PLEASE ANSWER IN TABLE FORMAT WITH EXCEL OPERATION AND ANSWER

PLEASE ANSWER IN TABLE FORMAT WITH EXCEL OPERATION AND ANSWER

PLEASE ANSWER IN TABLE FORMAT WITH EXCEL OPERATION AND ANSWER

USE EXCEL SPREADSHEET

USE EXCEL SPREADSHEET

USE EXCEL SPREADSHEET

1. Prepare a Statement of Cash Flows for the current year using the indirect method. 2. Using horizontal analysis, prepare a Comparative Balancesheet. 3. Using vertical analysis, prepare an Incomestatement. 4. Using the textbook, calculate the ratios set out below and round to two decimals. Do the ratios for both years unless the ratio needs an average then only do it for the current year. a. Current Ratio b. Quick ratio c. Accounts Receivable Turnover d. Days Sales in Receivables e. Inventory Turnover f. Days Sales in Inventory g. Working Capital h. Liabilitiesto Stockholders' Equity i. Earnings Per Share The financial statements provided in this practice set can also be downloaded from blackboard. 5. Acting as an accounting actvisor to the firm, prepare a memo in which you analyze the financial statements you prepared in step two and prepare an analysis of the company's financial position. Identify turo strengths and turo wreaknesses in the company. Make turo recommendations to improve the company's financial position. Be specific in each of the recommendations and use the ratios to support your analysis. The company has a credit policy of 1/10,n/30 and uses this as part of its evaluation. The length should be no more than one page. If there are any grammatical or spelling errors you vill not receive credit for the memo. 6. Please have the following information complete bef ore entering your an swers onto blackboard: a. Statement of Cash Flows b. Balance Sheet with horizontal analysis c. Income Statement with vertical analysis d. Worksheet showing your ratios e. Memo analyzing the company's strengths and weaknesses with two recommen dations Using a spreadsheet and based on the information provided in the next section, complete the following requirements: 1. Determine the started and completed units by using the following formula: Started Ending = Completed and Transfer red Out Beginning 2. Prepare an equivalent units schedule. The schedule should follow the format below; you may add additional information if you would like. (Remember that the schedule is for units of cars, not aluminum and wheels.) 3. Calculate the total cost and the cost per equivalent unit for the direct materials aluminum. If the number is not exact round to the neares cent. 4. Calculate the total cost and the cost per equivalent unit for the direct materials wheels. If the number is not exact round to the neares cent. 5. Calculate the predetermined overhead rate. If the number is not exact round to the nearest cent. 6. Determine the total corversion cost by using the predetermined rate and the direct labor cost and the cost per equivalent unit for the conversion cost per car. If the number is not exact round to the nearest cent. 7. Determine the unit cost per car. 8. Prepare acost of Production report rounding to the neares cent. This report should show all costs transferred into Work-in-Process and the coss transferred to Finished Goods by using the Equivalent Units Schedule. This process uses FIFO cosing 9. Determine the amounts for the following before entering your answer s onto blackboard. a) Ending Work-in-Process Irventory in UnitsAND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Show and calculate an Income Statement f) Gross Profit g) Net Income 10. Prepare the necessary Joumal Entries related to the manufacturing cycle for this accounting period and use the account numbers as listed below instead of account names. 11. Chart of Accounts Example: Sales on Account would be De bit 11000 , Cre dit 40000. a. In the first journal entry record the purchase of the alum inum and the wheels using cash. b. Record the mate rials transferred to WIP. Again use one journal entry to record the transfer of the aluminum and the wheels. c. Record the direct labor into WIP using wages payable. d. Record the applied FOH. e. Record the actual FOH using cash. f. Record the over or under applied FOH. g. Record the sale of the goods on account along with the cost of the inve ntory that was sold. Combine both into one joumal entry showing the sale first and inventory se cond. All sales we re made on account, aluminum and whe els and wages we re paid on account. The actual F OH was paid using cash. Make sure all numbers are rounded to the nearest cent. Manufacturing Process Information. Carlo started a small manufacturing plant that fabricates small scale crazy cars that race and spin. The manufacturing process starts with aluminum pellets being put into an aluminum molding machine. Aft the cars are shaped in the mold, they are cooled and then inspected. If the car passes inspection, the wheels are added at the end and they are transferred to finished goods. This process is completely automated. Direct material aluminum is added 100% at the beginning of the process; direct material wheels are added 100% as the last step in the process. Conver sion costs are added equally throughout the process. Corversion is 45% complete for the beginning irventory work in process and 55% complete for the ending irventory work in process. At the beginning of the accounting period, Carlo eximated that production would be 6,500 cars. Estimated factory overhead is $3,250. This information is to be used to determine the application rate for overhead. Estimated and actual direct labor costs totaled $2,200. Actual factory overhead costs totaled $2,500. Selling and Administraive Expenses totaled $1,500 The following information is available concerning the direct mderials. Direct M aterials.Aluminum One pound of aluminum pellets makes 4 cars Direct M derials Wheels (there are four wheels for each car) The work in process account has the following information Beginning Work in Process contans0 cars Ending work in process contains 380 cars The finished goods account has the following Information 3200 cars were sold at $7.25