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Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Equinox Products Inc. Unless otherwise stated, assume a December 31 balance after adjusting entries. Income statement data:     Advertising expense   $150,000 Cost of goods sold   3,700,000 Delivery expense   30,000 Depreciation expense—office buildings and equipment   30,000 Depreciation expense—store buildings and equipment   100,000 Income tax expense   140,500 Interest expense   21,000 Interest revenue   30,000 Miscellaneous administrative expense   7,500 Miscellaneous selling expense   14,000 Office rent expense   50,000 Office salaries expense   170,000 Office supplies expense   10,000 Sales   5,313,000 Sales commissions   185,000 Sales salaries expense   385,000 Store supplies expense   21,000       Retained earnings and balance sheet data:     Accounts payable   $194,300 Accounts receivable   545,000 Accumulated depreciation—office buildings and equipment   1,580,000 Accumulated depreciation—store buildings and equipment   4,126,000 Allowance for doubtful accounts   8,450 Bonds payable, 5%, due in 10 years   500,000 Cash   282,850 Common stock, $20 par (400,000 shares authorized;   85,000 shares issued, 94,600 outstanding), January 1, 20Y8   1,700,000 Dividends:       Cash dividends for common stock   155,120   Cash dividends for preferred stock   100,000 Goodwill   700,000 Income tax payable   44,000 Interest receivable   1,200 Inventory (December 31, 20Y8), at lower of cost (FIFO) or market   778,000 Office buildings and equipment   4,320,000 Paid-in capital from sale of treasury stock, January 1, 20Y8   0 Paid-in capital in excess of par—common stock, January 1, 20Y8   736,800 Paid-in capital in excess of par—preferred stock, January 1, 20Y8   70,000 Preferred 5% stock, $80 par (30,000 shares authorized;   16,000 shares issued), January 1, 20Y8   1,280,000 Premium on bonds payable   19,000 Prepaid expenses   27,400 Retained earnings, January 1, 20Y8   8,197,220 Store buildings and equipment   12,560,000 Treasury stock, January 1, 20Y8   0 b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y8. Decreases in equity and purchase should be entered as negative amounts by using a minus sign. If your answer is zero, enter “0”. Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y8   Preferred Stock Paid-In Capital in Excess of Par— Preferred Stock Common Stock Paid-In Capital in Excess of Par— Common Stock Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total   $fill in the blank 43 $fill in the blank 44 $fill in the blank 45 $fill in the blank 46 $fill in the blank 47 $fill in the blank 48 $fill in the blank 49 $fill in the blank 50       fill in the blank 52 fill in the blank 53       fill in the blank 54   fill in the blank 56 fill in the blank 57           fill in the blank 58             fill in the blank 60   fill in the blank 61             fill in the blank 63   fill in the blank 64           fill in the blank 66   fill in the blank 67 fill in the blank 68               fill in the blank 70 fill in the blank 71   $fill in the blank 73 $fill in the blank 74 $fill in the blank 75 $fill in the blank 76 $fill in the blank 77 $fill in the blank 78 $fill in the blank 79 $fill in the blank 80 c. Prepare a balance sheet in report form as of December 31, 20Y8. Equinox Products Inc. Balance Sheet December 31, 20Y8 Assets Current assets:           $fill in the blank 82     $fill in the blank 84       fill in the blank 86         fill in the blank 88       fill in the blank 90       fill in the blank 92       fill in the blank 94     Total current assets     $fill in the blank 95 Property, plant, and equipment:         $fill in the blank 97       fill in the blank 99         $fill in the blank 101     $fill in the blank 103       fill in the blank 105         fill in the blank 107     Total property, plant, and equipment     fill in the blank 108 Intangible assets:             fill in the blank 110 Total assets     $fill in the blank 111         Liabilities Current liabilities:           $fill in the blank 113       fill in the blank 115     Total current liabilities     $fill in the blank 116 Long-term liabilities:           $fill in the blank 118       fill in the blank 120 fill in the blank 121 Total liabilities     $fill in the blank 122 Stockholders’ Equity Paid-in capital:   $fill in the blank 124       fill in the blank 126         $fill in the blank 128     $fill in the blank 130       fill in the blank 132         fill in the blank 134       fill in the blank 136     Total paid-in capital   $fill in the blank 137       fill in the blank 139       fill in the blank 141   Total stockholders’ equity     fill in the blank 142 Total liabilities and Stockholders’ Equity     $fill in the blank 143

