Question
Mmahajan you have completed a example of ABC Company History, ABC Financial and Supplemental Data Excel spreadsheets, and footnotes from the Week 2 Learning Team
Mmahajan you have completed a example of "ABC Company History, ABC Financial and Supplemental Data Excel spreadsheets, and footnotes from the Week 2 Learning Team assignment Calculate the deferred tax asset or liability of an error for the scenario provided. Calculate inventory calculation average cost, first-in-first-out (FIFO), and last-in-first-out (LIFO). Record the calculated average cost in the financial statement. Calculate the straight-line depreciation. Create an income statement using the results calculated above. Create a balance sheet using the results calculated above. Insert your Learning Team's footnotes into the balance sheet and income statement. Identify in the footnotes the depreciation methods being used for the fixed assets. Also identify the footnotes the methodology used to determine deferred taxes." What I am looking for is Resource: ABC Company History and ABC Financial Data Excel spreadsheet, ABC Supplemental Data, and the Income Statement and Balance Sheet Week 2 Individual assignment Prepare bond and lease amortization schedules using the values from Week 2, including appropriate bond and lease journal entries. Create journal entries for the book debt restructure. Adjust the balance sheet and income statements, including the bond and lease footnotes. Submit the amortization schedules, journal entries, and the adjusted Balance Sheet and Income Statement in Microsoft Excel spreadsheets. Which is an addition to this assignment
The following data is available for your computation of the cost of goods sold and the ending inventory Date Description No. of Units Cost Per Unit 1-Jan Beginning Inventory 5-Jan Purchase 25-Mar Purchase 8-Jun Purchase 15-Sep Purchase 15-Dec Purchase Total Value of goods available for sale 800 950 950 745 625 505 4,575 Total Cost 14.39 13.46 12.81 13.65 13.25 14.97 Required; Compute the cost of goods sold for the year ended Dec.31,2011 and the ending inventory under the following cost assumptions; a) First in First Out Units 3,765 810 Amount $ 50877.75 11,601.10 3,765 810 50,832.25 11,646.60 3,765 810 Cost of Goods Sold Ending Inventory 51,417.02 11,061.83 b) Last in First out Cost of Goods Sold Ending Inventory c) Average cost method Cost of Goods Sold Ending Inventory Journal Entry Particulars Amount $ Cost of Goods Sold Inventory Amount $ 51,417 51,417 b. The following data will be used for your computation of depreciation expense using the straight line method. Plant Cost Life 660,000 22,000 30 Amount of Depreciation Machinery & equipment Amount of Depreciation 79,000 3,950 20 Truck Amount of Depreciation 42,000 6,000 7 Journal Entry Particulars Amount $ Depreciation Expense Accumulated Depreciation on Plant Accumulated Depreciation on Machinery & equipment Accumulated Depreciation on Truck Amount $ 31,950 22,000 3,950 6,000 Journal Entry Particulars Amount $ Retained Earnings Deferred Tax Liability Accumulated Depreciation 1,505 Inventory Deferred Tax Liability Retained earnings Trial Balance (Balance Sheet Accounts Only) Cash and Cash Equivalents Receivables, net Inventory Other Current Assets Property and Equipment, at cost Accumulated Depreciation and Amortization Goodwill Deferred Tax Asset Accounts Payable Accrued Salaries and Related Expenses Sales Taxes Payable Deferred Revenue Income Taxes Payable Current Installments of Long-Term Debt Other Accrued Expenses Long-Term Debt, excluding current installments Other Long-Term Liabilities Deferred Tax Liability Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Common stock Total Data Needed For Preparation of Week 2 Income Statement Net Sales Cost of Sales Selling, General and Administrative Depreciation and Amortization Interest and Investment Income Interest Expense Provision for Income Taxes Amount $ 903 602 1,285 514 771 2013 2012 4,960.00 1,398.00 12,346.83 895.00 36,033.00 (15,684.00) 1,289.00 88.00 (5,797.00) (1,428.00) (396.00) (1,337.00) (12.00) (33.00) (1,746.00) (14,691.00) (2,042.00) (457.00) (8,402.00) (23,180.00) (46.00) 19,194.00 (88.00) 864.83 2,494.00 1,413.00 11,512.00 900.00 38,491.00 (17,473.00) 1,046.00 473.00 (5,192.00) (1,200.00) (472.00) (1,262.00) 107.00 783.00 (1,794.00) (9,475.00) (2,029.00) (545.00) (7,948.00) (20,038.00) (397.00) 10,694.00 (88.00) - 78,812.00 51,417.02 16,597.00 33,545.00 (12.00) 711.00 (3,082.00) 74,754.00 48,912.00 16,508.00 1,568.00 (87.00) 632.00 (2,686.00) 11,512.00 12,787.00 12,169.50 10,169.25 8,281.25 7,559.85 62,478.85Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started