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Category > Accounting Posted 28 May 2017 My Price 8.00

Preparing a balance sheet and an income statement

20. Preparing a balance sheet and an income statement. The accounting records of Callen Incorporated reveal the following for Year 7 and Year 8. Callen applies U.S. GAAP, and reports its results in thousands of euros.

December 31

Balance Sheet Items Year 8 Year 7

Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	€ 16,402	€ 14,063
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	30,536	2,559
Property, Plant, and Equipment (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	98,130	149,990
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72,325	72,325
Merchandise Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	114,249	151,894
Notes Payable to Banks (due within one year) . . . . . . . . . . . . . . . . . . . . . . . . .	15,241	43,598
Long-Term Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	31,566	38,315
Other Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	109,992	134,916
Other Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	84,334	109,335
Other Noncurrent Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	56,459	88,955
Other Noncurrent Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	19,859	27,947
Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	169,639	222,731

Income Statement Items

For the Year Ended December 31,

Year 8

Administrative Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	€141,183
Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	382,349
Income Tax Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24,324
Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2,744
Sales Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	695,623
Selling Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	72,453

a. Prepare a comparative balance sheet for Callen Incorporated as of December 31, Year 7, and December 31, Year 8. Classify each balance sheet item into one of the following categories: current assets, noncurrent assets, current liabilities, noncurrent liabilities, and shareholders’ equity.

b. Prepare an income statement for Callen Incorporated for the year ended December 31, Year 8. Separate income items into revenues and expenses.

c. Prepare a schedule explaining the change in Retained Earnings between December 31, Year 7, and December 31, Year 8. Callen declared dividends during Year 8. You will need to derive the amount in working this part of the problem.

Answers

Alpha Geek

(8)

Status NEW Posted 28 May 2017 08:05 AM My Price 8.00

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