Need acocunting help with Project 2 Assistance

Nov 25th, 2015
Sigchi4life
Category:
Accounting
Price: $20 USD

Question description

DOMINO'S PIZZA FINANCIAL RATIOS(Figures in millions USD)
CURRENT RATIO CURRENT ASSETS 74649
CURRENT LIABILITIES 78591
RATIO 0.9498
INVENTORY RATIO COGS 184,643
INVENTORY 2013 4249
INVENTORY 2014 4826
AVERAGE INVENTORY 4537.5
RATIO 40.69
DEBT RATIO TOTAL LIABILITIES 91799
TOTAL ASSETS 165197
RATIO 0.5557
DAYS' SALES IN RECEIVABLES REVENUE 294378
AVERAGE RECEIVABLES 6167.5
DAYS 365
RATIO 7.647
GROSS PROFIT PERCENTAGE GROSS PROFIT 109733
TOTAL REVENUES 294378
G.P.P 37.28%

TYSON FOODS' FINANCIAL RATIOS(Figures in millions USD)
CURRENT RATIO CURRENT ASSETS 6221
CURRENT LIABILITIES 3797
RATIO 1.6384
INVENTORY RATIO COGS 34895
INVENTORY 2013 2817
INVENTORY 2014 3274
AVERAGE INVENTORY 3045.5
RATIO 11.46
DEBT RATIO TOTAL LIABILITIES 15052
TOTAL ASSETS 23956
RATIO 0.6283
DAYS' SALES IN RECEIVABLES REVENUE 37500
AVERAGE RECEIVABLES 1590.5
DAYS 365
RATIO 15.48
GROSS PROFIT PERCENTAGE GROSS PROFIT 2358
TOTAL REVENUES 34374
G.P.P 6.86%

Below is the example of how the project should look. Above are the two companies that I originally research for Project 1. Refer to Project_Part 2.xlsx to view the complete project. Then do the following:

 

Howie Stars produces starts for elementary teachers to reward their students. Howie Stars' trial balance on June 1 follows:
HOWIE STARS
Trial Balance June 1, 2012
Balance
Account Title Debit Credit
Cash $14,000
Accounts receivable 155,000
Inventories:
  Materials 5,700
  Work in process 39,400
  Finished goods 20,400
Plant assets 200,000
Accumulated depreciation $72,000
Accounts payable 127,000
Wages payable 1,700
Common stock 142,000
Retained earnings 91,800
Sales revenue
Cost of goods sold
Manufacturing overhead
Marketing and general expenses
Total $434,500 434,500
June 1 balances in the subsidiary ledgers were as follows:
– Materials subledger: Paper, $4,700; indirect materials, $1,000
– Work in process subledger: Job 120, $39,400; $0 for Job 121
– Finished goods subledger: Large Stars, $9,400; Small Stars, $11,000
June transactions are summarized as follows:
a. Collections on account, $152,000.
b. Marketing and general expenses incurred and paid, $28,000.
c. Payments on account, $36,000.
d. Materials purchases on credit: Paper, $22,900; indirect materials, $3,800.
e. Materials used in production (requisitioned):
  – Job 120: paper , $850
  – Job 121: paper, $7,650
  – Indirect materials, $1,000
f. Wages incurred and assigned during June, $35,000. Labor time records for the month: Job 120, $3,500; Job 121, $16,600; indirect labor, $14,900.
g. Wages paid in June include the balance in the Wages payable account at May 31 and $32,200 of wages incurred during June.
h. Depreciation on plant and equipment, $2,600.
i. Manufacturing overhead was allocated at the predetermined rate of 50% of direct labor cost.
j. Jobs completed during the month: Job 120, 300,000 Large Stars at total cost of $45,500.
k. Credit sales on account: all of Job 120 for $111,000.
l. Closed the Manufacturing overhead account to Cost of goods sold.
Requirements:
1. Journalize the transactions for the company. Howie uses a perpetual inventory system.
2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference Bal. Post the journal entries to the T-accounts using the transaction letters as a reference.
3. Prepare a trial balance at June 30, 2012.
4. Use the Work in process inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.
5. Prepare an income statement for the month of June.

Prepare journal entries for the transactions

Open T-accounts for the general ledger

Post the journal entries to the accounts

You will then prepare a trial balance for the end of the month. Using the work-in-process T-account, you will prepare a schedule for cost of goods sold and manufactured for the month.

You will then prepare an income statement for the month and post any corrections that may be needed for under/over allocated manufacturing overhead.

Submission Requirements:

Complete the required tasks in an MS Excel worksheet




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