How report-form and account-form balance sheets differ

Assignment Help Cost Accounting
Reference no: EM13555732

Multiple-step income statement and report form of balance sheet

The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2014:

Cash

$ 92,000

Sales

$9,175,000

Accounts Receivable

450,000

Sales Returns and Allowances

160,000

Merchandise Inventory

375,000

Sales Discounts

90,000

Office Supplies

10,000

Cost of Merchandise Sold

5,620,000

Prepaid Insurance

12,000

Sales Salaries Expense

850,000

Office Equipment

220,000

Advertising Expense

420,000

Accumulated Depreciation-


Depreciation Expense-


Office Equipment

58,000

Store Equipment

33,000

Store Equipment

650,000

Miscellaneous Selling Expense

18,000

Accumulated Depreciation-


Office Salaries Expense

540,000

Store Equipment

87,500

Rent Expense

48,000

Accounts Payable

48,500

Insurance Expense

24,000

Salaries Payable

4,000

Depreciation Expense-


Note Payable


Office Equipment

10,000

(final payment due 2032)

140,000

Office Supplies Expense

4,000

Capital Stock

50,000

Miscellaneous Administrative Exp.

6,000

Retained Earnings

381,000

Interest Expense

12,000

Dividends

300,000



Instructions

1. Prepare a multiple-step income statement.

2. Prepare a retained earnings statement.

3. Prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000.

4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.

Reference no: EM13555732

Questions Cloud

Explain the expression for kp in terms of kc : Consider the gaseous reaction COCl2(g) CO(g) + Cl2(g) . What is the expression for Kp in terms of Kc
Expectations of the event planners : Expectations of the event planners, client, attendees, and other stakeholders. What are their goals? Then, review how you will meet those goals.
Determine what is the static frictional force : A block of mass 2.0 kg rests on a horizontal surface. The coefficient of static friction between the block and the surface is 0.30. What is the static frictional force
Statements about a neutral atom : Which statements about a neutral atom are correct?
How report-form and account-form balance sheets differ : Prepare a retained earnings statement - prepare a report form of balance sheet, assuming that the current portion of the note payable is $7,000.
What is the final displacement and direction from base camp : A hiker moves from base camp a distance of 1250 m due East, then another 845 m in a direction 60.0 degrees North of East. What is the final displacement and direction from base camp
The alkyl or aromatic halide and any other organic reagents : How would you make 2-phenyl-2-butanol via a grignard reagent, beginning with any alkyl or aromatic halide and any other organic or inorganic reagents.
Find which container appears to have the greater depth : two identical containers are filled to equal depths. one is filled with corn syrup (n=1.48), the other with ethyl alcohol (n=1.36). which container appears to have the greater depth
Determine the kinetic energy dissipated in the collision : A 5-kilogram ball intially rests at the edge of a 2-meter-long,1.2-meter-high frictionless table, as shown above. A hard plasticcube of mass 0.5 kilogram slides across the table at a speed of 26meters per second and strakes the ball, causing the b..

Reviews

Write a Review

Cost Accounting Questions & Answers

  Develop a break even analysis

How does the firm use "Cost-Volume-Profit Analysis" to assess performance? How would you use such a system to measure how costs change as production changes? How do you develop a "break even analysis" for a given firm and how would you use it?

  Describe each transaction that occurred for the month

Describe each transaction that occurred for the month and determine how much owner's equity increased for the month.

  Question instructions you have been asked to comment on the

question instructions you have been asked to comment on the accounting treatment for various independent transactions

  Evaluate the total of each production cost

Evaluate the total of each production cost incurred for April (direct materials, direct labor, and applied overhead), and the total cost related to each job (including the balances from 31 st March).

  Compute the overstatement or understatement

Compute the overstatement or understatement in the items immediately after purchasing the equipment

  Use the process of net present value

The tax rate is 33 percent and the discount rate is 24 percent- hich system should the firm choose and why - Use the process of net present value to determine answer.

  Compute the cost per unit of the fin-x and sci-x models

Vermont Instruments uses operations costing and assigns conversion costs based on the number of units assembled. Compute the cost per unit of the Fin-X and Sci-X models for June.

  Ethical behavior when he turned down the investment

Evaluate the effect that the new product line would have on the profitability of firm as a whole. Should division have produced crimping and waving iron?

  What is the total cost to be accounted for

Base your answer on the data from Paxton, Inc. for March.  Paxton uses the average costing method.

  Smith-jones company a us based corporation owns 100 percent

smith-jones company a us based corporation owns 100 percent of joal sa located in guadalajara mexico. joal manufactures

  The income statement for menage industries for 2011 is as

the income statement for menage industries for 2011 is as follows.menage industries incomestatementfor yearended31

  Prepare journal entries to record the gross price method

Prepare journal entries to record the preceding information using the gross price method

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