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Accounting problem
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COMPREHENSIVE PROBLEM 3
SPRINGDALE RETAIL, INC.
a.
Springdale Retail, Inc.
Income Statement
For the Year Ended December 31, 2015
Sales
Less: Sales returns and allowances
Net Sales
Cost of goods sold
Gross profit
Operating expenses:
Salaries
Rent Expense
Utilities expense
Depreciation expense: office equipment
Insurance expense
Office supplies expense
Income before income taxes
Income tax expense
Net income
b.
Springdale Retail, Inc.
Statement of Retained Earnings
For the Year Ending December 31, 2015
Retained earnings, January 1, 2015
Add: Net income (from income statement)
Deduct: Dividends declared
Ending Retained earnings, December 31, 2015
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
COMPREHENSIVE PROBLEM 3
SPRINGDALE RETAIL, INC.
(continued)
c.
Springdale Retail, Inc.
Statement of Financial Position
As of December 31, 2015
ASSETS
Current assets:
Cash
Accounts receivable
Merchandise inventory
Office supplies
Prepaid rent
Total current assets
Non-current Assets
Office equipment
Less: Accumulated depreciation
Land
Total Assets
LIABILITIES
Current liabilities:
Accounts payable
Notes payable
Sales taxes payable
Total current liabilities
Non-current liabilities:
Bonds payable
Premium on bonds payable
Deferred income taxes
Total Liabilities
STOCKHOLDERS’ EQUITY
Preferred stock, $20 par value, 250 shares issued and
outstanding
Common Stock, $10 par value, 1,800 shares issued
Additional paid-in capital (common stock)
Retained earnings
Less: Treasury stock (200 common shares at cost)
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
COMPREHENSIVE PROBLEM 3
Springdale Retail, Inc.
Springdale Retail, Inc., is a retailer that has engaged you to assist in the preparation of its
financial statements at December 31, 2015. Following are the correct adjusted account balances,
in alphabetical order, as of that date. Each balance is the “normal” balance for that account.
(Hint: The “normal” balance is the same as the debit or credit side that increases the account.)
Instructions
1. Prepare an income statement for the year ended December 31, 2015, which includes
amounts for gross profit, income before income taxes, and net income. List expenses
(other than cost of goods sold and income tax expense) in order, from the largest to the
smallest dollar balance. You may ignore earnings per share.
2. Prepare a statement of retained earnings for the year ending December 31, 2015.
3. Prepare a statement of financial position (balance sheet) as of December 31, 2015,
following these guidelines:
o Include separate asset and liability categories for those assets which are “current.”
o Include and label amounts for total assets, total liabilities, total stockholders’
equity, and total liabilities and stockholders’ equity.
o Present deferred income taxes as a noncurrent liability.
o To the extent information is available that should be disclosed, include that
information in your statement.

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