Revised Income Statement (Blue Tab)

I need help interpreting the word problems 1 through 5 found underneath PEYTON APPROVED PRO FORMA INFORMATION" and on the worksheet called Milestone 2 Instructions and have adjusting journal entries performed for these word problems. I need someone to help me follow the directions found on the Hints and Tips. This way, I can figure out how to prepare the pro forma financials for 2018 using all the information found on the Financial statements from 2017 too. I am only supposed to focus on the financial statements, which are associated with "Preliminary." Alright? However, I uploaded the financial statements associated with "Revised" anyways.

The company is planning to open another location in 2018 . Prepare pro forma financials for 2018 for the new location using the above information you see at the very top of this question posting.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse.c At-12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. On-12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton-in- the second week of January. On-12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by-a- forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental- destruction. 1 1.--A-supplier shipped $3,000-of-ingredients on 12/29/17. Peyton receives an invoice for $3,175- for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. Datex Dec. 29,2017 X x General Journalo Account Title & Explanation Baking Supplies (A+)¤ = Baking Supplies + Freight in = $3,000+ $175¶ =-$3,175¶ Customer purchased baking supplies- with freight shipping on account. Post Ref.x Accounts Payable (L+) ¤ Debita $3,175x x 0 Credito $3,175 ¤¤¤ 프 프 a ¤ ¤ ¤ A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse.c At-12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno's House of Bacon. On-12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton-in- the second week of January. On-12/03/2017, a mixer with a cost of $2,000, accumulated depreciation $1,200, was destroyed by-a- forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental- destruction. 1 1.--A-supplier shipped $3,000-of-ingredients on 12/29/17. Peyton receives an invoice for $3,175- for the goods and freight of $175, all dated 12/29/17. Goods were shipped FOB supplier's warehouse. Datex Dec. 29,2017 X x General Journalo Account Title & Explanation Baking Supplies (A+)¤ = Baking Supplies + Freight in = $3,000+ $175¶ =-$3,175¶ Customer purchased baking supplies- with freight shipping on account. Post Ref.x Accounts Payable (L+) ¤ Debita $3,175x x 0 Credito $3,175 ¤¤¤ 프 프 a ¤ ¤ ¤

Answer rating: 100% (QA)

As you are learning about the Accounting Milestone2 you will be creating proformafinancial statements for a new coffee shop This means that you will use information from the previous two milestones to create financial statements using special formulas built in to the software You are then required to answer questions that relate to interpreting these data In this task you will create a proforma financial statement ... View the full answer