“Income Statement and Balance Sheet Preparation
Resource:ABC Company History, ABC Financial and Supplemental
Data Excel spreadsheets, and footnotes from the Week 2 Learning
Team assignment
Calculatethe deferred tax asset or liability of an error for
the scenario provided.

Calculateinventory calculation average cost, first-in-first-out
(FIFO), and last-in-first-out (LIFO). Record the calculated average cost in the
financial statement.
Calculatethe straight-line depreciation.
Createan income statement using the results calculated
above.
Createa balance sheet using the results calculated above.
Insert your Learning Team’s footnotes into the balance sheet and income
statement. Identify in the footnotes the depreciation methods being used for
the fixed assets. Also identify the footnotes the methodology used to determine
deferred taxes.
Submitthe Income Statement and Balance Sheet in a Microsoft
Excel spreadsheet that includes the required calculations.
Please disregard Los Lobos, Jamona, etc
The purchases only included the actual
purchases for the period. The beginning inventory balance needs to be included
in the calculations, but is not considered a purchase for the period
Income Statement and Balance Sheet
PreparationResource:ABC Company History, ABC Financial and Supplemental
Data Excel spreadsheets, and footnotes from the Week 2 Learning
Team assignmentCalculatethe deferred tax asset or liability of an error for
the scenario provided.Calculateinventory calculation average cost, first-in-first-out
(FIFO), and last-in-first-out (LIFO). Record the calculated average cost in the
financial statement.Calculatethe straight-line depreciation.Createan income statement using the results calculated
above.Createa balance sheet using the results calculated above.
Insert your Learning Team’s footnotes into the balance sheet and income
statement. Identify in the footnotes the depreciation methods being used for
the fixed assets. Also identify the footnotes the methodology used to determine
deferred taxes.Submitthe Income Statement and Balance Sheet in a Microsoft
Excel spreadsheet that includes the required calculations.Please disregard Los Lobos, Jamona, etcThe purchases only included the actual
purchases for the period. The beginning inventory balance needs to be included
in the calculations, but is not considered a purchase for the period”