User Account

All Pages

Explain the elements of the balance sheet

Assignment Help Cost Accounting
Reference no: EM13495956

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.

  1. Explain the following:
    • The elements of the balance sheet, their purposes, and how to measure them
    • The elements and purpose of the statement of changes in stockholder's equity
  2. Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
    • Balance sheet
    • Income statement
    • Statement of retained earnings
    • Statement of cash flows

The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:

  • Net income for the year ended December 31, 2008 was $10,845.
  • Changes from the prior year's balances included the following:
    • a decrease in accounts receivable of $300.
    • a decrease in inventory of $450.
    • an increase in accounts payable of $250.
    • an decrease in accrued expenses of $100.
  • Land was purchased in April for $3,500.
  • Cash as of January 1, 2008 was $10,105.

 

Reference no: EM13495956

Questions Cloud

Estimate the kinetic energy acquired by a nail : The collision between a hammer and a nail can be considered to be approximately elastic. Estimate the kinetic energy acquired by a 15-g nail
Show the effect on the accounting equation : Investors purchased common stock in APRIL for $1,000 cash.Answer: Assets increased Owners' Equity increased.
Obtain the final speed of both vehicles after the collision : A 815-kg car stopped at an intersection is rear-ended by a 1740-kg truck moving with a speed of 13.0 m/s. find the final speed of both vehicles after the collision
How many hours does it take to completely melt the ice : A 24 ? resistor is frozen in a 0.50 kg block of ice with its two leads exposed. The resistor is then attached to a 9.0 V battery. how many hours does it take to completely melt the ice
Explain the elements of the balance sheet : 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.
What are the values of the two currents : Two long parallel wires are separated by 3.2 mm. The current flowing in one of the wires is twice that in the other wire. what are the values of the two currents
What characteristics of these two industries explain : Explain the key differences between a merchandising and a manufacturing income statement. What characteristics of these two industries explain these differences?
Determine the largest number of bulbs : Some light bulbs are connected in parallel to a 120 V source, Determine the largest number of bulbs, which can be used in this circuit without burning out the fuse
What is the maximum value of the emf : An electric generator contains a coil of N turns of wire, each forming a rectangular loop of area A. What is the maximum value of the emf (?max) produced when the loop is spun at angular speed

Reviews

Write a Review

Cost Accounting Questions & Answers

  Should the ski pro corporation make or buy the bindings

What qualitative factors (that is, issues with vendors, customers, or within the product itself) should the Ski Pro Corporation consider in determining whether they should make or buy the bindings?

  What arguments can be raised to support the politicization

Indicating how the CAP, the APB, and the FASB operated or operate. Cite specific developments that tend to support your answer.

  On 1 july 2010 cherry ltd acquired an item of plant for

on 1 july 2010 cherry ltd acquired an item of plant for 31864. on the same date cherry ltd entered into a lease

  Should the firm purchase the new equipment

How much value will this new equipment create for the firm and at what discount rate will this project break even and should the firm purchase the new equipment?

  Intermediate scenario 1 kathy greenlee interview notes bull

intermediate scenario 1 kathy greenlee interview notes bull kathy is a 53-year-old elementary school teacher. bull

  Amazing glory inc knew a net income of 95000 including

amazing glory inc. knew a net income of 95000 including 20500 in depreciation expense. additional changes from balance

  Questionon january 1 20x9 company a acquired 80 of the

questionon january 1 20x9 company a acquired 80 of the common stock and 60 of the preferred stock of company b for

  Tobi industries wishes to undertake a project that will

tobi industries wishes to undertake a project that will cost r2 500 000. the project has already been evaluated and has

  Analyze a mixed cost using the high-low method

Understand how fixed and variable costs behave and how to use them to predict costs, analyze a mixed cost using the high-low method and prepare an income statement using the contribution format.

  How does each company value its inventory

What is the difference between the 10K, the 10Q and the 8K reports and how does each company value its inventory

  Evaluate return on investment

Supplementary office equipment costing $600 was purchased on credit from Discount Computer Corporation.

  Class of assets could be reported in accordance

State carrying value and whether every asset/ asset class should be amortised. Identify any choice of method permitted for IP Ltd.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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