From the following adjusted trial balance for the Fields Company, as of
June 30, 2014 prepare:
A. an income statement for the year ended June 30, 2014.
B. a classified balance sheet as of June 30, 2014.
C. closing entries.
                                                         Debits    Credits
Cash.                                              $ 175,320
Accounts Receivable                         128,000
Supplies on Hand                                  6,000
Office Equipment.                               115,000
Accumulated Deprec. - Office Equip                   48,000
Automobiles.                                     108,000
Accumulated Depreciation - Autos                      36,000
Accounts Payable                                              109,000
Notes Payable (due 2016)                                  72,000
Owners Capital                                                    222,920
Fees Earned                                                       410,000
Salaries Expense                               310,000
Auto Expense.                                     12,000
Rent Expense                                     13,200
Supples Expense                                  1,200
Utilities Expense                                     6,000
Depreciation - Office Equipment.          11,200
Depreciation - Automobiles.                12,000
Totals                                                 $ 897,920 $ 897,920

A company's trial balance at December 31, 2013 includes the following:
Office Supplies on Hand       $ 24,800
Prepaid Insurance                   18,000
Salaries Expense                   75,000
Prepaid Rent                            36,000
Service Revenues             1,000,000
Additional Data:
1. Office supplies actually on hand at December 31 amounted to $10,400.
2. The balance in the Prepaid Insurance account is the premium on a policy providing coverage for two years beginning on July 1, 2013.
3. Salaries accrued at December 31, 2013 amount to $17,000.
4. Accrued interest receivable at December 31, 2013 is $6,500.
5. Prepaid Rent is for a one-year period beginning on September 1, 2013.
6. Of the service revenues shown, $16,000 was received in advance of the company rendering services.
REQUIRED:
Prepare the adjusting entries needed at December 2013

The Sneaker Company manufactures shoes. The selling price per pair of shoes is $80 and the variable cost per pair is $47.50. The sales volume of $776,000 produces $100,750 of net income before taxes.
Required: (prepare a well labeled calculation sheet)
a) Compute total fixed costs.
b) Compute total variable costs.
c) Compute break-even points in units.
d) Compute breakeven points in dollars.
e) Compute quantity above break-even to reach targeted net income before taxes.

Ornamental Iron Works, which uses the FIFO method, began August with 50 units of iron inventory that cost $40 each. During August, the company completed these inventory transactions:
                                                                              Unit Sale
                                                   Units Unit Cost Price
August 3 Sales                               40                         $72
8 Purchase                                     80       $42          0
21 Sale                                           70                         $75
30 Purchase                                  10       $45          0
Requirements:
1. Compute the ending inventory on August 30 using FIFO.
2. Determine the company's cost of goods sold for August
3. Compute gross profit for August

From the following adjusted trial balance for the Fields Company, a...