60.1K

Verified Solution

Link Copied!

Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare:
	Balance Sheet - comparative, classified in proper format for fiscal years 2015 and 2016
	Income Statement - multiple-step for fiscal years 2015 and 2016. Include earnings per share data.
	Statement of Retained Earnings for 2016.
	Use separate sheets, appropriately named, for each financial statement in good form.
	List 5 notes that would be required if you were also preparing the notes to these financial statements.
	Do not prepare the notes, just briefly list the accounts, etc. for which GAAP would require disclosure
	based on Brady's financial statements.

PLEASE HELP. I have a teacher who teaches us nothing and I've been struggling to figure out how to complete the statements with the book for weeks. I'm also confused on how I'm suppossed to include earnings per share on the income statement. I posted the trial balance once above and once below in case it helps

Brady and Co.
List of Accounts from General Ledger in Alphabetical Order
December 31, 2016
(thousands of dollars)
		2015			2016
		Dr	Cr		Dr	Cr
Accounts Payable			999,210			1,079,837
Accounts Receivable		2,943,125			3,245,967
Accrued Liabilities - Other			508,643			721,358
Accrued Pension Liabilities			650,216			450,356
Accrued Restructuring Charges			126,000			90,476
Accrued Salaries, Wages and Commissions			281,364			350,191
Accumulated Other Comprehensive Income (Loss)		621,236				85,000
Accumulated Depreciation - Property, Plant & Equipment			1,829,634			1,999,999
Accumulated Post-Employment Benefit Obligation (long-term)			802,316			402,634
Additional Paid-in Capital, Common Stock			299,304			299,304
Additional Paid-in Capital, Preferred Stock			75			75
Allowance for Doubtful Accounts			125,436			124,645
Bonds Payable			244,563			249,046
Cash and Cash Equivalents		401,236			751,329
Common Stock ($1.00 par value) authorized 900 million shares			300,000			284,000
issued 300 million shares in 2016, 284 million in 2015
Cost of Goods Sold		3,000,235			2,763,584
Current Portion of Long-term Debt			720,125			849,869
Deferred Tax Assets (current)		62,596			81,236
Deferred Tax Liabilities (long-term)			229,000			440,263
Depreciation Expense		307,200			311,236
Dividends - Common		292,351			214,956
Dividends - Preferred		2,000			945
General & Administrative Expenses		1,732,429			1,459,695
Goodwill and Other Intangibles		3,212,491			3,212,491
Income Taxes Payable			246,002			102,563
Interest Expense		201,366			250,000
Interest Income			10,126			18,227
Investments in unconsolidated affiliated companies		1,235,000			1,456,896
Inventories		163,214			224,561
Long-term Debt			3,223,713			3,702,700
(Loss) Income from Discontinued Operations, net of tax		28,100				7,453
Preferred Stock ($10 par value) authorized 10 million shares			900			900
issued 90,000 shares in 2016, 90,000 in 2015
Prepaid Expenses		141,029			170,296
Property, Plant and Equipment		2,943,216			3,936,726
Provision for income taxes		245,105			201,636
Research and Development Expenses		199,500			496,597
Restructuring Charges		199,506			255,013
Retained Earnings, beginning			2,960,256			5,173,286
Sales			8,430,061			6,526,967
Selling Expenses		19,365			58,890
Short-term Investments		20,000			26,800
Treasury Stock, at cost - 117,156,719 shares in 2016		4,472,969			4,263,984
and 108,822,953 shares in 2015
Unearned Revenues			456,325			423,689
		22,443,269	22,443,269		23,382,838	23,382,838
Net Income (loss)
		-			-
Weighted average number of common shares:
FY 2016:
Basic	208,448,076 shares
Diluted	210,348,076 shares
FY 2015:
Basic	218,464,140 shares
Diluted	220,964,140 shares

Brady and Co List of Accounts from General Ledger in Alphabetical Order December 31, 2016 (thousands of dollars) 15 Cr l13r Cr 210 1079 83 Accounts Pavable Accounts Receivable Accrued Liabilities Other Accrued Pension Liabilities Accrued Restructuring Chan 7 2943,125 3,245,967 721,358 650,216 Wages and Commissions 364 621,236 Accumulated Other Comprehensive Income (Loss Accumulated Depreciation Property, Plant & Equipment 802,316 402,634 Additional Paid-in Capital, Preferred Stock Allowance for Doubtful Accounts 244,563 249,046 401,236 Cash and Cash Equivalents Common Stock (S1.00 par value) authorized 900 million shares 284,000 issued 300 million shares in 2016, 284 million in 2015 Cost of Goods Sold 3,000,235 2,763,584 720,125 849869 Deferred Tax Assets (current 440,263 Depreciation Ex Dividends- Common Dividends Preferred se 292,351 1,732,429 3,212,491 1,459,695 3,212 491 Goodwill and Other Intangibles Income Taxes Pavable Interest Expense nterest Income Investments in unconsolidated affiliated companies nventories 246,002 102,563 1235,000 163,214 3,702,700 7,453 900 3,223,713 Preferred Stock ($10 par value) authorized 10 million shares 900 issued 90,000 shares in 2016, 90,000 in 2015 Property Plant and Equipment Provision for income taxes 2,943,216 245,105 3,936,726 496,597 255,013 Restructuring Char Ret ained Earnings, beginning 2,960,256 8,430,061 5,173,286 Short-term Investments Treasury Stock, at cost 117,156,719 shares in 2016 4,472,969 4,263,984 and 108,822,953 shares in 2015 456,325 22,443,269 22,443,269 423,689 23,382,838 23,382,838 Unearned Revenues Net Income (loss Weighted average number of common shares: FY 2016 08,448,076 shar 210,348,076 shares FY 2015 Basic 218,464,140 shares

Answer & Explanation Solved by verified expert

See Answer