Prepare income statement of superior manufacturing company

Assignment Help Financial Accounting
Reference no: EM13337745

Complete the following exercise. Fill in the Excel spreadsheet provided via the link below to provide your answers to part a. Then paste the Excel data into a Word document on which you can also write the answer to part b.

Administrative Expenses........................................................................................

$ 70,000

Finished Goods Inventory January 1, 2011..............................................................

120,000

Cost of Goods Manufactured during the year.........................................................

200,000

Finished Goods Inventory December 31, 2011........................................................

60,000

Selling Expenses....................................................................................................

40,000

Sales......................................................................................................................

680,000

Required:

1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 2011. (Assume a 30 % income tax.)

2. Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Make some suggestions if there are areas you feel need to be further investigated.

Reference no: EM13337745

Questions Cloud

What impact would those options have on the equilibrium : When obama was campaiging for president in 2008 he proposed more government spending paid for with higher taxes on the rich. What impact would those options have on the equilibrium?
Suppose that you can sell as much of a product as you want : Suppose that you can sell as much of a product as you want at $100 per unit. Your marginal cost is MC = 2Q. Your fixed cost is $50. What is the optimal level of output? What is the optimal output , if the fixed cost is $60?
Find the final equilibrium temperature of the lead and water : A 184.0 g piece of lead is heated to 80.0oC and then dropped into a calorimeter containing 681.0 g of water that initally is at 18.0oC
The chief executive officer of a local hospital : The Chief Executive Officer of a local hospital
Prepare income statement of superior manufacturing company : Prepare the income statement for the year ended December 31, 2011 and create a report between 200 and 300 words in length for leadership.
Discuss the standard trade model briefly( : Discuss the standard trade model briefly(
How do the different economic systems differ : How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?
Calculate the impulse imparted to the hammer : When a hammer strikes a nail, it is compressed along its length. Suppose that a steel nail 6.00 cm long, What is the impulse imparted to the hammer
Work decisions are based upon a comparison of priviate cost : Work decisions are based upon a comparison of priviate cost and the private benefit. The external or spillover benefit of someone doing additional work is measurable for society as the change in?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what is the largest variable cost per carton

Illustrate what is the largest variable cost per carton that can be paid and still achieve a profit of $1million.

  Find out the liability for refundable deposits

Prepare the appropriate journal entries for the deposits received and returned during 2011. Find out the liability for refundable deposits to be reported on the December 31, 2011, balance sheet.

  Examine this project form the parent perspective

The production will be sold locally in the UK. The cost of the facility is estimated at $150,000,000 USD. Here is other pertinent information on the project: The required rate of return in 12%. Examine this project form the parent’s perspective..

  Fractions in real life situations

What are some examples of real-life situations where the addition of fractions, multiplication of fractions, or division of fractions might be required?

  Evaluate what aldos should expect for total variable cost

Evaluate what Aldo's should expect for total variable cost if 9,000 T-shirts are sold next month and prepare Aldo's contribution approach income statement for monthly sales volume level of 10,000 T-shirts.

  Determining the current and future needs and preferences

Determining the current and future needs and preferences, attitudes, and behavior of the market. Assessing changes in the business environment that may affect the size and nature of the market in future.

  Income statement in good form for rustic company

Prepare an income statement in good form for Rustic Company and Prepare a classified balance sheet.

  Calculation of payment made to vendors

Calculation of payment made to vendors and Compute the following (and show your work to earn partial credit in the event your responses are incorrect):

  Prepare a range of financial statements

Demonstrate an understanding of basic accounting concepts and how these apply apply to business, outline and contrast cash and accrual bases on accounting and prepare a range of financial statements

  What is the amount and character of winchester gains

What is the amount and character of Winchester's gains and losses before the 1231 netting process?

  Calculate the target cost required to continue

Calculate the target cost required to continue current market share, while earning a profit of $4 per unit. Now, calculate the target cost required to expand sales by 50 percent. How much cost decrease would be obligatory to achieve each target

  How will the corporation identify the distributions to john

The corporation has $6,000 in current earnings and profits for the year and $8,000 in accumulated earnings and profits. How will the corporation identify the distributions to John and Bill?

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