The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
ACCT495 Capstone Project Fall 2016 Part 1 Adjusting entries & Statements
Year-end Adjustment Data for Roxy and Harley Corp is as follows:
1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Roxy and Harley uses a perpetual inventory system.
2. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $190 per day. A total of 1,000 earned vacation days will be carried over to 2017. It is probable that the employees will take the vacation days.
3. Income tax expense is 30% of income before income tax.
4. The Research and Development account includes current year costs of $380,000 and R& D Equipment with a cost of $200,000 and an estimated useful life of 10 years.
5. You discover that a product sale was made and recorded in December for $100,000; the product had not yet been shipped. The cost of the product was $58,000.
6. The Prepaid Expense account balance includes the $300,000 cost of a two year insurance policy purchased on April 1, 2016.
7. Depreciation & Amortization expense for the year is $275,000
8. Interest expense accrued on its long-term liabilities is $82,620.
9. A dividend of $147,000 was declared on December 16, to be paid on January 15, 2017
10. It is estimated that 6% of accounts receivable will be uncollectable.
INSTRUCTIONS:
A. Correct the trial balance by putting the accounts in the typical account number order
B. Record the adjusting journal entries
C. Compute the adjusted trial balance amounts
D. Prepare in good form:
a. Income Statement
b. Balance Sheet
c. Retained Earnings Statement
E. Compute the following ratios: Current Ratio, Profit Margin on Sales, Debt to Assets, Earnings per Share, and Book Value per share
F. Record Closing Entries
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more