Foxhall Commercial Printers Limited
(in 000s of dollars)
Equipment, cost. $490
Goodwill (net) 37
Work-in-process inventory. April 16, 2018 53
Accounts receivable, net. 318
Gross income (profit). 451
Accounts payable 166
Raw materials used 611
Accumulated depreciation, building. 98
Net income before tax. 154
Accumulated depreciation, equipment. 223
Preferred stock. 16
investment in associated company (more than 50 per cent ownership). 154
Estimated income tax expense. 48
Selling expense. 88
Prepayments. 10
Finished goods inventory, April 16, 2018. 46
Bank loan, due in 90 days. 104
Raw materiafs inventory. April 16. 2018. 61
Marketable securities. 38
Long-term debt due within one year. 10
General and administrative expenses
(includes depreciation expense). 239
Land. 12
Materials purchases. 625
Taxes payable. 25
Other income. 53
Direct labour. 336
Common stock. 114
Building, cost. 109
Other expenses, interest. 23
Net long-term debt. 226
Cost of goods manufactured. 1046
Net sales. 1482
Cash. ?
Retained earnings. 328
Accrued expenses payable. 49
Factory overhead (includes depreciation expenses). 98
Retained earnings, April 16, 2018. 222
Assignment
Listed in random order are balance sheet and income statement accounts as at, or for the year ending, April 15,
2019, except where otherwise noted by date, for Foxhall Commercial Printers Limited (FCPL).
1. Prepare a statement of cost of goods manufactured, an income statement and a statement of retained
earnings for FCPL for the year ending April 15, 2019.
Prepare a balance sheet as at April 15, 2019, using cash to balance assets against liabilities and
shareholders' equity.
