Bundle: Financial & Managerial Accounting, 13th + Working Papers, Volume 1, Chapters 1-15 For Warren/reeve/duchac’s Corporate Financial Accounting, ... 13th + Cengagenow™v2, 2 Terms Access Code
13th Edition
ISBN: 9781337062268
Author: Carl S. Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 1, Problem 1.25EX
a)
To determine
Financial statements: Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.
Financial statements include the following statements:
Cash flow statement- Income statement
Balance sheet - Statement of
Stockholder’s equity
To Identify: The errors in the given financial statements of Company WSR.
b)
To determine
To Prepare: The correct financial statements of Company WSR.
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owing income statement accounts in the popup window, E
t for the year.
ow for the year.
Data Table
nt for the year.
at below. (Round to the nearest dollar.
(Click on the following icon in order to copy its contents into a spreadsheet.)
ncome Statement
Income Statement Accounts for the Year Ending 2017
Balance
nding December 31, 2017
Account
Cost of goods sold
Interest expense
Taxes
Revenue
Selling, general, and administrative expenses
Depreciation
$341,000
$75,000
59,600
S743,000
$62,000
$116,000
Print
Done
%24
%24
%24
The following information has been taken from the Ledger of Numan Corporation for the year ended on June 30, 2015.
Stock of material, June 30 2015
Rs. 15,700
Stock of materials, July 1, 2014
12,000
Material purchased during the year
46,250
Carriage outward
1,075
Carriage inward
1,786
Salaries – Factory
1,625
Salaries – Office
3,150
Discount Expenses
725
Bad debts written off
1,628
Repairs of plant, machineries and tools
1,113
Rent and insurance – Factory
2,125
Rent and insurance – Office
500
Sales
115,275
Travelling Expenses
525
Traveler’s salaries and commission
1,925
Productive wages
31,500
Depreciation of machinery and tools
1,625
Depreciation of office furniture
75
Director’s fees
1,500
Gas, and water – Factory
300
Gas and water – Office
100
Manager’s salary (3/4th factory, 1/4th office)
2,500
General Expenses
850
Calculate Factory Cost…
The following information has been taken from the Ledger of JN Corporation for the year ended on June 30, 2015.
Stock of material, June 30 2015
Stock of materials, July 1, 2014
Material purchased during the year
Carriage outward
Carriage inward
Salaries - Factory
Salaries - Office
Rs. 15,700
12,000
46,250
1,075
1,786
1,625
3,150
Discount Expenses
725
Bad debts written off
1,628
Repairs of plant, machineries and tools
Rent and insurance - Factory
1,113
2,125
Rent and insurance - Office
500
Sales
115,275
Travelling Expenses
Traveler's salaries and commission
Productive wages
525
1,925
31,500
Depreciation of machinery and tools
Depreciation of office furniture
Director's fees
Gas, and water - Factory
Gas and water - Office
1,625
75
1,500
300
100
Manager's salary (3/4th factory, 1/4th
General Expenses
office)
2,500
850
Calculate Total Administrative Overhead.
Chapter 1 Solutions
Bundle: Financial & Managerial Accounting, 13th + Working Papers, Volume 1, Chapters 1-15 For Warren/reeve/duchac’s Corporate Financial Accounting, ... 13th + Cengagenow™v2, 2 Terms Access Code
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