ACCOUNTING HELP
ACCOUNTING HELP
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Name: | |||||||||||||
Course: | |||||||||||||
Date: | |||||||||||||
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries. | |||||||||||||
Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel | |||||||||||||
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse | |||||||||||||
Problem P4-1A, Sherlock Holmes began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I. at March 31 are as follows. | |||||||||||||
SHERLOCK HOLMES, P.I., INC. | |||||||||||||
Worksheet | |||||||||||||
For the Quarter Ended March 31, 2014 | |||||||||||||
Unadjusted Trial Balance | Ref | Adjustments | Ref | Adjusted Trial Balance | Income Statement | Balance Sheet | |||||||
Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | ||||
Cash | 11,410 | ||||||||||||
Accounts Receivable | 5,920 | ||||||||||||
Supplies | 1,250 | ||||||||||||
Prepaid Insurance | 2,400 | ||||||||||||
Equipment | 30,000 | ||||||||||||
Notes Payable | 10,000 | ||||||||||||
Accounts Payable | 12,350 | ||||||||||||
Common Stock | 20,000 | ||||||||||||
Dividends | 600 | ||||||||||||
Service Revenue | 14,200 | ||||||||||||
Salaries and Wages Expense | 2,240 | ||||||||||||
Travel Expense | 1,300 | ||||||||||||
Rent Expense | 1,200 | ||||||||||||
Miscellaneous Expense | 230 | ||||||||||||
Totals | 56,550 | 56,550 | |||||||||||
Supplies Expense | |||||||||||||
Depreciation Expense | |||||||||||||
Accumulated Depreciation | |||||||||||||
Interest Expense | |||||||||||||
Interest Payable | |||||||||||||
Insurance Expense | |||||||||||||
Totals | |||||||||||||
Net Income | |||||||||||||
Totals | |||||||||||||
Other data: | |||||||||||||
1. Supplies on hand total | $480 | (a) | |||||||||||
2. Depreciation is | $720 | for the quarter | (b) | ||||||||||
3. Interest accrued on 6-month note payable, issued January 1, | $300 | (c) | |||||||||||
4. Insurance expires at the rate of | $200 | per month. | (d) | ||||||||||
5. Services provided but unbilled at March 31 total | $1,080 | (e) | |||||||||||
Instructions: | |||||||||||||
(a) Complete the worksheet. | |||||||||||||
(b)(1) Prepare an income statement for the quarter ended March 31, 2014. | |||||||||||||
SHERLOCK HOLMES, P.I., INC. | |||||||||||||
Income Statement | |||||||||||||
For the Quarter Ended March 31, 2014 | |||||||||||||
Title | |||||||||||||
Account title | Amount | ||||||||||||
Title | |||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Title | Formula | ||||||||||||
Title | Formula | ||||||||||||
(b)(2) Prepare a retained earnings statement for the quarter ended March 31, 2014. | |||||||||||||
SHERLOCK HOLMES, P.I., INC. | |||||||||||||
Retained Earnings Statement | |||||||||||||
For the Quarter Ended March 31, 2014 | |||||||||||||
Title | $0 | ||||||||||||
Title | Amount | ||||||||||||
Formula | |||||||||||||
Title | Amount | ||||||||||||
Title | Formula | ||||||||||||
(b)(3) Prepare a classified balance sheet for March 31, 2014. | |||||||||||||
SHERLOCK HOLMES, P.I., INC. | |||||||||||||
Balance Sheet | |||||||||||||
March 31, 2014 | |||||||||||||
Assets | |||||||||||||
Title | |||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Total current assets | Formula | ||||||||||||
Title | |||||||||||||
Account title | Amount | ||||||||||||
Less: Account title | Amount | Formula | |||||||||||
Title | Formula | ||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Title | |||||||||||||
Account title | Amount | ||||||||||||
Account title | amount | ||||||||||||
Account title | amount | ||||||||||||
Total Current Liabilities | Formula | ||||||||||||
Title | |||||||||||||
Account title | Amount | ||||||||||||
Account title | Amount | ||||||||||||
Title | Formula | ||||||||||||
Total Liabilities and Stockholders’ Equity | Formula | ||||||||||||
(c) Journalize the adjusting entries from the adjustments columns of the worksheet. | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
