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
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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.
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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.
( Previou:
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se data from Rollaird
Live balance sheets, perform a
Use Chapter 13 "Financial
ture" as a guidance.
g your numbers, use whole
ation, and one decimal point
een in the example below. The
ht red if incorrect after clicking
bottom right corner).
Terminology Matching - Academic Resources
EHCS380 Week 4 Horizontal and Vertical Analysis
00
multimedia.phoenix.edu
b Answered: Terminology Matching Independent... | bartleby
Accounts Receivable
Inventory
Total Assets
DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical
analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance.
Dec. 31, 2022
460,000
780,000
3,164,000
Example:
Dec. 31, 2021
Accounts Receivable 2022
400,000
650,000
2,800,000
NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point
for the answer, as seen in the example below. The text box will highlight red if incorrect after
clicking the Submit button (bottom right corner).…
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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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Question 7
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ITS-The Political S
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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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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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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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7-2 Project: Company Accour x
121. Project Guidelines and Rubric x
121. 7-1 Problem Set: Module Sev X
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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
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
1.8
Check My Work
Divide the sum of net income and interest expense by average total assets.
Previa
Check My Work
ADE
dy
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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
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Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
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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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Need help with the adjustment and total columns
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Hi I need help with the balance sheet
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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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pject: Company Accour X
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4Show Me How
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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Check My Work
Divide the sum of net income and interest expense by average total assets.
Check My Work
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