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prepare a multiple-step income statement




Statement of cash flow preparation;Select financial statement information and additional data for Stanislaus C. is presented below. Prepare a statement of cash flow for the year ending December 31, 2014;December 31;2013 2014;Cash $ 42,300 $ 65,000;Account receivable (net) 84,000 144,000;Inventory 168,000 206,000;Land 58,800 21,000;Equipment 504,000 789,600;TOTAL $856,800 $1.226400;Accumulated depreciation $84,000 $115,600;Account payable 50,400 86,000;Note payable-short term 67,200 29,400;Note payable-long term 168,000 302,400;Common stock 420,000 487,200;Retained earnings 67,200 205,800;TOTAL $856,800 $1.226400;Additional data for 2014;1. net income was 220,000;2. Depreciation was 31,600;3. Land was sold at its original cost;4. Dividends of 81,600 were paid;5. Equipment was purchased for 84,000 cash;6. A long- term note for 201,600 was used to paid for an equipment purchase;7. Common stock was issued to pay a 67,200 long term note payable;Exercise 2;Income statement and retained earnings statement.;Porter corp capital structure consists of 50,000 shares of common stock. At December 31, 2014 an analyst of the account and discussions with company officials revealed the following information;Sale revenue $1,200,000;Earthquake loss(net of tax) (extraordinary item) 56,000;Selling expenses 128,000;Cash 60,000;Account receivable 90,000;Common stock 200,000;Cost of goods sold 701,000;Accumulated depreciation ?machinery 180,000;Dividend revenue 8,000;Unearned service revenue 4,400;Interest payable 1,000;Land 370,000;Patents 100,000;Retained earnings, january1,2014 290,000;Interest expense 17,000;Administrative expenses 170,000;Dividends declared 24,000;Allowance for doubtful account 5,000;Note payable (maturity 7/1/17) 200,000;Machinery 450,000;Materials 40,000;Account payable 60,000;The amount of income taxes applicable to ordinary income was $57,600, excluding the tax effect of the earthquake loss which amounted to $24,000;Instructions;1. prepare a multiple-step income statement;2- prepare a retained earnings statement.


Paper#23660 | Written in 18-Jul-2015

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