Riley Incorporated reports the following amounts at the end

Riley Incorporated reports the following amounts at the end of the year (all amounts in $000): Cash Depreciation Expense Taxes Payable $ 16,140 3,210 1,020 Product Revenues Mortgage Payable Treasury Stock $ 112,500 38,000 650 Buildings Land Current Portion of Notes and Mortgages Payable 79,000 40,000 2,200 Salaries Accumulated Depreciation 62,800 21,730 Accounts Payable Net Accounts Receivable 18,500 23,500 Equipment Income Tax Expense Discount on Notes Payable 42,000 3,650 7,950 Interest Expense Notes Payable Utilities 4,000 25,650 350 Inventory Costs of Good Sold License Revenues 6,400 17,400 250 Advertising Expense Pre-Paid Expenses 11,300 900 Short Term Investments Wages Payable 2,500 3,200 In addition, the company had common stock of $75,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and declared/paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders’ equity, and balance sheet. Using the account information above develop a Balance Sheet and Income Statement, then answer the next five questions. Q1. Calculate the Net Income After Interest and Taxes. Q2. Calculate the Total Amount of Current Assets Q3. Calculate the Total Amount of Liabilities. Include both current and long term debt. Q4. Calculate the Total Assets for Riley Incorporated. Remember to consider Contra-Assets when making the calculation Q5. Assume that the Net Income After Interest and Taxes for Riley Incorporated is $9,200 (it\'s not but make this assumption for this question only). Using the other account data shown above for Riley, what is the ending Retained Earnings balance? Q6. AR Balance % Uncollectible Current Accounts $140,000 1% 1 - 30 days past due $15,000 3% 31- 60 days past due $12,000 6% 61- 90 days past due $5,000 12% Over 90 days past due $7,000 30% Total Accounts Receivable $179,000 Grisson Company had a $400 balance in the Allowance for Doubtful Accounts at December 31, 2017, before the current year\'s provision for uncollectible accounts. An aging the the accounts receivable is provided above. What is the amount of bad debt expense that should be recorded for 2017? Q.7 12/31/2016 12/31/2017 Assets $265,000 $255,000 Liabilities $100,000 $110,000 Capital Stock ? $130,000 Retained Earnings ? ? The above data is for Richard\'s Bait Shop. During 2017, Richard\'s net income was $18,000 and $5,000 in dividends were paid out. Calculate the Capital Stock balance at the end of December 2016.

iley Incorporated (Graded Homework)

USE FINANCIAL DATA BELOW FOR HOMEWORK QUESTIONS 1 - 5

Riley Incorporated reports the following amounts at the end of the year (all amounts in $000):

In addition, the company had common stock of $75,000 at the beginning of the year and issued an additional $5,000 during the year. The company also had retained earnings of $20,700 at the beginning of the year and declared/paid dividends of $2,000 during the year. Prepare the income statement, statement of stockholders’ equity, and balance sheet.

Using the account information above develop a Balance Sheet and Income Statement,

1. Calculate the Net Income After Interest and Taxes

2.Calculate the Total Amount of Current Assets

3.Calculate the Total Amount of Liabilities. Include both current and long term debt.

4.Calculate the Total Assets for Riley Incorporated. Remember to consider Contra-Assets when making the calculation

5.Assume that the Net Income After Interest and Taxes for Riley Incorporated is $9,200 (its not but make this assumption for this question only). Using the other account data shown above for Riley, what is the ending Retained Earnings balance?

Grisson Company had a $400 balance in the Allowance for Doubtful Accounts at December 31, 2017, before the current year\'s provision for uncollectible accounts. An aging of the accounts receivable is provided above. What is the amount of bad debt expense that should be recorded got 2017?

The above data is for Richard\'s Bait Shop. During 2017, Richard\'s net income was $18,000 and $5,000 in dividends were paid out. Calculate the Capital Stock balance at the end of December 2016.

Cash	$16,140	Product Revenues	$112,500
Depreciation Expense	3,210	Mortgage Payable	38,000
Taxes Payable	1,020	Treasury Stock	650
Buildings	79,000	Salaries	62,800
Land	40,000	Accumulated Depreciation	21,730
Current Portion - Notes and Mortgage Payable	2,200
Accounts Payable	18,500	Equipment	42,000
Net Accounts Receivable	23,500	Income Tax Expense	3,650
		Discounts on Notes Payable	7,950
Interest Expense	4,000	Inventory	6,400
Notes Payable	25,650	Costs of Goods Sold	17,400
Utilities	350	License Revenues	250
Advertising Expense	11,300	Short Term Investments (Securities)	2,500
Prepaid Expense	900	Wages Payable	3,200

Solution

TRIAL BALANCE Debit Credit Cash $16,140 Depreciation Expense $3,210 Taxes Payable $1,020 Buildings $79,000 Land $40,000 Current Portion - Notes and Mortgage Payable $2,200 Accounts Payable $18,500 Net Accounts Receivable $23,500 Interest Expense $4,000 Notes Payable $25,650 Utilities $350 Advertising Expense $11,300 Prepaid Expense $900 Product Revenues $112,500 Mortgage Payable $38,000 Treasury Stock $650 Salaries $62,800 Accumulated Depreciation $21,730 Equipment $42,000 Income Tax Expense $3,650 Discounts on Notes Payable $7,950 Inventory $6,400 Costs of Goods Sold $17,400 License Revenues $250 Short Term Investments (Securities) $2,500 Wages Payable $3,200 Common stock $80,000 Retained earnings $20,700 Dividend $2,000 TOTAL $323,750 $323,750 INCOME STATEMENT Product Revenues $112,500 Costs of Goods Sold $17,400 Gross Profit $95,100 Other Revenue: License Revenues $250 Total gross Profit $95,350 Less:Operating Expenses: Depreciation Expense $3,210 Utilities $350 Advertising Expense $11,300 Salaries $62,800 Total operating expenses $77,660 Income Before Interest & Tax $17,690 Interest expense $4,000 Income Before Tax $13,690 Income Tax Expense $3,650 Net Income afterinterest & taxes $10,040 STATEMENT OF STOCKHOLDERS EQUITY Common Stock $80,000 Retained earning $28,740 (20700-2000 of dividend paid)+10040(net income) Treasury stock ($650) Total stockholders equity $108,090 BALANCE SHEET ASSETS Current assets: Cash $16,140 Net Accounts Receivable $23,500 Prepaid Expense $900 Inventory $6,400 Short Term Investments (Securities) $2,500 Total Current assets $49,440 Fixed Assets: Buildings $79,000 Land $40,000 Equipment $42,000 Gross fixed assets $161,000 Less: Accumulated Depreciation $21,730 Net Fixed Assets $139,270 TOTAL ASSETS $188,710 LIABILITIES: Current Liabilities: Taxes Payable $1,020 Wages Payable $3,200 Current Portion - Notes and Mortgage Payable $2,200 Accounts Payable $18,500 Total Current Liabilities $24,920 Long Term Liabilities: Notes Payable $25,650 Discounts on Notes Payable ($7,950) Mortgage Payable $38,000 Total long term liabilities $55,700 TOTAL LIABILITIES $80,620 Shareholders Equity $108,090 Total Liabilities & Shareholders equities $188,710 1 Net Income after interest & taxes $10,040 2 TOTAL amount of current assets $49,440 3 TOTAL amount of Liabilities $80,620 4 TOTAL Assts $188,710 5 Ending Retained earning if net income is $9200 Ending Retained earning $        27,900 (20700-2000+92000