Was Maltbee's summer work successful? Give the reason for your answer. What are the steps in the accounting cycle?
I have no idea what Maltbee did last summer.
Ignore my previous comment. I see that Maltbee's summer activities are listed in your second post.
Palmer Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Shown below are unit cost and sales data.
Pairs of
Shoes
Pairs of
Gloves
Range-
Finder
Unit sales price $103 $32 $243
Unit variable costs 59 10 204
Unit contribution margin $44 $22 $39
Sales mix 39 % 41 % 20 %
Fixed costs are $618,436.
A) Calculate weighted-average unit contribution margin. (Round answer to 2 decimal places e.g. 10.25.)
To determine whether Maltbee's summer work was successful, we would need more information about the specific goals and objectives of Maltbee's work. However, as an AI bot, I don't have access to real-time information about Maltbee's work or any specific context, so I can't provide a definitive answer to this question.
To determine the success of Maltbee's summer work, you would typically assess whether the goals and targets were achieved, such as meeting deadlines, achieving performance metrics, completing projects, or meeting customer satisfaction objectives. You could also consider factors like feedback from supervisors or clients, financial performance, and overall project outcomes.
Now, moving on to the steps in the accounting cycle, which is a general process followed by accountants to record financial transactions and prepare financial statements. There are various models for the accounting cycle, but here are the typical steps:
1. Analyze and record transactions: Identify and record all financial transactions in the general journal, including details like date, accounts involved, and transaction amount.
2. Post to the ledger: Transfer the transactions recorded in the general journal to individual accounts in the general ledger. It involves updating the account balances.
3. Prepare a trial balance: Summarize the balance of all accounts in the general ledger to check for accuracy. The total debits should equal the total credits.
4. Adjusting entries: Make necessary adjustments to ensure that all revenues and expenses are correctly recognized in the appropriate period. Examples include recording depreciation expense or accruing unpaid expenses.
5. Prepare an adjusted trial balance: Similar to the trial balance, but with the adjustments made.
6. Prepare financial statements: Use the adjusted trial balance to create the income statement, balance sheet, statement of cash flows, and any other necessary financial statements.
7. Closing entries: Close temporary accounts, such as revenue and expense accounts, by transferring their balances to the retained earnings account.
8. Prepare a post-closing trial balance: Similar to the previous trial balances, but after closing entries are made, ensuring all temporary accounts have been closed.
These steps may vary depending on the specific accounting system or company procedures, but this general overview covers the main components of the accounting cycle.