Accounting Help 4

Please do all 3 tabs that are at the bottom of the file.

P24-9A

lectronics Corporation

and

20-2 20-1

Amount Percent

100.0%

penses

Miller Electronics Corporation

20-2 20-1
Amount Percent Amount Percent

Mark Sears: Enter all amounts in this column as a formula

Mark Sears: Enter all amounts in this column as a formula

Mark Sears: Enter all amounts in this column as a formula

100.0% 100.0%

100.0% 100.0%

Problem 24-9A

Name:

15pts.

Miller

E

Comparative Income Statement

For Years Ended December 31,

20-2

20-1

Amount

Percent

Net sales (on account)

100.0%

Cost of goods sold

Mark Sears: Enter all amounts in this column as a formula

Gross profit

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x

Selling expenses

Total operating expenses

Operating income

Interest expense

Income before income taxes

Income tax expense

Net income

Comparative Balance Sheet

December 31, 20-2 and 20-1

Assets

Current assets:

Cash

Receivables (net)

Merchandise inventory

Supplies and prepayments

Total current assets

Property, plant, and equipment:

Office equipment (net)

Factory equipment (net)

Total property, plant, and equipment

Total assets

Liabilities

Current liabilities:

Notes payable

Accounts payable

Accrued and withheld payroll taxes

Total current liabilities

Stockholders’ Equity

Common stock ($10 par)

Retained earnings

Total stockholders’ equity

Total liabilities and stockholders’ equity

E24-6A

Name:

x

x

x

x

Net Sales Avg. Total Assets

x x
x x =
E

Exercise 24-6A
5 pts.
Profit Margin Ratio	Asset Turnover	Leverage		=	ROE
Net Income		Net Sales		Avg. Total Assets
Avg. Stockholders’ Equity

Problem 23-12A

Bal.

Bal.

Bal. Bal. Bal.

Bal. Bal. Bal.

(15)

Bal. Bal. Bal.

Bal. Bal. Bal.

Bal. Bal. Bal.

Bal. Bal.

Bal. Bal.

Bal. Bal.

(17)
Bal.

Mark Sears: Enter balances as a formula on appropriate debit or credit side.
Bal.

Bal.

(10)

20-2 20-1

:

Bal. Cash

Cash and cash equivalents

Bal.

Bal.

Bal.

(11)

Bal.

(1)

Bal. (2)

(3)

(4)
Bal. (5)
(6)

(7)

Bal. (8)
(11) (9)
Bal. (10)

(11)

(10)

(12)

(13)

(14)

(15)

(16)

(18)

Mark Sears: Enter as a formula

Mark Sears: Enter balances as a formula on appropriate debit or credit side.

Mark Sears: Enter balances as a formula on appropriate debit or credit side.

Mark Sears: Enter as a formula

Mark Sears: Enter balances as a formula on appropriate debit or credit side.

Mark Sears: Enter as a formula

(17)

(19)

(19)

Cash (plug) (19)

P23-12A

20 points

Accrued Interest Receivable

Notes Payable

Common Stock

Bal.

(2)

(17)

(15)

Paid-In Capital in Excess of Par – Common Stock

Accounts Receivable

Accounts Payable

(3)

(6)

Merchandise Inventory

Income Tax Payable

Retrained Earnings

(4)

(7)

(16)

(1)

Supplies and Prepayments

Accrued and Withheld Payroll Taxes

(5)

(8)

Store Equipment

Accrued Interest Payable

(12)

(10)

(9)

Mark Sears: Enter balances as a formula on appropriate debit or credit side.

Accum. Depr. – Store Equipment

(11)

Cash and cash equivalents

Government notes

Delivery Equipment

(13)

Net increase in cash and cash equivalents

(18)

Accum. Depr. – Delivery Equipment

McDowell Company

Statement of Cash Flows

For Year Ended December 31, 20-2

Cash flows from operating activities:

Net income

Adjustments for changes in current assets and

Office Equipment

liabilities related to operating activities:

(14)

Accum. Depr. – Office Equipment

Noncash expenses and other adjustments:

Depreciation expense

Net cash provided by operating activities

Cash flows from investing activities:

Sold store equipment

Purchased store equipment

Purchased delivery equipment

Purchased office equipment

Net cash used by investing activities

Cash flows from financing activities:

Issued common stock

Paid cash dividends

Net cash provided by financing activities

Net increase (decrease) in cash and cash equivalents

Mark Sears: Enter as a formula

Cash and cash equivalents, January 1, 20-2

Cash and cash equivalents, December 31, 20-2

Mark Sears: In this column, enter items that are decreases as negative numbers

Schedule of Noncash Investing and Financing Activities:

Acquired store equipment by issuing a note payable

Supplemental Disclosures of Cash Flow Information:

Cash paid for interest

(19)

Cash paid for income taxes

To compute cash paid for interest and taxes, prepare the following entries:

Interest Expense (see income statement)

Accrued Interest Payable (decrease in Acc. Int. Pay.)

Cash (plug)

Income Tax Expense (see income statement)

Income Tax Payable (decrease in Income Tax Payable)

Rubric

P23-12A 20 points
E24-6A

P24-9A

7.5 points

Week 2 Grading Rubric
Point Available	Points Earned
5 points
15 points
*requirement 1		7.5 points
*requirement 2
Total Score