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profilesos2017

I need help with a 2-3 page document and Excel file. Below is the assignment details:

It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:

  • A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items
  • Basic financial statements for your company
What you need to do:
  1. Visit the SEC's Web site (http://idea.sec.gov/idea/searchidea/companysearch_idea.html).
  2. Select a company filing of your choice that contains a multiple-step income statement.
  • Communicate your selection with your professor ( I Will Need To Know Your Selection)
  • Submit the link to this filing as proof of your research. (Please Submit The Link To Me)
  1. Prepare a process documentation that
    1. is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.
    2. is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
    3. includes the following elements:
      1. a definition and description of the specific sections of the income statement
      2. a description of the different methods of preparing income statements
      3. an explanation of the conceptual guidelines for reporting income
      4. how to handle the special types of income statement items

Using the information below, do the following:

  • Prepare a multiple-step income statement for Music Warehouse.
  • Prepare a statement of changes in stockholder's equity for Music Warehouse.

 

Music Warehouse

Adjusted Trial Balance

December 31, 2008

 
 

Debit

Credit

Cash

$24,675

 
Accounts Receivable

5,625

 
Inventory

65,980

 
Land

93,000

 
Building

289,000

 
Accumulated Depreciation 

75,000

Notes Payable 

85,000

Accounts Payable 

53,600

Interest Payable 

4,750

Common Stock 

10,000

Additional Paid-in Capital 

120,000

Dividends

10,000

 
Retained Earnings 

59,980

Sales 

937,500

Sales Discounts

22,675

 
Cost of Goods Sold

723,000

 
Salaries

81,000

 
Utilities

8,900

 
Repairs & Maintenance

5,225

 
Telephone

2,850

 
Interest Expense

4,400

 
Depreciation Expense

9,500

 
   
 

$1,345,830

$1,345,830

The following is additional information needed for financial-statement preparation:

  • Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.)
  • Loss because of the discontinuation of the cassette tape music segment: $26,875
  • Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.)
  • Beginning of the year balance of additional paid-in capital: $102,000
  • Effective income tax rate: 35%

the company has to be target

    • 7 years ago
    • 5
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