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ACC 301/501 Homework #1 (Z) Tempe Corporation's capital structure consists of 50,000 shares of common stock. The December 31, 2016 account balances...


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ACC 301/501

 

Homework #1 (Z)

 

Tempe Corporation’s capital structure consists of 50,000 shares of common stock. The December 31, 2016 account

 

balances are listed below (except as noted). All adjusting entries have been made except for the accrual of taxes (20%

 

tax rate). Sales

 

Purchase Discounts

 

Purchases

 

Loss on Discontinued Operations

 

Selling Expenses $1,421,000

 

21,000

 

693,000

 

95,000

 

134,000 Cash 64,000 Accounts Receivable 93,000 Common Stock 250,000 Accumulated Depreciation 176,000 Dividend Revenue

 

Inventory, January 1, 2016 9,500

 

142,000 Unearned Service Revenue 7,500 Accrued Interest Payable 1,700 Land

 

Patents

 

Retained Earnings, January 1, 2016

 

Interest Expense

 

General and Administrative Expenses

 

Dividends Declared 463,000

 

60,000

 

310,000

 

11,500

 

145,000

 

32,000 Allowance for Doubtful Accounts 5,800 Notes Payable (maturity 7/1/20) 187,000 Machinery and Equipment 468,000 Office Supplies 35,000 Accounts Payable

 

Inventory, December 31, 2016 46,000

 

158,000 REQUIRED:

 

a) Prepare a 2016 multi-step income statement; include EPS. Refer to the Cabrera (Illustration 4-2) and Poquito

 

(Illustration 4-8) Company examples in Chapter 4 of the text for format suggestions (Also, refer to Illustration 4-10). Many

 

items in these format examples are not applicable to this homework problem.

 

b) Prepare a 2016 retained earnings statement. Refer to the Stricker example (Illustration 4-19) in Chapter 4 of the text

 

for format suggestions. No corrections of prior periods exist.

 

c) Prepare a 12/31/16 balance sheet. Refer to the Scientific Products (Illustration 5-16) example in Chapter 5 of the text

 

for format suggestions. Many items in this example are not applicable to this homework problem.

 

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instructor. PLEASE BE SURE YOUR ASSIGNMENT IS ACTUALLY SUBMITTED AND NOT IN “DRAFT”

 

STATUS. There is a requirement to click a box to acknowledge the submission is your original work to complete

 

the submission process.

 


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