Ch05 - Student Name: Class: Problem 05-03 Requirement 1:...

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Unformatted text preview: Student Name: Class: Problem 05-03 Requirement 1: EXQUISITE JEWELERS Balance Sheet At December 31, 2012 Assets Current Assets Cash Accounts receivable Prepaid insurance Merchandise inventory Total current assets Long-Term Investments Stock of Z Corporation Fixed Assets Store equipment Less accumulated depreciation Total fixed assets Other Assets Used store equipment held for disposal Total assets Liabilities Current Liabilities Accounts payable Income taxes payable Total current liabilities Long-Term Liabilities Note payable Total liabilities Stockholders' Equity Contributed Capital Common stock, par $1/share, 100,000 shares Additional paid-in capital Total contributed capital Retained Earnings Total stockholders' equity Total liabilities and stockholders' equity Requirement 2: GOLD JEWELERS Net Book Value Item Book Value Explanation Store equipment Given Data P05-03: EXQUISITE JEWELERS Cash $58,000 Accounts receivable 71,000 Merchandise inventory 154,000 Prepaid insurance 1,500 Investment in Stock of Z Corporation (long-term) 36,000 Store equipment 67,000 Used store equipment held for disposal 9,000 Accumulated depreciation, store equipment 19,000 Accounts payable 52,500 Long-term note payable 42,000 Income taxes payable 9,000 Retained earnings 164,000 Common stock, par $1/share, 100,000 shares Common stock, par $1/share, issue price $1.10 Student Name: Class: Problem 05-04 Requirement 1: BARNARD CORPORATION Balance Sheet (Partial) At December 31, 2011 Stockholders' Equity Contributed Capital Common stock, par $15/share; 7,000 shares Paid-in capital Total contributed capital Retained Earnings Ending balance 69,000 Total stockholders' equity $69,000 Try again! Given Data P05-04: BARNARD CORPORATION Balance Sheet At December 31, 2011 Stockholders' Equity Contributed Capital Common stock, par $15/share; 6,000 shares $90,000 Paid-in capital 13,000 Total contributed capital 103,000 Retained Earnings Ending balance 44,000 Total stockholders' equity $147,000 Selected 2012 transactions: Sold and issued 1,000 shares of common stock at $25/share. Net income for year determined to be $43,000 Declared and paid cash dividend of $3/share on beginning shares. Student Name: Class: Problem 05-05 AEROPOSTALE, INC. Consolidated Statement of Income For Year Ended March 31, Current Year (In Thousands Except Per Share Amounts) Net income Earnings per share: Basic earnings per share Weighted average shares outstanding 66,832 Given Data P05-05: AEROPOSTALE, INC. Items reported on income statement (in thousands): Cost of goods sold $1,231,349 Interest income 510 Net revenue 1,885,531 Other selling, general and administrative expenses 405,883 Provision for income taxes 99,387 Weighted average shares outstanding 66,832 Student Name: Class: Problem 05-06 JORDAN SALES COMPANY Income Statement For the Year Ended March 31, 2013 Gross Profit Operating expenses: Total operating expenses Income from operations Income before income taxes Net income Earnings per share JORDAN SALES COMPANY...
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This note was uploaded on 11/05/2011 for the course AEM 2210 at Cornell.

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Ch05 - Student Name: Class: Problem 05-03 Requirement 1:...

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