Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Managerial Accounting Expert

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

Have any Question? 


Related Questions in Managerial Accounting

Which career is for you please respond to the

"Which Career is for You?" Please respond to the following: • Compare and contrast the key responsibilities of certified management accountants and certified public accountants. Select the career path that you plan to pu ...

Your company has spent 390000 on research to develop a new

Your company has spent $390,000 on research to develop a new computer game. The firm is planning to spend $59,000 on a machine to produce the new game. Shipping and installation costs of the machine will be capitalized a ...

Analysis last year pjs ice cream parlors inc reported an

Analysis Last year, PJ's Ice Cream Parlors, Inc. reported an ROE = 12.0%. The firm's debt ratio was 40%, sales were $25 million, and the capital intensity ratio was .75 times. What is the net income for PJ's last year? ( ...

Managerial accounting assignment task specification-group

Managerial Accounting Assignment Task Specification- Group Report: "Measuring Performance and Management Control Systems" - A review of control systems reported in 2016 annual reports in Australian Public Companies. Subj ...

Assignemnt decision making with managerial accountingdue to

Assignemnt: Decision Making with Managerial Accounting Due to varying business characteristics, the managerial accounting techniques applied in each business may differ. For example, a business in the start-up phase may ...

May airlines is a leading business in travelling industry

May Airlines is a leading business in travelling industry and has experienced turbulent times during the past 10 years due to stiff competition and as a result of global slowdown in the world economy. It has now emerged ...

Need research paper by december 5th 2016compose a research

Need Research Paper by December 5th, 2016 Compose a research paper that discusses the use of either the balanced scorecard or economic value added as a tool for improving organization performance. The paper must be doubl ...

Problem 1 master budgetomega inc has developed the

Problem 1: Master Budget Omega, Inc. has developed the following sales forecast for the first six months of the coming year Month Sales (in units) January 30,000 February 50,000 March 70,000 April 80,000 May 60,000 June ...

Assignment managerial accounting projectabstractyou are the

ASSIGNMENT: Managerial Accounting Project Abstract: You are the owner of your own company. Fast growth and the need to expand have made it necessary for you to seek financing from a local bank. However, you need to show ...

Tri-county cable services inc is organized with three

Tri-County Cable Services, Inc., is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. Metro Suburban Outlying Service revenue $ 1,050,000 $ 850,000 $ 45 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro