Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.
Instructions
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)
Debit
Credit
Cash
$ 197,000
Sales
$ 8,100,000
Debt Investments (trading) (cost, $145,000)
153,000
Cost of Goods Sold
4,800,000
Debt Investments (long-term)
299,000
Equity Investments (long-term)
277,000
Notes Payable (short-term)
90,000
Accounts Payable
455,000
Selling Expenses
2,000,000
Investment Revenue
63,000
Land
260,000
Buildings
1,040,000
Dividends Payable
136,000
Accrued Liabilities
96,000
Accounts Receivable
435,000
Accumulated Depreciation-Buildings
152,000
Allowance for Doubtful Accounts
25,000
Administrative Expenses
900,000
Interest Expense
211,000
Inventory
597,000
Gain (extraordinary)
80,000
Notes Payable (long-term)
900,000
Equipment
600,000
Bonds Payable
1,000,000
Accumulated Depreciation-Equipment
60,000
Franchises
160,000
Common Stock ($5 par)
1,000,000
Treasury Stock
191,000
Patents
195,000
Retained Earnings
78,000
Paid-in Capital in Excess of Par
80,000
Totals
$12,315,000
$12,315,000
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)
(Multiple Step and single-step) Webster Company ($000omited)
Administrate expense
Officers’ salaries 4900
Depreciated of office furniture and equipment 3960
Cost of sales good 60570
Rental revenue 17230
Selling expense
Transportation-out 2690
Sales Commissions 7980
Depreciation of sales equipment 6480
Sales 96500
Income Tax 9070
Interest Expense 1860
(Instructions)
a. Prepare an income statement for the year 2014 using the multiple-step form. Common shares out-standing for 2014 total 40,550($000 omitted).
b. Prepare an income statement for the year 2014 using the single step form
c. Which one do you prefer? Disuses.
(Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.
2007 2006
Cash $177,000 $ 78,000
Accounts receivable 180,000 185,000
Investments 52,000 74,000
Equipment 298,000 240,000
Less: Accumulated depreciation (106,000) (89,000)
Current liabilities 134,000 151,000
Capital stock 160,000 160,000
Retained earnings 307,000 177,000
Additional information:
Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.
Instructions
1. Prepare a statement of cash flows for 2007 for Zubin Mehta Corporation.
2. Determine Zubin Mehta Corporation’s free cash flow.
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