You are provided with the following information for Kiley Enterprises, effective
ID: 2355928 • Letter: Y
Question
You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year-end.Accounts payable $834
Accounts receivable 810
Building, net of accumulated depreciation 1,537
Cash 1,270
Common stock 900
Cost of goods sold 990
Current portion of long-term debt 450
Depreciation expense 335
Dividends paid during the year 325
Equipment, net of accumulated depreciation 1,220
Income tax expense 165
Income taxes payable 135
Interest expense 400
Inventories 967
Land 2,100
Long-term debt 3,500
Prepaid expenses 12
Retained earnings, beginning 1,600
Revenues 4,600
Selling expenses 210
Short-term investments 1,200
Wages expense 700
Wages payable 222
(a) Complete income statement and a retained earnings statement for Kiley Enterprises for the year ended April 30, 2010. (List expenses from largest to smallest amount, e.g. 10, 5, 1.)
KILEY ENTERPRISES
Income Statement
Revenues
$
Expenses
$
Total expenses
Net income
$
KILEY ENTERPRISES
Retained Earnings Statement
$
Add:
Less:
$
(b) Complete the classified balance sheet for Kiley Enterprises as of April 30, 2010. (List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 1.)
KILEY ENTERPRISES
Balance Sheet
Assets
Current assets
$
Total current assets $
Property, plant and equipment
Total property, plant and equipment
Total assets
$
Liabilities and Stockholders' Equity
Current liabilities
$
Total current liabilities $
Total liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity
$
Explanation / Answer
You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year-end.
Accounts payable $834
Accounts receivable 810
Building, net of accumulated depreciation 1,537
Cash 1,270
Common stock 900
Cost of goods sold 990
Current portion of long-term debt 450
Depreciation expense 335
Dividends paid during the year 325
Equipment, net of accumulated depreciation 1,220
Income tax expense 165
Income taxes payable 135
Interest expense 400
Inventories 967
Land 2,100
Long-term debt 3,500
Prepaid expenses 12
Retained earnings, beginning 1,600
Revenues 4,600
Selling expenses 210
Short-term investments 1,200
Wages expense 700
Wages payable 222
(a) Complete income statement and a retained earnings statement for Kiley Enterprises for the year ended April 30, 2010. (List expenses from largest to smallest amount, e.g. 10, 5, 1.)
KILEY ENTERPRISES
Income Statement
Revenues = $ 4,600
Expenses 990 +700+400+335+210+ 165 = $ 2800
net icome===== $ 1800
KILEY ENTERPRISES
Retained Earnings Statement $ 1600
$
Add: $ 1800
$ 3400
Less: $ 325
3075 $
(b) Complete the classified balance sheet for Kiley Enterprises as of April 30, 2010. (List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 1.)
KILEY ENTERPRISES
Balance Sheet
Assets
Current assets $ 4259 $
Total current assets $ 9116
Total property, plant and equipment$ 4857
Total current liabilities $ 1641
Total liabilities $5141
Stockholders' equity $3975
Total stockholders' equity $ 3075
Total liabilities and stockholders' equity $ 3975
$
Liabilities and Stockholders’ Equity $ 9116
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