Principles of Accounting
QUESTION
The accounts of MOGUL Skis as of June 30, 2021, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the accounts under Selling Expenses and General Expenses. MOGUL Skis uses the perpetual inventory system.
Requirements:
1. Prepare MOGUL Skis’ multiple-step income statement for the year ended June 30, 2021.
2. Prepare MOGUL Skis’ statement of owner’s equity as of June 30, 2021.
3. Prepare MOGUL Skis’ classified balance sheet in report format as of June 30, 2021.
4. Compute the gross margin percentage and the rate of inventory turnover for 2021 (rounded
to one decimal place). Inventory on hand one year ago was $785,000. For 2020, MOGUL’s gross margin was 35 percent and inventory turnover were 4.3 times during the year. Does the two-year trend in these ratios suggest improvements or deterioration in MOGUL’s profitability?
2
Principles of Accounting (ACCT 1036 012), CRN: 52083 – 202102 Graded Individual Assignment #2 – Due April 11, 2022, 3:00 p.m.
Submission Requirements:
A. Due for Blackboard online file submission on or before Monday, April 11, 2022, 3:00 p.m…
B. File format: Typewritten, using MS Word only (copy and paste excel worksheet as picture (enhanced metafile format) onto the main MS Word assignment.
File Naming: Student Name; GBC Student ID – ASSIGNMENT 2 The assignment file must be attached to the submission folder.
C. FILE FORMATS NOT ALLOWED: Pdf or any static file format that do not permit
marking and comment annotations (e. g. grades awarded and mark deductions, etc. and any third-party file links.
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