Unit 3 Assignment Instructions
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Names: ____________________________________________________________ BAF3M1 Unit 3 Assignment Marking Success Criteria : •
Complete an 8 column worksheet and prepare an Income Statement and Classified Balance Sheet •
Journalize adjusting and closing entries Worksheet Adjusting entries (1 mark each entry on worksheet, 3 marks for dep. calculations) /20 Proper allocation to BS or IS /02 Balancing Figure is the same /01 Underlined/Proper format /02 Total /25 Adjusting and Closing Entries (Journal) Adjusting entries /6 Closing Entries /4 Titles /1 Total /11 Financial Statements Balance Sheet /10 Income Statement /4 Total /14 *Marks will be deducted from the appropriate area for form errors (underlining, wrong columns, wrong classification of accounts, missing $ signs, no double underline where needed etc) Note that if you have an error on your worksheet or it doesn’t balance, you can continue on with the rest of the assignment, formatting your financial statements as though it does balance. You will not have additional marks taken off. /50
Names: ____________________________________________________________ Complete the adjusting entries and above worksheet given this additional information for: Just Like That Inc. 1. The supplies inventory at December 31, 20-1 is $230 2. The one year insurance policy was purchased on October 1. 3. Advertising Sales Revenue of $2988 was recorded in December 20-1, but only $1200 of ads will be produced and run this fiscal period. 4. Calculate the depreciation on the building, which uses straight-line depreciation. The original value of the building is listed on the trial balance. It is estimated that the building will last for 12 years and will have a salvage value of $9,000 Calculations: Show your calculations under your worksheet, on the excel file. This will allow me to give you part marks if there is an error in your calculations. 5. Calculate the depreciation for the Automobile using the declining balance method and a rate of 30%. Calculations: Show your calculations under your worksheet, on the excel file. This will allow me to give you part marks if there is an error in your calculations. 6. Late-arriving purchase invoices pertaining to the 20-1 fiscal period were for: Truck Expense $200 Telephone Expense $100 HST Recoverable $ 39 Total $ 339
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Missing amounts from balance sheet and income statement data
Office 365
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships. This information has been
collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
Determine the missing amounts. (Hint: First, determine the amount of increase or decrease in owner's equity during the year.) Round your answers to the nearest dollar. Enter
your answers as positive values.
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Freeman
Heyward
Jones
Ramirez
Beginning of the year:
Assets
$ 884,000
$ 1,034,300
$ 406,600
$
Liabilities
530,400…
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Select the letter of the item below that best matches the definitions that follow.
a. Balance Sheet Standard report.
b. To date
c. Summary Balance Sheet report
d. QuickZoom
e. Transactions by Account report
f. % of Column
g. Memorizing a report
h. Divided by 1000
1. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to add a column representing the percentage of each item compared to total assets.
2. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to round amounts to the nearest whole dollar.
3. ________ The start of the reporting period.
4. ________ A financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date.
5. ________ A process by which modified reports are saved for later use.
6. ________ When selected in the Modify Report window, this check box requires QuickBooks Accountant to report amounts in thousands.
7. ________ The end…
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The double-entry system requires that each transaction must be recorded
in a journal and in a ledger.
in two sets of books.
first as a revenue and then as an expense.
in at least two different accounts.
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Each of the following accounts is closed to Income Summary except
Expenses.
Dividends.
Revenues.
All of these are closed to Income Summary.
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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Directions
1
Given
cose =
2, and is in Quadrant 1, what is tane?
You must show all of your work to receive credit for this problem.
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FILE UPLOAD i
Question 7
OR
1
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ITS-The Political S
A M7: Assignment No.1
10201Ox/aMzlzNzk 1NTQxNDg2/details
ВА..
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Open with
Activity No.:
Topic
: The Worksheet
Problems
The following are all the steps in the accounting cycle. List them
they should be done.
1.
the order in which
Closing entries are journalized and posted to the ledger.
- An unadjusted trial balance is prepared.
- An optional end-of-period spreadsheet (worksheet) is prepared.
-A post-closing trial balance is prepared.
- Adjusting entries are journalized and posted to the ledger.
- Transactions are analyzed and recorded in the journal.
Adjustment data are assembled and analyzed.
-Financial statements are prepared
An adjusted trial balance is prepared
Transactions are posted to the ledger
2.
7.
8.
6.
10
The balances for the accounts listed below appeared in the Adjusted Tral Balance
columns of the work
the Income Statement columns or
iobtndicato
ther cach…
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Solve please
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In a service-type business, revenue is considered recognized
when the service is performed.
at the end of the year.
at the end of the month.
when cash is received.
