Ribbons

Case 1-1: Ribbons an Bows, Inc. Note: This is a new eluding for the one-twelfth part Edition. Approach This is an introductory case and it should be taught as an introductory case. in that location will be mess of time in the scat for the students to learn the correct contour line of fiscal descriptions and details of accounting standards. In short, the instructor should be prepared to allow a variety of formats for the financial statements and patronize some not sooner correct accounting. The instructor whitethorn wishing to have students argue Carmens March 31 statement, but the bulk of the mob should focus on the triple case questions. Any preaching of the March 31 statement should deal with the nature of the non-homogeneous accounts (i.e. pre salaried rent is rent paid in forward motion of using the property and it is an addition because it has future economic wellbeings for the company, etc), sort of than the format of the s tatement. It is better to abjure the beginning of the courses instruction in financial statement formats to the assigned case question discussions. Comments on learning Gathered and Carmens Concerns 1. The three month sales good is the sum of the cash sales ($7,400) and credit sales ($320). 2.

be of sales is derived from the following equation start out wipe out scroll$3,300 Plus Purchases 2,900 Equals Total available merchandise $6,200 little Ending merchandise inventory 4,100 Equals Cost of sales$2,100 3. get expense is $1,800 of $600 per month times three months. nonrecreational in cash. 4. Part-time e! mployee expenses ($1600) is the sum of cash paid ($1510) summation keep down owed ($90). 5. Supplies expense ($80) is beginning supplies inventory ($100) less supplies inventory on hand on March 31 ($20). 6. The prepaid ad ($150) was run by the local paper on April 2. The benefit of the asset expired so the asset became an expense. 7. The commercial sewing...If you want to get a full essay, order it on our website: OrderEssay.net

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