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 expenseoffice buildings and equipment		30,000
Depreciation expensestore 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 depreciationoffice buildings and equipment		1,580,000
Accumulated depreciationstore 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 parcommon stock, January 1, 20Y8		736,800
Paid-in capital in excess of parpreferred 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

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

Equinox Products Inc. Balance Sheet December 31, 20Y8
Assets
Current assets:
Accounts payableCashSalesStore equipment		$fill in the blank 82
Accounts payableAccounts receivableAdvertising expenseSalaries payable	$fill in the blank 84
Allowance for doubtful accountsCommon stockInventorySales returns and allowances	fill in the blank 86
Accounts receivable, netCommon stockInventorySales returns and allowances		fill in the blank 88
Cost of goods soldInventorySalaries payableStore supplies expense		fill in the blank 90
Cost of goods soldInterest receivableSalaries payableStore supplies expense		fill in the blank 92
Cost of goods soldPrepaid expensesSalaries payableStore supplies expense		fill in the blank 94
Total current assets			$fill in the blank 95
Property, plant, and equipment:
InventoryMiscellaneous administrative expenseSales discountsStore buildings and equipment	$fill in the blank 97
Accumulated depreciation Depreciation expenseInventorySales discounts	fill in the blank 99
Depreciation expenseInventorySales discountsStore buildings and equipment, net value		$fill in the blank 101
InventoryOffice buildings and equipmentMiscellaneous administrative expenseSales discounts	$fill in the blank 103
Accumulated depreciationDepreciation expenseInventorySales discounts	fill in the blank 105
Depreciation expenseInventoryOffice buildings and equipment, net valueSales discounts		fill in the blank 107
Total property, plant, and equipment			fill in the blank 108
Intangible assets:
GoodwillOffice buildings and equipmentMiscellaneous administrative expenseSales discounts			fill in the blank 110
Total assets			$fill in the blank 111
Liabilities
Current liabilities:
Accounts payableAccounts receivableSales discountsSales returns and allowances		$fill in the blank 113
Customers refunds payableIncome tax payableOffice salaries expenseSales salaries expense		fill in the blank 115
Total current liabilities			$fill in the blank 116
Long-term liabilities:
Bonds payableIncome tax payableOffice salaries expenseSales salaries expense		$fill in the blank 118
Accounts payableAccounts receivablePremium on bonds payableSales returns and allowances		fill in the blank 120	fill in the blank 121
Total liabilities			$fill in the blank 122
Stockholders Equity
Paid-in capital:
CashPreferred 5% stockRetained earningsSales	$fill in the blank 124
CashCommon stockExcess of issue price over parSales	fill in the blank 126
CashCommon stockExcess of issue price over parPaid-in capital, preferred stock		$fill in the blank 128
CashCommon stockRetained earningsSales	$fill in the blank 130
CashCommon stockExcess of issue price over parSales	fill in the blank 132
CashCommon stockExcess of issue price over parPaid-in capital, common stock		fill in the blank 134
CashCommon stockExcess of issue price over parFrom sale of treasury stock		fill in the blank 136
Total paid-in capital		$fill in the blank 137
Bonds payableIncome tax payableRetained earningsSales salaries expense		fill in the blank 139
Accounts payableAccounts receivablePremium on bonds payableTreasury stock		fill in the blank 141
Total stockholders equity			fill in the blank 142
Total liabilities and Stockholders Equity			$fill in the blank 143