Prepare a trial balance and financial statements.

The accounts in the ledger of Bastin Delivery Service contain the following balances on July 31, 2017.

Accounts Receivable $13,400

Accounts Payable 8,400

Cash ?

Equipment 80,000

Maintenance and Repairs Expense 1,958 Insurance Expense 900

Accumulated Depreciation 20,640

Notes Payable (due 2020) 28,450

Prepaid Insurance 2,200

Service Revenue 15,500

Dividends 700

Common Stock 40,000

Salaries and Wages Expense 7,428

Salaries and Wages Payable 820

Retained Earnings (July 1, 2017) 5,200 Instructions:

1. Prepare a trial balance with the accounts arranged in financial statement order (assets, liabilities, equity, revenue, expense) and fill in the missing amount for Cash.

2. Prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2017.

Must be Prepared in Excel Worksheet.

The ledger of Cranston Corporation has the following account balances at the company's first year end of October 31, 2018.

Prepare the closing entries at October 31, 2018.

If you accidentally delete the below table, you can add a new one using the rich-text editor, or try to make your answer as clear as possible using paragraphs and spaces.

On December 31, 2016, Jumble Inc. borrowed $1,000,000 at 10% payable annually to finance the construction of a new building. In 2017, the company made the following expenditures related to this building: June 1, $400,000; July 1, $600,000; September 1, $1,200,000; December 1, $600,000. The building was completed in April 2018. Additional information is provided as follows.

1. Other debt outstanding

10-year, 8% bond, dated December 31, 2015, interest payable annually $10,000,000

15-year, 10% note, dated December 31, 2012, interest payable annually $2,500,000

2. Interest revenue earned in 2017 $6,000

Instructions

(a) Determine the amount of interest to be capitalized in 2017 in relation to the construction of the building.

(b) Prepare the journal entry to record the capitalization of interest and the recognition of interest revenue and interest expense, if any, at December 31, 2017.

You are working with the marketing team for a FMCG firm that produces shaving cream. The team believes that sales of some of the products are closely related to sales of other products. They want you to explore this in a little more depth for two products, SKU 123 and SKU 456. Unfortunately, all of the base sales data for these products has been destroyed. All that you have is the weekly summary data:

Now the marketing team wants to understand the potential weekly sales for these two products. Let the sales price for the two SKUs be 12.50, 7.75, respectively.

1) What is the expected weekly revenue?

2) What is the standard deviation of the weekly revenue?

3) Assuming the marketing team’s correlation of 0.79 is correct. What is the probability that weekly sales will be between 10,000 and 20,000 dollars?

analize both finantial statment

Auto Wash Bot Ltd.

Income Statement

For the Year Ended December 31, 2015

Popeye’s Muscle Wash Ltd

Income Statement

For the Year Ended December 31, 2015

Imagine that you are part of the management team for Econsoft, a computer software company. You are discussing one of your products, “Econblaster,” with the company’s CEO and the other managers. You have made the software available for download on your firm’s website for download for $9.99 and you are trying to figure out how to generate more revenue from the product. Half of the management team suggests increasing the price to $11.99. The other half advocates cutting the price to $7.99. Both sides claim that their idea will increase total revenue generated from the product.

The CEO turns to you to help explain what’s going on. “How can half of the team suggest one thing, and the other half the exact opposite? Who is right? What should we do?”

What do you think? What does the right answer depend on?

Europa Publications, Inc. specializes in reference books that keep abreast of the rapidly changing political and economic issues in Europe. The results of the company’s operations during the prior year are given in the following table. All units produced during the year were sold. (Ignore income taxes.)

Required:

1. 1-a. Prepare a traditional income statement for the company.

2. 1-b. Prepare a contribution income statement for the company.

3. 2. What is the firm’s operating leverage for the sales volume generated during the prior year?

4. 3. Suppose sales revenue increases by 12 percent. What will be the percentage increase in net income?

5. 4. Which income statement would an operating manager use to answer requirement (3)?

Assume that XYZ company was started a year ago. As they are trying to figure out how to account for the uncollectible accounts, they are unsure of which method to use. If you recall in your principles class, it was broken down in to the Allowance Method and the Direct Write-Off Method. This book breaks the Allowance Method into two areas: 1. The sales revenue approach; and 2. The gross accounts receivable approach. There are not sure which method to use: 1. The sales revenue approach; 2. The gross accounts receivable approach; or 3. The direct write off method approach.

You have been hired to answer these specific questions: 1. Explain to them the difference among these three methods and which method you recommend and explain specifically why you would recommend that method. 2. Discuss the importance of making sure the accounts receivable reflects the correct balance and what the net realizable value is.

PART II — WORKSHEET COMPLETION Instructions: Complete the partial worksheet presented below, inserting additional labels as needed