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• Essay about Final Accounting

  ... Peyton Approved Accounting Final Final Part 1 SALES BUDGET The sales budget is prepared by multiplying the expected unit sales volume for each product by its anticipated unit-selling price. As reflected in Exhibit A noted below and included in the overall Peyton Approved budget worksheet included in Appendix A, Peyton Approved expects sales volume to be 18000, 22000 and 20000 units in the month of July, August and September respectively. The budgeted sales in August exceeded July's sales units by 4000 units, however, sales declined in September by 2000 units from August. Peyten Approved budgeted sales price per units for the quarter was based on a sales price of $18 per unit. Thus, budgeted total dollars per month are 324,000 computed 18 sales price per unit, 396000 sales price per unit, and 360000 sales price per unit in July, August, and September respectively. Exhibit A – Sales Budget PRODUCTION BUDGET Production budget shows the units to produce to meet anticipated sales. The formula to compute required production unit is as below: Budgeted sales units + Budgeted Ending - Beginning inventory = Required production units. As reflected in the Production Budget captured in Exhibit B below and included in the overall Peyton Approved budget worksheet included in Appendix A. First budgeted sales units for each month in the quarter was used to multiply with ratio to inventory future sales to compute budgeted ending...

  1555  Words | 12  Pages

• Essay about Accounting report Final

  ...Definition and Explanation: A work sheet is a large columnar sheet of paper, especially designed to arrange in a convenient systematic form all the accounting data required at the end of the period. The work sheet is not a part of the permanent accounting record but it is a working paper of accountants, prepared by pencil. If an error is made on the work sheet, it may be erased an corrected much more easily than an error on the formal accounting records. The work sheet is designed in a manner that it minimizes the chances of errors to the maximum possible extent. It brings into light many types of discrepancies which otherwise might be entered in the journal and posted to the ledger accounts. It must be remembered that it is not necessary to write $ signs, decimal points or commas with the amounts entered on the work sheet. The satisfactory completion of work sheet provides considerable assurance that all the details of the end of period accounting procedures have been properly brought together. It also serves as the source from which formal financial statements are prepared and the adjusting and closing entries are made in the journal and then posted to the ledger. We may further proceed with the help of an example. Example of Work Sheet: Sunshine is a trading concern. Its trial balance and adjustments are given below: Cash Dr. 37080 Accounts receivable 52320 Notes receivable 24000 Merchandise inventory on...

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• accounting Essay

  ...Brief Exercise 11.1 Alpha Company Stockholders Equity section of the Balance Sheet Issued and outstanding common stock (10,000 * 10) 100,000 Additional paid-in capital (10,000 * 3) 30,000 Total paid-in capital 130,000 Retained Earnings 75,000 Total Stockholder Equity 205,000 Brief Exercise 11.2 Beta Company Stockholders Equity section of the Balance Sheet Issued and outstanding common stock (10,000 * 25) 250,000   Issued and outstanding preferred stock (10,000 * 100) 100,000 350,000 Additional paid-in capital:     Common stock (10,000 * 2) 20,000   Preferred stock (1,000 * 10) 10,000 30,000 Retained Earnings   100,000 Total Stockholder Equity   480,000 Brief Exercise 11.3 Dividends on the arrears on the preferred stock for 3 years is calculated as: 100,000 shares * $100 par value * 6% dividend rate * 3 years = $1,800,000 The amount of dividends in arrears must be disclosed in the financial statements. They are generally written in the notes section at the end of the financial statements. They can be formally included in the statement as a liability once they are declared by th board of directors of the company. Brief Exercise 11.4 Dividend on 6% preferred stock: 10,000 shares * $100 par value * 6% dividend rate = $60,000 Total dividend declared by the company   200,000 Less: preferred dividend in arrears 60,000   Less: preferred dividend in current year 60,000   Total preferred dividend...

  1251  Words | 6  Pages

• Intermediate Accounting 1 Final Review Essay

  ...Intermediate Accounting I Final Review 1. Definition of consistency (vs. comparability) 2. Relevance vs. Faithful representation a. Investors want information right now 3. Calculate net assets 4. Adjusting entries related to Prepaid Insurance 5. Fundamental qualities of useful accounting information a. Chart in beginning chapters that has relevance, neutrality, etc. 6. Costs that are expensed vs. costs that are capitalized for internally created intangible assets a. What did we do with R&D costs? 7. Calculate percentage and number of periods for quarterly compounding interest a. Time value of money 8. Straight-line depreciation a. For an asset that originally had a nine year useful life and decided later that it only had 5 year useful life. Change the depreciation expense 9. Under which cash flows statement category certain activities fall a. Investing, Financing, or Operating? 10. Review the “Land” problem related to lump-sum purchases a. Look back at chapter with example about buying a huge tract of land, then land was divided, had to allocate cost of the land. b. Boxes are yellow 11. Calculate goodwill a. Purchase price – fair value market of the net assets 12. Calculate depletion a. Like depreciation, except for natural resources 13. Ordinary annuity vs. annuity due a. Ordinary annuity happens at the end of a period b. Annuity due happens at the beginning of a period 14. Where should treasury stock...

