Chapter 19 - 2: Managerial Statements

Question 1

What is included in a Partial Balance Sheet?

Answer 1

Current Assets:
Cash $XXXX
Accounts Receivable $XXXX
Inventories
Finished Goods $XXXX
Work In Progress $XXXX
Materials $XXXX $XXXX
Total Current Assets $XXXX

Question 2

What is the organization of a Cost of Goods Manufactured Statement?

Answer 2

Title Line: Company, COGMS, For the year Ended M/D/Y

Direct Materials Used
  Materials Inventory, Beg. Period
  Materials Purchased
  Materials Available for Use
  Less: Materials Inventory End Period
  Direct Materials Used

Manufacturing Overhead
All “Factory Items” Only
Total manufacturing Overhead

Total Manufacturing Costs

Add: Work In Process, Beg. Period

Total Work in Process,

Less: Work in Process, End Period

Cost of Goods Manufactured

Question 3

What is included in a Partial Income Statement?

Answer 3

Title Line: Company, Partial IS, For the year Ended M/D/Y

Sales Revenue
Sales
Less: Sales Discounts
Net Sales

Cost of Goods Sold
   Finished Goods Inventory Beg. Period
   Cost of Goods Manufactured
   Goods Available for Sale
   Finished Goods Inventory, End Period
   Cost of Goods Sold

Gross Margin (Net Sales minus COGS)