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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into transactions. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 1. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner’s equity, and a balance sheet. If you didn’t complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner’s equity, and a balance sheet. Be sure to read the instructions above each statement carefully. 2. A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in Cengage NOW. 3. Prepare a post-closing trial balance.
determining the cost of the product under absorption and variable costing methods.variable costing problem your company
In 2015, Dick, Evan, and Fran form Triton Corporation. Dick contributes land (a capital asset) having a $50,000 FMV in exchange for 50 shares of Triton stock. He purchased the land in 2013 for $60,000. What is Dick's basis in his Triton shares? When ..
Compute net cash provided by operating activities under the direct method. Prepare a statement of cash flows using the indirect method.
How do external analysts approach FSA in comparison to internal analysts? Why do these differences exist?
Calculate the receivables turnover ratio and average collection period for 2009. (Use ?oNet Product Sales.?? Assume all sales were credit sales.)
What is the crossover rate, and what is its significance - Assume that the project has average risk. Find the project's expected NPV.
What do you mean by the break-even point? Anu has decided that unless the operation can earn at least $43,750 in operating profits, she will close it down. What number of tickets must be sold for anus amusements to make a $43,750 operating profit f..
Sawaya Company had depreciation and amortization expenses of $522,311, interest expenses of $114,077, and an EBITDA of $1,521,087 for the year ended June 30, 2010. What is the Times Interest Earned for this company?
Explain how does the accounting for normal spoilage and rework differ from the accounting for abnormal spoilage and rework?
For the analysis of financial position, compute McDonough Products' (a) Current ratio and (b) Debt ratio. Compare these ratios with the industry averages. Is McDonough Products' financial position better or worse than the average for the industry?
Davis Consulting provides consulting services at an average price of $175 per hour and incurs variable costs of $100 per hour. Assume average fixed costs are $5,250 a month. Davis has developed new software that will revolutionize billing for compani..
What is the breakeven number of participants that must attend the seminar if a $200 fee is charged to each attendee?
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