ACC 308 Final Project Workbook

xlsx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

308

Subject

Accounting

Date

Feb 20, 2024

Type

xlsx

Pages

43

Uploaded by ConstableJayMaster151

Report
Southern New Hampshire University ACC 308 - Intermediate Accounting II Using the Peyton Approved financial data, create: Adjusting Entries Adjusted Trial Balance Revised Balance Sheet Note: This workbook contains instructions and financial information you will need to complete the Workbook portions of Milestones One and Two. For full instructions for the milestone and final project assignments, refer to the guidelines and rubric documents. You can use the links below to navigate from this HOME tab to additional instructions and the worksheets for each milestone. MILESTONE ONE (Due in Module Three) Milestone OneWorkbook Instructions 1. Trial Balance 2. Revised Financial Statements Using the trial balance and preliminary financial statements, prepare:
Revised Income Statement Revised Retained Earnings Statement Revised Statement of Cash Flows Current Ratio (Working Capital) Quick Ratio A/R Turnover Inventory Turnover Gross Margin Return on Sales Return on Equity Return on Assets 4. Management Analysis Brief 3. Ratio Analysis Note: Refer to the Final Project Scenario for Peyton's ratio formulas. Using the financial statements from 2015, 2016, and revised 2017, calculate the following ratios: Note: This part of the project is submitted as a separate Word document. Refer to the Milestone One Guidelines and Rubric document for submission guidelines. Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas where applicable. A. Assess the company’s financial health based on ratio analyses presented in the accounting workbook. B. Compare ratio analysis to trends in financial ratios over time for illustrating their impact, providing examples to support your claims. C. Summarize the effects of different compounding periods and interest rates on future value of money.
D. Explain how alignment to relevant regulations and ethical reporting influenced your accounting practices and notes, providing examples to support your claims.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Using the given pro forma information, create: Pro Forma Income Statement Pro Forma Balance Sheet 2. Notes to the Financial Statements Your notes must contain the following: MILESTONE TWO (Due in Module Five) Milestone TwoWorkbook Instructions 1. Pro Forma Financial Statements Note: This part of the project is submitted as a separate Word document. Refer to the Milestone Two Guidelines and Rubric document for submission guidelines. A. Create appropriate notes as year-to-year documentation for managing depreciation, supplies, and inventory.
3. Management Analysis Brief B. Create appropriate notes for long-term debt. Note: This part of the project is submitted as a separate Word document. Refer to the Milestone Two Guidelines and Rubric document for submission guidelines. Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas where applicable. A. Discuss the impact of the pro forma financial statements for predicting ability to meet future expansion goals. B. Describe the implications of inventory costing, contingent liabilities, and revenue recognition. C. Identify potential issues in interpretation of financial information, providing examples to support your ideas.
FINAL PROJECT (Due in Module Seven) Note: The final project consists of corrected work from Milestone One and Milestone Two. Incorporate the feedback you received from your instructor.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
