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Presentation/PPT
27/08/2022
At December 31, 2017 an analysis of the accounts and discussions with Porter Corporation’s executives revealed the following information:
The amount of income taxes applicable to ordinary income was $60,372. This tax amount does not include the tax effect of the discontinued operations loss which amounted to $24,540.
Inventory is stated at the lower-of-FIFO-cost-or-market
Investments include common stock of a company that is classified as short-term and totals $81,360 and common stock of a different company that is classified as a long-term and it totals $271,360.
The cost and fair value of the investments in the common stock are the same.
Notes payable includes $81,360 due before December 31, 2018 and the remaining amount due later than that date.
Bonds payable are comprised of a 7% bond due in 2025.
The Preferred Stock has no par value. 200,000 shares are authorized and 71,360 shares are issued.
The Common Stock has a $1.00 par value. 400,000 shares are authorized and 101,360 shares are issued.
Land consists of $501,360 used in operations and $270,000 held for future use.
12/31/2017
Sales revenue 1,206,580
Discontinued operations loss (net of tax) 57,260
Selling expenses 125,620
Cash 151,360
Accounts receivable 171,360
Common stock 101,360
Cost of goods sold 704,420
Buildings 1,041,360
Accumulated depreciation-machinery 181,360
Accumulated depreciation – buildings 361,360
Dividend revenue 7,330
Unearned service revenue 6,360
Interest payable 1,150
Land 771,360
Franchises 166,360
Retained deficit 2,438
Interest expense 17,460
Administrative expenses 165,170
Dividends declared 25,820
Allowance for doubtful accounts 11,360
Notes payable 202,720
Machinery 451,360
Inventories 181,360
Accounts payable 141,360
Cash Surrender Value of life Insurance 41,360
Investments 352,720
Goodwill 101,360
Discount on bonds payable 37,280
Income taxes payable 37,280
Bonds payable 1,001,360
Preferred stock 428,160
Additional paid-in capital 912,240
Compute a classified balance sheet for the company
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