4. Tall Company buys all of the outstanding stock of Small Company on November 1, Year One for $500,000 and is now preparing consolidated financial statements at the end of Year One. Small earned revenues of $10,000 per month during Year One along with expenses of $8,000 per month. On November 1, Year One, Small had only one as
Textbook: Financial Accounting - Libby, Libby, and Short Cougar Plastics company has been operating for 3 years. At December 31, 2011, the accounting records reflected the following: Cash $19,000 Investments (short-term) $2,000 Accounts receivable $3
You are the CEO of newly created camera company. 1. What would be your vision statement and how would you craft your vision statement. 2. What would be your mission statement and how would you craft your mission statement.
You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points. Please see Excel attachment. A. Explain the following: 1. The elements of the balance sheet, their purposes, and how to me
The attached MS Excel spreadsheet contains an analysis of the financial data of S&M Manufacturing. Please view the attachment and answer the following questions: a. How much cash and near cash does S&M have at year-end 2012? b. What was the original cost of all of the firm's real property that is currently owned? c. How
The partially completed 2012 balance sheet and income statement for Challenge Industries are given below. Also provided are selected ratio values for the firm based on its completed 2012 Financial statements. Use the ratios along with the partially completed statements to create completed financial statements for the organizatio
Bears, Inc. has a book value of equity is $25.9 million dollars. Below is information about Bears and a peer group of companies. Market Cap (millions) PB(current) 5 year Historical Growth Rate ROE Debt-to-Equity ratio Bears, Inc.
Kohl's Corp. lists the following table in its 2011 Annual Report: In millions 2011 2010 2009 Net sales $18,804 $18,391 $17,178 Number of stores open at end of period 1,127 1,089 1,058 Sales growth: All stores 2.2% 7.1% 4.8% Comparable stores 0.5% 4.4% 0.4% Net sales per selling square foot $220 $222 $217 Requ
To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income s
The balance sheet and income statement shown below are for Kryloc Inc. You will find that the firm has no amortization charges. It also does not lease any assets and none of its debt must be retired during the next 5 years. The notes payable will be rolled over. Balance Sheet (Millions of $) Assets 2010 Cash and securi
Scenario: The following events took place for Salsa Inc. during October 2012, the first month of operations as a producer of road bikes: • Purchased $400,300 of materials. • Used $344,300 of direct materials in production. • Incurred $296,000 of direct labor wages. • Applied factory overhead at a rate of 75% of d
Explain how the concepts of liquidity, depreciability, marketability, and controllability apply to the following collateral: - A dentist's accounts receivable - A candy manufacturer's inventory - A publisher's printing press
Provide some pointers on the following: 1. On Feb 15, 2011, this company (attached) filed bankruptcy. I need to find 3 things on the December 31, 2011 financial statements that indicate the company financial problems. 2. Company is currently reorganizing under bankruptcy court protection. Is there anything on the financial
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). Personal injury claim pending. f). Unpaid bonus to officers. g). Depo
Respond to each of the 3 questions with an in-depth answer and provide APA citations and sources. 1. What benefits are gained from research, planning, and the analysis of financial statements? Include sources and citing in APA format for each response. 2. Should managers recommend business alternatives based on financial a
1. Prepare a contribution income statement and an absorption income statement. If you are in doubt any cost behavior pattern, decide on the basis of whether the total cost in question will fluctuate substantially over a wide range of volume. Prepare a separate supporting schedule of indirect manufacturing costs subdivided
Extreme Sport, Inc. uses the allowance method to account for bad debits. During 2010, the company recorded $560,000 in credit sales. At the end of 2010 and before adjustments, account balances were accounts receivable $180,00, and allowance for uncollectable accounts ($900), If bad debt expense is estimated to be 3% of credit
A company started the year with accounts receivable of $15,00 and an allowance for uncollectable accounts of $(1,500). During the year, sales (all account) were $110,000 and cash collections for sales amounted to $105,000. Also, $1,000 worth of uncollectable accounts were specifically identified and written off. Then, at year
What types of information do common size financial statements reveal about an organization? What is the best use for these common size statements? What purpose do common base year statements have? When would you use them?
Using your own words, define a "value statement". Discuss how you have incorporated value statements into your resume. Provide two examples of value statements you have developed for your resume.
Find a vision statement that you feel provides an engaging picture of the future of an organization of your choice and has enough detail that others can relate to it in a meaningful way. In a paper explain Explain the difference between a vision statement and a mission statement. Explain how the vision statement you ch
Discuss the relationship between the income statement, balance sheet, and statement of cash.
Andover Consulting, Inc. at March 31, 2012, during the year Lori Andover, the only stockholder, bought $10,200 in the business. 1. Identify each as an asset, liability, revenue or expense. Office Furniture A Utilities Expense E A/P L N/P L Service Revenue R A/R A Supplies Expense E Rent Expense E Cash A Of
Please provide a solution in Word doc. Grater Inc. sells product A and product B. Revenue and cost information relating to the products follow: (Please see the attached file). Common fixed expenses in the company total $390,000 annually. Last year the company produced and sold 10,000 of Product A and 15,000 of Product B
There are two main parts to this case. Please make sure this paper is well organized and covers all of the items below. Part I. Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes? Explain the difference between a product and period expense. Discuss the
Part I. Discuss the terms listed below. Explain why these concepts are important to financial statements. - Generally Accepted Accounting Principles (US GAAP); - International Accounting Standards (IFRS); - Securities and Exchange Commission (SEC); - Public Company Accounting Oversight Board (PCAOB); - Annual rep
Please help with these two questions, I found information on the internet, however its not clear. Looking for a paragraph each. Discuss why it is just as important to analyze financial statements as it is to prepare them. Discuss how business owners and leaders can use financial statement ratios to make decisions.
Please see attachment and solve: Problem 13 - only c, d, e Problem 14 - only c, d, e Problem 15
Calculation of financial statement ratios: Please look at the selected year-end financial statements of McCord Corporation. Note: All sales are on credit, selected balance sheet amounts for December 31, 2010 were inventory at $32,400, total assets at $182,400, common stock at $90,000, and retained earnings at $31,300. Mc
Harper Company lends Hewell Company $40,000 on March 1st, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31st. What adjusting entry should be made before the financial statements can be prepared?