ITEMS TO COMPLETE FOR MILESTONE ONE: GENERAL 1. TRIAL BALANCE 2. REVISED FINANCIAL STATEMENTS ReturnHOME INSTRUCTIONS FOR MILESTONE ONE (Due in Module Three) Note: Make sure to completely review the Milestone One Guidelines and Rubric document. Use the data from this milestone and begin working on your final project, due in Module Seven. The tabs to complete are linked below and colored blue for convenience. You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare the company’s financials for the year-end audit. Additionally, the company is interested in expanding its business within the next year. They would like your support in assessing their ability to meet their goals. Using the Peyton Approved financial data provided below: A. Create the necessary adjusting journal entries. Use the REF column to reference the entry to each event. B. Complete the adjusted trial balance. Trial Balance 2017 Peyton Approved's preliminary financial statements are provided in the yellow tabs. Balance Sheet 2017 Income Statement 2017 Retained Earnings 2017 Cash Flow 2017
3. RATIO ANALYSIS PEYTON APPROVED FINANCIAL DATA Using the preliminary financial statements and the Trial Balance 2017, prepare the following statements: Balance Sheet 2017 Revised Income Statement 2017 Revised Retained Earnings Statement 201 Statement of Cash Flows 2017 Re Note: Refer to Module Three resources for a refresher on statement of cash flows. Peyton Approved's previous years' financial statements are provided in the orange tabs. Balance Sheet 2015 Balance Sheet 2016 Income Statement 2016 Using the revised 2017 financial statements, 2016 financial statements, and 2015 financial statements, prepare a ratio analysis for Peyton Approved. Note: Refer to the Final Project Scenario for Peyton's ratio formulas. Ratio Analysis Preliminary financial statements have already been prepared (2017 statements in the Final Project Workbook). Final adjusting entries have not yet been made. See table for possible adjustments that indicate what will be recorded at 12/31/17 (fiscal year end). Use the following to complete year-to-year documentation and notes for managing depreciation, inventory, and long-term debt.
4. MANAGEMENT ANALYSIS BRIEF 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175—goods of $3,000 and freight of $175—all dated 12/29/17. Goods were shipped FOB supplier’s warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January. 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January 2018, for accidental destruction. Note: This part of the project is submitted as a separate Word document. Refer to the Milestone One Guidelines and Rubric document for submission guidelines. Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas where applicable. A. Assess the company’s financial health based on ratio analyses presented in the accounting workbook. B. Compare ratio analysis to trends in financial ratios over time for illustrating their impact, providing examples to support your claims. C. Summarize the effects of different compounding periods and interest rates on future value of money. D. Explain how alignment to relevant regulations and ethical reporting influenced your accounting practices and notes, providing examples to support your claims.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Unadjusted tria Dr Cash 67,520.04 Accounts Receivable 68,519.91 Other Receivable - Insurance Baking Supplies 15,506.70 Merchandise Inventory 1,238.07 Consignment Inventory Prepaid Rent 2,114.55 Prepaid Insurance 2,114.55 Misc. Supplies 170.49 Baking Equipment 14,000.00 Accumulated Depreciation Customer Deposit Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Beginning Retained earnings Dividends 105,000.00 Bakery Sales Merchandise Sales Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandise 859.77 Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091.08 Advertising Expense 1,549.74 Interest Expense 818.31 Telephone Expense 490.98 Gain/Loss on disposal of equipment Milestone OneWorkbook Instru