Comprehensive Problem 4 Part 2: Note: You must complete part 1 before part 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Equinox Products Inc. Unless otherwise stated, assume a December 31 balance after adjusting entries. Income statement data:     Advertising expense   $150,000 Cost of goods sold   3,700,000 Delivery expense   30,000 Depreciation expense—office buildings and equipment   30,000 Depreciation expense—store buildings and equipment   100,000 Income tax expense   140,500 Interest expense   21,000 Interest revenue   30,000 Miscellaneous administrative expense   7,500 Miscellaneous selling expense   14,000 Office rent expense   50,000 Office salaries expense   170,000 Office supplies expense   10,000 Sales   5,313,000 Sales commissions   185,000 Sales salaries expense   385,000 Store supplies expense   21,000       Retained earnings and balance sheet data:     Accounts payable   $194,300 Accounts receivable   545,000 Accumulated depreciation—office buildings and equipment   1,580,000 Accumulated depreciation—store buildings and equipment   4,126,000 Allowance for doubtful accounts   8,450 Bonds payable, 5%, due in 10 years   500,000 Cash   282,850 Common stock, $20 par (400,000 shares authorized;   85,000 shares issued, 94,600 outstanding), January 1, 20Y8   1,700,000 Dividends:       Cash dividends for common stock   155,120   Cash dividends for preferred stock   100,000 Goodwill   700,000 Income tax payable   44,000 Interest receivable   1,200 Inventory (December 31, 20Y8), at lower of cost (FIFO) or market   778,000 Office buildings and equipment   4,320,000 Paid-in capital from sale of treasury stock, January 1, 20Y8   0 Paid-in capital in excess of par—common stock, January 1, 20Y8   736,800 Paid-in capital in excess of par—preferred stock, January 1, 20Y8   70,000 Preferred 5% stock, $80 par (30,000 shares authorized;   16,000 shares issued), January 1, 20Y8   1,280,000 Premium on bonds payable   19,000 Prepaid expenses   27,400 Retained earnings, January 1, 20Y8   8,197,220 Store buildings and equipment   12,560,000 Treasury stock, January 1, 20Y8   0 b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y8. Decreases in equity and purchase should be entered as negative amounts by using a minus sign. If your answer is zero, enter “0”. Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y8   Preferred Stock Paid-In Capital in Excess of Par— Preferred Stock Common Stock Paid-In Capital in Excess of Par— Common Stock Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total   $fill in the blank 43 $fill in the blank 44 $fill in the blank 45 $fill in the blank 46 $fill in the blank 47 $fill in the blank 48 $fill in the blank 49 $fill in the blank 50       fill in the blank 52 fill in the blank 53       fill in the blank 54   fill in the blank 56 fill in the blank 57           fill in the blank 58             fill in the blank 60   fill in the blank 61             fill in the blank 63   fill in the blank 64           fill in the blank 66   fill in the blank 67 fill in the blank 68               fill in the blank 70 fill in the blank 71   $fill in the blank 73 $fill in the blank 74 $fill in the blank 75 $fill in the blank 76 $fill in the blank 77 $fill in the blank 78 $fill in the blank 79 $fill in the blank 80 c. Prepare a balance sheet in report form as of December 31, 20Y8. Equinox Products Inc. Balance Sheet December 31, 20Y8 Assets Current assets:           $fill in the blank 82     $fill in the blank 84       fill in the blank 86         fill in the blank 88       fill in the blank 90       fill in the blank 92       fill in the blank 94     Total current assets     $fill in the blank 95 Property, plant, and equipment:         $fill in the blank 97       fill in the blank 99         $fill in the blank 101     $fill in the blank 103       fill in the blank 105         fill in the blank 107     Total property, plant, and equipment     fill in the blank 108 Intangible assets:             fill in the blank 110 Total assets     $fill in the blank 111         Liabilities Current liabilities:           $fill in the blank 113       fill in the blank 115     Total current liabilities     $fill in the blank 116 Long-term liabilities:           $fill in the blank 118       fill in the blank 120 fill in the blank 121 Total liabilities     $fill in the blank 122 Stockholders’ Equity Paid-in capital:   $fill in the blank 124       fill in the blank 126         $fill in the blank 128     $fill in the blank 130       fill in the blank 132         fill in the blank 134       fill in the blank 136     Total paid-in capital   $fill in the blank 137       fill in the blank 139       fill in the blank 141   Total stockholders’ equity     fill in the blank 142 Total liabilities and Stockholders’ Equity     $fill in the blank 143

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Comprehensive Problem 4
Part 2:

Note: You must complete part 1 before part 2.

After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below were taken from the records of Equinox Products Inc. Unless otherwise stated, assume a December 31 balance after adjusting entries.

