Prepare an income statement for the company in good format. Also, explain the adjustments separately. However, you need to consider some additional information. 1. One client had indicated that they were interested in purchasing $35,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not
-One client had indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase. -The bookkeeper may have made a mistake when computing cost of good sold. She included total production costs for 2011 and did
Jan Lorange manages Poppa Rollo's Pizza, which has prospered during its second year of operation. In order to help her decide whether to open another pizzeria, Lorange has prepared the current income statement of the business. Lorange read in an industry trade journal that a successful two-year-old pizzeria meets the following c
Below find a working trial balance for Smith Company. Smith Company 31-Dec-12 Trial Balance (accounts in alphabetical order) Debit Credit Accounts payable 67,000 Accounts receivable 24,500 Cash 16,700 Common stock 10,000 Depreciation expense 24,350 C
Case of cans sells for $50. Variable standard costs of production for one case of cans are: Direct material....$15 Direct labour....5 Variable manufacturing overhead ....12 total variable manufacturing cost per case ....$32 Variable selling and admin costs amount to $1 per case. Budgeted fixed manufacturing overhead is $800
Please see attachment for question. Summary of study question: Deere recognizes income at the time of shipment to dealer. Provisions are made at the time of the sale. A time lag exists between recording sales and the dealer sells equipment to the customers. Deere uses the installment method for tax reporting. Deere provide
The following costs result from the production and sale of 4,000 drum sets manufactured by Vince Drum Company for the year ended December 31, 2011. The drum sets sell for $250 each. The company has a 25% income tax rate. Variable production costs Plastic for casing............................................$
Can you give me an example of a flexible budget at three levels for the income statement?
Prepare an Income AND a Cash Flow Statement for the following: Data Block Investments Quanty Unit Price Total Working Capital Loan Batteries 100 $5,000 $500,000 Year Intrest Bal Chargers 25 $2,500 $62,500 $500,000 Transfer Machines 5 $7
1. Calculate Earned Revenues Big Blue University has a fiscal year that ends on June 30. 2009 Summer Session of the university runs seven weeks from June 9 through July 28. Total tuition paid by students for the summer session amount to $1.4 million. a. How much revenue should be reflected in fiscal year ended June 30, 200
Wingate Company, a wholesale distributor of videotapes, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement, which follows: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000 Variable expenses . . . . . . . . . . . . . . . . .
The income statement in the traditional reporting format for Green Products, Inc., for the year ended December 31, is as follows: Green Product Inc. Income Statement (For the Year Ended Dec 31): Sales $296,400 Cost of goods sold $112,750 -------------------------------------- Gross Margin
Suppose the corporate income tax were eliminated and corporate income allocated to shareholders on a pro rata basis according to their proportion of outstanding stock. How would such a change in tax policy affect the excess burden and incidence of the tax, assuming that all forms of investment income are included in a comprehensive income tax base?
Suppose the corporate income tax were eliminated and corporate income allocated to shareholders on a pro rata basis according to their proportion of outstanding stock. How would such a change in tax policy affect the excess burden and incidence of the tax, assuming that all forms of investment income are included in a comprehens
Accounting problem converting a balance statement and income statement into a statement of cash flows to answer questions. Charlie Wi Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Beginning Balance Ending Balance Assets: Cash and cash equivalents $39.00 $31.00 Accounts re
Jo builds and sells boats using component parts purchased from a supplier and assembled and painted in Jo's factory. The boats sell for $1,200 each. Component parts cost $400 per boat, and each boat requires 12 labor hours to assemble at a cost of $14 per hour. Jo's factory is rented for $2,000 per month, which includes utili
Activity Activity Estimated Expected Cost Pool Measure OH Cost Activity Machining Machine-hours $180,000 1,000 Purchase orders Number of orders 90,000 600 Parts management Number of parts types 60,000 300 Testing Number of tests 150,000 250 General factory Direct labor-hours 280,000 20,000
Please see the attached files. Problem 10.1A Fifteen transactions or events affecting Computer Specialists, Inc., are as follows: a. Made a year-end adjusting entry to accrue interest on a note payable. b. A liability classified for several years as long-term becomes due within the next 12 months. c. Recorded the regu
