03 Aug INEVNTORY
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
- Visit the SEC’s Web site (http://idea.sec.gov/idea/searchidea/companysearch_idea.html).
- 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)
- Prepare a process documentation that
- 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.
- is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
- includes the following elements:
- a definition and description of the specific sections of the income statement
- a description of the different methods of preparing income statements
- an explanation of the conceptual guidelines for reporting income
- 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
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