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See attached instructions for details
1) multi Step Income Statement, Include EPS
2) retained earnings statement
3)Balance sheet
Tempe Corporation’s capital structure consists of 7
5,000
shares of common stock. The December 31, 2016 account balances are listed below. All adjusting entries have been made
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except for the accrual of taxes (20% tax rate). |
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|
Sales |
$1,303,600 |
||
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Purchase discounts |
1 8,000 |
||
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Purchases |
642,000 |
||
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Loss on Discontinued Operations |
60,000 |
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Selling expenses |
128,000 |
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Cash |
|||
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Accounts receivable |
90,000 |
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Common stock |
200,000 |
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Accumulated depreciation |
198,000 |
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Dividend revenue |
8,000 | ||
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Inventory, January 1, 2016 |
152,000 |
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Unearned service revenue |
4,400 |
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Accrued interest payable |
1,000 |
||
|
Land |
370,000 |
||
|
Patents |
100,000 |
||
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Retained earnings, January 1, 2016 |
290,000 |
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Interest expense |
17,000 |
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General and administrative expenses |
150,000 |
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Dividends declared |
29,000 |
||
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Allowance for doubtful accounts |
5,000 | ||
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Notes payable (maturity 7/1/20) |
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Machinery and equipment |
450,000 |
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Office Supplies |
40,000 |
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Accounts payable |
Ending Inv at Dec 31, 2016 was $125,000.
Required
a) Prepare a 2016 multi-step income statement; include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito (Illustration 4-8) Company examples in Chapter 4 of the text for format suggestions (Also, refer to Illustration 4-10). Many items in these format examples are not applicable to this homework problem.
b) Prepare a 2016 retained earnings statement. Refer to the Sticker example (illustration 4-19) in Chapter 4 of the text for format suggestions. No corrections of prior periods exist.
c) Prepare a 12/31/16 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the text for format suggestions. Many items in this example are not applicable to this homework problem.
Submission Instructions
1. Discussions with fellow students encouraged.
2. Word-processed answer must be created by each student individually.
3. In the upper right corner of page one, indicate:
· Name
· Course
· Assignment #
· Page # of #
4. On additional pages, indicate name and page # of # in the upper right corner.
5. Do not use a separate cover sheet, folder, or binder.
6. Use a standard paper clip; do not use a staple.
7. Organization and presentation will be a factor in your grade determination.
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2
)GAFac supportI5 INTERMEDIATE ACCOUNTINGIACC 301_5011HomeworkIHW 112+21ACC 301_HW1_PROB_X 2+2 x 3/4/2076
