Financial Statements
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Instructions
(a) Prepare a multiple-step income statement.
(b) Prepare a single-step income statement.
(c) Prepare a retained earnings statement.
(d) Prepare a classified balance sheet.
Please see attached.
Presented below is financial information related to Vi-Gro Corporation for the year 2002. Unless
otherwise stated, all balances are ending balances.
Accounts payable $874,200
Accounts receivable 1,000,800
Accumulated depreciation?Equipment 1,560,000
Administrative expenses 420,000
Bonds payable 3,400,000
Cash 125,000
Common stock 2,200,000
Cost of goods sold 2,285,000
Dividends 290,000
Equipment 5,894,000
Gain on the sale of land 87,000
Interest expense 108,000
Interest revenue 94,000
Inventories 984,000
Marketable securities (short-term) 1,175,000
Net sales 3,670,000
Notes payable (short-term) 1,136,500
Other long-term debt 401,300
Patents and other intangibles 1,250,100
Prepaid expenses 356,100
Retained earnings (January 1, 2002) 833,000
Selling expenses 368,000
Vi-Gro Corporation had 88,000 shares of common stock outstanding for the entire year. Its effective
income tax rate for state and federal income taxes combined is 35 percent.
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Solution Summary
The solution explains how to prepare the financial statements for Vi-Gro Corporation
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