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    Acinac Problem 5

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    Angelo Gian Co
    1. The Ingalls Corporation statement of financial position as of December 31, 2018 shows total assets of $856,538 including current assets of $798,838 and non-current assets of $57,700. Total liabilities were $128,400 and total shareholder's equity was $728,138. 2. The statement of comprehensive income for the year ended December 31, 2018 shows net income of $226,438 and other comprehensive loss of $19,000 for total comprehensive income of $207,438. 3. The statement of changes in equity shows an increase in retained earnings from $247,000 to $464,138 from net income of $226,438 partially offset by prior

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    Acinac Problem 5

    Uploaded by

    Angelo Gian Co
    9 views5 pages
    1. The Ingalls Corporation statement of financial position as of December 31, 2018 shows total assets of $856,538 including current assets of $798,838 and non-current assets of $57,700. Total liabilities were $128,400 and total shareholder's equity was $728,138. 2. The statement of comprehensive income for the year ended December 31, 2018 shows net income of $226,438 and other comprehensive loss of $19,000 for total comprehensive income of $207,438. 3. The statement of changes in equity shows an increase in retained earnings from $247,000 to $464,138 from net income of $226,438 partially offset by prior

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    1. The Ingalls Corporation statement of financial position as of December 31, 2018 shows total assets of $856,538 including current assets of $798,838 and non-current assets of $57,700. Total liabilities were $128,400 and total shareholder's equity was $728,138. 2. The statement of comprehensive income for the year ended December 31, 2018 shows net income of $226,438 and other comprehensive loss of $19,000 for total comprehensive income of $207,438. 3. The statement of changes in equity shows an increase in retained earnings from $247,000 to $464,138 from net income of $226,438 partially offset by prior

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    9 views5 pages

    Acinac Problem 5

    Uploaded by

    Angelo Gian Co
    1. The Ingalls Corporation statement of financial position as of December 31, 2018 shows total assets of $856,538 including current assets of $798,838 and non-current assets of $57,700. Total liabilities were $128,400 and total shareholder's equity was $728,138. 2. The statement of comprehensive income for the year ended December 31, 2018 shows net income of $226,438 and other comprehensive loss of $19,000 for total comprehensive income of $207,438. 3. The statement of changes in equity shows an increase in retained earnings from $247,000 to $464,138 from net income of $226,438 partially offset by prior

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Ingalls Corporation

    Statement of Financial Position


    As of December 31, 2018 (m$)
    ASSETS LIABILITIES AND SHAREHOLDER'S EQUITY
    Current Assets (Current) Liabilities
    Cash 163,000 Accounts Payable
    Accounts Recievable 392,000 Commissions Payable
    Allowance for Uncollectible Accounts (27,000) Total Liabilities
    Investments in FVTOCI 62,000
    Merchandise Inventory 207,900 Shareholder's Equity
    Prepaid Insurance 938 Ordinary Share Capital
    Total Current Assets 798,838 Retained Earnings
    Total Shareholder's Equity
    Non-current Assets Total Liabilites and Shareholder's Equity
    Property, Plant and Equipment 164,000
    Accumulated Depreciation (106,300)
    Total Non-current Assets 57,700
    Total Assets 856,538

    SCRATCH PAPER
    1. 2% 1%
    Allowance for DA 2017 18,000 18,000
    Bad Debt Expense 20,000 10,000
    Recoveries 0 0
    38,000 28,000
    Write Offs (1,000) (1,000)
    Allowance for DA 2018 37,000 27,000

    Allowance for Uncollectible Acc 10,000


    Bad Debt Expense/Selling Exp 10,000

    2. 2017 2018 Net Effect to RE


    Unrealized gain/ 3,000 (19,000) (16,000)

    UG from Valuation of FVOCI 3,000


    OCI Beg 3,000
    OCI Current Year 19,000
    UL from Valuation of FVOCI 19,000

    3. & 8. 2017 2018


    Beg Invty over 4000 (3), under 5000 (8)
    Purchases over 5000 over 7000, under 5000
    End Invty over 4000 (3), uover 6100
    RE 4000 OR RE 4,000
    Cost of Goods S 2100 COGS
    Invty 6100 COGS 6,100
    Invty

    Invty 7000
    AP 7000

    4,
    PPE 12,000
    Depr Exp/Selling Exp 1,100
    Acc Depr 2,200
    RE 10,900

    Acc Depr 17,500


    PPE 15,000
    Gain on Disposal 2,500

    5. Because January 15 If not Jan 15


    Prepaid Insurance 938 900
    Insurance Expense/Selling Exp 863 900
    RE 1,800 1,800

    6. Do not Timing
    RE 18,000
    Commissions Expense/Selling 18,000
    Commissions Expense/Selling 20,000
    Commissions Payable 20,000

    SCRATCH IS 2018
    Unadjusted NI 220,000
    Adjustments 10,000 decrease in bad debt expense
    -2100 #3
    (1,100) depr exp
    2,500 gain on sale (scrap)
    (863) insurance expense
    (2,000) commissions expense
    Total Adjustmen 6,438
    Adjusted NI 226,438
    Ingalls Corporation
    Statement of Comprehensive Income
    For the Year Ended December 31, 2018 (m$)
    R'S EQUITY Sales 1,000,000
    Gains
    128,400 Gain on Disposal 2,500
    20,000 Less: Cost of Goods Sold 432,100
    148,400 Gross Profit 570,400
    Less: Operating Expenses
    Selling Expenses 203,963
    260,000 General and Admin Expenses 140,000 343,963
    448,138 Net Income 226,438
    708,138 Other Comprehensive Income
    856,538 Unrealized Loss from Valuation of FVOCI 19,000
    Total Comprehensive Income 207,438
    EPS 11.32

    Ingalls Corporation
    Statement of Changes in Equity
    For the Year Ended December 31, 2018
    Share Capital RE
    Beginning Bal 260,000 247000
    Must be a one-liPrior Period Adjustments:
    (4,000)
    10,900
    1,800
    (18,000) (9,300)
    Ending Bal 260,000 237,700
    Net income 226,438
    Dividends 0
    Other comprehensive income
    Ending Balance RE 260,000 464,138
    4,000

    6,100
    OCI Total

    3,000
    3,000

    (19,000)
    (16,000) 708,138

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