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    Financial Statements

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    (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