ACC 421 WEEK 3 INDIVIDUAL ASSIGNMENT P1 P2 P3 AND P4
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ACC 421 WEEK 3 INDIVIDUAL ASSIGNMENT P1 P2 P3 AND P4
Submit responses to the individual assignment for week 3 posted in the Course-Materials forum.
Problem 1:
Grading: This problem is worth a total of 18.75 points. There are 23grading elements each worth 18.75 x 2/3 / 23 = 0.5435 points. There are 18.75 x 1/3 = 6.25 points available for effort.
The following are general ledger balances of the RTQ Company as of December 31, 2013:
Cost of goods sold $585,000
Fair Market Value appreciation on land above cost 42,000
Cash dividends declared and paid 32,000
Rental revenue 32,000
Administrative salaries 86,000
Sales salaries 92,000
Sales supplies expense 22,000
Interest expense on notes payable 50,000
Depreciation expense on sales related assets 34,000
Depreciation expense on administrative related assets 46,000
Other administrative expense 22,000
Net sales 1,078,000
Income tax 42,000
The company had 49,000 shares of common stock issued and outstanding during the entire year.
The company ends its fiscal accounting year on December 31.
Instructions:
A: Prepare a multiple-step income statement in good form.
B: Prepare a single-step income statement in good form.
Problem 2:
Grading: This problem is worth a total of 18.75 points. There are 22grading elements each worth 18.75 x 2/3 / 22 = 0.5682 points. There are 18.75 x 1/3 = 6.25 points available for effort.
The following information pertains to the BBR Company for the year ending December 31, 2010:
Administrative expenses $303,000
Cash dividends declared 189,000
Cost of goods sold 1,074,000
Extraordinary gain 120,000
Extraordinary loss 76,000
Income tax applicable to continuing operations 236,200
Income tax applicable to extraordinary gain 40,800
Income tax applicable to...