KENDALL Corporation Financial Reports March 2016
Explore KENDALL Corporation's financial statements for March 2016, including income statement, cash flows, retained earnings, and balance sheet. Gain insights into revenue, expenses, cash flows, and financial position.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
M3 - TRAINING A. 100,000 F. 1,000 B. 18,000 C. 5,000 G. 1,025 H. 375 F. 1,000 J. 2,000 A. 100,000 E. 4,500 Clo. 1,300 Clo. 4,500 Clo. 1,200 D. 750 Clo. 1,200 J. 2,000 B. 18,000 Clo. 4,500 E. 4,500 C. 35,000 G. 1,025 Clo. 1,025 D. 750 I. 275 H. 375 Clo. 275 I. 275 C. 30,000
M3 - TRAINING KENDALL Corporation Income Statement For the month ended March 31, 2016. Revenue Fees earned $4,500 Expenses Telephone expense Wages expense Total expenses Net Income $275 $1,025 $1,300 $3,200
M3 - TRAINING KENDALL Corporation Statement of Cash Flows For the month ended March 31, 2016. Cash flows operating activities Cash received from customers Cash paid for rent Cash paid to suppliers Cash paid to employees Net cash flows Cash flows from investing activities Cash paid for office equipment Net cash flows Cash flows from financing activities Cash received from issuing stocks Cash paid for dividends Net cash flows Increase (decrease) in cash flows Cash, March 1, 2003 Cash, March 31, 2003 $1,000 (18,000) (375) (1,025) (18,400) (5,000) (5,000) 100,000 2,000 98,000 74,600 0 74,600
M3 - TRAINING KENDALL Corporation Statement of Retained Earnings For the month ended March 31, 2016. Beginning balance Add net income Less dividends Ending balance $0 $3,200 (2,000) 1,200
M3 - TRAINING KENDALL Corporation Balance Sheet March 31, 2016. Assets Cash Account receivable Prepaid rent Office supplies Office equipment Total assets $74,600 4,500 18,000 750 35,000 $132,850 Liabilities Accounts payable Unearned fees Notes payable Total liabilities 650 1,000 30,000 $31,650 Owners equity Common stock Retained earnings Total owners equity Total liabilities and owners equity 100,000 1,200 $101,200 $132,850
M3 - TRAINING Inventory & IT https://www.youtube.com/watch?v=eob532iEpqk
M3 - TRAINING Periodic vs. Perpetual Inventory Systems PERIODIC PERPETUAL Students may be familiar with this system from Accounting 1. Everything is in & out the inventory account. I N V E N T O R Y Typically used for less expensive items. Typically used for more expensive items. More accounts allow for more info kept on purchases, returns, discounts. More prevalent today because computer systems make it easy to keep perpetual records. Somewhat of a dead duck due to the information computer systems can track. Accounts Used: Purchases Purchases Returns and Allow Purchases Discounts Discounts Lost (net method) Accounts Used: Inventory (Asset) Discounts Lost (net method)
M3 - TRAINING 4 Combos Example Perpetual, Gross Periodic, Gross Perpetual, Net Periodic, Net Inventory 1000 Purchases 1000 Inventory 980 Purchases 980 A A/P 1000 A/P 1000 A/P 980 A/P 980 A/P 200 A/P 200 A/P 196 A/P 196 B Purchase R&A Purchase R&A Inventory 200 200 Inventory 196 196 A/P 800 A/P 800 A/P 784 A/P 784 C Cash 784 Cash 784 Cash 784 Cash 784 Purchase Disc Inventory 16 16 A/P 800 A/P 800 A/P 784 A/P 784 D Cash 800 Cash 800 Disc Lost 16 Disc Lost 16 Cash 800 Cash 800
M3 - TRAINING Prepaid Insurance Start w/: 1,000 Add to it ? 2,400 Take away 2,000 End w/: 1,400 Salaries Payable 20,000 Start w/ Take away ? 155,000 150,000 Add to it 15,000 End w/ Supplies Start w/: 4,000 Add to it ? 3,800 Take away 2,800 End w/: 5,000
