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Multiple step Income statement

General Instructions
1. The following worksheet may be used to complete the exercise/problem.
You may need to refer to your textbook for additional information.
2. The blue cells are for data entry. Enter text in theTcells, formulas in theF cells,
dollars or numbers in the $ cells.
3. The completed exercise/problem may be printed or e-mailed per direction from your instructor.

P2-3A

The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company
at December 31, 2012:

Accounts payable$ 34,280
Accounts receivable26,700
Accumulated depreciation—buildings40,000
Accumulated depreciation—equipment12,500
Bonds payable, due December 31, 2018250,000
Buildings150,000
Capital stock, $1 par value200,000
Cash60,790
Equipment84,500
Income taxes payable7,500
Interest payable2,200
Land250,000
Marketable securities15,000
Merchandise inventory112,900
Notes payable, due April 15, 20136,500
Office supplies400
Paid-in capital in excess of par value75,000
Patents45,000
Prepaid rent3,600
Retained earnings113,510
Salaries payable7,400

Required

1. Complete the following classified balance sheet as of December 31, 2012.
Note: Classify Assets and Liabilities in the order of Liquidity

SINGER COMPANY
BALANCE SHEET
DECEMBER 31, 2012
Assets
Current assets:
Cash$ 60,790
Marketable securities15,000
Accounts receivable26,700
Merchandise inventory112,900
Prepaid rent3,600
Office supplies400
Total current assets$ 219,390
Property, plant, and equipment:
Land$ 250,000
Buildings$ 150,000
Less: Accumulated depreciation40,000110,000
Equipment$ 84,500
Less: Accumulated depreciation12,50072,000
Total property, plant, and equipment$ 182,000
Intangible assets:
Patents45,000
Total assets$ 696,390
Liabilities
Current liabilities:
Accounts payable$ 34,280
Salaries payable7,400
Income taxes payable7,500
Interest payable2,200
Notes payable, due April 15, 20136,500
Total current liabilities$ 57,880
Long-term debt:
Bonds payable, due December 31, 2018250,000
Total liabilities$ 307,880
Stockholders’ Equity
Contributed capital:
Capital stock, $1 par value
200,000 share outstanding$ 200,000
Paid-in capital in excess of par value75,000
Total contributed capital$ 275,000
Retained earnings113,510
Total stockholders’ equity388,510
Total liabilities and stockholders’ equity$ 696,390

2. Compute Singer’s current ratio.
(Round answers to 2 decimal places)

Current Ratio$ 219,390=3.79
$ 57,880

3. On the basis of your answer to (2), does Singer appear to be liquid?
What other information do you need to fully answer that question?

T

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