Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.


Instructions
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)

  

Debit

 

Credit

Cash

 

$   197,000

  

Sales

   

$ 8,100,000

Debt Investments (trading) (cost, $145,000)

 

153,000

  

Cost of Goods Sold

 

4,800,000

  

Debt Investments (long-term)

 

299,000

  

Equity Investments (long-term)

 

277,000

  

Notes Payable (short-term)

   

90,000

Accounts Payable

   

455,000

Selling Expenses

 

2,000,000

  

Investment Revenue

   

63,000

Land

 

260,000

  

Buildings

 

1,040,000

  

Dividends Payable

   

136,000

Accrued Liabilities

   

96,000

Accounts Receivable

 

435,000

  

Accumulated Depreciation-Buildings

   

152,000

Allowance for Doubtful Accounts

   

25,000

Administrative Expenses

 

900,000

  

Interest Expense

 

211,000

  

Inventory

 

597,000

  

Gain (extraordinary)

   

80,000

Notes Payable (long-term)

   

900,000

Equipment

 

600,000

  

Bonds Payable

   

1,000,000

Accumulated Depreciation-Equipment

   

60,000

Franchises

 

160,000

  

Common Stock ($5 par)

   

1,000,000

Treasury Stock

 

191,000

  

Patents

 

195,000

  

Retained Earnings

   

78,000

Paid-in Capital in Excess of Par

   

80,000

        Totals 

$12,315,000

 

$12,315,000


Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)

 

 


(Multiple Step and single-step) Webster Company ($000omited)

Administrate expense     
 Officers’ salaries     4900
Depreciated of office furniture and equipment 3960
Cost of sales good     60570
Rental revenue     17230
Selling expense
Transportation-out     2690
Sales Commissions     7980     
Depreciation of sales equipment     6480
Sales     96500
Income Tax     9070
Interest Expense     1860

(Instructions)
a.     Prepare an income statement for the year 2014 using the multiple-step form. Common shares out-standing for 2014 total 40,550($000 omitted).
b.     Prepare an income statement for the year 2014 using the single step form
c.     Which one do you prefer? Disuses.

 
 
 
 
(Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.
2007 2006
Cash $177,000 $ 78,000
Accounts receivable 180,000 185,000
Investments 52,000 74,000
Equipment 298,000 240,000
Less: Accumulated depreciation (106,000) (89,000)
Current liabilities 134,000 151,000
Capital stock 160,000 160,000
Retained earnings 307,000 177,000
Additional information:
Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.
Instructions
1. Prepare a statement of cash flows for 2007 for Zubin Mehta Corporation.
2. Determine Zubin Mehta Corporation's free cash flow.
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