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Problem - The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7:
Cash
$92,000
Accounts Receivable
450,000
Inventory
370,000
Estimated Returns Inventory
5,000
Office Supplies
10,000
Prepaid Insurance
12,000
Office Equipment
220,000
Accumulated Depreciation-Office Equipment
58,000
Retained Earnings
$381,000
Dividends
300,000
Sales
8,925,000
Cost of Goods Sold
5,620,000
Sales Salaries Expense
850,000
Advertising Expense
420,000
Depreciation Expense-Store Equipment
33,000
Miscellaneous Selling Expense
18,000
Store Equipment
$650,000
Accumulated Depreciation-Store Equipment
87,500
Accounts Payable
38,500
Customers Refunds Payable
Salaries Payable
4,000
Note Payable (final payment due in 20 years)
140,000
Common Stock
50,000
Office Salaries Expense
$540,000
Rent Expense
48,000
Insurance Expense
24,000
Depreciation Expense-Office Equipment
Office Supplies Expense
Miscellaneous Administrative Expense
6,000
Interest Expense
Required -
1. Prepare a multiple-step income statement.
2. Prepare a statement of stockholders' equity. Additional common stock of $7,500 was issued during the year ended June 30, 20Y7.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $7,000.
4. Briefly explain how multiple and single-step income statements differ.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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