Balance sheet and a statement of cash flows

Assignment Help Managerial Accounting
Reference no: EM13509447

At the beginning of 2012, the Jeater Company had the following balances in its accounts:Cash $4,300Inventory 9,000Common Stock 10,000Retained Earnings 3,300During 2012, the economy experienced the following events:

1. Purchased inventory that cost $2,200 on account from Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point . Freight costs of $110 were paid in cash.

2. Returned $200 of the inventory that it had purchased because the inventory was damaged in transit. The freight company agreed to pay the return freight cost.

3. Paid the amount due on its accounts payable to blue company within the cash discount period.

4. Sold inventory that had cost $3,000 for $5,500 on account under terms 2/10 n/45

5. Received merchandise returned from a customer . The merchandise originally cost $400 and was sold to the customer for $710 cash during the previous accounting period. the coustomer was paid $710 cash for the returned merchandise.

6. Delivered goods FOB destination in event 4. Freight cost of $60 were paid in cash.

7. Collected the amount due on the account receivable within the discount period.

8. Took a physical count indicating that $7,970 of inventory was on hand at the end of the accounting period.

A. Identify these events as asset source (as) asset use (ua) asset exchange (ae) or claims exchange (ce)

B. Record each event in a statements model like the following one.balance sheet income statement[event] assets = liab. = equity rev.-exp.= net inc. [statement of cash flows]cash +accts. rec + mdse.inv = accts pay. + ret earn.

c. Prepare an income statement, a statement of changes in stockholders equity, a balance sheet and a statement of cash flows.

Reference no: EM13509447

What will the cash flows for this project be

The truck will have no effect on revenues, but it is expected to save the firm $20,300 per year in before-tax operating costs, mainly labor - The firm's marginal tax rate is

Should tan use the new material

Tan's designers have determined that adding a different type of material to the existing diect materials would result in no defective units being produced, but it would incr

Evaluate the break-even point in total sales dollars

Compute the break-even point in total sales dollars and in units for 2014 and paul was a marketing major in college. He believes that sales volume can be increased only by in

Calculating internal rate of return

Calculate the net present value, go to the Function Wizard. The function you are going to use is in the function category of FINANCIAL and is NPV and calculating Internal R

Would drypool be better off financially by switching

Given the preceding information, would DryPool be better off financially by switching to the environmentally friendly dye? Assume DryPool chooses to be environmentally respons

Determining cost of asset

Northeast Logging Co. of $120,000. The seller agreed to allow a 5 percent discount because Northeast paid cash. Determine the amount to be capatilized in an asset account for

Pros and cons of awarding managerial bonuses

Discuss the pros and cons of awarding managerial bonuses based on budgeted cost targets. Specifically, what are some ways that the manager could ensure him or herself a bonu

The production involves a two-stage process

The production involves a two-stage process. Stage 1 Moulding Process involves melting raw plastic resins and mixing them with colour pigments. The heated mixture is then inje

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd