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Complete the following exercise. Fill in the Excel spreadsheet provided via the link at the bottom of the page to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c.
Administrative Expenses
$ 70,000
Finished Goods Inventory January 1, 20X3
$120,000
Cost of Goods Manufactured during the year
$200,000
Finished Goods Inventory December 31, 20X3
$ 60,000
Selling Expenses
$ 40,000
Sales
$680,000
Required:
Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20X3. (Assume a 30% income tax.)
Provide at least three performance ratios regarding Superior Manufacturing Company, and comment on the company's performance.
Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.
Using information from this chapter and earlier give examples of accounting topics on which there are major differences between two national accounting systems or between a national system and IFRS.
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