COMPREHENSIVE PROBLEM 2
Music-Is-Us
A mini-practice set illustrating numerous aspects of the accounting cycle for a merchandising business organized as a corporation. Students are expected to:
(1) prepare a bank reconciliation, (2) make adjusting entries—including adjustments related to marketable securities, uncollectible accounts, inventory shrinkage, and depreciation, (3) prepare an income statement, a statement of retained earnings, and a balance sheet, and (4) assess the financial condition of the business from a short-term creditor’s perspective.
2 to 3 hours
Strong
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2 to 3 hours,
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MUSIC-IS-US
Adjusted Trial Balance
As of December 31, 2015
Cash
Marketable securities
Accounts receivable
Allowance for doubtful accounts
Merchandise inventory
Office supplies
Prepaid insurance
Building and fixtures
Accumulated depreciation
Land
Accounts payable
Unearned customer deposits
Income taxes payable
Capital stock
Retained earnings
Unrealized holding gain on investments
Sales
Cost of goods sold
Bank service charges
Uncollectible accounts expense
Salary and
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It is working efficiently within its resources and does not require any additional funds from outside resources for its operations. Its plan to pay off its debt by applying the company’s profits to repay long term debt is a good plan for the company to lessen incidental expenses that relates to it. The company should regularly review its performance and match it against the industry mark in order to ensure that it is functioning at an optimum and effective level which is beneficial to its
Kinicki, Angelo (2013). CGS_MBA_502. MBA502_0327_17032Attend Unit 2: Retrieved from https://www.betheluniversityonline.net/mba/default.aspx?SectionID=2315&tabid=156#2, slides 13-14. Retrieved on April 3,
Kmart remains one of the largest retail stores in America that must be recognized with strong financial statement and balance sheet.
You need to utilize at least two scholarly sources (excluding your text) for this paper and your paper must be formatted according to APA style guidelines as outlined in the Ashford Writing Center.
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I, Callista Wilson, certify that I have personally completed this assignment based on my own personal efforts. I understand if I use outside sources, I must properly give my source(s) credit using the APA format and my paper should not include more than 20% of direct quotes from other sources. I understand if I do not provide proper credit to outside sources, I will be documented for plagiarism and be required to resubmit a new assignment. I will not divulge the content of this assignment or any of my work, generally or specifically, to any current or future James Madison High School students. DATE: 6-30-17