Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.


Instructions
Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)

  Debit Credit
Cash $   197,000  
Sales   $ 8,100,000
Debt Investments (trading) (cost, $145,000) 153,000  
Cost of Goods Sold 4,800,000  
Debt Investments (long-term) 299,000  
Equity Investments (long-term) 277,000  
Notes Payable (short-term)   90,000
Accounts Payable   455,000
Selling Expenses 2,000,000  
Investment Revenue   63,000
Land 260,000  
Buildings 1,040,000  
Dividends Payable   136,000
Accrued Liabilities   96,000
Accounts Receivable 435,000  
Accumulated Depreciation-Buildings   152,000
Allowance for Doubtful Accounts   25,000
Administrative Expenses 900,000  
Interest Expense 211,000  
Inventory 597,000  
Gain (extraordinary)   80,000
Notes Payable (long-term)   900,000
Equipment 600,000  
Bonds Payable   1,000,000
Accumulated Depreciation-Equipment   60,000
Franchises 160,000  
Common Stock ($5 par)   1,000,000
Treasury Stock 191,000  
Patents 195,000  
Retained Earnings   78,000
Paid-in Capital in Excess of Par   80,000
        Totals $12,315,000 $12,315,000


Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes). (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Building and Equipment. Enter account name only and do not provide the descriptive information provided in the question.)


(Multiple Step and single-step) Webster Company ($000omited)

Administrate expense     
 Officers’ salaries     4900
Depreciated of office furniture and equipment 3960
Cost of sales good     60570
Rental revenue     17230
Selling expense
Transportation-out     2690
Sales Commissions     7980     
Depreciation of sales equipment     6480
Sales     96500
Income Tax     9070
Interest Expense     1860

(Instructions)
a.     Prepare an income statement for the year 2014 using the multiple-step form. Common shares out-standing for 2014 total 40,550($000 omitted).
b.     Prepare an income statement for the year 2014 using the single step form
c.     Which one do you prefer? Disuses.    (Preparation of a Statement of Cash Flows) Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.
2007 2006
Cash $177,000 $ 78,000
Accounts receivable 180,000 185,000
Investments 52,000 74,000
Equipment 298,000 240,000
Less: Accumulated depreciation (106,000) (89,000)
Current liabilities 134,000 151,000
Capital stock 160,000 160,000
Retained earnings 307,000 177,000
Additional information:
Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were $30,000; and net income was $160,000.
Instructions
1. Prepare a statement of cash flows for 2007 for Zubin Mehta Corporation.
2. Determine Zubin Mehta Corporation’s free cash flow.

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