Need help preparing the income statement and in estimating the cash from operations.
I am having problems with developing the income statement and with determining departmental profitability.
Last year, SOS a service company had sales of $820,000 and collected $700,000 cash from its sales; its customers still owed SOS $120,000 at the end of the year. Total Operating Expenses for the year were $620,000 including $90,000 of Depreciation Expense. All expenses, except depreciation was paid in cash. Please ignore
What types of questions are answered by the income statements and the balance sheets?
Hello, Could someone help me with this. I have half done but got confussed. Please see the attached document. Thanks! The questions are as follows: 1) Prepare a projected income statement for Metropolitan News for the 20X3-X4 fiscal year using a format that shows the total variable costs and total fixed costs for the new
Prepare bank statement, calculate cost of goods sold and other income statement accounts
Prepare contribution margin income statements at those volume levels. Compute West Coast's monthly operating income or operating loss if revenues are $500,000 and if they are $800,000. 1. Compute revenue and variable expenses for each cruise. 2. Use the income statement equation approach to compute the number of cruises th
This management accounting problem explores absorption costing in a manufacturing setting. From the data that follow from a fictitious manufacturing example, develop a Cost of Goods Manufactured Summary and a brief Absorption Costing Income Statement. Data Sales: 50,000 units @ $20/unit Actual Costs: Manufacturing
Prepare income statement Part B Pumpkin Inc. has two departments, X and Y. A recent monthly income statement for the company follows: Department X Y Total Sales 3,000,000 2,000,000 5,000,000 Less Variable Costs 1,100,000 900,000 2,000,000 Contribution Margin 1,900,000 1,100,00
The Water Fun Store is a retailer of water sports products for backyard swimming pools. During August, the firm had the following operating activities: Date Event Aug. 1 Bought $5000 of goods for resale from Pinetree Wholesalers on credit 5 Paid $450 to the local newspaper for advertising that ran during July. 6 Paid $
In May of 2000 you graduated from Florida State and moved back home to Geneva. After a summer of fruitless interviewing you decided to start your own business. You have a degree in marine biology. Thus, in the fall of 2000 you became a fish farmer. You were aware of the demand for Salmon to supermarkets and restaurants. You were
Please help with the following problem involving financial accounting and bookkeeping. Company A provides warranties for many of its products. The January 1, 2002 balance of an estimated warranty liability account was 26,700. Based on an analysis of warranty claims during the past several years, this year's warranty provisio