The following financial information was compiled for the month of September 2010 for the MCM company....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following financial information was compiled for the month of September 2010 for the MCM company. Actual Situation in September 2010 balance($) Debts to pay 35000 accounts receivable 29000 Bonuses payable 110000 Buildings (net worth) 605000 Cash in cash 17000 Dividends payable 8000 Inventories (all) 31000 Land 450000 Long-term mortgage payable 450000 Retained earnings 154000 Share value 375000 Transactions for September 2010 category amount ($) Direct labor 50000 Expenses Insurance Sales Rental and maintenance Wages Others Total 294000 Income tax 20000 Finished product inventory as of September 1, 2010 25000 Finished product inventory as of September 30, 2010 50000 Inventory of materials as of September 1, 2010 46000 25000 Inventory of materials as of September 30, 2010 Purchasing of materials 20000 Indirect manufacturing costs 75000 Income from sales 500000 1. Prepare the balance sheet and general balance 2. Prepare the income statement 3. Prepare an estimate of the merchandise sold. 20000 62000 40000 110000 62000 The following financial information was compiled for the month of September 2010 for the MCM company. Actual Situation in September 2010 balance($) Debts to pay 35000 accounts receivable 29000 Bonuses payable 110000 Buildings (net worth) 605000 Cash in cash 17000 Dividends payable 8000 Inventories (all) 31000 Land 450000 Long-term mortgage payable 450000 Retained earnings 154000 Share value 375000 Transactions for September 2010 category amount ($) Direct labor 50000 Expenses Insurance Sales Rental and maintenance Wages Others Total 294000 Income tax 20000 Finished product inventory as of September 1, 2010 25000 Finished product inventory as of September 30, 2010 50000 Inventory of materials as of September 1, 2010 46000 25000 Inventory of materials as of September 30, 2010 Purchasing of materials 20000 Indirect manufacturing costs 75000 Income from sales 500000 1. Prepare the balance sheet and general balance 2. Prepare the income statement 3. Prepare an estimate of the merchandise sold. 20000 62000 40000 110000 62000
Expert Answer:
Answer rating: 100% (QA)
Balance Sheet I Particulars Assets Fixed Asset Buildings Land Current Assels Invento... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Company reports the following financial information before adjustments. Instructions Prepare the journal entry to record Bad Debt Expense assuming Rodriguez Company estimates bad debts at (a) 3% of...
-
The Mid-American Farm Products Corporation provided the following financial information for the quarter ending September 30, 2011: Depreciation and amortization - $75,000 Net Income - $225,000...
-
The following financial information regarding Wick Industries is available: Wick would like to increase its return to stockholders. To do so, it wants to increase its debt to assets ratio to 0.70 by...
-
Using and citing Bevan, define active empathic listening. Report on both the meaning and significance of the definition Explain how you can use active empathic listening to help you improve your...
-
One of the most important distributions in statistics is the standard normal distribution. We discuss this distribution in detail in Chapter 6. a. Use the technology of your choice to generate a...
-
Is capability required to commit a fraud? Is capability part of opportunity, or should it be considered a separate element of fraud?
-
Consider heat transfer over a flat plate again but now include an additional term due to viscous heating. Show that the similarity method is applicable to this problem as well, and derive the...
-
If the risk-free rate is 6% and the expected rate of return on the market portfolio is 13%, is a security with a beta of 1.25 and an expected rate of return of 16% overpriced or underpriced?
-
The monthly income of investor is $9,000 per month, and up to 30% of the family income can be used to pay back a mortgage loan . His bank offers him a 30-year mortgage loan with a 2.5% interest rate....
-
Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal...
-
Consider the data disclosed in Table 4 with respect to the performance of an US active asset manager (AM) internationally diversified. Europe Asia- Pacific Africa Benchmark Weight 0.40 0.25 0.35...
-
Imagine that an employer asks you the question, Tell me about a time when you took action because a situation conflicted with your values. Write a response that includes context or background about...
-
Do you know someone you would describe as having organizational savvy? Perhaps someone is a good networker or knows just the right things to say in business or group situations. What examples from...
-
Working in small groups, identify at least one ethical dilemma one of you has experienced in each of the following categories. Using the Framework for Ethical Decision Making (Figure 7), analyze how...
-
From a movie, series, or TV show, find at least five communication examples that illustrate the character dimensions defined in Figure 1. Briefly describe the scene and what the actor does or says to...
-
List a few times when you had trouble communicating with someone. Do you see a pattern? Consider language, cultural, attitudinal, emotional, and other barriers described in the chapter. Which...
-
An electron of mass m, subjected to an electromagnetic force F follows a path described by the position vector F = (ecos(at) + bt) + esin(at)] where t represents time and e and b are positive...
-
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
-
When nitrogen and fluorine combine to form a molecule, the most likely chemical formula is: (a) N 3 F. (b)N 2 F. (c) NF 4 . (d) NF. (e) NF 3 .
-
A substance consisting of which of the two molecules shown below should have a higher boiling point? Why? (a) the molecule on the left, SCO, because it comes later in the periodic table (b) the...
-
In terms of the periodic table, is there an abrupt or gradual change between ionic and covalent bonds? (a) An abrupt change occurs across the metalloids. (b) Actually, any element of the periodic...
Study smarter with the SolutionInn App