ACC 291 Week 5 Apply Connect Assignment (Score 10/10) (with Excel File)

ACC 291 Week 5 Apply Connect Assignment (Score 10/10) (with Excel File)

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Attachments: ACC 291 Week 5 Apply Connect Assignment (Correct).xlsx [ Preview Here ]

This Tutorial contains an Excel File which can be used for any change in values

 

 

1

 

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the firm’s general ledger contained the accounts and balances below. All account balances are normal.

 

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The company does not classify its operating expenses as selling expenses and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the year.
  3. Prepare a classified balance sheet as of December 31, 2019. 


Analyze:
What is the inventory turnover for Artisan Wines?

 

 

 

 

2

 

 

 

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019.

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
  3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year.


Analyze:
What is the current ratio for this business?

 

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