Tempe Corporation - How to Complete - See Attached
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
Loss on Discontinued Operations
Selling Expenses $1,421,000
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
Retained Earnings, January 1, 2016
General and Administrative Expenses
Dividends Declared 463,000
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
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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