Make computech balance sheet as at december

Assignment Help Financial Accounting
Reference no: EM132960775

The Martins know that setting up some projected Income Statements are important. They need to look at what the first year of operations might look like and if possible they will need to look at the years thereafter to get an impression of what the long term might look like.

RM Purchases: $132,000* (Raw Material Purchases is a part of COGS)
Sales Salaries: 80,000
Advertising: 3,000
Travel: 2,000
Revenue: 360,000
Financing Costs: 10,000
Office Lease: 13,000
Depreciation: 38,000
Income Taxes: 22,000
Admin Salary: 40,000

A second financial statement that is key to understanding a business is the Balance Sheet. The Martins have estimated the following accounts to be a part of their initial Balance Sheet.

Trade Receivables: $35,000
Cash: 15,000
Short Term Loan: 30,000
Share Capital: 100,000
Long Term Liabilities: 60,000
Property, Plant: 170,000
Prepaid Expenses: 5,000
Yearly LTD Retirement: 5,000
Retained Earnings: 25,000
Accumulated Dep'n: 38,000
Current Payables: 17,000
Inventories: 50,000

Problem 1: With the above accounts, prepare CompuTech's Income Statement for the year ended, December 31, 2021.

Problem 2: With the above accounts, prepare CompuTech's Balance Sheet as at December 31, 2021.

Problem 3: Which of the above accounts are FIXED, and which are VARIABLE?

Problem 4: What is the COGS for the year 2021?

Reference no: EM132960775

Questions Cloud

Leadership and ethical cultures in organizations : What factors are important to grasp about leadership and ethical cultures in organizations? Explain.
Which of the options available to the martins would consider : Which of the options available to the Martins would you consider recommending? Remember to do a NPV calculation, a Payback calculation.
Conduct human resource planning : What constraints do organizations face when they conduct human resource planning? Explain.
What is the romantic view of women : 1. Describe for Chalice, from Ireland, early 8thcentury CE in very specific detail what the artifact looks like.
Make computech balance sheet as at december : Make CompuTech's Balance Sheet as at December 31, 2021. The Martins know that setting up some projected Income Statements are important.
What is the best option for jack from a financial point : What initial salary would Jack need to receive to make him indifferent between attending York University and staying in his current position?
Understanding the importance of data analytics : As your role as an HR Professional, how can you prepare all levels of management for understanding the importance of data analytics for your current and potenti
Find a company that has international operations : Find a company that has international operations. One that you have not selected previously. Compare the domestic/international financial reports
How group formation contribute to high levels of conflict : How group formation contribute to high levels of conflict

Reviews

Write a Review

Financial Accounting Questions & Answers

  What stock dividend should be reported on the statement

The balance in retained earnings at December 31, 2020. What stock dividend should be reported on the statement of cash flows (indirect method) as

  As part of its executive compensation plan

As part of its executive compensation plan, Vertovec Inc. granted 69,000 of its no par common shares to executives, subject to forfeiture if employment is terminated within three years. Compute Vertovec’s basic and diluted earnings per share for the ..

  Compute the net interest cost

2032, 6.50 percent For each bid, compute the net interest cost (NIC) and the true interest cost (TIC). Which bid is more advantageous for the city?

  Diluted earnings per share for the year ended

On December 31, 2015, Berclair Inc. had 600 million shares of common stock and 16 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2016, Berclair purchased 30 million shares of its common stock as tr..

  Provide an overview of your start-up company

Analyze two sources that might be available to provide venture capital for your start-up. Compare and contrast the major advantages and disadvantages .

  Determine the present value-compounded annually

Determine the present value of $67,000 to be received in one year, at 6% compounded annually (rounded to nearest dollar).

  How much should be reported as revenues in current year

$400,000 during the current fiscal year properly chargeable to the grant, how much should be reported as revenues in the current fiscal year? Explain.

  Journalize the entries to record the may transactions

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 84,000 shares issued) $4,200,000 Paid-In Capital in Excess o..

  Prepare the may income statement-contribution margin format

China Imports, Inc., sold 8,000 units in May. Per unit selling price and variable expense were $19 and $11, respectively. Fixed expense incurred for May totaled $48,000. Required: Prepare the May income statement for China Imports, Inc., in the contr..

  What is the bond coupon rate

Suppose a five-year, $1000 bond with annual coupons has a price of $900 and a yield to maturity of 6%. What is the bond's coupon rate?

  Calculate the value of the equity

You are presented with information concerning two companies. Calculate the (1) value of their equity and (2) the total market value of the company.

  Compute the rental cost for each full month

Compute the rental cost for each full month and identify and analyze the effect of the transaction for the payment of rent on September 1.

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