Chapter 5 Financial Accounting Answers

6. Assuming that the conditions for the treatment as a sale are met, prepare Beds and Beyond’s journal entry to record the factoring of $400,000 of receivables.

| |Write a 700- to 1,050-word paper analyzing the disclosures contained within the notes to the | | |

Objective: Prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.

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Part B (6 Marks) Prepare an Income Statement for the year ended 30 June 2014:

Tax rates other than the current tax rate may be used to calculate the deferred income tax amount on the balance sheet if

Learning Objective: 04-03 Present an income statement with earnings per share, statement of stockholders equity, balance sheet, and statement of cash flows.

uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company 's manufacturing overhead data:

3. Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.

b. Prepare an income statement, a statement of retained earnings, and a balance sheet (See Exhibit 1.2, 1.3 and 1.4).

ACC/561 Final Examination Study GuideThis study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination.

Write a brief report on the company’s cash flow over the period covered by the accounts.

Feedback: Management accounting is the preparation and use of accounting information systems to achieve the organization's objectives by supporting decision makers inside the enterprise. LO 4

a) Prepare the necessary journal entries to account for any impairment loss for Division One.

Since the company has a reorganization value of P760,000 but the assets have a market value of only P700,000 (P90,000 + P210,000 + P400,000), and account entitled Reorganization Value in Excess of Amount Allocable to Tangible Assets must be recorded for P60,000.