Note : You must complete Comprehensive Problem 4 (Part A) before completing Comp

Question

Note: You must complete Comprehensive Problem 4 (Part A) before completing Comprehensive Problem 4 (Part B).

Score: 52/338

Equinox Products, Inc.

Balance Sheet

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Liabilities

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Stockholders’ Equity

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Required: 1. 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 that follow were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 20Y8. Enter all amounts as positive numbers EXCEPT in the Other revenue and expense section. In that section only, enter amounts that represent other expenses as negative numbers using a minus sign. b. Prepare a retained earnings statement for the year ended December 31, 20Y8.* c. Prepare a balance sheet in report form as of December 31, 20Y8. * * Read the instructions above each financial statement carefully. They may contain specific instructions for completing the statement.

Explanation / Answer

Equinox Products Inc.

Balance Sheet

For the year ended December 31, 20Y8

Assets $ $ Cash 282,850 Accounts Receivable 545,000 Allowance for Doubtful Accounts (8,450) 536,550 Interest Receivable 1,200 Inventories 778,000 Prepaid Expenses 27,400 Total Current Assets 1,626,000 Office Buildings and Equipment 4,320,000 Accumulated Depreciation (1,580,000) 2,740,000 Store Building and Equipment 12,560,000 Accumulated Depreciation (4,126,000) 8,434,000 Property, Plant and Equipment, net 11,174,000 Goodwill 700,000 Total Assets 13,500,000 Liabilities and Stockholders' Equity Accounts Payable 194,300 Income Tax Payable 44,000 Total Current Liabilities 238,300 Bonds Payable 500,000 Premium on Bonds Payable 19,000 519,000 Total Liabilities 757,300 Comon Stock 2,000,000 Preferred Stock 1,600,000 3,600,000 Excess of Issue Price over Par Common Stock 886,800 Preferred Stock 150,000 1,036,800 Paid-in Capital from Sale of Treasury Stock 13,000 Retained Earnings 8,271,100 12,920,900 Treasury Stock (178,200) Total Stockholders' Equity 12,742,700 Total Liabilities and Stockholders' Equity 13,500,000

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