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ACCTG311 Lecture Notes - Retained Earnings, Accounts Payable, Current Liability

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School
University of Alberta
Department
Accounting
Course
ACCTG311
Professor
Kristie Dewald

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Document Summary

For the 52 weeks ended december 31, 2011 and january 1, 2011 (in thousands of canadian dollars, except per share amounts) 217. 5 (1) in preparing its 2010 comparative information, the company has adjusted amounts reported previously in nancial statements prepared in accordance with. Canadian generally accepted accounting principles ( previous canadian gaap ). See note 30 to these consolidated nancial statements for an explanation of the transition to international financial reporting standards ( ifrs ). For the 52 weeks ended december 31, 2011 and january 1, 2011 (in thousands of canadian dollars) interest rate derivatives (net of tax of (2010: )) Effective portion of changes in fair value of hedges on. Effective portion of changes in fair value of hedges on equity forward. Net change in fair value of hedges on interest rate and equity forward derivatives. Retirement bene t obligations actuarial losses (net of tax of ,433 (2010: ,905))

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Related Questions

A comparative balance sheet and income statement for Groton Company follow:


Groton Company
Comparative Balance Sheet
December 31, 2011 and 2010
2011 2010
Assets
Cash $ 1 $ 12
Accounts receivable 306 229
Inventory 158 196
Prepaid expenses 8 6
Total current assets 473 443
Property, plant, and equipment 509 430
Less accumulated depreciation (85) (71)
Net property, plant, and equipment 424 359
Long-term investments 25 32
Total assets $ 922 $ 834
Liabilities and Stockholders' equity
Accounts payable $ 301 $ 225
Accrued liabilities 70 80
Income taxes payable 72 63
Total current liabilities 443 368
Bonds payable 198 172
Total liabilities 641 540
Common stock 163 202
Retained earnings 118 92
Total stockholders’ equity 281 294
Total liabilities and stockholders' equity $ 922 $ 834


Groton Company
Income Statement
For the Year Ended December 31, 2011
Sales $ 754
Cost of goods sold 448
Gross margin 306
Selling and administrative expenses
 222
Net operating income 84
Non operating items:
Gain on sale of investments $ 6
Loss on sale of equipment (2) 4
Income before taxes 88
Income taxes
 23
Net income $ 65


During 2011, Groton sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. A cash dividend was paid during 2011 and the company repurchased $39 of its own stock. Groton did not retire any bonds during 2011.
Presentedbelow are the 2011 income statement and comparative balance
sheet for Siegfried & Royce.
Siegfried & Royce
Income Statement
For the Year Ended December 31, 2011
($ inthousands)
Sales revenue $12,500
Operating expenses:
Cost of goods sold 7300
Depreciation 400
Rent 250
Administrative and other 2200
Total operating expenses 10,150
Income before income taxes 2,350
Income tax expense 940
Net income $1,410
Balance Sheet information ($ in thousands) Dec. 31, 2011 Dec. 31, 2010
Assets:
Cash $3,280 $1,300
Accounts receivable 1,250 980
Inventory 980 900
Prepaid rent 150 100
Plant & equipment 3,000 2,600
Less: Accumulated depreciation -1,200 -800
Totalassets $7,460 $5,080
Liabilities and shareholders’ equity:
Accounts payable $500 $580
Payables for administrative and other expenses 650 700
Income taxes payable 450 350
Note payable (due 12/31/2012) 2,500 2,000
Common stock 1,500 1,000
Retained earnings 1,860 450
Totalliabilities and shareholders’ equity $7,460 $5,080

Required: Prepare a Statement of Cash Flows using the directmethod for operating activities. Assume that all purchases andsales of inventory are on account, and that there are noanticipated bad debts for accounts receivable.

TIP: Use T accounts for the pertinent items toisolate the information for the statement

TOOTSIE ROLL INDUSTRIES, INC. ANDSUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (inthousands except per share data)
For the year ended December31,
2011 2010 2009
Net product sales $528,369 $517,149 $495,592
Rental and royalty revenue 4,136 4,299 3,739
Total revenue 532,505 521,448 499,331
Product cost of goods sold 365,225 349,334 319,775
Rental and royalty cost 1,038 1,088 852
Total costs 366,263 350,422 320,627
Product gross margin 163,144 167,815 175,817
Rental and royalty gross margin 3,098 3,211 2,887
Total gross margin 166,242 171,026 178,704
Selling, marketing and administrative expenses 108,276 106,316 103,755
Impairment charges