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- for each of the financial statement items, identify the estimate(s) from the following (1-11) list that are required in the measurement of that item on the financial statements. For each select 3 of them. Account Receivable A. b, C, • Inventory A. b, C, Equipment A. b, C, Warranty Liability A. b, C, Sales revenue А, b, C, Revenue from long term contract b, A. Cost of good sold. C, A. C, 1. Cost to repair or replace product. 2. Cost of each item sold/held. 3. Customer default rate 4. Degree of progress fulfilling contract. 5. Pattern of benefit obtained. 6. Prices of inventory items 7. Profitability of contract 8. Rate of defect 9. Residual value at end of useful life 10. Speed of collection 11. Useful livesThe following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.
- 1. Prepare a detailed multi-step income statement (including EPS presentation) for the year ended December 31, 2020. Show calculations for EPS (for continuing and discontinued sections). Show details of COST OF GOODS SOLD and OPERATING EXPENSES sections. 2. Prepare a Statement of Retained Earnings for the year ended December 31, 2020.Direction: Act as an accountant. Enter the given data in excel and compute for the gross income, the exact amount of partial deductions, total deductions, and net pay. Deductions: SSS = 4% Philhealth = 1.50% Pagibig = 2% Tax = 12% (Please show the formula in excel)compute the adjusted balances of the following accounts: 7. Gain or loss on sale of warehouse equipment8. Net income
- *see attached In its income statement for the year ended June 30, 20x1, what amount should Oren report as rent expense?a. P 10,000b. P 10,500c. P 40,000d. P 50,0003. Using the data provided in Table 1, prepare common size income statements using revenues and cost-of-goods-sold in the original S-1 and amended S-1. Analyze trends of expenses as a percentage of revenue for 2009 and 2010. Compare and contrast the following ratios: a. Gross Margin Percentage; b. Asset Turnover Ratio.View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for the month of March 2020. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,460 6,860 5,900 58,280 Rent expense Sales discounts Sales returns and allowances Sales revenue $30,380 Blue Spruce Corp. Income Statement 7,680 13,120 393,970 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a n e.g.-45 or parentheses e.g. (45).)
- 23. Given the following totals for the financial statement columns on the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Credit Debit Credit Debit P6,800 P9,500 P7,400 P4,700 a. P4,700 net income b. P2,700 net income C. P2,700 net loss d. P6,800 net loss 24. Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement Balance Sheet Debit Credit P8,500 P6,750 P4,300 P6,050 Debit Credit a. P8,500 net loss b. P1,750 net income C. P4,300 net income d. P1,750 net lossThe following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019.B. Prepare a simple income statement for the year ended December 31, 2019.C. Compute the gross margin for 2019.D. Prepare a multi-step income statement for the year ended December 31, 2019.Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Federal income tax due for the previous year is paid.