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How would you interpret this formula: 'Income Statement' ! C5
Ocell C5 from the Income Statement named cell in the current work sheet
O cell C5 from the Income Statement tab in the work book
O cell C5 from the named range of Income Statement in the file name
cell from the file named Income Statement that is copied to C5
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Pls form a balance sheet of this problem thanks
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Question 30 of 42
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The information for preparing a trial balance on a worksheet is obtained from
general journal entries.
financial statements.
business documents.
general ledger accounts.
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OOOO
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Comprehensive Problem 1Part 5: Work Sheet
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4 before completing part 5.
Part 5: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet using the following adjustment data.
Insurance expired during May is $275.
Supplies on hand on May 31 are $715.
Depreciation of office equipment for May is $330.
Accrued receptionist salary on May 31 is $325.
Rent expired during May is $1,600.
Unearned fees on May 31 are $3,210.
If an amount box does not require an entry, leave it blank or enter "0".
Kelly ConsultingEnd-of-Period Spreadsheet (Work Sheet)For the Month Ended May 31, 20Y8
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit…
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Credits
decrease both assets and liabilities.
increase both assets and liabilities.
decrease assets and increase liabilities.
O increase assets and decrease liabilities.
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Journal Entries, T accounts and unadjusted balances
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Hi I need help with the balance sheet
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Please use the workbook page, it has the steps on how to solve the problems.
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Changes in Current Operating Assets and Liabilities
Paneous Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, Year 2 Dec. 31, Year 1
Accounts receivable
$39,490
$31,590
Inventory
76,340
65,150
Accounts payable
60,750
45,410
Dividends payable
18,000
24,000
Adjust net income of $351,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
000'080
Determine the return on total assets. If required, round the answer to one decimal place.
Average total assets
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Divide the sum of net income and interest expense by average total assets.
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PDE IM-MODULE-3-Account X
file:///C:/Users/user/Documents/QUIJANO,%20JAN%20CLEO%20C/ACCOUNTING/IM-MODULE-3-Accounting-Fundamentals-P1-M.Chan%20(1).pdf
M3 - Exercises 2
For each of the following accounts, state in column A the classification of the
account (Whether the account is an asset, liability, capital, revenue, or
expense), in Column B if debit or credit for increase in the account and in
column C if debit or credit for decrease, and in column D, the normal balance
of the account.
Column
D.
Coluinn
Column
Column
C
A
Normal
Classification
Increase
Decrease
balance
Example: Utilities Expense
Еxpense
Debit
Credit
Debit
1. Accounts Payable
2. Accounts Receivable
3. Cash
4. Carlo Calma, Capital
| 5. Carlo Calma, Drawing
6. Commission Income
7. Equipment
8. Interest Receivable
9. Insurance Expense
10. Notes Payable
11. Notes Receivable
12. Prepaid Rent
13. Prepaid Insurance
14. Rent Expense
15. Rent Revenue
16. Salaries Expense
17. Salaries Payable
18. Service Revenue
19. Supplies
20.…
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- Edit View History Bookmarks Window Help A education.wiley.co Exam 1 WP NWP Assessment Player UI Application DAX Question 35 of 42 View Policies Current Attempt in Progress Each of the following accounts is closed to Income Summary except Expenses. Dividends. Revenues. All of these are closed to Income Summary. Save for Laterarrow_forwardin CengageNOWv2| Online teachi x Cengage Learning 8-1 Problem Set: Module Eight X how.comn/akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false eBook Show Me How Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $15,300 Inventory 66,500 67,200 Accounts payable 20,100 0098 Dividends payable 000' Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. ( Previou: Check My Work レ AD 12arrow_forwardDirections 1 Given cose = 2, and is in Quadrant 1, what is tane? You must show all of your work to receive credit for this problem. Please choose one option to complete this activity. Sketchpad FILE UPLOAD i Question 7 OR 1 File Upload Upload your work. Show all steps to receive credit for this problem.arrow_forward
- ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…arrow_forwardSolve pleasearrow_forwardWindow Help A education.wi am 1 WP NWP Assessment Player UI Application Question 28 of 42 View Policies Current Attempt in Progress In a service-type business, revenue is considered recognized when the service is performed. at the end of the year. at the end of the month. when cash is received. Save for Laterarrow_forward
- How would you interpret this formula: 'Income Statement' ! C5 Ocell C5 from the Income Statement named cell in the current work sheet O cell C5 from the Income Statement tab in the work book O cell C5 from the named range of Income Statement in the file name cell from the file named Income Statement that is copied to C5arrow_forwardPls form a balance sheet of this problem thanksarrow_forward"iew History Bookmarks Window Help A education.wiley.com WP NWP Assessment Player UI Application DAXMED WALI FURI Question 30 of 42 View Policies Current Attempt in Progress The information for preparing a trial balance on a worksheet is obtained from general journal entries. financial statements. business documents. general ledger accounts. Save for Later OOOOarrow_forward
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