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Questions 1 Exercise 3-4 Balance sheet preparation [LO3-2, 3-3]

Questions 1

Exercise 3-4 Balance sheet preparation [LO3-2, 3-3]

The following is a December 31, 2013, post-closing trial balance for the Jackson Corporation.

Account Title

Debits

Credits

Cash

40,000

Accounts receivable

34,000

Inventories

75,000

Prepaid rent

16,000

Marketable securities (short term)

10,000

Machinery

145,000

Accumulated depreciation—machinery

11,000

Patent (net of amortization)

83,000

Accounts payable

8,000

Wages payable

4,000

Taxes payable

32,000

Bonds payable (due in 10 years)

200,000

Common stock

100,000

Retained earnings

48,000

Totals

403,000

403,000

Required:

Prepare a classified balance sheet for Jackson Corporation at December 31, 2013.

Questions 2

Exercise 3-12 Financial statement disclosures [LO3-4]

Parkman Sporting Goods is preparing its annual report for its 2013 fiscal year. The company’s controller has asked for your help in determining how best to disclose information about the following items:

Required:

Indicate whether the above items should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet.

1. A related-party transaction

2. Depreciation method

3. Allowance for uncollectible account

4. Composition of investments

5. Composition of long-term debt

6. Inventory costing method

7. Number of share of common stock authorized, issued, and outstanding

8. Employee benefit plans

Question 3

Exercise 4-3 Multiple-step continuous statement of comprehensive income [LO4-1, 4-5, 4-6, 4-7]

The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2013, included the following income accounts:

Account Title

Debits

Credits

Sales revenue

2,300,000

Gain on litigation settlement (unusual and infrequent)

400,000

Cost of goods sold

1,400,000

Selling and administrative expenses

420,000

Interest expense

40,000

Unrealized holding gains on investment securities

80,000

The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 30%. One million shares of common stock were outstanding throughout 2013.

Required:

Prepare a single, continuous multiple-step statement of comprehensive income for 2013, including appropriate EPS disclosures. (Amount to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

Question 4

Exercise 4-18 Statement of cash flows; indirect method [LO4-9]

Presented below is the 2013 income statement and comparative balance sheet information for Tiger Enterprises.

TIGER ENTERPRISES

Income Statement

For the Year Ended December 31, 2013

($ in thousands)

Sales revenue

$

7,000

Operating expenses:

Cost of goods sold

$

3,360

Depreciation

240

Insurance

100

Administrative and other

1,800

Total operating expenses

5,500

Income before income taxes

1,500

Income tax expense

600

Net income

$

900

Balance Sheet Information ($ in thousands)

Dec. 31, 2013

Dec. 31, 2012

Assets:

Cash

$

300

$

200

Accounts receivable

750

830

Inventory

640

600

Prepaid insurance

50

20

Plant and equipment

2,100

1,800

Less: Accumulated depreciation

(840

)

(600

)

Total assets

$

3,000

$

2,850

Liabilities and Shareholders’ Equity:

Accounts payable

$

300

$

360

Payables for administrative and other expenses

300

400

Income taxes payable

200

150

Note payable (due 12/31/2014)

800

600

Common stock

900

800

Retained earnings

500

540

Total liabilities and shareholders’ equity

$

3,000

$

2,850

Required:

Prepare Tiger’s statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments.) (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)

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