429,136.32
PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 al balance Adjusting entries Adjusted trial Cr ref Dr Cr ref Dr 3 1,000.00 68,520.04 68,519.91 4 700.00 700.00 15,506.70 1 3,175.00 200.00 2 4,213.07 2 200.00 200.00 2,114.55 2,114.55 170.49 2,000.00 4 12,000.00 1,606.44 4 1,200.00 1,000.00 3 20,262.11 3,175.00 1 3,383.28 211.46 5,000.00 20,000.00 50,144.84 105,000.00 327,322.55 1,205.64 105,834.29 859.77 24,549.19 10,670.72 3,000.46 2,045.77 1,363.84 677.86 1,091.08 1,549.74 818.31 490.98 4 100.00
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
429,136.32 6,375.00 6,375.00 432,011.32
l balance Cr 406.44 1,000.00 23,437.11 3,383.28 211.46 5,000.00 20,000.00 50,144.84 327,322.55 1,205.64
432,111.32
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Preliminary Peyton Approved Balance Sheet As of December 31, 2017 Assets Liabilities and Owner Current Assets: Current Liabilities Cash $ 67,520.04 Accounts Payable Accounts Receivable 68,519.91 Wages Payable Baking Supplies 15,506.70 Interest Payable Merchandise Inventory 1,238.07 Prepaid Rent 2,114.55 Prepaid Insurance 2,114.55 Misc. Supplies 170.49 Total Current Assets $ 157,184.31 Total Current Liab Long Term Liabilit Long Term/Fixed Assets: Notes Payable Baking Equipment 14,000.00 Total Long Term L Accumulated Depreciation -1,606.44 Net Fixed assets 12,393.56 Total Liabilities: Common Stock Retained Earnings Total Equity Total Assets: $ 169,577.87 Total Liabilities &
rs' Equity s: $ 20,262.11 3,383.28 211.46 bilities $ 23,856.85 ties: 5,000.00 Liabilities: 5,000.00 28,856.85 20,000.00 120,721.02 140,721.02 Equity $ 169,577.87
Revised Peyton Appro Balance She As of December 3 Assets Current Assets: Cash $ 68,520.04 Accounts Receivable 68,519.91 Baking Supplies 15,506.70 Merchandise Inventory 4,213.07 Prepaid Rent 2,114.55 Prepaid Insurance 2,114.55 Misc. Supplies 170.49 Other Receivables 700.00 Consignment Inventory 200.00 Total Current Assets $ 162,059.31 Long Term/Fixed Assets: Baking Equipment 12,000.00 Accumulated Depreciation -406.44 Net Fixed assets 11,593.56 Total Assets: $ 173,652.87 Milestone OneWorkbook Instruction
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
oved eet 31, 2017 Liabilities and Owners' Equity Current Liabilities: Accounts Payable $ 23,437.11 Wages Payable 3,383.28 Interest Payable 211.46 Customer Deposit 1000 Total Current Liabilities $ 28,031.85 Long Term Liabilities: Notes Payable 5,000.00 Total Long Term Liabilities: 5,000.00 Total Liabilities: 33,031.85 Common Stock 20,000.00 Retained Earnings 120,621.02 Total Equity 140,621.02 Total Liabilities & Equity $ 173,652.87
Preliminary Peyton Approved Income Statement for Year Ended 12/31/2017 Bakery Sales $ 327,322.55 Merchandise Sales 1,205.64 Total Revenues 328,528.19 Cost of Goods Sold - Baked 105,834.29 Cost of Goods Sold - Merchandise 859.77 Total Cost of Goods Sold 106,694.06 Gross Profit 221,834.13 Operating Expenses: Rent Expense 24,549.19 Wages Expense 10,670.72 Misc. Supplies Expense 3,000.46 Business License Expense 2,045.77 Misc. Expense 1,363.84 Depreciation Expense 677.86 Insurance Expense 1,091.08 Advertising Expense 1,549.74 Interest Expense 818.31 Telephone Expense 490.98 Total Operating Expenses: 46,257.95 Net Income 175,576.18
Revised Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold - Ba Cost of Goods Sold - Me Total Cost of Goods S Gross Profit Operating Expenses: Loss on Disposal of E Rent Expense Wages Expense Misc. Supplies Expen Business License Ex Misc. Expense Depreciation Expens Insurance Expense Advertising Expense Interest Expense Telephone Expense Total Operating Expen Net Income Milestone OneWorkbook Instr
