in chronological order
3) Prepare Income St
arni ngs Stat
5) Put all your work
eadsheet. Each group
plet ed copy
Sheet of the
As of December 31, 2015
Less: Allowance for Doubtful Accounts
Total Current Assets
Investments in held
Land held for future development
Property, Plant, and Equipment
Less: Accumulated Depreciation
Capitalized Development Costs
Other Identifiable Intangible Assets
Property Tax Payable
Income Tax Payable
Salary and Wages Payable
Total Current Liabilities
Provisions Related to Pensions
Less: Treasury Stock
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity
eve nts occu
rred in Katy Co
1) On January 10, sold merchandise on account to Abby $12,000 and Bob $
9,000. Terms 2/10,
n/30, F.O.B. shipping point.
January 12, purchased merchandise on account from Charles $4,00
0 and David
Terms 1/10, n/30, F.O.B. destination.
3) On January 14, received checks, $4,500 from Esther and $2,500 from Fred, for sales on
account after discount period has lapsed.
4) On January 15, send checks to James for 1
2,000 less 3% cash discount, and to Kimberly for
$8,000 less 2% cash discount.
5) On January 16, issued credit of $500 to Bob for merchandise returned.
January 21, paid off the balances to Charles and David for the purchases on January 12.
7) On Feb
ruary 9, received payment in full from Abby and Bob.
8) On March 1, paid rent of $4,800 for a two-
year term starting from May 1, 2013.
April 1, the company CEO paid $60,000
from her savings bank account to purchase a car
for personal use.
On April 12, paid $1
,200 cash for office supplies.
Cash dividends totaling $5
,000 were declared on June 13 and paid to stockholders
on June 23.
Issued a note of $120,000 to bank (one year, annual interest rate 4%) for cash on July 1.
On July 5, purchased merchandise from Kimberly $45,000, terms 3/10, n/30.
On July 7, issued common stock 1
,000 shares, $10 par, in exchange of a land with a fair market
value of $60,000.
On July 8, returned $5
00 of merchandise to Kimberly and received credit.
On August 1,
sold merchandise to Linda on account $120
,000, term 1/10, n/30, FOB shipping
Paid off the balance to Kimberly on August 4.
On August 8, paid utilities expense, $12,000.
On August 18, Linda paid off its balance.
ember 1, paid cash $7,500 to Mary for merchandise purchased last year.
On October 1, paid off notes payable $110,000 (issued in 2015
) and associated interest $5,
(including $1,500 interest payable on the balance sheet).
Over the year, daily cash sales were $16,000.
Over the year, sales and office employees earned $60,000
in salaries and wages, of which
$2,500 remained as payable at the end of year.
On Dec 31, received a utilities bill of $2,
000 (for December 2016
) and paid off the bill on
January 10, 2016
Additional Information at the end of 2016
1) Depreciation expense for the year was $14,500.
2) The company estimated that it will pay federal income tax, $6,500.
3) After physically counting, the company decided that the ending inventory was $6
4) Based on its historical data, the bad debts are about 1% of net credit sales.
5) Unearned revenue was decreased by $14
6) The company expenses all of the supplies purchased during the year.
7) No insurance policy was effective during the year.
8) The company uses the gross method to record its purchases and sales on credit.
9) The company adopts the periodic inventory system.
Abby, Bob, and Linda had zero
balance on account as of Jan 1, 2012
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