  510  Words | 2  Pages

• Essay about accounting final project

  ... Final Project Apple Inc. (Apple), an extremely successful and profitable American multinational corporation, was founded in the 1970s. As a technology company, it designs, manufactures, and markets personal computers, computer software, mobile phones, digital music players and sells related music software, and sells related product accessories. Furthermore, Apple’s distinguished and well profitable products and services include iPod, iPhone, Mac computers, Apple TV, Xserve, consumer and professional software applications, and iTunes (a platform of digital media application). Moreover, the Company sells its products all over the world through its retail stores, online stores, contractual cell phone carriers, and many value-added resellers. According to the New York Times, as September 25, 2010, Apple had opened a total of 317 retail stores, including 233 stores in the U.S. and 84 stores internationally. In addition, Apple Inc. is rated as the most valuable publicly traded Technology Company in 2011. In this project, I will do the brief discussion of Apple Inc.’s financial performance through its fourth quarter financial report for 2010. First, I will analyze the balance sheet of Apple Inc.’s financial statement set which represents its financial situation. According to the attached form I (page 5), we can compare some financial information of current year with previous year. For September 25, 2010, the total current assets occupy 55.4% of total assets,...

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• FINANCIAL ACCOUNTING FINAL EXAM Essay

  ...MNGT-511 FINAL EXAM (Total points 100) Name: Rebecca Malandrino Chapter 7 1) Which of the following types of inventory usually is not held by a manufacturing business? (3P) C) Merchandise inventory 2) The following information was taken from the 2007 income statement of Cobra Company: Pretax income, $12,000; Total operating expenses, $20,000; Sales revenue, $120,000. Compute cost of goods sold. (5P) A) $88,000 (120,000 – 20,000 – 12,000) 12,000 (pre-tax income) + 20,000 (operating expenses) = 32,000 (gross margin) 120,000 (sales revenue) - 32,000 (gross margin) = 88,000 ( cost of goods sold) 3) Sheffield Company had the following information taken from its 2006 adjusted trial balance: Sales, $400,000; Sales Discounts, $12,000; Beginning Inventory, $20,000; and Purchases, $200,000. A physical count of the merchandise on hand at the end of the year showed $25,000. Compute the gross margin (gross profit) that would appear in the income statement. (10P) C) $193,000. $20,000 (beginning inventory) + $200,000 (purchases) = $220,000 (end inventory) $220,000 (end inventory) - $25,000 (inventory at end of year) = $195,000 (cost of goods sold) $400,000 (sales) - $12,000 (discounts) = $388,000 (net sales) $388,000 (net sales) - $195,000 (cost of goods) = $193,000 (gross profit margin) Use the following to answer questions 4 and 5 Cyclone Co. uses the periodic inventory system. The following information about their inventory of...

  951  Words | 3  Pages

• Accounting Final Exam Essay

  ... DOWNLOADACC 349 Final Exam 1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? 2) At the end of the year, manufacturing overhead has been over applied. What occurred to create this situation?3) Luca Company over applied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the over applied amount assuming the amount is material4) Which of the following would be accounted for using a job order cost system?5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?6. What is unique about the flow of costs in a job order cost system?7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?8) What broad functions do the management of an organization perform?9) Which of the following represents the correct order in which inventories are reported on a manufacturer’s balance sheet?10) In traditional costing systems, overhead is generally applied based on11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)12) A well-designed activity-based costing system starts with13) Which of the following factors would suggest a switch to activity-based costing?14) All of the following statements are correct EXCEPT that15) What sometimes makes implementation of activity-based costing difficult in service industries...

  1123  Words | 2  Pages

• accounting Essay

  ...The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept of negative numbers was not yet accepted in Europe. So he spoke of the terms  ‘Debere’ and ‘Credere’ which means  To maintain this fundamental truth that the value of the net assets of the business must be equal to the value of the owners equity, Luca introduced the concept that the net assets side of the equation would be represented as Debere (Debits = funds owed to the owners) and the owners equity side would be represented as Credere (Credits = funds entrusted). Consequently, he could also see that financial activities that caused net assets to increase should be debited (more funds owed to the owners) and credited if decreased (less funds owed to the owners). The same principle applies to the owners equity side. An increase in owners equity would be credited (more funds entrusted in the business) and a decrease debited (less funds entrusted in the business). Treatment of expenses and revenues Finally, the treatment of expenses and revenues in the double-entry...

  1595  Words | 4  Pages