Accounting help needed Week 1

Uryczr56
timer Asked: May 22nd, 2015

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Need help in accounting.. Please have a look before sending a bid
week_1_exercise_1.1.
xlsxweek_1_lab_1.1.xlsx


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The income statement of Minerals Plus, Inc., follows: MINERAL PLUS, INC. Income Statement Year Ended September 30, 2012 Revenues: Service revenue Expenses: Cost of goods sold Salary expense Depreciation expense Income tax expense Net income $235.000 $97.000 57.000 26.000 4.000 184.000 $51.000 Additional data follows: a. Acquisition of plant assets is $118,000. Of this amount, $100,000 is paid in cash and $18,000 by signing a note payable. b. Cash receipt from sale of land totals $28,000. There was no gain or loss. c. Cash receipt from issuance of common stock total $29,000. d. Payment of note payable is $18,000. e. Payment of dividends is $8,000. f. From the balance sheet: September 30, 2012 2011 Current Assets: Cash Accounts receivable Inventory Current Liabilities: Accounts payable Accrued liabilities $30.000 41.000 97.000 $8.000 59.000 93.000 $30.000 11.000 $17.000 24.000 Requirement: 1. Prepare Mineral Plus's statement of cash flows for the year ended September 30, 2012, using the indirect method. Inclu ,000 by signing a note payable. using the indirect method. Include a separate section for noncash investing and financing activities. The comparative balance sheet of Jakson Educational Supply at December 31, 2012, reported the following: December 31, 2012 Current Assets: Cash and cash equivalents Accounts receivable Inventories Current Liabilities: Accounts payable Accrued liabilities 2011 $88.200 14.400 63.600 $22.500 21.700 60.400 $28.600 10.600 $27.100 11.200 Jackson's transactions during 2012 included the following: Payment of cash dividend Purchase of equipment Issuance of long-term note payable to borrow cash $17.200 Depreciation expense 54.400 Purchase of building 50.000 Net income Issuance of common stock for cash Requirements: 1. Prepare the statement of cash flows of Jackson Educational Supply for the year ended December 31, 2012. Use the indir 2. Evaluate Jackson's cash flows for the year. Mention all three categories of cash flows and give reason for your evaluatio 3. If Jackson plans similar activity for 2013, what is its expected cash flow? orted the following: $16.700 100.000 59.600 106.000 d December 31, 2012. Use the indirect method to report cash flows from operating activities. and give reason for your evaluation. The income statement and additional data of Best Corporation follows: BEST CORPORATION Income Statement Year Ended June 30, 2012 Revenues: Sales revenue Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Income tax expense Interest expense Net income $231.000 8.000 $102.000 48.000 28.000 13.000 11.000 3.000 $239.000 205.000 $34.000 Additional data follows: a. Collections from customers are $15,500 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expense. d. Payments to employees are $1,000 more than salary expense. e. Acquisition of plant assets is $102,000. f. Cash receipts from sale of land total $24,000. g. Cash receipts from issuance of common stock total $32,000. h. Payment of long-term note payable is $17,000. i. Payment of dividends is $10,500. j. Cash balance, June 30, 2011, was $25,000; June 30, 2012 was $28,000. Requirement: 1. Prepare Best Corporation's statement of cash flows for the year ended June 30, 2012. Use the direct method. 2. Also differentiate between Indirect and Direct method of preparing statements of cash flows. he direct method. s. Summerborn Manufacturing, Co., completed the following transactions during 2012: Jan 16 Feb 15 Jun 10 Jul 30 Oct 26 Nov 8 Nov 30 Requirement: 1. Record the transactions in Summerborn's general journal. merborn Manufacturing, Co., completed the following transactions during 2012: Declared a cash dividend on the 5%, $100 per preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15. Paid the cash dividends. Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding. Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share. Purchased 1,000 shares of treasury stock at $13 per share. Sold 500 shares of treasury stock for $15 per share. Sold 300 shares of treasury stock for $8 per share. cord the transactions in Summerborn's general journal. The capital structure of Blacksmith, Inc., at December 31, 2011, included 18,000 shares of $1 preferred stock and 38,000 shares of common stock. Common stock outstanding during 2012 totaled 38,000 shares. Income from continuing operations during 2012 was $108,000. The company discontinued a segment of the business at a gain of $26,000 and also had an extraordinary Requirements: 1. Compute Blacksmith's earnings per share for 2012. Start with income from continuing operations. All income and loss amo 2. Show two ways of reporting Blacksmith's retained earnings restriction. All income and loss amounts are net of income tax. The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012: Selling expenses $125,000 General expenses 134,000 Income from discontinued operations Retained earnings, beginning Cost of goods sold Treasury stock, common (1,000) shares Net sales revenue 5,000 90,000 430,000 11,000 834,000 Requirement: 1. Prepare a multi-step income statement for Clarkson Motorsports for the fiscal year ended November 30, 2012. Include ear arkson Motorsports, Inc., at November 30, 2012: Common stock, $10 par, 21,000 shares authorized and issued Preferred stock, $4, no-par 6,000 shares issued $210,000 240,000 Income tax expense: Continuing operations Income from discontinued operations 70,000 2,000 orsports for the fiscal year ended November 30, 2012. Include earnings per share.
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