Text explanation | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
Text explanation | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
Text explanation | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
Text explanation | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
(d) Journalize the closing entries from the financial statement columns of the worksheet. | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | Amount | ||||||||||||
Account title | |||||||||||||
Account title | Amount | ||||||||||||
Mar 31 | Account title | ||||||||||||
Text explanation | |||||||||||||
Account title | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | |||||||||||||
Account title | |||||||||||||
Account title | |||||||||||||
Mar 31 | Account title | Amount | |||||||||||
Account title | |||||||||||||
Text explanation | |||||||||||||
Mar 31 | Account title | ||||||||||||
Account title | |||||||||||||
Mar 31 | Account title | ||||||||||||
Account title | |||||||||||||
Problem P5-1A, Journalize purchase and sales transactions under a perpetual inventory system. | ||||||||||
Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel | ||||||||||
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse | ||||||||||
This challenge has been modified to a units presentation. | ||||||||||
Problem P5-1A, Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of | ||||||||||
its customers. At the end of June, Ready-Set-Go’s inventory consisted of | 120 | suitcases purchased at | ||||||||
$10.00 | each. During the month of July the following merchandising transactions occurred. | |||||||||
Jul 1 | Purchased | 150 | suitcases on account for | $10.00 | each from Trunk Manufacturers, FOB | |||||
destination, terms 2/10, n/30. The appropriate party also made a cash payment of | $100.00 | for | ||||||||
freight on this date. | ||||||||||
Jul 3 | Sold | 110 | suitcases on account to Satchel World for | $20.00 | each. The cost of suitcases | |||||
sold is | $1,400.00 | |||||||||
Jul 9 | Paid Trunk Manufacturers in full. | |||||||||
Jul 12 | Received payment in full from Satchel World. | |||||||||
Jul 17 | Sold | 70 | suitcases on account to Lady GoGo for | $20.00 | each. The cost of | |||||
suitcases sold is | $1,010.00 | |||||||||
Jul 18 | Purchased | 190 | suitcases on account for | $1,900.00 | from Holiday Manufacturers, FOB | |||||
shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of | $125.00 | |||||||||
for freight on this date. | ||||||||||
Jul 20 | Received | $300.00 | credit (including freight) for | 30 | suitcases returned to Holiday | |||||
Manufacturers. | ||||||||||
Jul 21 | Received payment in full from Lady GoGo. | |||||||||
Jul 22 | Sold | 90 | suitcases on account to Vagabond for | $25.00 | each. The cost of suitcases | |||||
sold is | $1,350.00 | |||||||||
Jul 30 | Paid Holiday Manufacturers in full. | |||||||||
Jul 31 | Granted Vagabond | $200.00 | credit for | 8 | suitcases returned costing | $120.00 | ||||
Sansomite’s chart of accounts includes the following: | ||||||||||
Acct Nbr | Account title: | Acct Nbr | Account title: | |||||||
101 | Cash | 401 | Sales Revenue | |||||||
112 | Accounts Receivable | 412 | Sales Returns and Allowances | |||||||
120 | Inventory | 414 | Sales Discounts | |||||||
201 | Accounts Payable | 505 | Cost of Goods Sold | |||||||
Instructions: | ||||||||||
Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system. | ||||||||||
Date | Account titles and explanations | Ref | Debit | Credit | ||||||
Jul 1 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
3 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
9 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
12 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
17 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
18 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