Pro-forma income statement & financial ratios Calcor Company has been a wholesale distributor of automobile parts for domestic automakers for 20 years. Calcor has suffered through the recent slump in the domestic auto industry, and its performance has not rebounded to the levels of the industry as a whole. Calcor's singl
Travelers Aids most recent income statement. sales - 3,000 units total-$90.000 Per unit $30.00 variable expenses 54,000 18.00 contribution margin 36,000 12.00 fixed expenses 22,000 net operating income 14,000 Prepare a new
Robert's Corp., which began business at the start of the current year, had the following data: Planned and actual production: 40,000 units Sales: 37,0000 units at $ 15 per unit Production costs: Variable: $ 4 per unit Fixed: $ 260,000 Selling and administrative costs: Baria ble: $ 1 per unit Fixed: 4 32,000 1) What is the gros
Must answer the following as a Word document and having a hard time starting to put things together: Larimer Industries is a division of Widgetco, a diversified manufacturer whose divisions are profit centers. Larimer makes a single product, X47, in its plant, which has a capacity of 18,000 units/month. At the normal volume
C-22 EZ Manufacturing Company: calculate each partner's share in net income, effect to tax returns, prepare statement of partners' equity
EZ Manufacturing Company is a partnership among Yolando Gonzales, Willie Todd and Linda Yeager. The partnership contract states that partnership profits will be split equally among three partners. During the current year Gonzales withdrew $25,000, Todd withdrew $23,000 and Yeager withdrew $30,000. Net income of E-Z manufactur
Can you help me get started on this assignment? A proposed expansion in a company's Pac Rim division (see attached for more details) will increase average operating assets in the region to $12 million in FY11 from $11 million in FY10. Operating expenses, all in sales and marketing, also increase in the region by $475K in FY1
Please advise me on how to do the following problem: If a new division is created in a company (see attached for financials) then the headcount and related costs for this new division (research and development, sales and marketing) are projected to amount to $4.5 million. Using this and the data provided, prepare the budgeted
Shown below is an income statement in the traditional format for a firm with a sales volume of 20,000 units. Revenues $160,000 Cost of goods sold ($16,000 + $3.20/unit) 80,000 Gross profit $80,000 Operating expenses: Selling ($4,500 + $1.40/unit) 32,500 Administration ($7,500 + $1.00/unit) 27,500 Operatin
22-6A - This year Cairo Company sold 35,000 units of its only product for $16 per unit. Manufacturing and selling the product required $120,000 of fixed manufacturing costs and $180,000 of fixed selling and administrative costs. Its per unit variable costs follow. Material......................................................
Evaluate the elements of a typical income statement and explain which is most likely to present challenges and why. 2. Compare and contrast the use of income statements and balance sheets. 3. Explain the relationship between a statement of cash flow and working capital. 4. Recommend a one change that would make income statements, balance sheets or statement of cash flows more useful.
Need help with the following questions with references. Need at least two paragraphs per question. 1. Evaluate the elements of a typical income statement and explain which is most likely to present challenges and why. 2. Compare and contrast the use of income statements and balance sheets. 3. Explain the relationship
1. Molly's Auto Detailers maintains its records on the cash basis. During 2011, Molly's collected $72,000 from customers and paid $21,000 in expenses. Depreciation expense of $5,000 would have been recorded on the accrual basis. Over the course of the year, accounts receivable increased $4,000, prepaid expenses decreased $2,000,
In her preliminary review of the Income Statement printed from the company's computer accounting software, the controller of ACME Corp. notices an unexpected increase in the Supplies Expense. In order to determine what transactions comprised the balance of the Supplies Expense account, which of the following should the controller examine first? 1. The Check Register 2. The Accounts Payable Journal 3. The Trial Balance 4. The General Ledger
In her preliminary review of the Income Statement printed from the company's computer accounting software, the controller of ACME Corp. notices an unexpected increase in the Supplies Expense. In order to determine what transactions comprised the balance of the Supplies Expense account, which of the following should the controlle
Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year is presented below: Units in beginning inventory 0 Units produced 9,000 Units sold 7,000