2024 Accounting Hw Assignment Help
It is the end of a reporting period Because there are more people than usual retiring this year your 2023
It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things: A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items Basic financial statements for your company Individual Portion: Visit the SEC’s Web site (http://idea.sec.gov/idea/searchidea/companysearch_idea.html). Select a company filing of your choice that contains a multiple-step income statement. Communicate your selection with your group (each of you should submit a different company). Submit the link to this filing as proof of your research. Prepare a process documentation that is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse. is in the form of a memorandum or as a numbered listing of items, depending on your individual preference. includes the following elements: a definition and description of the specific sections of the income statement a description of the different methods of preparing income statements an explanation of the conceptual guidelines for reporting income how to handle the special types of income statement items Please add your file. Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric. Group Portion: Using the information below, do the following: Prepare a multiple-step income statement for Music Warehouse. Prepare a statement of changes in stockholder’s equity for Music Warehouse. You may work together, or you may assign each group member a different financial statement or part of the assignment to work on. Music Warehouse Adjusted Trial Balance December 31, 2008 Debit Credit Cash $24,675 Accounts Receivable 5,625 Inventory 65,980 Land 93,000 Building 289,000 Accumulated Depreciation 75,000 Notes Payable 85,000 Accounts Payable 53,600 Interest Payable 4,750 Common Stock 10,000 Additional Paid-in Capital 120,000 Dividends 10,000 Retained Earnings 59,980 Sales 937,500 Sales Discounts 22,675 Cost of Goods Sold 723,000 Salaries 81,000 Utilities 8,900 Repairs & Maintenance 5,225 Telephone 2,850 Interest Expense 4,400 Depreciation Expense 9,500 $1,345,830 $1,345,830 The following is additional information needed for financial-statement preparation: Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.) Loss because of the discontinuation of the cassette tape music segment: $26,875 Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.) Beginning of the year balance of additional paid-in capital: $102,000 Effective income tax rate: 35%