1. From the List of Accounts, prepare a well-formatted, multi-step income statement for the year ended...

 

 

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1. From the List of Accounts, prepare a well-formatted, multi-step income statement for the year ended as noted. 2. After a year in business, the company asks you to measure how effectively sales and expenses of the business are being managed. Compute the (a) Net Income Margin (NIM) for the company; (b) average NIM for the Industry; and (c) compare, analyzing your results in a narrative. This ratio analysis should be calculated/performed directly on the income The following industry data is available: Total assets $ Total liabilitie 125,000 43,000 82,000 89,000 21,000 3. Prepare a well-formatted Statement of Stockholders' Equity for the year ended as noted on a Separate Worksheet Reminder: use a separate worksheet for the IS and for the SSE, labeling both worksheets appropriately. Total equity Sales revenue Net income Common Errors, do not submit until fixed: IS does not contain 3 subtotals & 1 total; NIM not calculated for both company & industry; narrative does not explain specifically what results mean for the company; SSE does not contain formatted beginning balances (even if zero, should be shown $0 or $- depending on format. Net Income in the SSE not linked to your IS. RedBear Landscaping Company List of Accounts December 31, 2022 Cash Accounts Receivable Supplies Prepaid Rent Equipment Vehicles Office Furniture Accumulated Depreciation Accounts Payable Accrued Wages Payable Note Payable (due in six months) Loan Payable (due in five years) Common Stock, no par Retained Earnings Dividends Declared (contra RE) Services Revenue Wage Expense Insurance Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense Income Tax Expense $ 10,000 2,000 9,000 6,000 21,000 50,000 4,000 15,000 6,000 1,000 10,000 30,000 28,000 2,000 74,000 30,000 5,000 6,000 1,000 15,000 2,000 1,000 A group of four students started at the beginning of the year a new residential landscaping and snowplowing business, RedBear Landscaping Company (RBLC). The List of Accounts (before closing) is as of the end of their first year of business. Required: 1. From the List of Accounts, prepare a well-formatted, multi-step income statement for the year ended as noted. 2. After a year in business, the company asks you to measure how effectively sales and expenses of the business are being managed. Compute the (a) Net Income Margin (NIM) for the company; (b) average NIM for the Industry; and (c) compare, analyzing your results in a narrative. This ratio analysis should be calculated/performed directly on the Income The following industry data is available: Total assets $ 125,000 Total liabilitie 43,000 Total equity 82,000 Sales revenue 89,000 Net income 21,000 3. Prepare a well-formatted Statement of Stockholders' Equity for the year ended as noted on a Separate Worksheet Reminder: use a separate worksheet for the IS and for the SSE, labeling both worksheets appropriately. Common Errors, do not submit until fixed: IS does not contain 3 subtotals & 1 total; NIM not calculated for both company & industry; narrative does not explain specifically what results mean for the company; SSE does not contain formatted beginning balances (even if zero, should be shown $0 or $ - depending on format. Net Income in the SSE not linked to your IS. 1. From the List of Accounts, prepare a well-formatted, multi-step income statement for the year ended as noted. 2. After a year in business, the company asks you to measure how effectively sales and expenses of the business are being managed. Compute the (a) Net Income Margin (NIM) for the company; (b) average NIM for the Industry; and (c) compare, analyzing your results in a narrative. This ratio analysis should be calculated/performed directly on the income The following industry data is available: Total assets $ Total liabilitie 125,000 43,000 82,000 89,000 21,000 3. Prepare a well-formatted Statement of Stockholders' Equity for the year ended as noted on a Separate Worksheet Reminder: use a separate worksheet for the IS and for the SSE, labeling both worksheets appropriately. Total equity Sales revenue Net income Common Errors, do not submit until fixed: IS does not contain 3 subtotals & 1 total; NIM not calculated for both company & industry; narrative does not explain specifically what results mean for the company; SSE does not contain formatted beginning balances (even if zero, should be shown $0 or $- depending on format. Net Income in the SSE not linked to your IS. RedBear Landscaping Company List of Accounts December 31, 2022 Cash Accounts Receivable Supplies Prepaid Rent Equipment Vehicles Office Furniture Accumulated Depreciation Accounts Payable Accrued Wages Payable Note Payable (due in six months) Loan Payable (due in five years) Common Stock, no par Retained Earnings Dividends Declared (contra RE) Services Revenue Wage Expense Insurance Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense Income Tax Expense $ 10,000 2,000 9,000 6,000 21,000 50,000 4,000 15,000 6,000 1,000 10,000 30,000 28,000 2,000 74,000 30,000 5,000 6,000 1,000 15,000 2,000 1,000 A group of four students started at the beginning of the year a new residential landscaping and snowplowing business, RedBear Landscaping Company (RBLC). The List of Accounts (before closing) is as of the end of their first year of business. Required: 1. From the List of Accounts, prepare a well-formatted, multi-step income statement for the year ended as noted. 2. After a year in business, the company asks you to measure how effectively sales and expenses of the business are being managed. Compute the (a) Net Income Margin (NIM) for the company; (b) average NIM for the Industry; and (c) compare, analyzing your results in a narrative. This ratio analysis should be calculated/performed directly on the Income The following industry data is available: Total assets $ 125,000 Total liabilitie 43,000 Total equity 82,000 Sales revenue 89,000 Net income 21,000 3. Prepare a well-formatted Statement of Stockholders' Equity for the year ended as noted on a Separate Worksheet Reminder: use a separate worksheet for the IS and for the SSE, labeling both worksheets appropriately. Common Errors, do not submit until fixed: IS does not contain 3 subtotals & 1 total; NIM not calculated for both company & industry; narrative does not explain specifically what results mean for the company; SSE does not contain formatted beginning balances (even if zero, should be shown $0 or $ - depending on format. Net Income in the SSE not linked to your IS.