1) When an entry for depreciation is made what effect does it have on the financial statements? 2) What key book is the financial statement prepared from? 3) Do the unadjusted trial balance columns of a worksheet contain the account balances that appear on the financial statements? 4) What is the main or primary differe
Need help in creating a pro forma set of financial statements (income statements, balance sheet, and statement of cash flows) based on a 25% increase in profitability and other criteria presented in the case. Case study: Home Safety Inc. Located on page 45-the end of the saved PDF file. then: How much revenue growth is
The following items are from a company's consolidated financial statement: accounts payable $619.0 accounts receivable, net 741.0 accumulated other comprehensive income (reduction of owner's equity listed after treasury stock) (853.4) capital in excess of par value 49.9 cash and cash equivalents 100.6 cash dividend
Please put this information into an excel spreadsheet. August Corporation has the following balance sheet elements as of December 31, 2006. Land . . . . . . . . . . . . . . . . . . . . . . . . . $105,000 Mortgage payable . . . . . . . . . $250,000 Cash . . . . . . . . . . . . . . . . . . . . .
The trial balance of a company dec31st, 2005 and the data needed for the month-end adjustment follows: Adjusted data: a- Prepaid insurance still enforce at Dec 31st $600.00 b- Supplies used during the month: $600.00 c- Depreciation for the month: $ 900.00 d- Accrued advertising expense at dec31st: $300.00(credit
INSTRUCTIONS: Using the base pro forma financial statements, refine and realistically quantify the following recommendations and prepare a set of modified pro forma statements implementing these recommendations in order to meet the goal of total debt/equity of 60% or less. Justify revised recommendations and the resulting impac
P22-1 (Change in Estimate, Principle, and Error Correction) Brueggen Company is in the process of having its financial statements audited for the first time as of December 31, 2004. The auditor has found the following items that occurred in previous years: 1. Brueggen purchased equipment on January 2, 2001, for $65,000. At th
(See attached file for full problem description) --- 5. The Capital, Withdrawals, Income Summary accounts for Sariah's Clip Shop are shown in the T account form below. The closing entries have been recorded for the year ended Dec. 31, 20x4. Prepare a statement of owner's equity for Sariah's Clip Shop. Sariah Abdul, Capita
Prepare the monthly income statement, statement of owner's equity, and balance sheet for Sparkle Bright Services
I'm trying to prepare the monthly income statement, statement of owner's equity, and balance sheet for Sparkle Bright Services from this data provided in this trial balance. Cash $4,590 Acc. Receivable
What is a pro forma financial statement? What purpose does it serve? How do legal and ethical considerations impact pro forma financial statements? How can pro forma financial statements be used to aid managers in decision-making?
What information is important when assessing financial statements? How can you distinguish between relevant and irrelevant data? How would an investor use the information differently than a lender?
1999 2000 2002 2003 2004 Tangible Book Value NA 11 6.17 4.53 5.23 Cash Flow NA 3.00 2.68 2.46 5.52 Earnings 3.18 2.2 0.89 2.87 3.41 S&P Core Earnings NA 1.99 1.33 0.26 -0.06 Dividends 1.00 0.75
What is your payroll cycle at work? Besides your salary, what other liabilities can you identify that might appear on your company's balance sheet related to compensation? Hint: look at your pay stub.
PLEASE HELP! I am to use the attached Mini-Case Study (Home Safety Inc) and prepare a one-year financial plan by creating a pro forma set of financial statements (income statement, balance sheet, and statement of cash flows) based on a 25% increase in profitability and other criteria presented in the case. Microsoft® Excel®
P4.) At the end of august 20xx, the sheri alexander, capital account had a balance of $74,600. After operating during Sept.,her Moon Valley Riding had the following account balances: Cash 17,400 Buildings 60,000 Accounts Receivable 2,400 Horses 20,000 Supplies 2,000
P6.)Rosa Partidge started The Creative Frames Shop. The owner: a. Deposited 21,00 to strat business b. paid current months rent $1,500 c. purchased store equipment on credit 10.800 d. purchased framing supplies 5,100 e. received framing revenue 2,400 f. billed cu
Please help with the following problem. Provide at least 300 words. Discuss why no estimates or subjectivity is allowed in the preparation of financial statements.
