ou are a merchandising company. Please make a random list of accounts with their balances that you might find on your Multi-step Income Statement. Note that the company can be made up but it must be a merchandising company and the information should make sense.
Q: On December 31, 2015, Raja Corporation's balance sheet reported the following: The following transac...
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from...
Q: On January 1, 2019, Dhaka Company issued $1,000,000 of 6% bonds due on January 1, 2025. Interest on ...
A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable.
Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The...
A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting peri...
Q: Problem 6. Sales and Leaseback On Januar y 1 20x1, Entity sold a building to Entity Y and simultaneo...
A:
Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the c...
A: Owners capital balance indicates the total investment balance of the owner in the company. It can be...
Q: 1. What amount should be reported as net income after the current year? a. 2,000,000 b. 2,500,000 ...
A: The question provides us with the summary of account balances for the year end of Empress Company. W...
Q: Cash inflow—2021 20,000 Cash inflow—2022 8,000 Cash inflow—2022 30,000 Cash inflow—2023 8,...
A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...
Q: Prepare a bank reconciliation for October 31, 20XE to assist answering the questions following:
A: BRS stands for Bank Reconciliation Statement which is an important part of Accounting. BRS in simple...
Q: Circuit Fitness (CF) sells customized exercise equipment to fitness centers. On February 2nd, 2022,...
A: Transaction price can be defined as the consideration that an entity receives after the goods are tr...
Q: The following information relates to CEE Company: (Refer to image). Assume that the company uses the...
A: Retail inventory method is used by the retail operations like department stores to value the invento...
Q: Iring process whe ng gold flake, are heated, mixed, and molded ir king department. The individual ca...
A: Cost of goods sold are the cost of the units sold . They are completed units that are transferred ...
Q: 31 December 2020 and 31 December 2021: 2020 (RM) 2021 (RM) ASSETS: Freehold land 477,000 212,000 52,...
A: Statement of cash flow is prepared to see the flow of cash in the company. It serves as cash book bu...
Q: HONGTIST Co. have segment C and segment U. During the past years, 50,000 and 20, 000 were produced ...
A: The differential analysis is performed to compare the different alternatives available with the busi...
Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a write-do...
A: Allowance method: It is also known as loss method because a loss on inventory write down is debited...
Q: The following is the Stockholders' Equity section of the balance for Spencer Corporation as of Decem...
A: No. of shares issued under stock dividend = No. of shares issued and outstanding x stock dividend ra...
Q: 15 continue.. Headland Corporation was formed 5 years ago through a public subscription of common s...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: Using the following information, prepare the adjusting entries in general journal form for the Tia C...
A: Adjusting entries are those journal entries which are passed at the end of accounting period in orde...
Q: The West Indies School Book Shop sells T Shirts emblazoned with the school’s name and logo. The shir...
A: Let's first understand the term : Economic Order Quantity(EOQ) is the optimum level of quantity to b...
Q: Which of these accounts can be found in the post-clo: O Assets and liabilities O Assets, liabilities...
A: Post-closing trial balance show the all debit and credit balance of assets and liabilities and owner...
Q: FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumula...
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...
Q: Average Cost per Unit Direct materials Direct labor Variable manufacturing overhead Fixed manufactur...
A: Incremental selling and administrative cost is the additional cost occurred on selling one more unit...
Q: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the y...
A:
Q: On October 1, 2021, FDN Company paid an insurance premium covering the period from October 1, 2021 t...
A: Prepaid insurance : In some cases, the benefit of amount already spent and also paid relates to next...
Q: Preparation of adjusting entry for depreciation is supported by which principle/concept/assumption? ...
A: 1| Matching Concept: It states that every income earned should have corresponding expenses incurred...
Q: Sara Computer Sales (SAS) has supplied the following list of transactions for his business. The acco...
A: solution cash flow statement comprises of -cash flow from operating activities ...
Q: Calculate the diluted carnings per share (EPS) on the continuing operations of ABC for the year ende...
A: Diluted earnings per share are the earnings per share which a company has earned per share if the co...
Q: Time of Babe Co. has the following information: Accrued rent income – January 1 1,600,000 Accr...
A: Accrual accounting is a finance and accounting method that allows a company to record revenue before...
Q: Bramble Corp. reported the following in its 2022 and 2021 income statements.
A: Gross Profit It is the profit that business makes after deduction of direct expenses related to prod...
Q: Principles
A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that i...
Q: FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful...
A: Total estimated uncollectible accounts = Accounts receivable x Percent uncollectible Allowance for d...
Q: The chart of accounts must be tailorod to an organizations spocific needs. Discuss how the chart of ...
A: Answer: Chart of accounts is the set of the financial accounts that is generally used by any organiz...
Q: FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful...
A: Total estimated uncollectible accounts = Accounts receivable x Percent uncollectible Allowance for d...
Q: Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. R...
A: Analysis and adjustment of differences between the cash balance shown on a bank statement, and the a...
Q: The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial B...
A:
Q: ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money ma...
A: Solution Given Maturity period of note 90 days Amount payable at maturity 17000000 Y...
Q: Use the following to answer questions 16 – 20 Following are the transaction of TR Inc., which provid...
A: A cash flow statement (CFS), also known as a statement of cash flows, is a financial statement that ...
Q: Elite Lawn & Plowing (EL&P) is a lawn and snow plowing service with both residential and commercial ...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...
Q: Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 201...
A: GIVEN 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 ...
Q: Conn Man’s Shops, a national clothing chain, had sales of $440 million last year. The business has a...
A: Working Notes: 1. Spontaneous liabilities: = Accounts payable + Accrued expenses + Other payables ...
