This assignment takes you through the linear regression process for determining the costs of using machine-hour or labor-hour allocation in relation to electric costs.
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Record each transaction, and prepare the shareholders’ equity section of the balance sheet.
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Prepare the statement of cash flows using the indirect method.
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Calculate risk ratios and profitability ratios for Year 2.
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Record each of 11 transactions in July for Great Adventures.(stock, prepaid insurance, prepaid insurance, legal fees, supplies, advertising, inventory, revenue)
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Record TEAM adventure transactions and prepare the adjusting entry for uncollectable accounts.
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Calculate sales revenue, cost of goods sold, ending inventory. Prepare the gross profit section of a partial income statement, and record any necessary adjustment on December 31st.
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Record the expenditures related to the vehicle, prepare a depreciation schedule (straight-line method), record the expenditures related to the vehicle maintenance, and record the depreciation expense and any other adjustments.
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Given expenditures that were made during the year along with loan and note amounts, they ask you to calculate the amount of interest capitalized during the year using the specific interest method.
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The firm purchased inventory, paid salaries, sold merchandise, collected cash from customers, and paid suppliers. Create journal entries for each of the above transactions.
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