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Approved Income Statement for Year Ended 12/31/2017 $ 327,322.55 1,205.64 328,528.19 aked 105,834.29 erchandise 859.77 Sold 106,694.06 221,834.13 Equipment 100.00 24,549.19 10,670.72 nse 3,000.46 xpense 2,045.77 1,363.84 se 677.86 1,091.08 e 1,549.74 818.31 490.98 nses: 46,357.95 175,476.18
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Preliminary Peyton Approved Statement of Retained Earnings for Year Ended 12/31/2017 Beginning Balance: $ 50,144.84 plus Net Income 175,576.18 less Dividends: 105,000.00 Ending Balance $ 120,721.02
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Revised Peyton Approved Statement of Retained Earnings for Year Ended 12/31/2017 Beginning Balance: plus Net Income less Dividends: Ending Balance Milestone OneWorkbook Instr
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
$ 50,144.84 175,476.18 105,000.00 $ 120,621.02
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Preliminary Peyton Approved Statement of Cash Flow for Year Ended 12/31/2017 Net Income $ 175,576.18 Depreciation Expense 677.86 176,254.04 Increase in Accounts Receivable (25,886.91) Increase in Baking Supplies (8,187.84) Increase in Merchandise inventory (443.10) Increase in Prepaid Rent (449.55) Increase in Prepaid Insurance (1,004.55) Increase in Misc. Supplies (114.99) Increase in Accounts Payable 3,292.11 Increase in Wages Payable 1,850.48 Increase in Interest Payable 44.96 Operating Cash Flow Cash Flow from Investments Equipment Purchases (6,000.00) Cash Flow from Investments Cash Flow from Financing Repayment of Note Payable (10,000.00) Dividends Paid (105,000.00) Cash Flow from Financing Net Cash Flow Beginning Cash Ending Cash
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
145,354.65 (6,000.00) (115,000.00) 24,354.65 43,165.39 67,520.04
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Revised Peyton Approved Statement of Cash Flow for Year Ended 12/31/2017 Net Income Depreciation Expense Increase in Customer Deposits Increase in Accounts Receivable Increase in Baking Supplies Increase in Merchandise inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies Increase in Accounts Payable Increase in Wages Payable Increase in Interest Payable Operating Cash Flow Cash Flow from Investments Equipment Purchases Cash Flow from Investments Cash Flow from Financing Repayment of Note Payable Dividends Paid Cash Flow from Financing Net Cash Flow Beginning Cash Ending Cash Milestone OneWorkbook Instr
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
0
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
$ 175,576.18 677.86 176,254.04 1,000.00 (25,886.91) (8,187.84) (443.10) (449.55) (1,004.55) (114.99) 3,292.11 1,850.48 44.96 146,354.65 (6,000.00) (6,000.00) (10,000.00) (105,000.00) (115,000.00) 25,354.65 43,165.39 68,520.04
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Approved Balance Sheet As of December 31, 2015 Assets Liabilities and Owners Current Assets: Current Liabilities: Cash 31507.58 Accounts Payable Accounts Receivable 35118.97 Wages Payable Baking Supplies 8042.23 Interest Payable Merchandise Inventory 580.27 Prepaid Rent 1215.32 Prepaid Insurance 810.21 Misc. Supplies 40.51 Total Current Assets 77,315.09 Total Current Liabi Long Term Liabiliti Long Term/Fixed Assets: Notes Payable Baking Equipment 6000 Total Long Term Li Accumulated Depreci -677.79 Net Fixed assets 5,322.21 Total Liabilities: Common Stock Retained Earnings Total Equity Total Assets: 82,637.30 Total Liabilities & E
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
s' Equity 15086.84 1118.83 121.53 ilities 16,327.20 ies: 10,000.00 iabilities: 10,000.00 26,327.20 20,000.00 36,310.10 56,310.10 Equity 82,637.30
