Questions 1 Exercise 3-4 Balance sheet preparation [LO3-2, 3-3]
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.
Marketable securities (short term)
Patent (net of amortization)
Bonds payable (due in 10 years)
Prepare a classified balance sheet for Jackson Corporation at December 31, 2013.
Exercise 3-12 Financial statement disclosures [LO3-4]
Parkman Sporting Goods is preparing its annual report for its 2013 fiscal year. The companys controller has asked for your help in determining how best to disclose information about the following items:
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
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:
Gain on litigation settlement (unusual and infrequent)
Cost of goods sold
Selling and administrative expenses
Unrealized holding gains on investment securities
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.
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.)
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.
For the Year Ended December 31, 2013
($ in thousands)
Cost of goods sold
Administrative and other
Total operating expenses
Income before income taxes
Income tax expense
Balance Sheet Information ($ in thousands)
Dec. 31, 2013
Dec. 31, 2012
Plant and equipment
Less: Accumulated depreciation
Liabilities and Shareholders’ Equity:
Payables for administrative and other expenses
Income taxes payable
Note payable (due 12/31/2014)
Total liabilities and shareholders’ equity
Prepare Tigers 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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