FINANCIAL AND MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9781337816045
Author: WARREN
Publisher: CENGAGE L
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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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Students have asked these similar questions
How do I calculate the NOPBT for 2016 and 2015
Consolidated Statements of Income
Fiscal year ended
(in thousands)
Dec. 29, 2016
Dec. 30, 2015
Revenues
Circulation
$880,543
$851,790
Advertising
580,732
638,709
Other
94,067
88,716
Total revenues
1,555,342
1,579,215
Production costs
Wages and benefits
363,051
354,516
Raw materials
72,325
77,176
Other
192,728
186,120
Total production costs
628,104
617,812
Selling, general and administrative costs
721,083
713,837
Depreciation and amortization
61,723
61,597
Total operating costs
1,410,910
1,393,246
Restructuring charge
14,804
0
Multiemployer pension plan withdrawal expense
6,730
9,055
Pension settlement charges
21,294
40,329
Early termination charge
0
0
Operating profit
101,604
136,585
Loss from joint ventures
-36,273
-783
Interest expense, net
34,805
39,050
Income from continuing operations before income taxes
30,526
96,752
Income tax expense/(benefit)
4,421
33,910
Income…
Income Statement
Saghir Company's 2014 information
Administrative Expenses
Officers salaries
6,860
Depreciation of office furniture and equipment
5,544
Cost of Goods Sold
84,798
Net Sales
135,100
Rental Revenue
24,122
Selling Expense
Transportation Out
3,766
Sales Commissions
1,172
Depreciation of Sales Equipment
9,072
Income Tax
12,698
Interest Expense
2,604
Common Shares Outstanding 40,550
Instructions
Prepare a multi-step income statement for 2014
Prepare a single step income statement for 2014
Prepare an income statement using the following information for DL Enterprises for the month
of July 2018.
Sales revenue
$62,500
Rental revenue
15,400
Product expense
52,000
Wages expense
18,900
Owner investment
12,000
Equipment purchases
56,000
Utilities expense
1,700
Taxes expense
400
DL Enterprises
Income Statement
For the Month Ended July 31, 2018
Revenue:
Total Revenue
Expenses:
Total Expenses
Net Income
Chapter 1 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
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