Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help. i am not directly a business student and understanding the formatting especially is very difficult for me: Must be in the proper format
please help. i am not directly a business student and understanding the formatting especially is very difficult for me:
Must be in the proper format
Company Name I really really love Accouting
As of October
Debit Credits
Cash
Short term Investment
Accounts Receivable
Allowance for Doubtful Accounts
Additional Paid in Capital Preferred
Inventory
Automobiles
Buildings
Land
Equipment
Accumulated Dep Building
Accumulated Dep Equipment
Accumulated Dep Automobiles
Patent
Sales
Sales Returns
Non Controlling Interest
Cost of Goods Sold
Accounts Payable
Wages Payable
LongTerm Note
Retained Earnings, Beginning
Common Stock
Additional Paid in Capital Common
Treasury Stock
Wage Expense
Rent Expense
Utilities Expense
Employee Benefit Expense
Advertising Expense
Preferred Stock
Credit Card Expense
Sales Discount
Supplies Expense
Accumulated Comprehensive Income
Misc Expense
Insurance Expense
Rental Revenue
Interest Expense
Dues Expense
Unearned Revenues
Prepaid Insurance Current
Auto Expense
Interest Income
Good Will
Additional Paid in Capital Treasury
Totals
Important Notes
The income tax rate is
$ of the longterm note payable is due in the current year
The investment account is considered shortterm in nature
At this point no taxes have been accrued
When I made this I linked my spreadsheet so you may have some small rounding up to you
List the expenses in order of magnitude biggest first
A cash dividend for $ was declared on to be paid
The company uses the LIFO inventory method
Based on the Accounts receivble aging method the allowance should be
Annual Depreciation has not been recorded it should be a follows
Building
Equipment
Automobile
Project:
Make a Balance Sheet in Good Form
Make an Income Statement in Good Form
Make a Statement of Equity in Good form
I recommend you do this is excel and simply add a tab for each financial statement
Hint: Good Form means proper headings on each financial
Step 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