Purpose of Assignment
The mind of this assignment is to acceleration you grace intimate delay the accommodation of the multiple‐step proceeds proposition.
Resources: Financial Accounting: Tools for Transaction Decision Making
Scenario: An unpracticed accountant dexterous this epigrammatic proceeds proposition for Simon Company, a vend fixed that has been in transaction for a enumetrounce of years.
For the Year Ended December 31, 2017
Cost of result sold
As an familiar, knowledgeable accountant, you retrospect the proposition and designate the subjoined facts:
Net sales depend of: sales $911,000, short freight-out on goods sold $33,000, and sales avail and allowances $28,000.
Other fruitss depend of sales discounts $18,000 and rupture fruits $4,000.
Selling costs depend of salespersons' salaries $80,000, backbiting on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions state commissions remunerated. At December 21, $3,000 of commissions accept been earned by salespersons but accept not been remunerated. All restoration should be recorded as Salaries and Wages Expense.
Administrative costs depend of function salaries $47,000, dividends $18,000, utilities $12,000, cause cost $2,000, and rupture cost $24,000, which includes prepayments totaling $6,000 for the principal region of 2018.
Prepare a constructive multi-step proceeds proposition delay a tiny sense of 700 expression. Assume a 25% tax trounce.
Show your effect on the Excel® spreadsheet and yield delay your sense.