MAYNARD COMPANY (A) Balance Sheet: Statement of Financial Position I. STATEMENT OF PROBLEM Diane Maynard’s bookkeeper has quit and a friend was asked to help her address the following issues at her company: 1. Prepare the Balance Sheets as of June 1 and as of June 30. 2. Compare the financial condition of the company in these two periods. 3. Explain why retained earnings did not increase by the amount of June net income. 4. Comment on the value of Maynard Company to its
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Maynard Company | | | Balance Sheet | | | As of June 1 and June 30‚ 20xx | | | | | | | | | | | ASSETS | 1-Jun | 30-Jun | | movements | Current assets | | | | | | Cash | | | 34‚983.00 | 66‚660.00 | | 31‚677.00 | Accounts receivable | | 21‚798.00 | 26‚505.00 | | 4‚707.00 | Notes receivable | | 11‚700.00 | 0.00 | | (11‚700.00) | Prepaid insurance | | 3‚150.00 | 2‚826.00 | | (324.00) | Supplies | | | 5‚559.00 | 6‚630.00 | | 1‚071.00 |
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Notes to Maynard Case Overall‚ assets increased at the end of the month compared to the beginning by $43‚350. This results in purchasing more assets‚ making sales or by simply making payments or purchasing on credit. 1. Cash: There is an increase of cash as of June 30 by $31‚677. This could be the result of the company making sales for cash or making purchases on credit which would explain the increase in accounts payable. Also‚ payments of insurance were credited from prepaid insurance resulting
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are also gains from the company’s activities. Thus‚ accounts receivable slightly increased‚ in parallel with the company’s activities we can also assume that company sales increased. Company is not in trouble with receivables. ANSWER 3: Retained Earnings didn’t increase by the amount of net income for the month because‚ Diane Maynard got a dividend of 11.700 USD which she then used to repay her loan. Thus Retained Earnings just got increased by 7‚935 USD (=19‚635-11‚700). ANSWER 4: Shareholder’s
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Cost Sheet Format Particulars Amt (Rs.) Amt (Rs.) Opening Stock Of Raw Materials xxx Add: Purchase Of Raw Materials xxx Purchase Expenses xxx Less: Closing Stock Of Raw Materials xxx Defective Materials Returned xxx I. Raw material Consumed xxx II. Add: Direct Labor xxx Factory Wages‚ Productive Wages xxx Less: Abnormal Idle Time xxx III. Add: Direct Expenses Excise Duty xxx Royalty paid on production Basis xxx Hire Charges on Special plant
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APA Format Cheat Sheet General Document Guidelines Hint: Use an APA template! | Marginsp. 229 | 1” at the top‚ bottom‚ left‚ and right of every page | Spacingp. 229 | Double space entire paper—no extra spaces (exception: a heading by itself at the bottom of a page—move heading to next page) | Alignment p. 229 | Flush left (not justified--right margin should be uneven) | Typefacep. 228 | 12-pt Times New Roman | Paragraphs and Indentations p. 87; 229 | 1. Indent the first
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TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES- QUEZON CITY Company Profile: Business Name: Technological Institute of the Philippines Address: 938 Aurora Boulevard‚ Cubao‚ Quezon City 1110 Founder: Engr. Demetrio A. Quirino Jr. Years of Operation: 31 years (1983-2014) Business Type: Institution Population: _____students Email: tipwebteam@tip.edu.ph Website: www.tip.edu.ph Contact Number: 911-0964/912-1573 History: On February 8‚ 1962‚ a group of educators headed by Engineer Demetrio A.
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Master in Business Administration Program School of Business and Management Xavier University - Ateneo de Cagayan Cagayan de Oro City Case No. 3-1 MAYNARD COMPANY (B)* I. VIEWPOINT Friend‚ Diane Maynard II. STATEMENT OF THE PROBLEM 1. How to prepare an Income Statement in a proper form for June and explain the derivation of each item including Cost of Sales? 2. Why is the change in Cash balance greater than the Net Income?
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statement and balance sheet. Their preparation is also desirable but not compulsory. However‚ they are generally prepared. In the case of trading concern‚ a trading account and in the case of a manufacturing concern‚ a manufacturing account and a trading account can also be prepared. In such a case‚ the account heading is mentioned as follows: Manufacturing/trading and profit and loss account. In the case of joint stock companies’ preparation of the profit and loss account and balance sheet every year is
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Starbucks Access the Internet to acquire a copy of the most recent annual report for the publicly traded company used to complete the Financial Reporting Problem‚ Part 1 assignment due in Week Six. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: •Are the assets included under the company’s current assets listed in the proper order? Explain your answer. The current assets should be listed in the order of liquidity. The
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