Reference no: EM131222084
Moulton Corporation opened for business on January 1, Year 13. It uses the accrual basis of accounting. Transactions and events during Year 13 were as follows:
1. During Year 13: Purchased inventory on account costing $1,100,000 from various suppliers.
2. During Year 13: Sold merchandise to customers for $2,000,000 on account.
3. During Year 13: The cost of merchandise sold to customers totaled $1,200,000.
4. During Year 13: Collected $1,400,000 from customers for sales made previously on account.
5. During Year 13: Paid merchandise suppliers $950,000 for purchases made previously on account.
6. During Year 13: Paid various suppliers of selling and administrative services $625,000. The firm consumed all of the benefits of these services during Year 13.
7. Acquired equipment on December 31 costing $80,000 and signed a 6% note payable to the supplier. The note is due on June 30, Year 13. The equipment has an estimated useful life of 5 years. On June 30,Year 13: repaid the note payable to a supplier with interest.
8. Borrowed $300,000 from a bank on December 31, Year 12. The loan bears interest at an annual rate of 8% and is due in five years. The interest is payable on January 1 of each year, beginning January 1, Year 14, and the $300,000 amount borrowed is due on December 31, Year 17. December 31, Year 13: Recognized interest on the long-term bank loan.
9. December 31 Year 12 paid $12,000 for a one-year insurance policy on the land and building. The insurance coverage begins January 1. December 31,Year 13: Recognized insurance expense for Year 13.
10. Acquired for cash land costing $50,000 and a building costing $450,000. The building has an expected useful life of 25 years beginning on January 1, Year 13. December 31, Year 13: Recognized depreciation expense for Year 13 (note: any depreciation related to the equipment in (7) above should also be included in the depreciation recognized).
11. December 31, Year 13: Recognize income tax expense and income tax payable for Year 13. The income tax rate is 40%. Assume that income taxes for Year 13 are payable by March 15, Year 14.
A. Prepare an income statement for Year 13.
B. Prepare a comparative balance sheet as of December 31, Year 12, and December 31, Year 13. If an amount is zero, enter "0".
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