CRP 1 - JUL. 1. Jim invested 40,000 cash and photography equipment valued at 20,000 in the business

20X1

JUL. 1. Jim invested 40,000 cash and photography equipment valued at 20,000 in the business

1        Purchased office supplies for cash, 1300

1        Purchased photography supplies on account, 6700

1        Paid july rent, 1700

1        Paid for a newspaper ad, 500

2        Purchased office equipment on account, 6750

2        Paid property insurance for the upcoming year, 3600

3        Purchased a computer system and software, 3200, by issuing a note payable

5        Paid for promotional handouts, 150

6        Paid miscellaneous expenses, 175

7        Paid salaries of employees, 1400

7 Recorded week’s cash receipts for photo work, 1350

8        Paid for carpet cleaning (a miscellaneous expense), 75

9        Recorded photo work done for a customer on account, 855

9Purchased additional photography supplies on account, 3200

10    Purchased additional photography equipment for cash, 3500

10  Entered into a contract with Southside Food Vendors to place vending machines in the waiting room. Jim is to receive 10% of all sales, with a minimum payment of 200 monthly. Received 200 as an advance payment

11    Purchased furniture for the lobby area, 1700. Paid cash in full

12    Paid cash for the installation of overhead lighting fixtures, 900

15      recorded second week’s cash receipts for photo work, 2170

15 Paid weekly salaries, 1400

17 Jim withdrew cash for personal use, 800

18 Paid for TV ad, 710

19 Paid for repair to equipment, 80

19 Collected 500 for the photo work done on account on July 9

22 Recorded third weeks cash receipts for photo work, 2045

22  Paid weekly salaries, 1400

23 Did a special wedding photo session for a customer on credit, 550

28 Recorded fourth week’s cash receipts for photo work, 1995

29  Paid salaries of employees, 1400

30 Paid water bill for July, 75

30 Paid electric bill for July, 1095

31 Made a 500 payment on the note for the computer purchased on July 3

31 Made a payment for the office equipment purchased on account, 2000

31  Made a payment on the photography supplies purchased on account, 1000

31 Wrote a business check to pay for Jim’s home phone bill, 310

31 Southside Food Vendors reported a total of 2800 of vending machines sales for July. Ten percent of these sales is 280. Since 200 had already been received and recorded in July, Jim was owed 80. Received the 80 check

1.      Open an account in the ledger for each account shown in the chart of accounts.

2.      Journalize each of the transactions for July, beginning on page 1 of the general journal.

3.      Post the journal entries to the ledger

4.      Prepare a trial balance of the ledger in the first two columns of a 10-column work sheet

5.      Complete the 10-column work sheet. Assume for the purposes of this problem that Jim has a one-month accounting period. Data for adjustments are as follows:

a.       Office supplies on hand, 850

b.      Photography supplies on hand, 5550

c.       Insurance expired, 300

d.      Salaries unpaid, two days of a five-day week, weekly salaries are 1400

e.       Depreciation of office equipment, 190

f.       Depreciation of photography equipment, 275

g.       Depreciation of furniture and fixtures, 75

6.      Prepare an income statement for the month ended July 31

7.      Prepare a statement of owners equity for the month ended July 31

8.      Prepare a balance sheet as of July 31

9.      Journalize adjusting entries from the completed work sheet

10.  Journalize closing entries

11.  Post adjusting and closing entries to the ledger

12.  Prepare a post-closing trial balance

TUTORIAL PREVIEW

Jim Arnold's Photography Studio

General Journal								Page 1
	Date		Account Title			P.R.	Debit	Credit
1	20X1 Jul.	1	Cash			111	40,000		1
2			Photography equipment			122	20,000		2
3				Jim Arnold, Capital		311		60,000	3
4					Invested cash and photography equipment.				4

File name: CRPI-solution.xls File type: xls Price: 40

Desiree Clark is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.

Desiree Clark is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.

May 1 Clark invested 20,000 cash in her business

May 2 Hired a secretary-receptionist at a salary of $2,000 per month

May 3 Purchased $2,500 of supplies on account from Read Supply Company

May 7 Paid office rent $900 cash for the month

May 11 Completed tax assignment and billed client $3,200

May 12 Received $3,500 advance on management consulting engagement

May 17 Received cash of $1,200 for services completed of C. Desmond Co.