20 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
21 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
22 | Account title | Amount | ||||||||
Sales Revenue | Amount | |||||||||
Text | ||||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
30 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
31 | Account title | Amount | ||||||||
Account title | Amount | |||||||||
Text | ||||||||||
Account title | Amount | |||||||||
Account title | Amount | |||||||||
Text | ||||||||||
Problem P6-2A – Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. | |||||||||
Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel | |||||||||
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse | |||||||||
Problem P6-2A, Dyna Distribution markets CDs of the performing artist King James. At the beginning of March, Dyna | |||||||||
had in beginning inventory | 1,500 | King James CDs with a unit cost of | $7.00 | During March Dyna | |||||
made the following purchases of King James CDs. | |||||||||
Mar 5 | 3,500 | units at | $8.00 | ||||||
Mar 13 | 4,000 | units at | 9.00 | ||||||
Mar 21 | 2,000 | units at | 10.00 | ||||||
Mar 26 | 2,000 | units at | 11.00 | ||||||
During March | 10,000 | units were sold. Dyna uses a periodic inventory system. | |||||||
Instructions: | |||||||||
(a) Determine the cost of goods available for sale. | |||||||||
Date: | Quantity | Unit Cost: | Extended Cost: | ||||||
Mar 1 | Quantity | units at | Amount | Formula | |||||
5 | Quantity | units at | Amount | Formula | |||||
13 | Quantity | units at | Amount | Formula | |||||
21 | Quantity | units at | Amount | Formula | |||||
26 | Quantity | units at | Amount | Formula | |||||
Quantity: | Formula | Cost of goods available: | Formula | ||||||
(b)(1) Determine the ending inventory and cost of goods sold under the First-in, First-out cost flow method. Prove the accuracy of the cost of goods sold. | |||||||||
Ending Inventory | Cost of Goods Sold | ||||||||
Date | Units | Unit Cost | Total Cost | Cost of goods available for sale | Formula | ||||
Date | Quantity | Amount | Formula | Title | Formula | ||||
Date | Quantity | Amount | Formula | Title | Formula | ||||
Formula | Formula | ||||||||
Proof of Cost of Goods Sold | |||||||||
Date | Units | Unit Cost | Total Cost | ||||||
Date | Quantity | Amount | Formula | ||||||
Date | Quantity | Amount | Formula | ||||||
Date | Quantity | Amount | Formula | ||||||
Date | Quantity | Amount | Formula | ||||||
Formula | Formula | ||||||||
(b)(2) Determine the ending inventory and cost of goods sold under the Last-in, First-out cost flow method. Prove the accuracy of the cost of goods sold. | |||||||||
Ending Inventory | Cost of Goods Sold | ||||||||
Date | Units | Unit Cost | Total Cost | Title | Amount | ||||
Date | Quantity | Amount | Formula | Title | Amount | ||||
Date | Quantity | Amount | Formula | Title | Formula | ||||
Formula | Formula | ||||||||
Proof of Cost of Goods Sold | |||||||||
Date | Units | Unit Cost | Total Cost | ||||||
Date | Amount | Amount | Formula | ||||||
Date | Amount | Amount | Formula | ||||||
Date | Amount | Amount | Formula | ||||||
Date | Amount | Amount | Formula | ||||||
Formula | Formula | ||||||||
(b)(3) Determine the ending inventory and cost of goods sold under the Average Cost cost flow method. | |||||||||
Total units purchased cost: | Amount | ||||||||
Title | Quantity | ||||||||
Average unit cost = | Formula | (Set to four decimal places.) | |||||||
Ending inventory quantity: | Quantity | ||||||||
Ending inventory value: | Amount | ||||||||
Cost of goods sold: | Formula | ||||||||
Cost of goods available for sale | Formula | ||||||||
(c)(1) Which cost flow method results in the highest inventory amount for the balance sheet? | |||||||||
Enter text answer here. | |||||||||
(c)(2) Which cost flow method results in the highest cost of goods sold for the income statement? | |||||||||
Enter text answer here. | |||||||||