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Appro Balance She As of December 3 Assets Lia Current Assets: Cash 43,165.39 Accounts Receivable 42,633.00 Baking Supplies 7,318.86 Merchandise Inventory 794.97 Prepaid Rent 1,665.00 Prepaid Insurance 1,110.00 Misc. Supplies 55.50 Total Current Assets 96,742.72 Long Term/Fixed Assets: Baking Equipment 8,000.00 Accumulated Depreciation -928.58 Net Fixed assets 7,071.42 Total Assets: 103,814.14
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
oved eet 31, 2016 abilities and Owners' Equity Current Liabilities: Accounts Payable 16,970.00 Wages Payable 1,532.80 Interest Payable 166.50 Total Current Liabilities 18,669.30 Long Term Liabilities: Notes Payable 15,000.00 Total Long Term Liabilities: 15,000.00 Total Liabilities: 33,669.30 Common Stock 20,000.00 Retained Earnings 50,144.84 Total Equity 70,144.84 Total Liabilities & Equity 103,814.14
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Approved Income Statement for Year Ended 12/31/2016 Bakery Sales 214,256.48 Merchandise Sales 770.76 Total Revenues 215,027.24 Cost of Goods Sold - Baked 73,159.59 Cost of Goods Sold - Merchandise 549.64 Total Cost of Goods Sold 73,709.23 Gross Profit 141,318.01 Operating Expenses: Rent Expense 15,694.23 Wages Expense 6,821.76 Misc. Supplies Expense 1,668.18 Business License Expense 1,307.85 Misc. Expense 871.9 Depreciation Expense 433.36 Insurance Expense 697.52 Advertising Expense 740.74 Interest Expense 523.14 Telephone Expense 313.88 Total Operating Expenses: 29,072.56 Net Income 112,245.45
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
ITEMS TO COMPLETE FOR MILESTONE TWO: GENERAL PEYTON APPROVED PRO FORMA INFORMATION ReturnHOME INSTRUCTIONS FOR MILESTONE TWO (Due in Module Five) Note: Make sure to completely review the Milestone Two Guidelines and Rubric document. Use the data from Milestone One and this milestone to complete your final project, due in Module Seven. The tabs to complete are linked below and colored green for convenience. Use information from Milestone One and the plan to open a new location for your statements. Peyton Approved's pro forma information is provided below. 1. PRO FORMA FINANCIAL STATEMENTS Note: Pro forma statements are "what if" statements. If the company opens the second location, what will the budgeted income statement and budgeted balance sheets be? Using the preliminary statements as a base, prepare the following pro forma financial statements for the proposed new location. Pro forma statements in this case are budgeted statements for 2018 based on the new location scenario at the bottom of the page. Pro Forma Income Statement Pro Forma Balance Sheet
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
1. Cost of leasing commercial space: $1,500 per month. Your notes must contain the following: The company is planning to open another location in 2018. Prepare pro forma financials for 2018 for the new location using the following information: 2. Cost of new equipment: $15,000, purchased with a long- term note. Use straight line depreciation assuming a seven-year life, no residual value. Use full year’s depreciation for the first year. Equipment purchase was financed with a long-term note. 3. Cost of hiring and training new employees: three at $25,000 each for the first year. 4. Cash: $7,000. Accounts receivable amount to 4.0 turns (accounts receivable turnover will be 4.0); inventory amount to show 3.0 turns (inventory turnover will be 3.0). No stock will be issued. Retained earnings are to equal net income. Additional financing of $5,000 will be long term. Add remaining amount needed to balance into accounts payable. 