Data Sheet 31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumul

Question

Data Sheet 31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000 400,000 Administrative expenses 371,000 475,000 Bond payable, 10% due 2025 500,000 500,000 Cash 162,000 120,000 Common stock, $2 par 200,000 100,000 Cost of goods sold 1,550,000 1,420,500 Current liabilities 267,000 268,000 Depreciation Expense 100,000 100,000 Dividends on common stock 40,000 40,000 Dividends on preferred stock 12,500 12,500 Gain on Sale of Land 125,000 0 Income tax expense 168,000 118,750 Inventories 417,000 132,500 Long-term investments 299,500 250,000 Temporary Investments 387,000 67,500 Mortgage note payable, 9%, due 2030 600,000 0 Other expense (interest) 98,000 50,000 Other income 48,000 47,500 Preferred $2.00 stock, $50 par 500,000 500,000 Prepaid expenses 27,500 30,000 Property, plant, and equipment 2,775,000 2,100,000 Retained earnings, 1/1 928,500 781,500 Sales 3,415,000 3,062,500 Sales returns and allowances 35,000 22,500 Selling expenses 726,000 723,750 Treasury Stock 40,000 0 In addition to the information above, you also need to know the following: 1) The long-term investments were purchased at cost. 2) The land that was sold had originally cost $325,000 and was sold for $490,000 Cash, 3) Treasury Stock, 5000 shares, were purchased in 2017 for $40,000 4) 20,000 shares of common stock were issued in 2017 at a price of $15 per share
Income Statement 31-Dec-17 31-Dec-16 Sales 3415000 3062500 Less: Sales return and allowance -35000 -22500 Net Sales 3380000 3040000 Less: Expense Cost of Goods Sold -1550000 -1420500 Gross Profit 1830000 1619500 Administrative expense -371000 -475000 Depreciation expense -100000 -100000 Selling expense -726000 -723750 Total operating expense -1197000 -1298750 Income from Operation 633000 320750 Gain on sale of land 125000 Other income 48000 47500 Other expense -98000 -50000 Income before tax 708000 318250 Less: Income tax -168000 -118750 Net Income 540000 199500
Create a Statement of Stockholders' Equity for 2017 only Data Sheet 31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000 400,000 Administrative expenses 371,000 475,000 Bond payable, 10% due 2025 500,000 500,000 Cash 162,000 120,000 Common stock, $2 par 200,000 100,000 Cost of goods sold 1,550,000 1,420,500 Current liabilities 267,000 268,000 Depreciation Expense 100,000 100,000 Dividends on common stock 40,000 40,000 Dividends on preferred stock 12,500 12,500 Gain on Sale of Land 125,000 0 Income tax expense 168,000 118,750 Inventories 417,000 132,500 Long-term investments 299,500 250,000 Temporary Investments 387,000 67,500 Mortgage note payable, 9%, due 2030 600,000 0 Other expense (interest) 98,000 50,000 Other income 48,000 47,500 Preferred $2.00 stock, $50 par 500,000 500,000 Prepaid expenses 27,500 30,000 Property, plant, and equipment 2,775,000 2,100,000 Retained earnings, 1/1 928,500 781,500 Sales 3,415,000 3,062,500 Sales returns and allowances 35,000 22,500 Selling expenses 726,000 723,750 Treasury Stock 40,000 0 In addition to the information above, you also need to know the following: 1) The long-term investments were purchased at cost. 2) The land that was sold had originally cost $325,000 and was sold for $490,000 Cash, 3) Treasury Stock, 5000 shares, were purchased in 2017 for $40,000 4) 20,000 shares of common stock were issued in 2017 at a price of $15 per share
Income Statement 31-Dec-17 31-Dec-16 Sales 3415000 3062500 Less: Sales return and allowance -35000 -22500 Net Sales 3380000 3040000 Less: Expense Cost of Goods Sold -1550000 -1420500 Gross Profit 1830000 1619500 Administrative expense -371000 -475000 Depreciation expense -100000 -100000 Selling expense -726000 -723750 Total operating expense -1197000 -1298750 Income from Operation 633000 320750 Gain on sale of land 125000 Other income 48000 47500 Other expense -98000 -50000 Income before tax 708000 318250 Less: Income tax -168000 -118750 Net Income 540000 199500
Create a Statement of Stockholders' Equity for 2017 only

Explanation / Answer

Answer

Common Stock

Preferred Stock

Additional Paid in Capital-Common

Retained Earnings

Treasury Stock

Beginning Balance 2017

100000

500000

400000

928500

purchase of Treasury Stock

-40000

Common Stock issued

[20000 x $5] 100000

0

[20000 x $15] 200000

Dividend Common Stock

-40000

Dividend on preferred stock

-12500

Net Income 2017

540000

Total

$200000

$500000

$600000

$1416000

$-40000

Stockholder’s Equity in Balance Sheet

Common Stock

200000

Additional Paid In capital Common Stock

600000

Preferred Stock

500000

$1300000

Retained earnings

$1416000

Total

$2716000

Less: Treasury Stock

40000

Total Stockholder's Equity

$2676000

Common Stock

Preferred Stock

Additional Paid in Capital-Common

Retained Earnings

Treasury Stock

Beginning Balance 2017

100000

500000

400000

928500

purchase of Treasury Stock

-40000

Common Stock issued

[20000 x $5] 100000

0

[20000 x $15] 200000

Dividend Common Stock

-40000

Dividend on preferred stock

-12500

Net Income 2017

540000

Total

$200000

$500000

$600000

$1416000

$-40000

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