Q: 8. Customers' individual accounts are included in a subsidiary ledger referred to as the accounts pa...
A: The subsidiary ledgers are the collections of individual accounts that are of similar nature.
Q: Miaka sold her personal property in 2018, with details as follows: Cost ...
A: Working Note :- Particulars Amount P Amount P Cost of the land [a...
Q: On January 1, 20x1, ABC Co leased equipment to XYZ, on the lease is shown below. Inc. Information Co...
A: To determine the total interest earned over the lease term, we will prepare amortization schedule. A...
Q: Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the fo...
A: GIVEN Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020...
Q: How to identify and monitor the IT control in the course of an audit engagements?
A: Answer: IT system when implemented should regulate proper access controls so that the system has str...
Q: KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses:
A:
Q: Shawn Sm Slide Show Record Help Cash and Stock Dividends Example #2 Common Stock-$20 par, 500 shares...
A: Dividend is the amount of return earned by the shareholders by investing in the shares of the compan...
Q: Q1: Assets, liabilities, and owner’s capital are closed at the end of the accounting period. (A) Tru...
A: Answer to Q1 All income and expenses accounts will be closed by passing closing entries. Therefore o...
Q: 8. Cheyenne Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the ...
A: SOLUTION PENSION EXPENSE SIGNALS AN EMPLOYERS ANNUAL COST FOR MAINTAINING AN EMPLOYEE'S PENSION PLAN...
Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P520,000. During the year the c...
A: Owners capital means net assets of the company. To calculate owners capital at the end of the year a...
Q: The following information is available for the pension plan of Vaughn Company for the year 2020. Ac...
A: When computing pension expense for the year it considers service cost, interest cost and gain / los...
You are a merchandising company. Please make a random list of accounts with their balances that you might find on your Multi-step Income Statement. Note that the company can be made up but it must be a merchandising company and the information should make sense.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- You are an accountant for a small retail store and are tasked with determining the best presentation for your income statement. You may choose to present it in a multi-step format or a simple income statement format. The information on the statement will be used by investors, lenders, and management to make financial decisions related to your company. It is important to the store owners that you give enough information to assist management with decision-making, but not too much information to possibly deter investors or lenders. As you begin to create your presentation, consider the following: What is the purpose of an income statement for a retail business? Which statement format do you choose? Why did you choose this format? What are the benefits and challenges of your statement choice for each stakeholder group?Use the following information to answer the questions that follow. A. Calculate the operating income percentage for each of the stores. Comment on how your analysis has changed for each store. B. Perform a vertical analysis for each store. Based on your analysis, what accounts would you want to investigate further? How might management utilize this information? C. Which method of analysis (using a dollar value or percentage) is most relevant and/or useful? Explain.Which Income Statement Format Do I Choose? You are an accountant for a small retail store and are tasked with determining the best presentation for your income statement. You may choose to present it in a multi-step format or a simple income statement format. The information on the statement will be used by investors, lenders, and management to make financial decisions related to your company. It is important to the store owners that you give enough information to assist management with decision-making, but not too much information to possibly deter investors or lenders. Which statement format do you choose? Why did you choose this format? What are the benefits and challenges of your statement choice for each stakeholder group?
- Explain some of the differences that make merchandising businesses and service businesses different from each other. The text below may help you. Use evidence from the text below to support your response. Read: A service business sells its services for a fee. A merchandising business is a business that purchases goods and sells them. If you are selling those goods to the general public for use or consumption, your business is a retail merchandising business. Many of the transactions of a service business and a merchandising business are the same. You pay cash for supplies and buy on account, just like in a service business. However, transactions like these occur more often and include different elements to account for. For example, there is a lot more purchasing of goods on account to have an inventory to sell. Also, an asset account for all those purchases is needed. A merchandising business may have a much higher volume of sales and may have to charge sales tax depending on city,…Which of the following will be called as a Merchandising Business? a. Receives a loan from bank b. Earns net income by buying goods only c. Earns profits from commission only d. Earns net income by buying and selling merchandiseGive the journal entry for the following service/merchandising business transactions without the amount.
- Merchandising businesses differ from service businesses. Explain some of the differences that make the businesses different from each other. Use evidence from the text below to support your response. For example, -In the text, it says," ___________________." Read: A service business sells its services for a fee. A merchandising business is a business that purchases goods and sells them. If you are selling those goods to the general public for use or consumption, your business is a retail merchandising business. Many of the transactions of a service business and a merchandising business are the same. You pay cash for supplies and buy on account, just like in a service business. However, transactions like these occur more often and include different elements to account for. For example, there is a lot more purchasing of goods on account to have an inventory to sell. Also, an asset account for all those purchases is needed. A merchandising business may have a much higher volume of…You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet. nventory Weighted Date Purchase/Sale Total Cost Average Cost 1-Oct Purchase 1-Oct Sale 3-Oct Purchase 4-Oct Sale 4-Oct Sale 4-Oct Purchase 7-Oct Sale…You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. To help you get started, the file already has a list of columns for you to fill out. Row 2 has the beginning inventory. Starting with row 3, you need to fill in each field so that you can find the updated inventory total…
- You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet.-this has the information you need! The chart below is what I need to fill in. Inventory Weighted Date Purchase/Sale Total Cost Average Cost 1-Oct Purchase 1-Oct Sale 3-Oct…How is using a separate account for sales returns and allowances useful to management?If you owned a merchandising business, how would you decide which credit cards, if any, to accept?Discuss the difference between the multiple-step and single-step forms of the income statement. Which form would the management of a large retail store most likely use? Why?