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(Solved) Instructions: Complete the each of following seven tabs in this MS Excel Workbook using the information contained in them: - Post the Journal Entries...


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Instructions:
Complete the each of following seven tabs in this MS Excel Workbook using the information contained in them:
– Post the Journal Entries (to record the transactions of FirstRate Company during the final week of its fiscal year ended [FYE]
Dec. 31, 20X5) to the consolidated Trial Balance of the company as of December 31, 20X5
– Consolidated Balance Sheet of the company as of December 31, 20X5
– Consolidated Income Statement, including comprehensive income, of the company for its FYE December 31, 20X5
– Statement of Cash Flows (SCF) Support Schedule, which provides information useful for preparing the SCF
– Consolidated Statement of Cash Flows (SCF) of the company for its FYE December 31, 20X5
– Consolidated Statement of Changes in Shareholders' Equity of the company for its FYE December 31, 20X5
Complete the assignment by working "from left to right." That is, first, complete the Trial Balance, followed by the Balance Sheet, then the
Income Statemet tab, etc.
The background paper, Financial Statement Concepts and Financial Reporting, provides useful guidance for completing this
The facilitator will grade this assignment, assigning up to 100 points for it as follows: Maximum – Trial Balance 15 – Balance sheet 20 – Income Statement 20 – Cash Flow Statement (SCF) and SCF Support Schedule 30 – Statement of Changes in Stockholders' Equity 15 Total points 100 Earned 15 points
20
20
30
15
100 FirstRate Company and subsidiaries
General Journal
(U.S. dollars in thousands)
(Assumes company does NOT use special journals, such as sales journal, purchases journal, cash journal, or payroll journal) Date General ledger accounts / Explanation Debit Credit Dec. 31, 20X5
Dr. Accounts receivable, gross
Cr. 800 Sales revenue (gross) 800 Explanation: To record credit sales for the last few days of 20X5
Dec. 31, 20X5
Dr. Cost of goods sold (COGS) - other
Cr. 600 Inventory, at lower of cost or market 600 Explanation: To record cost of sales for the last few days of 20X5
Dec. 31, 20X5
Dr. Cash and cash equivalents
Cr. 700 Accounts receivable, gross 700 Explanation: To record collections of accounts receivables for the last week of 20X5
Dec. 31, 20X5
Dr. Allowance for uncollectible accounts receivable
Cr. 200 Accounts receivable, gross 200 Explanation: To record write-off of AR outstanding more than 6 months as of Dec. 28, 20X5
Dec. 31, 20X5
Dr. Selling and administrative expenses - other
Cr. 200 Cash and cash equivalents 200 Explanation: To record payment of employee 20X5 bonuses, declared by board on Dec. 28, 20X5
Dec. 31, 20X5
Dr. Inventory, at lower of cost or market
Cr. 500 Accounts payable 500 Explanation: To record purchases of raw materials during last week of 20X5 on credit (terms net 30 days)
Total debits and credits 3,000 3,000 FirstRate Company and subsidiaries Ta
(p
is,
W Trial Balance Fiscal Year 20X5
(U.S. dollars in thousands)
JEs Final Week of 20X5 FYE Dec. 31,
20X4 FYTD Dec. 24,
20X5 Debit 2,100 600 600 Investment securities available for sale (market value) Debit 20,200 21,700 21,700 78,000 94,600 General ledger (GL) account Cash and cash equivalents Accounts receivable, gross Debit Allowance for uncollectible accounts receivable Credit Inventory, at lower of cost or market Debit Property, plant, and equipment, at cost Debits FYE Dec. 31,
20X5 (Credits) 94,600
