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
Administrative e

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
Still stressed with your coursework?
Get quality coursework help from an expert!