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Comprehensive Problem $4$

Part $2$:

Note: You must complete part $1$ before part $2.$

After all of the transactions for the year ended December $31,20$Y$5,$ had been posted $[$including the transactions recorded in part $(1)$ and all adjusting entries$],$ the data that follows were taken from the records of Equinox Products Inc.

Income statement data:

$\backslash$table$[[$Advertising expense,$$150,000],[$Cost of merchandise sold,$3,700,000],[$Delivery expense,$30,000],[$Depreciation expense$-$office buildings and equipment,$30,000],[$Depreciation expense$-$store buildings and equipment,$100,000],[$Gain on sale of investments,$4,980],[$Income from Pinkberry Co$.$ investment,$76,800],[$Income tax expense,$142,000],[$Interest expense,$21,000],[$Interest revenue,$8,720],[$Miscellaneous administrative expense,$7,500],[$Miscellaneous selling expense,$14,000],[$Office rent expense,$50,000]]$

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Office rent expense

$50,000$

Office salaries expense

$170,000$

Office supplies expense

$10,000$

Sales

$5,254,000$

Sales commissions expense

$185,000$

Sales salaries expense

$385,000$

Store supplies expense

$21,000$

Retained earnings and balance sheet data:

$\backslash$table$[[$Accounts payable,$$194,300],[$Accounts receivable,$545,000],[$Accumulated depreciation$-$office buildings and equipment,$1,580,000],[$Accumulated depreciation$-$store buildings and equipment,$4,126,000],[$Allowance for doubtful accounts,$8,450],[$Available$-$for$-$sale investments $($at cost$),260,130],[$Bonds payable, $5\%,$ due in $10$ years,$500,000],[$Cash$,246,000],[$Common stock, $$20$ par $(400,000$ shares authorized;,$2,000,000]]$

Dividends:

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$.$PART. $1$

Dividends:

PART. $2$

$\backslash$table$[[$Cash dividends for common stock,$155,120],[$Cash dividends for preferred stock,$100,000],[$Goodwill$,500,000]]$

Income tax payable

$44,000$

Interest receivable

$1,125$

Investment in Pinkberry Co$.$ stock $($equity method$)$

$1,009,300$

Investment in Dream Inc. bonds $($long term$)$

$90,000$

Merchandise inventory $($December $31,20$Y$5),$ at lower of cost $($FIFO$)$ or market

$778,000$

Office buildings and equipment

$4,320,000$

Paid$-$in capital from sale of treasury stock

$13,000$

Excess of issue price over par$-$common stock

$886,800$

Excess of issue price over par$-$preferred stock

$150,000$

Preferred $$1$ stock, $$80$ par $(30,000$ shares authorized; $20,000$ shares issued$)$

$1,600,000$

Premium on bonds payable

Prepaid expenses

$19,000$

Retained earnings, January $1,20$Y$5$

$27,400$

Store buildings and equipment

$9,319,725$

$12,560,000$

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Treasury stock $(5,400$ shares of common stock at cost of $$33$ per share$)$

$178,200$

Unrealized gain $($loss$)$ on available$-$for$-$sale investments

$(6,500)$

Valuation allowance for available$-$for$-$sale investments $(6,500)$

On your own paper, in the working papers, or using a spreadsheet, prepare the following:

a$.$ Prepare a multiple$-$step income statement for the year ended December $31,20$Y$5,$ concluding with earnings per share. In computing earnings the average number of common shares outstanding was $100,000$ and preferred dividends were $$100,000.($Round earnings per share to the calculations and enter the requested amounts below.

b$.$ Prepare a retained earnings statement for the year ended December $31,20$Y$5.$ Save your calculations and enter the requested amounts below.

c$.$ Prepare a balance sheet in report form as of December $31,20$Y$5.$ Save your calculations and enter the requested amounts below.

If required, only use the minus sign to indicate loss before income tax, net loss, or a deficit balance in retained earnings.

Gross profit

Total selling expenses

Total administrative expenses

Total operating expenses

Income from operations

Net other expenses and income

Income tax

$$

$1,554,000$

$ $$

$ $$

$ $$

$ $$

$ $$

$$

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Income from operations $401,500$

Net other expenses and income $$

Income tax $$

Net income $$

Earnings per common share $($rounded to the nearest cent$)$

Retained earnings, January $1,20$Y$5$

Total current assets $$

Investment in Dream Inc. bonds $$

Total property, plant, and equipment

$ $$

Total assets

Help me with the ones i got wrong pls$!$