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Question 1:The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2012. It is presented in scrambled order.
Common stock, no par value, 10,000 shares authorized, 5,724 shares issued
$ 3,180
Retained earnings
129,950
Deferred income tax liability (long term)
24,000
Longterm debt
99,870
Accounts payable
35,000
Buildings
75,000
Machinery and equipment
300,000
Land
11,000
Accumulated depreciation
200,000
Cash
3,000
Receivables, less allowance of $3,000
58,000
Accrued income taxes
Inventory
54,000
Other accrued expenses
8,000
Current portion of longterm debt
7,000
Prepaid expenses
2,000
Other assets (long term)
Required :
Prepare a classified balance sheet in report form. For assets, use the classifications of current assets, plant and equipment, and other assets. For liabilities, use the classifications of current liabilities and long-term liabilities.
Question 2 :
The accounts of Consolidated Can contain the following amounts at December 31, 2012:
Cost of products sold
$410,000
Dividends
Extraordinary gain (net of tax)
1,000
Income taxes
9,300
Interest expense
8,700
Other income
1,600
Retained earnings, 1/1
270,000
Sales
480,000
Selling and administrative expense
42,000
Required:
Prepare a multiple-step income statement combined with a reconciliation of retained earnings for the year ended December 31, 2012.
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