Ribbons

Case 1-1: Ribbons an Bows, Inc. Note: This is a new eluding for the twelfth part part Edition. Approach This is an earlier en cocktail dress and it should be taught as an introductory case. in that location volition be plenty of prison term in the scat for the students to visit the temper form of monetary commands and details of accounting standards. In short, the instructor should be fain to allow a physique of initialises for the financial statements and tolerate many not sooner correct accounting. The instructor may sine qua non to have students argue Carmens marching 31 statement, hardly the bulk of the mob should counselling on the troika case disbeliefs. Any preaching of the March 31 statement should messiness with the nature of the non-homogeneous accounts (i.e. pay pick kayoed is rent paid in forward motion of victimization the property and it is an asset because it has in store(predicate) economic benefits for the company, etc), sort of than the format of the statement. It is better to leave the get-go of the courses didactics in financial statement formats to the assigned case question discussions. Comments on Information self-contained and Carmens Concerns 1. The three calendar month gross sales total is the plaza of the cash sales ($7,400) and conviction sales ($320). 2.

Cost of sales is derived from the following equation start out ware scroll$3,300 add-on Purchases 2,900 Equals Total available trade $6,200 Less Ending production record 4,100 Equals Cost of sales$2,100 3. Rent expense is $1,800 of $600 per month times three months. paid in cash. 4. Part-time employee expenses ($1600) is the tally of cash paid ($1510) summing up amount owed ($90). 5. Supplies expense ($80) is line supplies inventory ($100) less supplies inventory on hand on March 31 ($20). 6. The prepaid advertising ($150) was run by the local paper on April 2. The benefit of the asset discontinue so the asset became an expense. 7. The commercial-grade sewing...If you want to get a full essay, order it on our website: Ordercustompaper.com

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