Chat with us, powered by LiveChat Inventory | Writedemy

Inventory

Inventory

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%

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.

Do you need an answer to this or any other questions?

About Writedemy

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order