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What is the purpose of common size financial statements? How do we prepare common size...

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Accounting

What is the purpose of common size financial statements? How do we prepare common size financial statements?

How does the write-down of inventory under the lower of cost or market (LCM) affect the financial statements? Be able to calculate the write down of inventory under LCM (on an individual basis)?

How calculate cost of goods sold and balance in ending inventory and gross margin under FIFO, LIFO, and WA. (provide examples)

How do you calculate interest revenue for a Notes Receivable (as an adjusting entry at the end of an accounting period and at the end of the term of the note)?

  • If a company makes a long-term loan to another entity, how does this affect the companys financial statements (Balance Sheet, Income Statement and Statement of Cash Flows)?
  • Accounting for credit card sales (effect on the financial statements).
  • How does the write-off of an uncollectible account affect the Net Realizable Value of Accounts Receivable?
  • How to calculate Uncollectible Accounts Expense under the Percent of Receivables method; and under the Percentage of Sales method.

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