Presented below is the December 31 trial balance of Cassini Studios. Cassini Studios, Trial Balance, December 31, 2008. Debit Credit: Cash . $…

Presented below is the December 31 trial balance of Cassini Studios. Cassini Studios, Trial Balance, December 31, 2008.Debit Credit: Cash ……. $ 14,800, Accounts Receivable ….. 33,600, Inventory, January 1 …… 62,400, Furniture and Equipment ….. 67,200, $603,440. Notes Payable ….. 22,400, Cassini, Capital ….. 72,000, Sales …. 480,000, $603,440. (1) Prepare adjusting journal entries for the following items: (a) Adjust the Allowance for Doubtful Accounts to 8 percent of the accounts receivable. (b) Furniture and equipment is depreciated at 20 percent per year. (c) Insurance expired during the year, $2,040. (d) Interest accrued on notes payable, $2,688. (e) Sales salaries earned but not paid, $1,920. (f) Advertising paid in advance, $560. (g) Office supplies on hand, $1,200, charged to Office Expense when purchased. (2) Prepare closing entries for Cassini after the above adjusting entries have been made. Additional information shows the inventory on December 31 was $64,000. (3) Prepare a worksheet (4) Make a financial statement analysis using the following financial ratios: Ratios 2006: Current Ratio 3.95x, Acid Test Ratio 1.8x, Return on Sales 5%, Return on Total Assets 46%, Return on Equity 21%, Debt Ratio .30x.Ratios 2007: Current Ratio 4.11x, Acid Test Ratio 1.95x, Return on Sales 5%, Return on Total Assets 48%, Return on Equity 28%, Debt Ratio .26x.And write a report about the results obtained by the company in terms of liquidity or solvency, profitability (return on total assets), management efficiency, and the comparison of the ratios of the previous years. Note: 1. Use accrual-basis accounting system. 2. Use an eight-column worksheet to produce your financial statement

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more