Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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-
58,000
Store Equipment
33,000
650,000
Miscellaneous Selling Expense
18,000
Office Salaries Expense
540,000
87,500
Rent Expense
48,000
Accounts Payable
48,500
Insurance Expense
24,000
Salaries Payable
4,000
Note Payable
(final payment due 2032)
140,000
Office Supplies Expense
Capital Stock
50,000
Miscellaneous Administrative Exp.
6,000
Retained Earnings
381,000
Interest Expense
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.
on 1st january abc company issued 1000000 5 year 12 percent bonds for 1037690. if the bonds pay interest on june 30 and
Prepare separate entries for each transaction on the books of Rebecca Company and prepare separate entries for each transaction for Clinton Company
capital assets please respond to the subsequentfrom the second e-activity examine the purpose for the issuance of
prepare a statement of cash flows using the indirect method for the windsor corp for the year
What combinations of analytical and statistical process will be applied to the data and which of these will allow me to accept or reject my hypotheses?
Prepare the necessary adjusting entry for inventory and prepare the necessary closing entries
Each shareholder owns some other depreciated business properties that they could give to the corporation as a contribution to capital approximately 20 months before they formally develop their plan of liquidation and liquidate the corporation.
Proceeds from expected equipment sales each year are expected to amount to $10000. Annual payments of $81171 on the loan also begin in 2010. The beginning cash balance in 2010 was $20000.
What is the average inventory if the EOQ is used, what is the optimal number of orders per year
There were no other errors or corrections. Ignore any tax considerations - evaluate the total net effect of errors on Mystical's 2013 net income?
Plant and equipment necessary to establish the giftware business will require an additional investment of $200,000 - What is the net present value of the project?
Prepare the bank reconciliation for Winchester's Healthcare at August 31, 2012 and journalize any required entries from the bank reconciliation. Include an explanation for each entry.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd