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From GoArticles.com
Open Question: What are some of the minimum line items to be included in financial statements?
Can somebody please tell me what line items should I include in Financial Statements (Income Statement and Balance Sheet) and also to Notes to Financial Statements?
Open Question: Financial acct. Help? BizKid Company’s adjusted trial balance on August 31, 2005?
I am just about done with this, but I cannot get it to balance. Please help…
BizKid Company’s adjusted trial balance on August 31, 2005, its fiscal year-end, follows
Merchandise inventory . . . . . . . . . . . . $ 31,000
Other (noninventory) assets . . . . . . . . 120,400
Total liabilities . . . . . . . . . . . . . . . . . . $ 35,000
N. Kidman, Capital . . . . . . . . . . . . . . . 101,650
N. Kidman, Withdrawals . . . . . . . . . . . 8,000
Sales . . . . . . . . . . . . . . . . . . . . . . . . . 212,000
Sales discounts . . . . . . . . . . . . . . . . . 3,250
Sales returns and allowances . . . . . . . 14,000
Cost of goods sold . . . . . . . . . . . . . . 82,600
Sales salaries expense . . . . . . . . . . . . 29,000
Rent expense—Selling space . . . . . . . 10,000
Store supplies expense . . . . . . . . . . . . 2,500
Advertising expense . . . . . . . . . . . . . . 18,000
Office salaries expense . . . . . . . . . . . . 26,500
Rent expense—Office space . . . . . . . 2,600
Office supplies expense . . . . . . . . . . . 800
Totals . . . . . . . . . . . . . . . . . . . . . . . . $348,650 $348,650
1. Prepare closing entries as of August 31, 2005 (the perpetual inventory system is used).
2. The company makes all purchases on credit, and its suppliers uniformly offer a 3% sales discount.
Does it appear that the company’s cash management system is accomplishing the goal of taking
all available discounts? Explain.
3. In prior years, the company experienced a 5% returns and allowance rate on its sales, which means
approximately 5% of its gross sales were eventually returned outright or caused the company to
grant allowances to customers. How do this year’s results compare to prior years’ results?
Debit Credit
Merchandise inventory . . . . . . . . . . . . $ 31,000
Other (noninventory) assets . . . . . . . . 120,400
Total liabilities . . . . . . . . . . . . . . . . . . $ 35,000
N. Kidman, Capital . . . . . . . . . . . . . . . 101,650
N. Kidman, Withdrawals . . . . . . . . . . . 8,000
Sales . . . . . . . . . . . . . . . . . . . . . . . . . 212,000
Sales discounts . . . . . . . . . . . . . . . . . 3,250
Sales returns and allowances . . . . . . . 14,000
Cost of goods sold . . . . . . . . . . . . . . 82,600
Sales salaries expense . . . . . . . . . . . . 29,000
Rent expense—Selling space . . . . . . . 10,000
Store supplies expense . . . . . . . . . . . . 2,500
Advertising expense . . . . . . . . . . . . . . 18,000
Office salaries expense . . . . . . . . . . . . 26,500
Rent expense—Office space . . . . . . . 2,600
Office supplies expense . . . . . . . . . . . 800
Totals . . . . . . . . . . . . . . . . . . . . . . . . $348,650 $348,650
On August 31, 2004, merchandise inventory was $25,000. Supplementary records of merchandising
activities for the year ended August 31, 2005, reveal the following itemized costs:
Invoice cost of merchandise purchases . . . . . . . $91,000
Purchase discounts received . . . . . . . . . . . . . . . 1,900
Purchase returns and allowances . . . . . . . . . . . . 4,400
Costs of transportation-in . . . . . . . . . . . . . . . . 3,900
Required
1. Compute the company’s net sales for the year.
2. Compute the company’s total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes separate categories for selling expenses
and for general and administrative expenses.
4. Prepare a single-step income statement that includes these expense categories: cost of goods sold,
selling expenses, and general and administrative expenses.
Open Question: One reason that a common-size statement is a useful tool in financial analysis is that it enables the user to?
A. judge the relative potential of two companies of similar size in different industries
B. determine which companies in a single industry are of the same value
C. determine which companies in a single industry are of the same size
D. make a better comparison of two companies of different sizes in the same industry.
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- prepare a multiple step income statement for the year ended june 30 2005
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