ACCOUNTING 112<\/p>\n
PRACTICE SET<\/p>\n
DUE DATE: Friday, November 26, 2021<\/p>\n
Project must be typed. Project must be your own work. I suggest using excel. Include a cover page.<\/p>\n
Required #1<\/p>\n
Using Be Prepared, Inc.\u2019s adjusted trial balance and prior period\u2019s balance sheet, prepare the following Financial Reports:<\/p>\n
Multi-Step Income Statement for the month of January 2020 (see page 180\/181 in your textbook for guidance). Check figure: $1,312 net income.<\/p>\n
Statement of Retained Earnings for the month of January 2020 (see page 479\/480 in your textbook for guidance). Note: There are no prior period adjustments and all dividends declared are cash dividends in the amount of $31,060.<\/p>\n
Comparative Balance Sheet for the months of December 2019 and January 2020 (See page 617\/618 in your textbook for guidance). Check figure: Total liabilities $1,013,378 (2020).<\/p>\n
Common\u2013Size Comparative Balance Sheet for the months of December 2019 and January 2020 (See page 619 in your textbook for guidance).<\/p>\n
Required #2<\/p>\n
Use the Income Statement and Comparative Balance Sheet you prepared in Required #1 and the following additional information to prepare the Statement of Cash Flows (Indirect Method) for the month of January 2020 (see page 581 for an example). <\/p>\n
Check figure: net cash provided by operating activities $55,050.<\/p>\n
Issued 10,000 new shares of common stock in exchange for a piece of land. The stock was selling on the market at an average price of $10 per share on the date of sale and the par value of the stock was 50 cents.<\/p>\n
Purchased land with a cost $250,000. A down payment was made in the amount of $50,000 cash and a 10% 5-year note payable was signed for the difference. <\/p>\n
Purchased additional store equipment for $50,000 paying cash. <\/p>\n
The $10,000 notes receivable was related to the sale of merchandise inventory to a credit customer this period. Hint: The increase in notes receivable should be reported as an addition to the operating activities section of the statement of cash flows.<\/p>\n
Issued bonds with a face amount of $800,000 at 97. Hint: The amortization of the bond discount in the amount of $100 should be reported as an addition to the operating activities section. <\/p>\n
Used the cash proceeds from the bond issue to pay off the mortgage payable of $200,000.<\/p>\n
The company repurchased 20,000 shares of its common stock on the open market for $9 per share.<\/p>\n
The company reissued 9,125 of the treasury shares at a price of $20 per share.<\/p>\n
Issued 1,500 shares of preferred stock at $105 per share.<\/p>\n
Paid cash dividends of $31,060 to preferred and common stockholders. <\/p>\n
Required #3<\/p>\n
Prepare the following Ratios for January 2020 and include formula and calculation:<\/p>\n
Current Ratio<\/p>\n
Acid-Test Ratio<\/p>\n
Working Capital<\/p>\n
Days\u2019 sales in inventory <\/p>\n
Day\u2019s sales uncollected<\/p>\n
Debt Ratio<\/p>\n
Equity Ratio<\/p>\n
Debt-to-equity <\/p>\n
Profit Margin Ratio<\/p>\n
Gross Margin Ratio<\/p>\n","protected":false},"excerpt":{"rendered":"
ACCOUNTING 112 PRACTICE SET DUE DATE: Friday, November 26, 2021 Project must be typed. Project must be your own work. I suggest using excel. Include a cover page. Required #1 Using Be Prepared, Inc.\u2019s adjusted trial balance and prior period\u2019s balance sheet, prepare the following Financial Reports: Multi-Step Income Statement for the month of January […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-78280","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=78280"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/78280\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=78280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=78280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=78280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}