May 31 Paid Secretary-receptionist $2,000 salary for the month

May 31 paid 60% of balance due Read Supply Company

Desiree uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 301 Owner’s Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

Instructions

(a) Journalize the transactions.

(b) Post to the ledger accounts.

(c) Prepare a trial balance on May 31, 2012.

TUTORIAL PREVIEW

GENERAL LEDGER
Cash					No. 101
DATE	EXPLANATION	REF.	DEBIT	CREDIT	BALANCE
1-May-2012		J1	20,000		20,000
7		J2		900	19,100

File name: Desiree-clark.xls File type: xls  Price: $9

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GB 518 Unit 03 Assignment BTN 4-9 Nokia P4-3A REX COMPANY P6-4A PART 1 only

GB 518 Unit 03 Assignment

BTN 4-9 Nokia

P4-3A REX COMPANY

P6-4A PART 1 only

BTN 4-9 Nokia (www.Nokia.com), Research in Motion, and Apple are competitors in the global marketplace. Key comparative figures for each company follow.

Nokia                           (Net Sales $40,984) (Cost of Sales $27,720)

Research in Motion   (Net Sales $14,953) (Cost of Sales $8,369)

Apple                       (Net Sales $42,925) (Cost of Sales $25,683)

Part 1-  Fill in each company's Revenue, Cost of Sales, Gross Margin and Gross Margin ration. 

Then rank the three companies (highest to lowest) based on the gross margin ratio.

P4-3A REX COMPANY The following unadjusted trial balance is prepared at fiscal year-end for Rex Company.

1. Prepare adjusting journal entries to reflect each of the following:

a. Store supplies still available at fiscal year-end amount to $1,650.

b. Expired insurance, an administrative expense, for the fiscal year is $1,500.

c. Depreciation expense on store equipment, a selling expense, is $1,400 for the fiscal year.

d. To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $11,100 of inventory is still available at fiscal yearend.

2. Prepare a multiple-step income statement for fiscal year 2011.

3. Prepare a single-step income statement for fiscal year 2011.

4. Compute the current ratio, acid-test ratio, and gross margin ratio as of January 31, 2011.

P6-4A PART 1 only - The following information is available to reconcile Clark Company's book balance of cash with its bank statement cash balance as of July 31, 2011.

a. On July 31, the company's cash account has a $26,193 debit balance, but its July bank statement shows a $28,020 cash balance.

b. Check No. 3031 for $1,380 and check No. 3040 for $552 were outstanding on the June 30 bank reconciliation. Check no. 3040 is listed with the July canceled checks, but check no. 3031 is not. Also, check no. 3065 for $336 and check no. 3069 for $2148 both written in July, are not among the canceled checks on the July 31 statement.

c. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check no. 3056 for July rent was correctly written and drawn for $1250 but was erroneously entered in the accounting records as $1230.

d. A credit memorandum enclosed with the July bank statement indicates the bank collected $9000 cash on a non-interest bearing note for Clark, deducted a $45 collection fee, and credited the remainder to its account. Clark had not recorded this event before receiving the statement.

e.. A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Jim Shaw. Clark has not yet recorded this check as NSF.

f. Enclosed in the July statement is a $15 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received.

g. Clark's July 31 daily cash receipts of $10,152 were placed in the bank's night depository on that date, but do not appear on the July 31 bank statement.

Prepare the bank reconciliation for this company as of July 31, 2011 on the next tab. --->

TUTORIAL PREVIEW 

Global Decision  — BTN  4-9
Part 1:
(in millions)	Nokia	Research In Motion	Apple
Revenues	40,984	$14,953	$42,905
Cost of sales	27,720	8,369	25,683
Gross margin	13,264	$6,584	$17,222
Gross margin ratio	32.36%	44.03%	40.14%

File name: gb-518-Unit-3-Assignment.xls File type: XLS Price: $15

GB 518 UNIT 02 ASSIGNMENTS

GB 518 UNIT 02 ASSIGNMENTS

Exercise 3-4, Page 136 in the textbook.

Exercise 3-7, Page 137 in the textbook

Problem 3-4A JJW Company

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Exercise 3-4, Page 136 in the textbook.

