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The Financial Statements

Complete master budget

You have been asked to prepare a complete master budget for your store for June, July, and August. You are responsible for its actual full preparation. All accounting is done centrally, so you have no expert help on the premises. In addition, tomorrow the branch manager and the assistant controller will be here to examine your

Financial Statement

As a financial consultant, you have to interact with the accounts departments of manufacturing and merchandising companies, Outdoor Equipment Company (OEC) and Mountain Supplies, Inc. (MSI), both into selling tents, OEC purchases its tents from a manufacturer for $90 each and sells them for $120. It purchased 10,000 tents in 20X

Practice Problem

Prepare basic financial statements. Description of activity Using the following beginning balance sheet and income statement, facilitate the creation of an ending balance sheet. Beginning Balance Sheet Income Statement Cash $100 Acct Pay $150 Sales

Pro forma Balance Sheet

This problem requires creating a pro-forma balance sheet to come up with the answers. I have placed the answers from the back of the book in the spreadsheet, but I don't know how to come up with them (i.e. create the sheet). Stevens Textile's 2004 financial statements are shown below. Stevens Textile's: Balance shee

Profit Statements Using Absorption Costing

Gerry Hatrick Ltd manufactures and sells video cameras. The unit selling price and production costs are as follows: $ Selling price 800 Direct materials 100 Direct labour 90 Variable overheads 50 Fixed overheads 160 The fixed production overheads assume a monthly production of 2000 units. The following monthly costs are

I need help with this problem. I started doing it but I got stuck. I was able to do part of the 2005 income statement but I couldn't finish my balance sheet since I am not sure where to put the 50 percent equity stake in the company. So how do restructure those statements. So can you please show me how to do these problems

Here is the problem Outdoor Equipment company(OEC) and Mountain Supplies, Inc. (MSI) both sell tents. OEC purchases from a manufacturer for $97 each and then sells them for$180. It purchased 10,000 tents in 20X4. MSI produces its own tents. In 20X4 MSI produced 10,000 tents. Costs were as follows: Direct materials puchased

Account Problem Set

(See attached file for full problem description) --- Consider the unadjusted trial balance of Alpha Beta Internet Connections at October 31, 20x2, and the related month-end adjustment data. Alpha Beta Internet Connections Trial balance October 31, 20x2 Cash 5300 Accounts receivable 7000 Prepaid rent 4000 S

Figuring out Cash Balance

Stuck on this problem know that assets - liabilities and that starting cash is $120,000 and 50% of sales from last year would be $300,000 not sure if I came up with the right answer. Gardner incorporated is very excited because sales for his furniture company are expected to double from $600,000 to $1,200,000 next year. Gard

Computing ratios

I am have a difficult time figuring out the ratios for the financial statement of Becker, Becker and Becker. Can you help me with computing these ratios? (See attached file for full problem description) The balance sheet and income statement for Becker, Becker & Becker are presented below: Balance Sheet Assets

Corrected Financial Statements

You have $5,000 to invest. A friend ask you to invest in her company. Here are the, inc. financial statements, which are summarized at the end of the first years as follows: income statement: dec. 31,2004 Revenues: $80,000 Expenses: 60,000 Net income: 20,000 balance sheet: dec. 31,2004

13:1- Balance Sheet Classification of Various Liabilities

1. (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Dep

Need some assistance with a balance sheet

I'm an trying to prepare a balance sheet for this transaction and I need help with this. I have started to work on this problem on my own, but the answers that I came up with don't match and the account don't balance out. So I need a 2nd opinion on what I need to do for this transaction and to create a balance sheet for me so I

Balance Sheet: Effect of error

On June 15, 2003 Greer Corporation accepted delivery of merchandise which it purchased on account. As of June 30 Greer had not recorded the transaction or included the merchandise in its inventory. The effect of this error on its balance sheet for June 30, 2003 would be a. assets and stockholders' equity were overstated but

Accounting what do numbers mean?

1. Identify accounts by category and financial statement(s). Listed here are a number of financial statement captions. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the item can usually be found. Use the following abbreviations: Category

Financial Statements for Panaka Company

I can't seem to get this to balance properly and I don't know what I'm leaving out. Please HELP! I don't have much instruction from my teacher and I feel like I'm teaching this stuff to myself. Although I'm catching on to it a little better, there are still some things that I get confused on. Thanks! (See attached file for fu

Reading Financial Statements for Berkshire

Looking for some general guidelines or direction as to how to determine the following: With regards to Berkshire Hathaway, Inc.(, to identify the firm's most recent long-term financing decision (e.g., debt, IPO, seasoned equity offering, secondary offering) and analyze the economic, business, and com

Analyzing Financial Statements Reports

3 multiple choice questions on vertical & horizontal analysis. Multiple Choice: 1. When vertical analysis is performed: a. Ratios are used to detect fraud. b. Changes in significant balance totals are examined. c. Financial statement balances are converted to percentages d. Total revenues are compared to total ex

Financial management

The Merriam Company has determined that its return on equity is 15 percent. Management is interested in the various components that went into this calculation. You are given the following information: total debt/total assets = 0.35 and total assets turnover = 2.8. What is the profit margin?


7. NewBank started its first day of operations with $6 million in capitol. $100 million in checkable deposits received. The bank issues a $25 million commercial loan and another $25 million in mortgages, with the following terms: Mortgages: 100 standard 30-year fixed-rate mortgages with a nominal annual rate of 5.25% each for

Balance Sheet LT Ch5, Problem 3

(Balance Sheet Adjustment and Preparation) The adjusted trial balance of Side Kicks Company and other related information for the year 2004 is presented below. Chapter 5 SIDE KICKS COMPANY ADJUSTED TRIAL BALANCE

GAAP and Financial Statement Preparation

R&R Equipment Company is preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, R&R received a shipment of inventory but has not paid for it. The invoice indicates that R&R owes $5,000 for the purchase. The owner of R&R, Randy Ray, has decided to omit this asset and th

Analyzing Financial statements

(See attached file for full problem description) --- Microsoft develops, manufactures, licenses, sells, and supports a wide range of software products, including operating systems for personal computers (PGs) and servers; server applications for client/server environments; business and consumer productivity applications; sof

Analyzing Financial statements

Need help on the follow problems in the attached file. --- What is the return on assets ratio for 2006? What is the current ratio for 2006? What are the accounts receivable turn over for 2006? What is the inventory turnover for 2006 (how many times?) What is the long-term debt to assets for 2006? ---

MBA Financial Statement Analysis

I need to find the following information for Cissco and their competitors and do the questions below: Net operating profit (NOPAT) margin and net operating asset (NOA) turnover for several selected companies for 2005 follow: Company NOA Turnover NOPAT Margin Albertsons, Inc 3.59

Financial statements and ratios

I am looking for American airlines current ratio. Return on sales Eeturn on sales Earming per share Debt Ratio price earnings ratio and state the company solvency, liquidity and profitability

Need help with Financial Statement analysis

Attached is Cisco 10k for FY05 Q1. P. 71 - What is the potential impact of Warranties on Cisco's FY05 statements - Warranties are a part of their Cost of Sales. I.E. Cisco should have stated gross margins of x higher than expected because they had an allowance of $411m for Warranties and only used $236m? I need some help