class exercises, account classification ,Dan transaction analys
samet
MBA520_ICE2_InClassExALMONDFARMPreparingMultiStepFS.xlsxTemplate
| The account balances of Almond Farm Foods at June 30, 2014 are listed below. | |||||||||
| Indicate the following for each account balance: | Almond Farm Foods | ||||||||
| 1. The Type of Account (more than one type may be used for each balance) | Income Statement (Single-Step) | ||||||||
| (A) | Asset | Month Ended June 30, 2014 | |||||||
| (L) | Liability | ||||||||
| (E) | Equity | ||||||||
| (R) | Revenue | ||||||||
| (X) | Expense | ||||||||
| 2. The Financial Statement where the balance should be presented. | |||||||||
| (IS) | Income Statement | ||||||||
| (RE) | Statement of Retained Earnings | ||||||||
| (BS) | Balance Sheet | ||||||||
| Account Title | Account Balance | Account Type | Financial Statement | ||||||
| Net Sales | $ 2,000,000 | ||||||||
| Gain on Sale of Equipment | 12,500 | ||||||||
| Interest Income | 11,000 | ||||||||
| Cost of Goods Sold | 1,100,000 | ||||||||
| Selling Expenses | 300,000 | ||||||||
| General and Admin Expenses | 150,000 | ||||||||
| Depreciation | 30,000 | ||||||||
| Equity losses | 5,000 | Almond Farm Foods | |||||||
| Interest Expense | 20,000 | Income Statement (Multi-Step) | |||||||
| Income Tax Expense | 125,000 | Month Ended June 30, 2014 | |||||||
| 3. Prepare the Single-Step income statement for the month ending June 30, 2014. | |||||||||
| 4. Prepare the Multi-Step income statement for the month ending June 30, 2014. | |||||||||
&"Calibri,Bold"&K000000MBA 520 | Single Vs. Multi-Step Income Stmt.
