Grand Canyon ACC-486 Module 2 Assignment 2016

P 3-2 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  
Long-term debt     99,870  
Accounts payable     35,000  
Buildings     75,000  
Machinery and equipment     3,00,000  
Land     11,000  
Accumulated depreciation     2,00,000  
Cash      3,000  
Receivables, less allowance of $3,000     58,000  
Accrued income taxes     3,000  
Inventory     54,000  
Other accrued expenses     8,000  
Current portion of long-term debt     7,000  
Prepaid expenses     2,000  
Other assets (long term)     7,000  
       
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.       

P 4-3 The accounts of Consolidated Can contain the following amounts at December 31, 2012:       
       
Cost of products sold    $4,10,000    
Dividends     3,000   
Extraordinary gain (net of tax)    1,000   
Income taxes    9,300   
Interest expense    8,700   
Other income    1,600   
Retained earnings, 1/1    2,70,000   
Sales    4,80,000   
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.