Inventory

Inventory

I need help with a 2-3 page document and Excel file. Below is the assignment details:

It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:

A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items
Basic financial statements for your company
What you need to do:
Visit the SEC’s Web site (http://idea.sec.gov/idea/searchidea/companysearch_idea.html).
Select a company filing of your choice that contains a multiple-step income statement.
Communicate your selection with your professor ( I Will Need To Know Your Selection)
Submit the link to this filing as proof of your research. (Please Submit The Link To Me)
Prepare a process documentation that
is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.
is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.
includes the following elements:
a definition and description of the specific sections of the income statement
a description of the different methods of preparing income statements
an explanation of the conceptual guidelines for reporting income
how to handle the special types of income statement items
Using the information below, do the following:

Prepare a multiple-step income statement for Music Warehouse.
Prepare a statement of changes in stockholder’s equity for Music Warehouse.

Music Warehouse

Adjusted Trial Balance

December 31, 2008

Debit

Credit

Cash
$24,675

Accounts Receivable
5,625

Inventory
65,980

Land
93,000

Building
289,000

Accumulated Depreciation
75,000

Notes Payable
85,000

Accounts Payable
53,600

Interest Payable
4,750

Common Stock
10,000

Additional Paid-in Capital
120,000

Dividends
10,000

Retained Earnings
59,980

Sales
937,500

Sales Discounts
22,675

Cost of Goods Sold
723,000

Salaries
81,000

Utilities
8,900

Repairs & Maintenance
5,225

Telephone
2,850

Interest Expense
4,400

Depreciation Expense
9,500

$1,345,830

$1,345,830

The following is additional information needed for financial-statement preparation:

Loss as a result of hurricane damage on the building: $17,000 (assume that the building is not located in an area that sustains frequent hurricane damage.)
Loss because of the discontinuation of the cassette tape music segment: $26,875
Beginning of the year balance of common stock: $8,000 (assume that changes are related to issuance of common stock.)
Beginning of the year balace of additional paid-in capital: $102,000
Effective income tax rate: 35%

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