Income statement data:    
Advertising expense   $150,000
Cost of goods sold   3,700,000
Delivery expense   30,000
Depreciation expense—office buildings and equipment   30,000
Depreciation expense—store buildings and equipment   100,000
Income tax expense   140,500
Interest expense   21,000
Interest revenue   30,000
Miscellaneous administrative expense   7,500
Miscellaneous selling expense   14,000
Office rent expense   50,000
Office salaries expense   170,000
Office supplies expense   10,000
Sales   5,313,000
Sales commissions   185,000
Sales salaries expense   385,000
Store supplies expense   21,000
     
Retained earnings and balance sheet data:    
Accounts payable   $194,300
Accounts receivable   545,000
Accumulated depreciation—office buildings and equipment   1,580,000
Accumulated depreciation—store buildings and equipment   4,126,000
Allowance for doubtful accounts   8,450
Bonds payable, 5%, due in 10 years   500,000
Cash   282,850
Common stock, $20 par (400,000 shares authorized;
  85,000 shares issued, 94,600 outstanding), January 1, 20Y8		   1,700,000
Dividends:    
  Cash dividends for common stock   155,120
  Cash dividends for preferred stock   100,000
Goodwill   700,000
Income tax payable   44,000
Interest receivable   1,200
Inventory (December 31, 20Y8), at lower of cost (FIFO) or market   778,000
Office buildings and equipment   4,320,000
Paid-in capital from sale of treasury stock, January 1, 20Y8   0
Paid-in capital in excess of par—common stock, January 1, 20Y8   736,800
Paid-in capital in excess of par—preferred stock, January 1, 20Y8   70,000
Preferred 5% stock, $80 par (30,000 shares authorized;
  16,000 shares issued), January 1, 20Y8		   1,280,000
Premium on bonds payable   19,000
Prepaid expenses   27,400
Retained earnings, January 1, 20Y8   8,197,220
Store buildings and equipment   12,560,000
Treasury stock, January 1, 20Y8   0

b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y8. Decreases in equity and purchase should be entered as negative amounts by using a minus sign. If your answer is zero, enter “0”.

Equinox Products Inc.
Statement of Stockholders' Equity
For the Year Ended December 31, 20Y8
  Preferred Stock Paid-In Capital
in Excess
of Par—
Preferred
Stock		 Common Stock Paid-In Capital
in Excess
of Par—
Common
Stock		 Paid-In Capital
from Sale of
Treasury Stock		 Retained
Earnings		 Treasury
Stock		 Total
  $fill in the blank 43 $fill in the blank 44 $fill in the blank 45 $fill in the blank 46 $fill in the blank 47 $fill in the blank 48 $fill in the blank 49 $fill in the blank 50
      fill in the blank 52 fill in the blank 53       fill in the blank 54
  fill in the blank 56 fill in the blank 57           fill in the blank 58
            fill in the blank 60   fill in the blank 61
            fill in the blank 63   fill in the blank 64
          fill in the blank 66   fill in the blank 67 fill in the blank 68
              fill in the blank 70 fill in the blank 71
  $fill in the blank 73 $fill in the blank 74 $fill in the blank 75 $fill in the blank 76 $fill in the blank 77 $fill in the blank 78 $fill in the blank 79 $fill in the blank 80



c. Prepare a balance sheet in report form as of December 31, 20Y8.

Equinox Products Inc.
Balance Sheet
December 31, 20Y8
Assets
Current assets:      
    $fill in the blank 82  
  $fill in the blank 84    
  fill in the blank 86    
    fill in the blank 88  
    fill in the blank 90  
    fill in the blank 92  
    fill in the blank 94  
  Total current assets     $fill in the blank 95
Property, plant, and equipment:      
  $fill in the blank 97    
  fill in the blank 99    
    $fill in the blank 101  
  $fill in the blank 103    
  fill in the blank 105    
    fill in the blank 107  
  Total property, plant, and equipment     fill in the blank 108
Intangible assets:      
      fill in the blank 110
Total assets     $fill in the blank 111
       
Liabilities
Current liabilities:      
    $fill in the blank 113  
    fill in the blank 115  
  Total current liabilities     $fill in the blank 116
Long-term liabilities:      
    $fill in the blank 118  
    fill in the blank 120 fill in the blank 121
Total liabilities     $fill in the blank 122
Stockholders’ Equity
Paid-in capital:
  $fill in the blank 124    
  fill in the blank 126    
    $fill in the blank 128  
  $fill in the blank 130    
  fill in the blank 132    
    fill in the blank 134  
    fill in the blank 136  
  Total paid-in capital   $fill in the blank 137  
    fill in the blank 139  
    fill in the blank 141  
Total stockholders’ equity     fill in the blank 142
Total liabilities and Stockholders’ Equity     $fill in the blank 143
 

 

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Office buildings and equipment, net value Total property, plant, and equipment Intangible assets: Goodwill Total assets Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Paid-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity Liabilities Stockholders' Equity $ 2,740,000 11,174,000 700,000 13,500,000
Transcribed Image Text:Office buildings and equipment, net value Total property, plant, and equipment Intangible assets: Goodwill Total assets Current liabilities: Total current liabilities Long-term liabilities: Total liabilities Paid-in capital: Total paid-in capital Total stockholders' equity Total liabilities and Stockholders' Equity Liabilities Stockholders' Equity $ 2,740,000 11,174,000 700,000 13,500,000
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