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Scott butler corporation balance sheet

16/11/2020 Client: papadok01 Deadline: 3 days

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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