User Account

All Pages

Prepare a statement of retained earnings for the year ended

Assignment Help Financial Accounting
Reference no: EM13893820

The Income Statement and Balance Sheet columns of Omega Company's work sheet are shown bellow.

Additional information needed to prepare the financial statements is as follows:

Materials inventory, January 1 ........................................

$    4,820

Work in process inventory, January 1 .............................

7,535

Finished goods inventory, January 1 ...............................

20,345

Materials purchases .........................................................

167,060

Direct labor ......................................................................

97,500

Actual factory overhead...................................................

104,300

Indirect materials charged to production .........................

3,800

Required:

1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--.

2. Prepare a statement of retained earnings for the year ended December 31, 20--.

3. Prepare a balance sheet as of December 31, 20--.

Reference no: EM13893820

Questions Cloud

Determining the expected profits over the life : The company is in a 35% tax bracket. Which system should be selected if they both help produce the same expected profits over the life of the investment?
What would his total ordering cost be for the year : Mark Achin sells 3,600 electric motors each year. The cost of these is $200 each, and demand is constant throughout the year. The cost of placing an order is $40, while the holding cost is $20 per unit per year.
Describe common core state standards : Common Core State Standards
Question regarding the straight line depreciation : System A will generate about $10,000 income and system B will generate about $9,000. Each system will be depreciated using straight line depreciation over their respective lives and company is in a 30% tax bracket. Which system should you choose?
Prepare a statement of retained earnings for the year ended : Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. Prepare a statement of retained earnings for the year ended December 31, 20--.
Describe one contributing factor to mass extinction : Describe 2 of the following 3 terms and give an example of each (include the example and the organism to which it belongs): homologous structures, analogous structures, vestigial structures
Explain how shared theme of uncertain vision is treated : As in Oedipus the King, a major theme in Othello is man's inability to reliably distinguish between what seems to be and what actually - Explain how shared theme of "uncertain vision" is treated somewhat differently in Othello than it is in Oedipus..
Calculate the present worth : Draw the cash flow diagram for this problem. Calculate the Present Worth (PW) at 10% interest. Calculate the Future Worth (FW) at 10% interest.
Prepare closing journal entries for thompson company : Data for the closing entries of Thompson Company are shown below. Prepare closing journal entries for Thompson Company for the year ended December 31.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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