(2,700) (3,800) (3,800) 137,600 160,100 160,100 Debit 292,500 266,700 266,700 Accumulated depreciation on PP&E Credit (129,700) (105,200) (105,200) Accounts payable Credit (81,600) (96,700) (96,700) Accrued income taxes payable Credit (2,300) (1,800) (1,800) Dividends payable on common stock Credit (19,800) (16,000) (16,000) Bank note payable - current portion Credit (89,800) (113,900) (113,900) Bank note payable - noncurrent portion Credit (52,700) (55,400) (55,400) Accrued interest payable Credit (2,500) (3,100) (3,100) 6% Preferred stock, at par value Credit (20,000) (20,000) (20,000) Common stock, at par value Credit (42,700) (42,700) (42,700) Additional paid-in capital (APIC) Credit (8,300) (8,300) (8,300) Treasury stock Debit 1,100 1,100 1,100 200 (1,300) (1,300) (79,600) (79,600) Accum. other comprehensive income (loss) Dr (Cr) Retained earnings - beginning of year Credit (82,500) Dividends declared on preferred stock - current year Debit 1,200 1,200 1,200 Dividends declared on common stock - current year Debit 19,800 16,000 16,000 Sales revenue (gross) Credit (674,200) (742,300) (742,300) Sales returns and allowances Debit 12,800 16,300 16,300 Cost of goods sold (COGS) - depreciation Debit 11,400 10,000 10,000 Cost of goods sold (COGS) - other Debit 469,400 523,600 523,600 Selling and administrative expenses - depreciation Debit 600 500 500 Selling and administrative expenses - other Debit 109,200 122,900 122,900 Research and development (R&D) expenses Debit 23,800 24,000 24,000 Other operating expenses Debit 9,900 12,300 12,300 Gain on disposal of PP&E Credit - (1,100) (1,100) Loss on disposal of PP&E Debit - - - Interest on bank note Debit 9,900 12,500 12,500 Income tax provision Debit 9,100 7,100 7,100 Loss from discontinued oper., (before tax effect) Debit - - - Extraordinary loss (before tax effect) Debit - - - - - - (18,100) (14,200) - Total debits (credits)
Net balance of nominal (or, temporary) accounts - - FirstRate Company and subsidiaries
Consolidated Balance Sheet
December 31, 20X5
(U.S. dollars in thousands)
Assets:
Current assets: Replace this text with an appropriate asset label Total current assets Property, plant, and equipment, net
Total assets Liabilities:
Current liabilities: Total current liabilities
Bank note payable - noncurrent portion
Total liabilities
Stockholders' equity: Total stockholders' equity
Total liabilities and stockholders' equity $ 600 FirstRate Company and subsidiaries
Consolidated Income Statement
Fiscal year ended December 31, 20X5
(U.S. dollars in thousands, except per share amounts)
Sales revenue (net of returns and allowances) Operating expenses: Other operating expenses
Total operating expenses
Operating income
Non-operating items:
Non-operating revenues and gains: Non-operating expense and losses: Interest on bank note
Income before income taxes Net income Earnings per share: Net income Weighted average number of common shares outsta Comprehensive income: Net income
Other comprehensive income: Comprehensive income ### FirstRate Company and subsidiaries
Consolidated SCF Support Schedules (NOT for inclusion in U.S. GAAP-GPFS)
Fiscal year ended December 31, 20X5
(U.S. dollars in thousands)
December 31,
Working capital assets: Accounts receivable, net of allowance 20X5 20X4 Increase (decrease) $ 90,900 $ 75,300 $ 15,600 $ 90,900 $ 75,300 $ 15,600 Use of cash Inventory, at lower of cost or market
Working capital liabilities: Accounts payable
Accrued income taxes payable Source of cash Accrued interest payable
Net working capital Net use of cash Non-working capital asset accounts
Property, plant, and equipment (PP&E), at cost Balance at beginning of period, reported in December 31, 20X4 balance sheet $ Increase: Acquisitions of PP&E during 20X5 292,500
9,200 Decrease: Original cost of equipment sold in 20X5 (fully depreciated at date of disposal) (35,000) Balance at end of period, reported in December 31, 20X5 balance sheet $ 266,700 $ 129,700 Accumulated depreciation (of PP&E) Balance at beginning of period, reported in December 31, 20X4 balance sheet
Increase: Depreciation of PP&E for 20X5 10,500 Decrease: Accumulated depreciation on equipment sold in 20X5 (35,000) Balance at end of period, reported in December 31, 20X5 balance sheet $ 105,200 $ 19,800 Non-working capital liability accounts
Dividends payable on common stock Balance at beginning of period, reported in December 31, 20X4 balance sheet
Increase: Dividends declared on common stock on December 15, 20X5
Decrease: Dividends paid during FYE December 31, 20X5 (19,800) Balance at end of period, reported in December 31, 20X5 balance sheet Bank note payable Balance at beg. of period, reported in Dec. 31, 20X4 balance sheet
Increase: Additional borrowings during 20X5 ("plugged" from remaining info Current
portion 89,800 Non-current
portion 52,700 Total 142,500