5. Except as noted above, assets, current liabilities, sales, costs, and expenses are expected to be 80% of the existing store (from preliminary statements) except no stock. Retained Earnings = Net Income 2. NOTES TO THE FINANCIAL STATEMENTS Note: This part of the project is submitted as a separate Word document. Refer to the Milestone Two Guidelines and Rubric document for submission guidelines. You will find an example for how to format these notes located in the Module Five resources. A. Create appropriate notes as year-to-year documentation for managing depreciation, supplies, and inventory. B. Create appropriate notes for long-term debt.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Approved uses the following accounting practices: • Inventory: Periodic, LIFO for both baking and merchandise • Equipment: Straight line method used for equipment 3. MANAGEMENT ANALYSIS BRIEF Note: This part of the project is submitted as a separate Word document expanding on the work you completed for Milestone One. Refer to the Milestone Two Guidelines and Rubric document for submission guidelines. Your management analysis brief should explain financial information to management. Provide evidence from your accounting workbook to support your ideas where applicable. A . Discuss the impact of the pro forma financial statements for predicting ability to meet future expansion goals. B . Describe the implications of inventory costing, contingent liabilities, and revenue recognition. C. Identify potential issues in interpretation of financial information, providing examples to support your ideas.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Approved Ratio Analysis 2017 2016 Current Ratio (Working Capital) 5.78 5.18 Quick Ratio 5.74 4.60 A/R Turnover 5.91 5.53 Inventory Turnover 40.97 107.19 Gross Margin 65% 66% Return on Sales 53% 52% Return on Equity 125% 160% Return on Assets 101% 108% Milestone OneWorkbook Instr Note: Refer to the Final Project Scenario document for Peyton's ratio formulas.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyto Pro fo Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold - Baked Cost of Goods Sold - Merchandise Total Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Wages Expense Misc. Supplies Expense Business License Expense Misc. Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Total Operating Expenses: Net Income Milestone TwoWorkbook Instr
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
on Approved Second Location o Forma Income Statement or Year Ending 12/31/2018 $ 261,858.04 964.51 262,822.55 84,667.43 687.82 85,355.25 177,467.30 18,000.00 75,000.00 2,400.00 1,636.62 1,091.71 2,142.86 872.86 1,239.65 654.65 392.78 103,431.13 74,036.17
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Peyton Approved Second Location Pro Forma Balance Sheet As of December 31, 2018 Assets Current Assets: Cash $ 7,000.00 Accounts Receivable 65,705.64 Baking Supplies 28,222.48 Merchandise Inventory 229.27 Prepaid Rent 1,691.64 Prepaid Insurance 1,691.64 Misc. Supplies 136.39 Total Current Assets $ 104,677.06 Long Term/Fixed Assets: Baking Equipment 15,000.00 Accumulated Depreciation -2,142.86 Net Fixed assets 12,857.14 Total Assets: $ 117,534.20 Milestone TwoWorkbook Instruction
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
Liabilities and Owners' Equity Current Liabilities: Accounts Payable $ 20,622.11 Wages Payable 2,706.62 Interest Payable 169.17 Total Current Liabilities $ 23,497.90 Long Term Liabilities: Notes Payable 20,000.00 Total Long Term Liabilities: 20,000.00 Total Liabilities: 43,497.90 Common Stock - Retained Earnings 74,036.30 Total Equity 74,036.30 Total Liabilities & Equity $ 117,534.20
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help

