Financial and Managerial Accounting Worksheet

Financial and Managerial Accounting Worksheet

Instructions/Descriptions

Financial and Managerial Accounting Worksheet

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Statement of Cost of Goods Sold: Prepare the statement of cost of goods sold in the “COGS” tab of the workbook. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.

Income Statement: Use the given revenue data to prepare the “Income Statement” tab table and calculate the net income. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.

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Variance Analysis: Prepare the data in the “Variances” tab to determine whether the variances are favorable or unfavorable. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table.

Complete the data table for the variances by entering the budgeted (standard) and actual labor and material values. Remember to use the estimates for expected sales from your Milestone Two assignment.

Determine the variances for direct labor and direct materials in the “Variances” tab.

Evaluate the significance of the variances in the “Variances” tab, and mark them as favorable or unfavorable.

Depreciation on Depot and Interest on Asset Retirement Assessment

questions

Concord Company purchases an oil tanker depot on January 1, 2020, at a cost of $652,100. Concord expects to operate the depot for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $72,300 to dismantle the depot and remove the tanks at the end of the depot’s useful life.

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Prepare the journal entries to record the depot and the asset retirement obligation for the depot on January 1, 2020. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2020, is $40,372.

Prepare any journal entries required for the depot and the asset retirement obligation at December 31, 2020. Concord uses straight-line depreciation; the estimated salvage value for the depot is zero.

On December 31, 2029, Concord pays a demolition firm to dismantle the depot and remove the tanks at a price of $80,920. Prepare the journal entry for the settlement of the asset retirement obligation.

Financial and Managerial Accounting Worksheet

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