User Account

All Pages

You are an accountant for the flower shoppe your supervisor

Assignment Help Financial Accounting
Reference no: EM13379590

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.

The Flower Shoppe

Adjusted Trial Balance

December 31, 2008

Debit

Credit
Cash

$22,750
Accounts Receivable

3,200
Inventory

8,000
Land

27,000
Building

56,000
Accumulated Depreciation

16,800
Accounts Payable

4,600
Accrued Expenses

2,500
Common Stock

20,000
Additional Paid-in Capital

10,000
Dividends

1,200
Retained Earnings

53,405
Sales

112,020
Returns

1,300
Purchases

47,000
Salaries

38,000
Supplies

870
Utilities

5,225
Telephone

2,850
Bank Charges

330
Depreciation Expense

5,600

$219,325

$219,325

Reference no: EM13379590

Questions Cloud

Your companys accounts payable clerk is asked to fill in : your companys accounts payable clerk is asked to fill in for your accounts receivable clerk. many things look
A friend of yours who is not an accountant heard a story on : a friend of yours who is not an accountant heard a story on the news about revenue recognition fraud and doesnt
Smith a certified public accounting firm was engaged to : smith a certified public accounting firm was engaged to audit the financial statements of the sky-is-the-limit company.
A friend of yours works at a large corporation and listens : a friend of yours works at a large corporation and listens to the stock reports regularly. your friend asks you i
You are an accountant for the flower shoppe your supervisor : you are an accountant for the flower shoppe. your supervisor has asked you to help her prepare the year-end financial
You have met with a potential client who informs you that : you have met with a potential client who informs you that all the employees and officers of his company are bonded. for
Human rights groups environmental activists and other : human rights groups environmental activists and other interest groups concerned with unethical business practices have
We have grown a lot and done well in the past three years : we have grown a lot and done well in the past three years. most of our shoes are hand made using very little in the way
A company make 4 defferent product product a sales in units : a company make 4 defferent product .product a sales in units 10000.selling price per unit20.variable cost1400product b

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what is state pollution remediation obligation

List all non-major enterprise funds. How many miles of state highway were reported as of June 30, 2011? Illustrate what is the state's pollution remediation obligation as of June 30, 2011?

  Illustrate what should campbell record as net deferred tax

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2012. Illustrate what should Campbell record as net deferred tax asset

  Mate boomerang corporation manufactures and sells plastic

mate boomerang corporation manufactures and sells plastic boomerangs. expected boomerang sales in units for the

  Revenue recognition pattern

Explain in basic terms the main concern to be addressed in determining the appropriate revenue recognition pattern.

  Answer following question1 what are the several fields of

answer following question1. what are the several fields of accounting and how do they differ?2. how are expenses and

  Elucidate why the firm should or should not undertake

A firm contemplating an advertising campaign that promises to yield $120 one year from now for $100 spent now. Elucidate why the firm should or should not undertake the advertising campaign. apply the concept of the present value.

  Question bos gym is a total fitness center owner bo

question bos gym is a total fitness center. owner bo sanderson employs different fitness trainers who are expected to

  Write a short paragraph explaining to yolanda

Was Yolanda correct in assuming that an error had been made? Defend your position and check the passbook you have received from your bank. Has the bank also increased your bank balance by crediting your account?

  Provide the entry for the issuance assuming the par value

Provide the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for ..

  Six column form of presentation of financial statementsthe

six column form of presentation of financial statements.the following 6-column table for bullseye ranges includes the

  Why is impact of increased production on fixed cost per unit

Prepare in good form a statement of cost of goods manufactured for the month ended April 30 th and determine whether the following exhibit variable, fixed or mixed cost behavior.

  Illustrate what is the approximate value of the inventory

the company made purchases of $330,000 and had sales of $720,000. Assuming the rate of gross profit to selling price is 40%, illustrate what is the approximate value of the inventory that was destroyed?

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