		Determine the missing anounts:
		a	b	c	d
1	Supplies available - prior year end	$     300.00	$1,600.00	$  1,360.00	$1,375.00
2	Supplies purchased during the current year	$  2,100.00	$5,400.00	$10,080.00	$6,000.00

File name: gb-518-unit-2.xls File type: XLS Price: $9

GB 518 UNIT 01 P1-1A P1-8A P2-3A EXCEL TEMPLATE

GB 518 UNIT 01 P1-1A P1-8A P2-3A

P1-1A P1-8A P2-3A

P1-1A Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. 

1 Owner invests cash in exchange for stock

2 Incurs legal costs on credit

3 Pays cash for employee wages

4 Borrows cash by signing long-term note payable

5 Receives cash for services provided

6 Buys land by signing note payable

7 Buys office equipment for cash

8 Provides services on credit

9 Collects cash on receivable from transaction (8)

10 Owner withdraws cash

P1-8A J. D. Simpson started The Simpson Co., a new business that began operations on May 1. The Simpson Co. completed the following transactions during its first month of operations. May 1 J. D.Simpson invested $60,000 cash in the company in exchange for common stock.

1 The company rented a furnished office and paid $3,200 cash for May’s rent.

3 The company purchased $1,680 of office equipment on credit.

5 The company paid $800 cash for this month’s cleaning services.

8 The company provided consulting services for a client and immediately collected $4,600 cash.

12 The company provided $3,000 of consulting services for a client on credit.

15 The company paid $850 cash for an assistant’s salary for the first half of this month.

20 The company received $3,000 cash payment for the services provided on May 12.

22 The company provided $2,800 of consulting services on credit.

25 The company received $2,800 cash payment for the services provided on May 22.

26 The company paid $1,680 cash for the office equipment purchased on May 3.

27 The company purchased $60 of advertising in this month’s (May) local paper on credit; cash payment is due June 1.

28 The company paid $850 cash for an assistant’s salary for the second half of this month.

30 The company paid $200 cash for this month’s telephone bill.

30 The company paid $480 cash for this month’s utilities.

31 The company paid $1,200 cash for dividends.

Required

1. Arrange the following asset, liability, and equity titles in a table like Exhibit 1.9: Cash; Accounts Receivable; Office Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and Expenses.

2. Show effects of the transactions on the accounts of the accounting equation by recording increase and decreases in the appropriate columns. Do not determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance.

3. Prepare an income statement for May, a statement of retained earnings for May, a May 31 balance sheet, and a statement of cash flows for May.

P2-3A The accounting records of Fabiano Distribution show the following assets and liabilities as of December 31 2010 2011

Cash . . . . . . . . . . . . . . . . . . . . $ 52,500 $ 18,750

Accounts receivable . . . . . . . . 28,500 22,350

Office supplies . . . . . . . . . . . . . 4,500 3,300

Office equipment . . . . . . . . . . 138,000 147,000

Trucks . . . . . . . . . . . . . . . . . . . 54,000 54,000

Building . . . . . . . . . . . . . . . . . . 0 180,000

Land . . . . . . . . . . . . . . . . . . . . . 0 45,000

Accounts payable . . . . . . . . . . 7,500 37,500

Note payable . . . . . . . . . . . . . . 0 105,000

Late in December 2011, the business purchased a small office building and land for $225,000. It paid $120,000 cash toward the purchase and a $105,000 note payable was signed for the balance. Mr. Fabiano had to invest $35,000 cash in the business (in exchange for stock) to enable it to pay the $120,000 cash. The business also pays $3,000 cash per month for dividends.

Required

1. Prepare balance sheets for the business as of December 31, 2010 and 2011. (Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities.)

2. By comparing equity amounts from the balance sheets and using the additional information presented in this problem, prepare a calculation to show how much net income was earned by the business during 2011.

3. Compute the 2011 year-end debt ratio for the business

TUTORIAL PREVIEW

Name -->	0	Balance Sheet			Income Statement	Statement of Cash Flows
Transaction	Transaction	Total	Total	Total	Net	Operating	Financing	Investing
Number	Description	Assets	Liabilities	Equity	Income	Activity	Activity	Activity
1	Owner invests cash in exchange for stock	+		+			+
2	Incurs legal costs on credit		+	-	-
3	Pays cash for employee wages	-		-	-	-

File name: gb-518-unit-1.xls File type: XLS Price: $12