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Pages:
1 page/≈275 words
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Style:
APA
Subject:
Accounting, Finance, SPSS
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Language:
English (U.S.)
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Topic:
Financial Statement Review- Cold Mountain Furnace Company
Other (Not Listed) Instructions:
Prepare the Cold Mountain Furnace Company’s projected Income Statement and Balance Sheet for each quarterly reporting period of 2019. In addition, prepare the company’s projected Income Statement and Statement of Cash Flows for the full year of 2019. Assume that the company is not subject to federal, state, or local income tax.
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FINANCIAL STATEMENT REVIEW
Required:
Projected Income Statement and Balance Sheet for each quarterly in 2019
- Prepare the Cold Mountain Furnace Company’s projected Income Statement and Balance Sheet for each quarterly reporting period of 2019. In addition, prepare the company’s projected Income Statement and Statement of Cash Flows for the full year of 2019. Assume that the company is not subject to federal, state, or local income tax.
| First quarter | Second quarter | Third quarter | Fourth quarter | |
| Sales | $1,050,000 | $1,100,000 | $1,150,000 | $1,100,000 |
| Cost of Goods Sold | ($630,000) | ($660,000) | ($690,000) | ($660,000) |
| Gross Margin | $420,000 | $440,000 | $460,000 | $440,000 |
| Selling and Administrative Expenses | ($225,000) | ($225,000) | ($225,000) | ($225,000) |
| Net Income | $195,000 | $215,000 | $235,000 | $215,000 |
| First quarter | Second quarter | Third quarter | Fourth quarter | Total | |
| Cash | $1,455,000 | $1,455,000 | |||
| Accounts receivable | ... Updated on |