They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the two employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4. January 1 was an unpaid holiday.
Prepare adjusting journal entries for the year ended date of December 31,for each of these separate situations. Following are two income statements for Alexis Co. The left number column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries.
The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. The middle column shows a blank space for each income statement effect of the eight adjusting entries a through g the balance sheet part of the entries is not shown here.
Analyze pueblo pugs statements and prepare the eight adjusting entries a through g that likely were recorded. Enter answers in millions. Use the following information to compute profit margin for each separate company a through e. Round your answers to 1 decimal place. Which of the five companies is the most profitable according to the profit margin ratio? Company C. Near year-end, the seven employees worked Monday, December 31, and Wednesday through Friday, January 2, 3, and 4.
The above three separate situations require adjusting journal entries to prepare financial statements as of April For each situation, present both:. Wells Technical Institute WTIa school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31,follows.Prepare the sales section of the income statement based on this information.
Yangtze Company, Ltd. Questions Courses. Nelson Company provides the following information for the month ended October 31, sales on Document Preview:. Attachments: Questions--Co May 26 AM. Srishti B answered on May 26, Sales Less : Sales Return and allowance Do you need an answer to a question different from the above?How to analyze financial statements: 2020Q1 Uber Technologies results
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Chemical Engineering. Civil Engineering. Computer Engineering. Computer Science. Electrical Engineering. Mechanical Engineering. Advanced Math. Advanced Physics. Earth Science. Social Science. In its income statement for the year ended December 31,Sandhill Co. List other revenues before other expenses. Round answer to 1 decimal place, e. Asked Mar 15, Prepare a multiple-step income statement. Calculate the profit margin and gross profit rate. Step 1. Prepare multi-step income statement of Sandhill Co.
Step 2. Want to see the full answer? Want to see this answer and more? Tagged in. Business Accounting Financial Accounting. Terms of Service.For the year ended December 31,Nelson Co.
Need more help! Calculate taxable income and tax payable for tax purposes. Students also viewed these Accounting questions During the year ended December 31,Roxana Corp.
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Insurance: Annual policy covers 12 months, purchased in February, covering March February Other information: An employee slipped and fell in the baking area and has filed a lawsuit. The company lawyer indicates that it is probable that the company will be found liable.
No additional information is available. The income statement is a statement of financial performance for a period. A statement of comprehensive income has two parts: Income statement and Other comprehensive income. Peyton Approved Trial Balance Become a Study.
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Connect Chapter 5 Homework - MGMT-026
Explore over 4, video courses. Find a degree that fits your goals. Question: The scenario for adjusting entries: Year-end is December 31, The pay period is every 2 weeks.
Last pay period ended December All receive pay through December No monthly adjustments have been made. Expense 2, Income statement: The income statement is a statement of financial performance for a period.
Answer and Explanation: Let us first make the adjusted in the trial balance to calculated adjusted balances: Peyton Approved Trial Balance See full answer below.
Ask a question Our experts can answer your tough homework and study questions.The statement of cost of goods manufactured supports the cost of goods sold figure on the income statement. The two most important numbers on this statement are the total manufacturing cost and the cost of goods manufactured. Be careful not to confuse the terms total manufacturing cost and cost of goods manufactured with each other or with the cost of goods sold.
Total Manufacturing Cost includes the costs of all resources put into production during the period meaning, the direct materials, direct labor and overhead applied. Cost of goods manufactured consists of the cost of all goods completed during the period.
It includes total manufacturing costs plus the beginning work in process inventory minus the ending work in process inventory. Cost of goods sold are the costs of all goods SOLD during the period and includes the cost of goods manufactured plus the beginning finished goods inventory minus the ending finished goods inventory. Cost of goods sold is reported as an expense on the income statements and is the only time product costs are expensed. This chart will summarize the formulas you will need:.
NoteLook at the following example. Farside Manufacturing makes calendars and books. The schedule or statement of cost of goods manufactured follows:. Note how the statement shows the costs incurred for direct materials, direct labor, and manufacturing overhead.
The scenario for adjusting entries: Year-end is December 31, 2017. Peyton Baking Company uses...
The statement totals these three costs for total manufacturing cost during the period. When adding beginning work in process inventory and deducting ending work in process inventory from the total manufacturing cost, we obtain cost of goods manufactured or completed. Cost of goods sold does not appear on the cost of goods manufactured statement but on the income statement.
Next, we show the income statement for Farside Manufacturing Company. Notice the relationship of the statement of cost of goods manufactured to the income statement. The cost of goods manufactured appears in the cost of goods sold section of the income statement. We add cost of goods manufactured to beginning finished goods inventory to derive cost of goods available for sale. This is similar to the merchandiser who presents purchases added to beginning merchandise to derive goods available for sale.
Net income is computed by deducting all expenses from all revenues. It is the primary measure of the company's ability to make money. In this tutorial, we will prepare an income statement of a sole proprietorship service-type business using information from previous lessons.
We will be using the adjusted trial balance from this lesson: Adjusted Trial Balance. If you want, you may take a look at how an income statement looks like here before we proceed. In an accounting system, the best tool to take information from would be the "adjusted trial balance". This is the most updated trial balance i. In any case, any report that shows a complete listing of company accounts can be used.
The heading of a financial statement is made up of three lines.
The first line contains the name of the company Gray Electronic Repair Services. The second line shows the title of the report Income Statement. And the third line indicates the period reported. For income statements, we use For the Year Ended Nonetheless, some annual income statements omit the "For the Year Ended" phrase.
From the trial balance, we will look for and report all income or revenue accounts. If you need a review on that topic, you may visit this lesson: Elements of Accounting. In the adjusted trial balance above, there is only one revenue account - Service Revenue. Note: If there are multiple revenue accounts, you need to list them down and take the sum total of all revenues. From the adjusted trial balance again, we will take all expenses and include them in the report.