Question

The following list of accounts is from the general ledger of Mantzke Company. Prepare an income statement, the retained earnings portion of the statement of shareholders’ equity, and a balance sheet for the fiscal year ended December 31, 2010. Ignore income taxes.
Cash ............................. $ 234,000
Sales ........................... 16,600,000
Marketable Securities (trading) ................... 306,000
Cost of Goods Sold ....................... 10,200,000
Investment in Ford Motor Company Bonds ............. 558,000
Investment in General Motors Company Common Stock ......... 664,000
Notes Payable, due in 120 days .................... 180,000
Accounts Payable......................... 950,000
Selling and Administrative Expenses ................ 5,800,000
Interest Revenue .......................... 74,560
Land .............................. 620,000
Buildings .......................... 2,080,000
Dividends Payable ....................... 320,000
Dividend Revenue ......................... 61,440
Accrued Liabilities ....................... 172,000
Accounts Receivable ....................... 870,000
Accumulated Depreciation, Buildings ................. 304,000
Allowance for Uncollectible Accounts ................. 50,000
Interest Expense ......................... 422,000
Inventory ........................... 1,194,000
Gain on Sale of Equipment ...................... 160,000
Prior Period Adjustment of Underreported Expenses (net of tax of $ 84,000) . 196,000
Long- Term Notes Payable...................... 1,800,000
Discount on Notes Payable ...................... 20,000
Equipment ........................... 1,200,000
Bonds Payable ......................... 2,200,000
Premium on Bonds Payable ..................... 45,000
Accumulated Depreciation, Equipment ................ 80,000
Copyrights and Patents ....................... 675,000
Treasury Stock ......................... 382,000
Retained Earnings (January 1, 2008) ................. 404,000
Preferred Stock ......................... 800,000
Common Stock ......................... 1,180,000
Additional Paid- in Capital ..................... 160,000
Prepaid Assets .......................... 120,000


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  • CreatedMarch 25, 2015
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