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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Perform these two problems in Excel. Balance Sheet and Income Statement. Following information is used for first two problems. Problem 1 is an income statement and problem 2 is a balance sheet.

Coffin Corporation had the following highly summarized financial events during the present year:

1. Jan. 2: Ordered new equipment with a 10-year life, for \$80,000. No payment was made and the equipment has not been delivered.
2. Feb. 19: Bought \$35,000 of inventory. Only \$20,000 was paid for the inventory on that date, and the balance is owed to the suppliers. Coffin expects to be able to sell the inventory for \$60,000.
3. July 12: Received equipment ordered on January 2, and mailed the check for the balance due.
4. Dec. 28: Coffin paid its employees \$68,000 of wages. Wage expense for the year is \$66,000. Payment included the \$2,000 wages payable balance outstanding from the previous year plus some payment for work done this year.
5. Dec. 30: Sales for the year totaled \$123,000. All but \$3,000 of that amount has been collected. The entire \$6,000 balance in accounts receivable from beginning of the year was also collected. The cost of the books and posters sold was \$32,000.
6. Dec. 31: Coffin makes a payment of \$34,000 on its long-term note.  This is an interest free business development loan.
7. Dec. 31: Coffin's building and equipment are now one year older. Depreciation for the year is \$15,000.

Suppose that Coffin began the year with the following balances (shown in alphabetical order) in their accounts at the beginning of the year:

Accounts Payable              \$ 2,000
Accounts Receivable            6,000
Cash                              180,000
Equipment, Net                150,000
Notes Payable                 150,000
Contributed Capital           30,000
Retained Earnings             52,000
Wages Payable                  2,000

Quetions:

1) Prepare the income statement.

2) Prepare A comparative statement of financial position (balance sheet).

Managerial Accounting, Accounting

• Category:- Managerial Accounting
• Reference No.:- M91180

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