Company Name Purchases Inventory, 12/31/23 Tax INPUT SECTION... Other: Rev/Exp/Gain() CHANGE in Retained Earnings FYE 12/31/23 (+/-) Purchases Adjustments as a % of Net Purchases Cost of Goods Sold as a % of Cost of Goods Available Freight-In as a % of Purchases Adjustments Tax Rate Operating Expenses as a % of Inventory, 1/1/23 Sales as a % of Sales Adjustments Preferred Dividends as a % of Common Dividends Retained Earnings, 12/31/23 as a % of Operating Income Weighted Average Common Shares Outstanding Name World Series, Inc. Amount (5) $5,400,000 $2,100,000 $1,600,000 -$ 500,000 $1,900,000 Amount (%) 12.50 75.00 150.00 40.00 200.00 1,000.00 80.00 Amount (shares) 876,000

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...
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  1. Work the problem out by hand on a piece of paper so that you know what the answers should be. All dollar amounts (except EPS) should end in ",000"
  2. The schedule and statment in your output should compute mathematically from TOP to Bottom, so check and make sure that's the case
  3. Math Example: If A - B = C, then A - C = B and A = B + C

 

Prepare an output section that produces the following items: 1) "COGS Schedule", 2) "Income Statement", and 3) "Retained Earning Statement". The reporting period is for the calendar year of 2023. The output items should be placed on a separate 'sheet' (the heading "... OUTPUT SECTION ..." should be centered over all columns to which it relates: [A1..G1]). Naming of the output 'sheet' should be "OUTPUT". No number (dollar amount, shares, or percentage) or company name should be typed (hard coded) directly into any cell in the output section, as this would prevent your output from being correct when the input is changed. Instead, the output section must reference the appropriate amounts (shares, dollars, and percents) and name from the input and/or output sections. Your output should be placed in the following spreadsheet Rows [1-32]/Columns [A-G], using the color scheme as shown, where $$$ represent dollar amounts:

Prepare a data input section in the exact order as given below. Naming of the input 'sheet' should be "INPUT". Do NOT cellprotect the numeric data of this section, as you must allow for the possibility of change to this information. Use the amounts given as a test of your output. Enter Pct as the %, not decimal (80% entered as 80, not 0.80). Your input should be placed in the following Rows [1-24]/Columns [A-B], with the heading "... INPUT SECTION ..." centered over all columns to which it relates:

 

Inventory, 1/1/23
Purchases
Less:
Purchases Adjustments
Net Purchases
Add:
Freight-In
COGPurchased
COGAvailable
Less:
"Heading: Line 1"
"Heading: Line 2"
"Heading: Line 3"
Inventory, 12/31/23
COGS
$$$.$$$.$$$
$$$,$$$,$$$
$$$,$$$,$$$
$$$,$$$,555
... OUTPUT SECTION.
$$$,$$$,$$$
$$$,$$$,$$$
$$$,$$$,$$$
$$$.$$$.$$$
$$$,$$$,$$$
Sales
Less:
"Heading: Line 1"
"Heading: Line 2"
"Heading: Line 3"
Sales Adjustments
Net Sales
COGS
Gross Profit
Operating Expenses
Operating Income
Other: Rev/Exp/Gain/Loss
Income Before Tax
Tax
Net Income
EPS:
$$$,$$$,$$$
$$$.$$$,$$$
$$$,$$$,$$$
$$$,$$$,$$$
$$$,$$$,$$$
$$$,$$$,$$$
$$$,555,555
$$$.$55.$$$
$$$,$$$,$$$
$$$.$$$.$$$
$$$,$$$,$$$
$$$.$$$
Transcribed Image Text:Inventory, 1/1/23 Purchases Less: Purchases Adjustments Net Purchases Add: Freight-In COGPurchased COGAvailable Less: "Heading: Line 1" "Heading: Line 2" "Heading: Line 3" Inventory, 12/31/23 COGS $$$.$$$.$$$ $$$,$$$,$$$ $$$,$$$,$$$ $$$,$$$,555 ... OUTPUT SECTION. $$$,$$$,$$$ $$$,$$$,$$$ $$$,$$$,$$$ $$$.$$$.$$$ $$$,$$$,$$$ Sales Less: "Heading: Line 1" "Heading: Line 2" "Heading: Line 3" Sales Adjustments Net Sales COGS Gross Profit Operating Expenses Operating Income Other: Rev/Exp/Gain/Loss Income Before Tax Tax Net Income EPS: $$$,$$$,$$$ $$$.$$$,$$$ $$$,$$$,$$$ $$$,$$$,$$$ $$$,$$$,$$$ $$$,$$$,$$$ $$$,555,555 $$$.$55.$$$ $$$,$$$,$$$ $$$.$$$.$$$ $$$,$$$,$$$ $$$.$$$
Item
Company Name
Item
Purchases
Inventory, 12/31/23
... INPUT SECTION...
Tax
Other: Rev/Exp/Gain/Loss (+/-)
CHANGE in Retained Earnings FYE 12/31/23 (+/-)
Item
Purchases Adjustments as a % of Net Purchases
Cost of Goods Sold as a % of Cost of Goods Available
Freight-In as a % of Purchases Adjustments
Tax Rate
Operating Expenses as a % of Inventory, 1/1/23
Sales as a % of Sales Adjustments
Preferred Dividends as a % of Common Dividends
Retained Earnings, 12/31/23 as a % of Operating Income
Item
Weighted Average Common Shares Outstanding
Name
World Series, Inc.
Amount (5)
$5,400,000
$2,100,000
$1,600,000
- $ 500,000
+$1,900,000
Amount (%)
12.50
75.00
150.00
40.00
200.00
1,000.00
25.00
80.00
Amount (shares)
876,000
Transcribed Image Text:Item Company Name Item Purchases Inventory, 12/31/23 ... INPUT SECTION... Tax Other: Rev/Exp/Gain/Loss (+/-) CHANGE in Retained Earnings FYE 12/31/23 (+/-) Item Purchases Adjustments as a % of Net Purchases Cost of Goods Sold as a % of Cost of Goods Available Freight-In as a % of Purchases Adjustments Tax Rate Operating Expenses as a % of Inventory, 1/1/23 Sales as a % of Sales Adjustments Preferred Dividends as a % of Common Dividends Retained Earnings, 12/31/23 as a % of Operating Income Item Weighted Average Common Shares Outstanding Name World Series, Inc. Amount (5) $5,400,000 $2,100,000 $1,600,000 - $ 500,000 +$1,900,000 Amount (%) 12.50 75.00 150.00 40.00 200.00 1,000.00 25.00 80.00 Amount (shares) 876,000
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