Related Documents

Creating a Severance Package.docx
Ch03Data.xlsx
Assignment 2.docx
Module 1 Critical Thinking Option #1 Part B - FINAL.docx
Module 1 Test Notes.xlsx
ACC 307 Final Project Part II Template 12-8-21.docx
ACC 308 Milestone Two - Management Brief.docx
ACC 308 Milestone One.docx
CJ 315 Module Three Assignment Template (1) (1).docx
CJ 315 Module Two Practice Activity .docx
Practice - Income statement - Questions.docx
Module 8.docx
Related Questions
Check all attributes below that were met for a test of an expenditure. Attached is a copy of the invoice and below is information from the accounting system:   Item # Transaction ID Invoice Date Vendor Vendor Code Object Code Object Code Name Amount Created Approved Invoice # Date Entered Paid Date Amount Paid 98 19000001101 9/22/2018 Ohio Dept of Transportation VC0000126549 E450 Road Construction  $6,914.41 JMM03 BVZ02 101492 10/3/18 10/22/2018  $   6,914.41   Invocie for Exam 3 TH.docx  check all that apply   A. Documentation exists   B. Transaction had proper approval before payment   C. Invoice agrees to journal: amount, vendor, fund, object code   D. Invoice is mathematically correct   E. Document was cancelled   F. Recorded timely (5 days from reciept of goods or invoice)   G. Invoice was paid timely
(Part1-3 posted just before)   Comprehensive Problem 1Part 4 and Part 6: 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 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4:  At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6:  Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a.  Insurance expired during May is $275. Date Account Name Post. Ref. Debit Credit May 31                     b.…
Comprehensive Problem 1 Part 4 and Part 6: 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 th concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. C. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1i,600. I Uneamed fees on May 31 are $3,210. Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a. Insurance expired during May is $275. Account Name Post. Ref. Debit Credit b. Supplies on hand on May 31 are $715. Account Name Post. Ref. Debit Credit…
Cost to date Estimated cost to complete Total estimated cost Percentage complete (Round) to nearest whole number) Total contract price Total estimated cost Estimated grass profit or lass Revenue to recognize to date Less Revenue previously recognized Revenue to recognize in year Estimated grass profit to recognize to date Less Gross profit or loss previously recognized Gross profit or loss to recognize in year 2022 2023 2024 $ S % % %
Comprehensive Problem 1Part 4 and Part 6: 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 and 3 before completing parts 4 and 6. Please note that part 5 is optional. Part 4:  At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275.b. Supplies on hand on May 31 are $715.c. Depreciation of office equipment for May is $330.d. Accrued receptionist salary on May 31 is $325.e. Rent expired during May is $1,600.f. Unearned fees on May 31 are $3,210. Part 6:  Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2. a.  Insurance expired during May is $275. Account Name Post. Ref. Debit Credit     fill in the blank 2         fill in the blank 4   b.  Supplies…
Need  help in feeling out the chart. Thank you
Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000…
Chapter 7 of the textbook presents some concerns regarding the current accounting standards for research and development expenditures. Instructions: For this discussion, you will be divided into two groups: Group B: You are assigned to Group B if you have a last name beginning with N-Z.  Assume that you are the FASB member. Write a memo defending the current standards regarding research and development. For both groups, your memo should address the following questions: By requiring expensing of R&D, do you think companies will spend less on R&D? Why or why not? What are the possible implications for the competitiveness of U.S. companies? If a company makes a commitment to spend money for R&D, it must believe it has future benefits. Shouldn't these costs therefore be capitalized just like the purchase of any long-lived asset that you believe will have future benefits? Explain your answer. For your initial post, indicate in the subject line which group you are in (Group A…
History Bookmarks Window Help A education.wiley.c WP NWP Assessment Player UI Application Question 18 of 42 View Policies Current Attempt in Progress 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. Save for Later
As usual after your fall trip, your VP, sandy Fairchild's, requests a detailed event report in memo format
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…
Before you begin this assignment, review the Tying it All Together feature in the chapter. It will also be helpful if you review TravelCenters of America LLC’s 2075 annual report</i> (https://www.sec.gov/Archives/edgar/data/1378453/000137845316000040/a2015123110k.htm). TravelCenters of America LLC is the largest full-service travel center company in the United States, serving both professional drivers and motorists. Since 2011, the company’s growth strategy has been to acquire additional travel center and convenience center locations. In addition to agreements entered into in 2015, the company acquired 3 travel centers and 170 convenience centers for a total purchase price of $320.3 million. Requirements Using the payback method, suppose TravelCenters of America expect to receive an annual net cash inflow of $32.03 million per year. How many years would it take to pay back the initial investment? What are some disadvantages to using the payback method? Why would a company, such…
3. Prepare the journal entries to record the two expenditures during 2019. (If no entry is required for a transaction/event, select " journal entry required" in the first account field.) View transaction list
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Question is attached in the screenshot thanks grealty appreciated 420ti2492i409y490idf9ib0fi90i
Need help with answering the questiins. Thank you
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Text book image
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
Text book image
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Text book image
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Text book image
Quickbooks Online Accounting
Accounting
ISBN:9780357391693
Author:Owen
Publisher:Cengage
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
SEE MORE TEXTBOOKS
Related Questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Text book image
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
Text book image
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Text book image
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Text book image
Quickbooks Online Accounting
Accounting
ISBN:9780357391693
Author:Owen
Publisher:Cengage
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
SEE MORE TEXTBOOKS