Turn the trial balance into properly formatted financial statements -- a statement of financial position (balance sheet)
Question:
Turn the trial balance into properly formatted financial statements -- a statement of financial position (balance sheet) and statement of income. Do not try to prepare a cash flow statement or statement of stockholders' equity, you don't have enough information. Refer to early chapters in the textbook for help, the financial statements you submit must be something you'd be proud to show an investor, or a banker, or anyone else. Look at a well known company's financial statements in their annual report for further guidance on formatting.
Your first step should be to make sure your trial balance balances (it should = $0, since debits are positive and credits are negative, right?). Some may find that your trial balance is off by a few dollars. If that's the case, adjust one of the accounts to make it balance. It should not be off by more than $5.
| Cash and equivalents | 26552674 |
| Notes receivable | 13276107 |
| Accounts receivable | 265525821 |
| Allowance for bad debts | -10621070 |
| Raw materials | 92934128 |
| Work-in-process | 199144365 |
| Finished goods | 119486804 |
| Prepaid expenses | 45139500 |
| Deferred income taxes | 23897546 |
| Other current assets | 87623410 |
| Land | 186915168 |
| Buildings and improvements | 1460392008 |
| Machinery and equipment | 3184183410 |
| Accumulated depreciation | -529422816 |
| Patents and trademarks | 650537983 |
| Goodwill | 1327629099 |
| Other noncurrent assets | 185868259 |
| Notes payable to banks | -212420471 |
| Accounts payable | -146039016 |
| Accrued advertising | -53105348 |
| Accrued operating expenses | -58415606 |
| Accrued compensation | -18586824 |
| Other accrued expenses | -54164802 |
| Income taxes payable | -23897546 |
| Other current liabilities | -7965848 |
| Long-term notes payable | -1188121497 |
| Bonds payable | -265525821 |
| Capitalized lease obligations | -83247697 |
| Deferred income taxes | -105060731 |
| Other noncurrent liabilities | -39829703 |
| Preferred stock, $10 par value | -4606400 |
| Common stock, $0.01 par value | -5310720 |
| Additional paid-in capital | -2414744578 |
| Retained earnings | -2387097916 |
| Treasury stock, at cost | 20728801 |
| Sales | -7719549823 |
| Cost of goods sold | 4828806282 |
| Advertising expense | 579875338 |
| Marketing expense | 393024768 |
| Administrative expense | 448436510 |
| General expense | 72573782 |
| Research and development expense | 556683496 |
| Other technical expense | 72554861 |
| Other expense (income) | 26491316 |
| Interest expense | 130009127 |
| Interest income | -5208863 |
| Amortization of intangibles | 94198427 |
| Provision for income taxes | 240454106 |
Expert Answer:
financlal positlon balance sheeet liabilities amount assets amount allowances for 10621... View the full answer
