ACC 205 COMPREHENSIVE PROBLEM

Assignment: Comprehensive Problem 4
Comprehensive Problem 4
Part 1:
Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows:
a. Prepare a multiple-step income statement for the year ended December 31, 2012, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 84,000 and preferred dividends were $85,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested amounts below.
b. Prepare a retained earnings statement for the year ended December 31, 2012. Save your calculations and enter the requested amounts below.
c. Prepare a balance sheet in report form as of December 31, 2012. Save your calculations and enter the requested amounts below.
If required, only use the minus sign to indicate net loss before income tax, net loss, or a deficit balance in retained earnings.

Gross profit $ _________________
Total Selling expenses $ _________________
Total Administrative expenses $ _________________
Total operating expenses $ _________________
Income from operations $ _________________
Net Other expenses and income $ _________________
Income tax $ _________________
Net income $ _________________
Earnings per common share (rounded to the nearest cent) $ _________________
Retained earnings, January 1, 2012 $ _________________
Total current assets $ _________________
Investment in Nordic Wear Inc. bonds $ _________________
Total property, plant, and equipment $ _________________
Total assets $ _________________
Total current liabilities $ _________________
Net Long-term liabilities $ _________________
Total liabilities $ _________________
Total Paid-in capital Preferred 5% stock $ _________________
Total Paid-in capital Common stock, $25 par $ _________________
Total paid-in capital $ _________________
Retained earnings, December 31, 2012 $ _________________
Total stockholders’ equity $ _________________

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