Overview:You just began a position as a financial
accountant at Peyton Approved. In this role, your first task is to
prepare the company’s financials for the year-end audit. Additionally,
the company is interested in expanding its business within the next
year. They would like your support in assessing their ability to meet
CookMyProjectRefer to the data below and use the Final Project
Workbook that includes the income statement, balance sheet, retained
earnings statement and cash flow statement to complete the final project
and associated milestones.
Peyton Approved Financial Data:Preliminary
Financial Statements have already been prepared (2017 statements in the
Final Project Workbook). Final adjusting entries have not yet been
made.See table for possible adjustments that indicate what will be
recorded at 12/31/17 (fiscal year end). Use the following to complete
year-to-year documentation and notes for managing depreciation,
inventory, and long-term debt.
supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an
invoice for $3,175 for the goods and freight of $175, all dated
12/29/17. Goods were shipped FOB supplier’s warehouse. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon. On 12/23/17, Peyton received $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. On
12/03/2017, a mixer with a cost of $2,000, accumulated depreciation
$1,200, was destroyed by a forklift. As of 12/23/17, insurance company
has agreed to pay $700 in January, 2018, for accidental destruction.
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