Preparing financial statements: how to do this two transactions.
1) Darden Restaurants management signed a new labor agreement with its employees. THe two year agreement takes effect on July 1, 2007, and calls for total wage and benefit increases of $120 per year.
2) Customers redeemed gift cards totaling $108.5.
So, where should they go?
Cash and equivalents
Receivables, net
Inventories,net
prepaid expenses other curr assets
deferred income taxes
Assets held for sale
land, buildings equip, at cost
accumulated depreciatrion
other assets
accounts payable
short term debt
accrued payroll
accrued income taxes
other accrued taxes
unearned revenues
current portion of LT debt
other current liabilities
Liabilities of assets for sale
long term debt
deferred income taxes
deferred rent
other liabilities
common stock and surplus
retained earnings
treasury stock
accum other comp income
unearned comp and notes
sales
food and beverage
restaurnat labor
rstaurnat expenses
selling general and admin
depreciation and amort
interst, net
asset impairment
income taxes
less from discout ops
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