Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
Tony Co, a retail supermarket, is preparing financial statements for their December 31, 20X7 fiscal year end. Tony asks you, their accountant, to help compile the Statement of Financial Performance. They also are puzzled about the calculation of Retained Earnings and OCI. Tony’s tax rate is 30%. Tony has calculated Operating Income as $280,000, but the remaining items have still to be categorized. Compile (in good form) the Statement of Financial Performance starting at Operating Income given the following information: (1) Tony holds another investment in shares which is classified as FV-OCI. This investment increased in value by $2,500 during 20X7. (2) Tony sold assets during the year. FV-OCI investments were sold for a current year gain of $6,500 (selling price was $48,000 and original cost in 20X1 was $32,500). Two pieces of PPE were sold during the year: a small warehouse was sold for $27,500 (note: the warehouse was revalued in 20X6 at $30,500. Previous OCI gains/losses on the warehouse were $7,500); and equipment was sold for $5,000 (cost method used with book value before sale of $1,500). FV-NI investments were sold for $5,000 less than their holding amount. The non-recycling method is appropriate for all gains/losses through OCI. (3) Tony sold their liquor store chain during the year at a (before tax) gain of $25,000. Income from the liquor stores during 20X7 was $98,000 (before tax). (4) Tony recorded dividend income of $5,000 and declared dividends of $17,500. (5) Tony consolidated its financial statements and has a revaluation loss on pension plan of $20,000. Required: (a) Prepare Tony’s Statement of Financial Performance starting from Operating Income (b) Calculate Tony’s post-closing Retained Earnings and AOCI at Dec 31, 20X7 (Beginning balances: RE $340,000; AOCI $30,000).
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
You Can Also Place the Order at www.collegepaper.us/orders/ordernow or www.crucialessay.com/orders/ordernow