method
7.
Number of share of common stock authorized,
issued, and outstanding
8.
Employee benefit plans
Question 3
Exercise 4-3
Multiple-step continuous statement of comprehensive income [LO4-1, 4-5, 4-6,
4-7]
The trial balance for Lindor
Corporation, a manufacturing company, for the year ended December 31, 2013,
included the following income accounts:
Account Title
Debits
Credits
Sales revenue
2,300,000
Gain on litigation
settlement (unusual and infrequent)
400,000
Cost of goods sold
1,400,000
Selling and administrative
expenses
420,000
Interest expense
40,000
Unrealized holding
gains on investment securities
80,000
The trial balance does not include
the accrual for income taxes. Lindor’s income tax rate is 30%. One million
shares of common stock were outstanding throughout 2013.
Required:
Prepare a single, continuous
multiple-step statement of comprehensive income for 2013, including
appropriate EPS disclosures. (Amount to be
deducted should be indicated with a minus sign. Round EPS answers to 2
decimal places.)
Question 4
Exercise 4-18
Statement of cash flows; indirect method [LO4-9]
Presented below is the 2013 income
statement and comparative balance sheet information for Tiger Enterprises.
TIGER
ENTERPRISES
Income
Statement
For
the Year Ended December 31, 2013
($
in thousands)
Sales revenue
$
7,000
Operating expenses:
Cost
of goods sold
$
3,360
Depreciation
240
Insurance
100
Administrative
and other
1,800
Total
operating expenses
5,500
Income before income
taxes
1,500
Income tax expense
600
Net income
$
900
Balance Sheet
Information ($ in thousands)
Dec.
31, 2013
Dec.
31, 2012
Assets:
Cash
$
300
$
200
Accounts receivable
750
830
Inventory
640
600
Prepaid insurance
50
20
Plant and equipment
2,100
1,800
Less:
Accumulated depreciation
(840
)
(600
)
Total
assets
$
3,000
$
2,850
Liabilities and
Shareholders’ Equity:
Accounts payable
$
300
$
360
Payables for
administrative and other expenses
300
400
Income taxes payable
200
150
Note payable (due
12/31/2014)
800
600
Common stock
900
800
Retained earnings
500
540
Total
liabilities and shareholders’ equity
$
3,000
$
2,850
Required:
Prepare Tigerâs statement of cash
flows, using the indirect method to present cash flows from operating
activities. (Hint: You will have to calculate dividend payments.) (Enter your answers in thousands. Amounts to be deducted
should be indicated with a minus sign.)
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