(142,500) Decrease: None (FirstRate made no repayments during 20X5) - Balance at end of period, reported in Dec. 31, 20X5 balance sheet - Stockholders' equity accounts
Preferred stock, par value $100 per share Balance at beginning of period, reported in December 31, 20X4 balance sheet 20,000 Increase: None - Decrease: None (20,000) Balance at end of period, reported in December 31, 20X5 balance sheet
Common stock, par value $1 per share Balance at beginning of period, reported in December 31, 20X4 balance sheet 42,700 Increase: NO shares issued in 20X5, at par value
Decrease: NA - see Treasury Stock, below
Balance at end of period, reported in December 31, 20X5 balance sheet (42,700) Additional paid-in capital (APIC) Balance at beginning of period, reported in December 31, 20X4 balance sheet
Increase: NO shares issued in 20X5
Decrease: None (not applicable) 8,300
(8,300) Balance at end of period, reported in December 31, 20X5 balance sheet
Treasury stock Balance at beginning of period, reported in December 31, 20X4 balance sheet
Increase: NO shares repurchased in 20X5
Decrease: None (NO treasury shares re-sold in 20X5) 1,100
(1,100)
- Balance at end of period, reported in December 31, 20X5 balance sheet
Retained earnings Balance at beginning of period, reported in December 31, 20X4 balance sheet 79,600 Increase: Net income for FYE December 31, 20X5, as reported in the income statement 14,200 Decrease: Preferred dividends declared (and paid) in 20X5
Decrease: Common stock dividends declared (refer to analysis of dividends payable, above)
Balance at end of period, reported in December 31, 20X5 balance sheet (17,200)
76,600 Determination of Supplemental Disclosures of Interest and Income Taxes Paid
Accrued interest payable Balance at beginning of period, reported in December 31, 20X4 balance sheet 2,500 Increase: Interest on bank note, as reported in the income statement
Decrease: Interest paid during 20X5 (inferred, or "plugged," from remaining info) (2,500) Balance at end of period, reported in December 31, 20X5 balance sheet
Accrued income taxes payable Balance at beginning of period, reported in December 31, 20X4 balance sheet 2,300 Increase: Income tax provision (i.e., income tax expense) reported in the income statement:
Decrease: Income taxes paid during 20X5 (inferred, or "plugged," from remaining info)
Balance at end of period, reported in December 31, 20X5 balance sheet (2,300) FirstRate Company and subsidiaries
Consolidated Statement of Cash Flows
Fiscal year ended December 31, 20X5
(U.S. dollars in thousands)
Net income
Adjustments to reconcile net income to cash flows provided by operating activities: Depreciation of property, plant, and equipment
Gain on disposal of equipment
Loss on sale of equipment
Changes in working capital accounts: Decrease (increase) in accounts receivable, net
Decrease (increase) in inventory
Increase (decrease) in accounts payable
Increase (decrease) in accrued income taxes payable
Increase (decrease) in accrued interest payable
Net cash provided by (used in) operating activities
Cash flows from investing activities: Proceeds on sale of equipment
Acquisitions of property, plant, and equipment
Net cash provided by (used in) investing activities
Cash flows from financing activities: Net proceeds from issuance of common stock
Repurchases of common stock
Redemption of preferred stock
Payment of dividends on preferred stock
Payment of dividends on common stock
Proceeds from borrowings under bank note agreement
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, January 1, 20X5
Cash and cash equivalents, December 31, 20X5
Supplemental disclosures: FirstRate Company and subsidiaries
Statement of Changes in Stockholders’ Equity
Fiscal year ended December 31, 20X5
(U.S. dollars in thousands)
Accum.
other
Total
Additiona
comprehe
stockhold
Preferred Common l paid-in Treasury
nsive
Retained
ers'
stock
stock
capital
stock
income
earnings
equity
Balance at January 1, 20X5 $ - $ - Preferred stock redeemed
Common stock issued
Common stock repurchased
Net income
Other comprehensive income (loss)
Dividends on common stock
Dividends on preferred stock
Balance at December 31, 20X5

 


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