Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 15, Problem 3SEB
MULTIPLE-STEP INCOME STATEMENT Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeito’s Plumbing Supplies for the year ended December 31, 20--.
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Bergo Bay's accounting system generated the following account balances on December 31. The company's manager
knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory,
and the accrued factory payroll (Factory Wages Payable) has not been recorded.
Cash
Accounts receivable
Raw materials inventory
Work in process inventory
Finished goods inventory
Prepaid rent
Accounts payable
Notes payable
Common stock
Retained earnings (prior year)
Sales
Cost of goods sold
Factory overhead
General and administrative expenses
Totals
Debit
Credit
$ 79,000
48,000
29,000
0
12,000
4,000
$ 9,200
12,200
40,000
82,000
197,600
107,000
27,000
35,000
$ 341,000
$ 341,000
These six documents must be processed to bring the accounting records up to date.
Materials requisition 10:
Materials requisition 11:
Materials requisition 12:
Labor time ticket 52:
Labor time ticket 53:
Labor time ticket 54:
$ 4,100 direct materials to Job 402.
$ 7,400 direct materials…
Prepare a basic income statement forecast for the subsequent fiscal year, using a percentage of sales approach and using information included in the materials below to support assumptions that correspond for each revenue and expense. Each line item (e.g., marketing expenses) should have a note and an explanation on how it was calculated.
Prepare an income statement.
Chapter 15 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - 1. L01 Prepare a multiple-step income statement...Ch. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES From the work sheet on page 600,...Ch. 15 - REVERSING ENTRIES From the work sheet used in...Ch. 15 - Prob. 7SEACh. 15 - INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - WORK SHEET, ADJUSTING, CLOSING, AND REVERSING...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES From the work sheet on page 607...Ch. 15 - Prob. 6SEBCh. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - Prob. 10SPBCh. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CP
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- The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.arrow_forwardFINANCIAL STATEMENTS The Income Statement and Balance Sheet columns of Wen Companys work sheet are shown on the next page. Additional information needed to prepare the financial statements is as follows: REQUIRED 1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. 2. Prepare a statement of retained earnings for the year ended December 31, 20--. 3. Prepare a balance sheet as of December 31, 20--.arrow_forwardCost of goods sold Based on the following data, determine the cost of goods sold for November:arrow_forward
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