Problem 4.03 – Olivo Corporation
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Create the company’s income statement, beginning with income from continuing operations before taxes, for the year ended December 31.
Create the company’s income statement, beginning with income from continuing operations before taxes, for the year ended December 31.
Calculate ratios: inventory turn, avg days inventory, rec turnover, avg collection, asset turn, profit margin sales, return on assets, return on equity, equity multiplier.
Indicate whether each item is a separate performance obligation and allocate the transaction price. Create a journal entry to record sales Protab Packages.
Prepare the 3 journal entries for Super Rise.
Prepare a summary journal entry to record the monthly bad debt accrual and write-offs, prepare year-end adj entry for bad debt exp, prepare total bad debt, and accounts rec in the balance sheet.
Prepare summary journal entries to account for write-offs and collection of the receivable previously written off and year-end adjusting entries for bad debts. Experts Have Solved This Problem Please login or register to access this content.
Prepare the journal entries that would be recorded on July 1 for both alternatives. (raising money with accounts rec.)
Prepare the journal entry for the transfer of accounts receivable.
Calculate Ending Inventory and CGS under LIFO, FIFO, Avg Cost.
Compute the gross profits and the gross profit ratios under LIFO and FIFO.