MGT 120: Comprehensive Excel Case Study Assignment Guide

First Name: Jaiden Last Name Bates Student Number: 1010631933 MGT 120 Comprehensive Excel Assignment You are reminded that this is an individual assignment and must not be completed as a group. This comprehensive case requires you to apply concepts learned throughout Chapters 1-6 (with an emphasis on Chapters 4-6). You may find it helpful to review these chapters before beginning this assignment. Detailed instructions for this assignment can be found on Quercus. Be sure to read the instructions in their entirety before beginning this assignment Place your answer for each requirement in the “Answer“ tab under the corresponding location. The problem is located under the “Problem“ tab.

Debits Cash 40400 Allowance for Doubtful Accounts Accounts Receivable 16000 Accumulated Depreciation (Van) Inventory (400 units) 76000 Accumulated Depreciation (Furniture Van 36000 Accounts Payable Furniture & Fixtures 12000 Common Shares Retained Earnings Total Debits 180400 Total Credits During May 2024, the following transactions took place: May 1: Bought 128 desktop printers for $120 each on account. May 1: May 10: Sold 120 printers to Kang Inc. on account. May 12: May 20: Sold 2 printers to Captain America Inc. using a VISA card to pay for the transaction. A 3.6% se May 22: Sold 72 printers to Bucky Barnes Public School on account. May 24: Returned for credit 2 damaged printers from Kang Inc., costing $144 each. May 28: Received payment in full from Kang Inc. for the balance owing. May 28: Wrote off as uncollectable $2640 of accounts receivable. May 29: Paid accounts payable, $8000. May 30: Recovered an accounts receivable that was written off in April, $600. May 31: Paid operating expenses totalling $36400. May 31: May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, whic Number of Days Outstanding 0-30 days 31-60 days 61-90 days Accounts Receivable $28000 $7200 $2800 Estinated Percentage Uncollectable 0.8% 3.2% 9.6% Other Information: 1) The selling price for each of the printers is $440. 2) Thor Corporation uses the FIFO method under the perpetual inventory system to account for in Thor Corporation is a small private corporation that sells desktop printers to local businesses and schools. balances of Thor Corporation: Bought a van, paying $6400 cash as a down payment and signed a 10 month $12000, 9% not $520 to have its company logo printed on the side of the van. The residual value is $4400. The acculumated depreciation up to the date of disposal was $32000. Roxxon Corporation agreed to sign a 90-day note receivable to replace a $1840 accounts rece note is 5.6%. Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line be used for 7 years. The furniture & fixtures are depreciated using the straight-line method ove furniture and fixtures.

3) Required: 1) 2) 3) 4) 5) 6) In the past, Thor Corporation has used the following accounts on their financial statements: Ba Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest R Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not a Prepare the journal entries for the transactions including any adjusting journal entries for the m “Requirement 1“ in the “Answer“ tab. A reminder to round all final numbers to the nearest dolla spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety the question. Explanations are not required. Prepare an adjusted trial balance as at May 31, 2024. Place your answer under “Requirement in column H, debits in column I and credits in column J. Ensure your spelling is accurate. Do n them out in their entirety. A reminder to only use the accounts given in the question. Prepare the multi-step Income Statement for the month of May 2024. Ignore income taxes. Pla “Answer“ tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Sp use the accounts given in the question. Prepare a classified Balance Sheet at at May 31, 2024. Place your answer under “Requiremen accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A remind question. Assume Thor Corporation overstated its ending inventory by $1520. How does this affect cost year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gro Place your answer under “Requirement 5“ in the “Answer“ tab using the drop down menus. En any) in the designated spots. Assume that Thor Corporation used the LCNRV to report inventory on the balance sheet. The the journal entry. Place your answer under “Requirement 6“ in the “Answer“ tab. Ensure your s your accounts. Spell them out in their entirety. A reminder to only use the accounts given in th

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Credits 2400 32000 & Fixtures) 4000 10000 16000 116000 180400 ervice fee is charged by VISA. ch follows: 90+ days $720 20% nventory. On May 1, 2024, the following were the account te payable for the balance. The company paid e old van was sold for $8000; it cost $36000 and eivable due that day. The interest rate on the e depreciation for the van. The van is estimated to er 3 years. There is no residual value on the

ad Debt Expense, Cost of Goods Sold, Credit Receivable, Interest Revenue, Loss on Sale, all accounts have been used each period. month of May 31, 2024. Place your answer under ar. Do not round during calculations. Ensure your ty. A reminder to only use the accounts given in t 2“ in the “Answer“ tab. Place your account titles not use abbreviations for your accounts. Spell ace your answer under “Requirement 3“ in the pell them out in their entirety. A reminder to only nt 4“ in the “Answer“ tab. Ensure your spelling is der to only use the accounts given in the t of goods sold, gross profit, and net income in the oss profit, and net income for the following year. nter the amount of the over/understatement (if e NRV of $400 is less than the FIFO cost. Prepare spelling is accurate. Do not use abbreviations for he question. Explanations are not required.

Enter your solution to each requirement in its specified area Requirement 1: Requirement 2: May 1: May 10: May 12: May 20: May 22: May 24: May 28:

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May 29: May 30: May 31:

Requirement 3:

Requirement 4: Account Cost of Goods Sold Gross Profit Net Income Account Cost of Goods Sold Gross Profit Net Income

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Requirement 5: R Current Year: Affect (select from drop down menu) Amount (type in your answer) Understated 1520 Overstated 1520 Overstated 1520 Following Year: Affect (select from drop down menu) Amount (type in your answer) Overstated Understated Understated

Requirement 6:

Comprehensive Excel Assignment

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