Many of the transactions affect more than one financial statement. What are five transactions that for example can specify different information that is conveyed within financial statements. Suppose Aunt Connie is getting ready to visit her banker seeking a loan to expand her business. She wants to demonstrate the strength
The Optimal Scam Company would like to see its sales grow at 20 percent for the foreseeable future. Its financial statements for the current year are presented below. Income Statement Balance Sheet ($ millions) ($ millions) Sales 32.00 Current assets 16 Costs 28.97 Fixed assets 16 Gross pr
SUPERIOR LIVING, INC IS A PRIVATE DOMESTIC PRIVATE MANUFACTURER OF HOME FURNITURE WHICH RUNS 3 DIVISIONS: 1. SALES 2. MARKETING 3. MANUFACTURING PERSONNEL LIST THE ADVANTAGES OF COST VERSUS REVENUE OF THE LUXURY DEPT VERSUS THE OTHER DIVISIONS: SALES, MARKETING, AND MANUFACTURING PERSONNEL/AND ITS 6 PRODUCT LINES:
What amount of unamortized premium on the bond should Webb report in its June 30, 2006 balance sheet?
Webb Company has outstanding a 7% annual, 10-year, $100,000 face value bond that was issued by the company several years ago. The bond was originally sold to yield 6% annual interest. Webb uses the effective interest rate method to amortize the bond premium. On June 30, 2005 the carrying amount of the outstanding bond was $10
(See attached file for full problem description) --- P4-5B The financial statements of Frank B. Robinson Company appear below: FRANK B. ROBINSON COMPANY Comparative Balance Sheets Decembe
At the close of its first year of operations, on December 31, 2005, the Walker Company had accounts receivable of $250,000, which was net of the related allowance for doubtful accounts. During 2005, the company had charged to bad debt expense of $40,000 and wrote off, as uncollectible, accounts receivable of $10,000. Require
All revenue and expense accounts have been closed at the end of the calendar year for Spehr Company. The Income Summary account has total debits of $500,000 and total credits of $650,000. As of the same date, Retained Earnings has a balance of $115,000, and Dividends has a balance of $60,000. Instructions (a) Prepare a reta
(See attached file for full problem descriptions) --- Problem #7 The life of the construction contract is 4 years. The firm used the percentage-of-completion method. Under this method, cash collected and revenues recognized are shown below. Total cost of the project was $ 800,000. What portion of the total cost was incurre
(See attached file for full problem description) --- Simson, Inc. obtained the following information from the insurance company that administers the company's employee defined benefit pension plan: For the Year Ended December 31, 2004 2005 Plan assets (at fair value) $2,000,000 $2,800,000 Accumulated benefi
1. One June 1st, Leo opened an account for his practice at your bank and deposited $20,000 of his own money. 2. Leo has dental equipment worth $23,000 in his office that was brought from his previous practice. 3. On June 1st, Leo spent $500 on furniture for his waiting room. 4. On June 2nd, Leo purchased dental supplies on
(Preparation of a Balance Sheet) Presented below is the trial balance of John Nalezny Corporation at December 31, 2004. Debits Credits Cash $ 197,000 Sales $ 8,100,000 Trading Securities (at cost, $145,000) 153,000 Cost of Goods Sold 4,800,000 Long-term Investments in Bonds 299,000 Long-term I
Hello What I need is a simple Income statement and a balance sheet in excel for a business plan. Please make up the 2 financial sheets balanced and ready for me to view and understand. You may add numbers and make up fictional debits and credits, etc as you go. Just as long as it balances. The purpose is for me to be able to s
1. Fill in the balance sheet for the Jamestown Company presented below based on the following data (assume a 365-days year): Sales = $3,650,000 Total Asset Turnover = 4X Current Ratio = 3:1 Quick Ratio = 2:1 Current Liabilities to net worth = 30% Average collection period = 20 days Total debt to total assets = .4