Financial Accounting Costs And Income Statement Homework Help
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1.I have been hired into a new company to oversee the accounting department. What type of financial reports would I expect to see in the department? How will I use the financial reports available to me to make business decisions? This is what I have so far but, I do not know if it is correct. It depends on what type of business he or, she is in but in most accounting departments; I would expect to see the income statement, the balance sheet, and the profit and loss statements. In addition, accounts payable and receivable, financial reports and statements and there are so many other ones that can be used. I would use financial reports to costs revenues; analyze trends, obligations and financial commitments that incurred to see what happens with future revenues and expenses. I would use the reports to inspect and audit the operations and finances of the organization and report any evidence of fraud. The most important thing to use the financial reports for; is to use them to manage the business successfully and to increase the profits of the company. In addition, accurately monitoring current business activity and comparing it to historical activity and plans, would give businesses the information they need to keep performances on track. I would use the financial reports to make sure the records are fairly reflected and; they are detailed accurately within the transactions and dispositions of the assets of the company.
2.Gumble Corporation had income from continuing operations of $300,000 for the year ended December 31, 2008. It also had the following items (before income taxes):
1. Extraordinary flood loss of $150,000.
2. Loss of $60,000 on discontinuance of a division.
All items are subject to income taxes at a 30% tax rate.
Prepare a partial income statement, beginning with income from continuing operations.
3.Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles.
1. Property taxes on the factory land
2. Nails and glue used in production
3 . Cabinet maker’s wages
4 . Factory supervisors salaries
5. Metal used in manufacturing
6. Depreciation on factory machines
7. Factory utilities
8. Carpeting for the recreational vehicles
9. Property taxes on the factory building
10. Insurance on factory equipment
Classify the above items into the following categories:
DM Direct Materials
DL Direct Labor
MO Manufacturing Overhead
4.For each item, identify all applicable cost labels. Use the following code in your answer:
1 Product Cost
2 Period Cost
a. Advertising _________
b. Direct materials used _________
c. Sales salaries _________
d. Indirect factory labor _________
e. Repairs to office equipment _________
f. Factory manager’s salary _________
g. Direct labor used _________
h. Indirect materials _________
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5.Among the items that Gentry Print Shop accounts for are the following:
1. Direct labor _________
2. Office supplies used _________
3. Depreciation on printing machines _________
4. Finished goods inventory, 12/31 _________
5. Raw materials inventory, 1/1 _________
6. Cost of goods manufactured _________
7. Work in process, 1/1 _________
8. Office supplies inventory, 12/31 _________
9. Indirect labor _________
10. Heat and electricity for the print shop _________
Gentry Print Shop prepares the following schedule and financial statements on a yearly basis:
(a) Cost of goods manufactured schedule.
(b) Income statement.
(c) Balance sheet.
For each item, indicate by using the appropriate letter(s) the schedule and/or financial statements in which the item will appear.
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