Required: Prepare the company\'s income statement and balance sheet for December

Question

Required:
Prepare the company's income statement and balance sheet for December 31, 2016.

The company paid no dividends during the year.

Cabela's Incorporated has the following account balances as of December 31, 2016, the end of its fiscal year (S thousands) Accounts payable Accounts receivable Gift instruments and rewards programs Income tax expense Inventories Merchandise costs Other current assets Cash and cash equivalents Credit card loans, net Contributed capital Interest expense, net Long-term liabilities Other current liabilities Long-term assets Retained earnings Selling, distribution, and administrative expenses Total revenue Debit Credit 347,784 76,140 687,865 100,653 860,360 2,426,985 207,981 312,522 5,579,575 258,712 26,340 4,269,455 1,954,121 1,605,940 4,129,359 1,934,246 1,428,434

Explanation / Answer

Income statement Total revenue 4129359 Merchandise costs 2426985 Gross profit 1702374 Selling and admin expense Interest expense 26340 Selling distribution and admin expense 1428434 1454774 Income before tax 247600 Income tax expense 100653 Net income 146947 Balance sheet Assets Accounts receivable 76140 Inventories 860360 Other current assets 207981 Cash and cash equivalents 312522 Total Current assets 1457003 Long term assets 1934246 Credit card loans 5579575 Total assets 8970824 Liabilities and stockholders equity Accounts payable 347784 Gifts instruments and reward program 687865 Other current liabilities 1954121 Total current liabilities 2989770 Long term liabilities 4269455 Total liabilities 7259225 Stockholders equity Contributed capital 258712 Retained earnings 1752887 Total stockholders equity 2011599 Total liabilities and stockholders equity 9270824 Difference in trial balance 300000

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