Reference no: EM131929820
Questions -
Q1. Presented below are selected amounts from the records of McGraw Corporation as of December 31, 2012.
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Cash
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$62,100
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Administrative expenses
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102,000
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Selling expenses
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83,900
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Net sales
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552,400
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Cost of goods sold
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263,200
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Cash dividends declared (2012)
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20,800
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Cash dividends paid (2012)
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19,000
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Discontinued operations (loss before income taxes)
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41,900
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Depreciation expense, not recorded in 2011
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30,100
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Retained earnings, December 31, 2011
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90,900
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Effective tax rate
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30%
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(a) Compute net income for 2012.
Q2. The bookkeeper for Garfield Company has prepared the following balance sheet as of July 31, 2012.
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GARFIELD COMPANY BALANCE SHEET AS OF JULY 31, 2012
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Cash
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$ 73,870
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Notes payable
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45,380
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Accounts receivable (net)
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41,880
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Long-term liabilities
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79,870
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Inventory
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64,870
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Stockholders' equity
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160,370
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Equipment (net)
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84,000
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$285,620
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Patents
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21,000
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$285,620
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The following additional information is provided.
1. Cash includes $1,200 in a petty cash fund and $12,400 in a bond sinking fund.
2. The net accounts receivable balance is comprised of the following three items: (a) accounts receivable-debit balances $53,380; (b) accounts receivable-credit balances $8,000; (c) allowance for doubtful accounts $3,500.
3. Merchandise inventory costing $5,600 was shipped out on consignment on July 31, 2012. The ending inventory balance does not include the consigned goods. Receivables in the amount of $5,600 were recognized on these consigned goods.
4. Equipment had a cost of $113,380 and an accumulated depreciation balance of $29,380.
5. Taxes payable of $9,010 were accrued on July 31. Garfield Company, however, had set up a cash fund to meet this obligation. This cash fund was not included in the cash balance, but was offset against the taxes payable amount.
Prepare a corrected classified balance sheet as of July 31, 2012, from the available information, adjusting the account balances using the additional information.
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