ACC 100 Lecture Notes - Financial Statement, No Entry, Income Statement

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sapphiretoad499

16 Jun 2014

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Using your textbook determine the definition, category, and the financial statement on which the following accounts appear: Sales and cost of goods sold recorded at point of sale. To check accuracy of perpetual records and to determine shrinkage (due to theft, damage, human error, etc) Cost of goods sold recorded at the end of the period. To calculate inventory on hand and use this information to determine what the cost of goods sold number is. This method is very similar to supplies learned in chapter 4 (count supplies at end of year and expense the difference). We will be using the perpetual inventory system only. Pw audio supply, inc. , has an opening inventory balance of ,200. On august 4th pw audio supply, inc. , purchases ,500 of inventory for cash. On august 8th pw audio supply, inc. , purchases an addition ,300 of inventory on account, terms 2/10, n/30. On august 9th the appropriate party paid freight.

Related Questions

Case 2.1 Intel Case The 2013 Intel Form 10-K can be found at the following Web site: www.pearsonhighered.com/fraser. Using the Form 10-K, answer the following questions: Prepare a common-size balance sheet for Intel for all years presented. Describe the types of assets Intel owns. Which assets are the most significant to the company? Using the notes to the financial statements, discuss the accounting methods used to value assets. What other information can be learned about the asset accounts from the notes? Have there been significant changes to the asset structure from 2012 to 2013? Analyze the accounts receivable and allowance for doubtful accounts. Describe the types of liabilities Intel has incurred. Which liabilities are the most significant to the company? Have there been significant changes to the liability and equity structure from 2012 to 2013? Describe the commitments and contingencies of Intel. Under which classification(s) are deferred taxes listed? What item is the most significant component of deferred taxes? What equity accounts are included on the balance sheet of Intel? Case 2.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as the content of each chapter is learned. Using the 2013 Applied Materials Form 10-K that can be found at www.pearsonhighered.com/fraser, complete the following requirements: Open the financial statement analysis template that you saved from the Chapter 1 Applied Materials problem and input the data from the Applied Materials balance sheet. Be sure to read the notes to the financial statements to determine the correct numbers to input on the template. For example, the company has combined asset and liability accounts and property, plant and equipment has been recorded net of accumulated depreciation. See Note 7 to help you reorganize the data for the template. When you have finished inputting the data, review the balance sheet to make sure there are no red blocks indicating that your numbers do not match the cover sheet information you input from the Chapter 1 problem. Make any necessary corrections before printing out both your input and the common-size balance sheet that the template automatically creates for you. Analyze the balance sheet. Write a summary that includes important points that an analyst would use in assessing the financial condition of Applied Materials.

taupefrog166

Finanacial Statment Case 3-1

The Financial Statement Case at the end of each chapter uses theStarbucks Corporation 2013 Annual Report

In Financial Statement Case 3-1 (p. 179), you will examineStarbucks' financial statements to determine which accounts mighthave required adjusting entries. In addition you will review Note 1(Property, Plant, and Equipment) in the Notes to th ConsolidatedFinancial Statements.

violetbuffalo683

The Divine Merchandising Corporation began March operations withmerchandise inventory of 6 units, each of which cost $27. DuringMarch, Divine Merchandising made the following purchases: (1) March4, 12 units @ $28 per unit, (2) March 15, 18 units @ $30 per unit,(3) March 26, 14 units @ $32 per unit. During March the DivineMerchandising Company sold the following units at a sales price of$48 per unit: March 6, 11 units, March 20, 17 units, and March 28,12 units. Operating expenses in March were $640. The Companyestimates its income taxes expense will be approximately 35% ofincome before taxes.

Using the FIFO inventory method, determine the inventory dollaramount on March 1.

	a.	$288
	b.	$162
	c.	$180
	d.	$192
	e.	$168

scarletwombat627

ACC 100 Lecture Notes - Financial Statement, No Entry, Income Statement

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