project work. Accounting 205

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BearCreekCCAugust2018ProjectExcelWorkbook.xlsx
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August Support Calculations

BEAR CREEK COUNTRY CLUB
SUPPORTING CALCULATIONS
Calculation of August Insurance expense:
Prepaid Insuance 8/01/18 $ 33,000
Financial Statement date 8/30/18
Number of months = 1
Prepaid Rent /11 = Monthly Rent
Calculation of Interest Expense
Principal Balance at July 31st $840,000
Less August Payment (30,000)
Principal Balance at August 31st 810,000
Principal X Interest Rate X Time = Interest Expense
Remember you are calculating the interest for only
one month - August. So your time is 1/12
Unearned Golf Lesson Revenue:
July Golf Lessons to be taught in August & September:
July Revenue Revenue
Unearned Earned in Earned in
Revenue August 4 wks September 2 wks
25 People X $450 = 11,250

August Weekly Sales & Purchases

Weekly Sales and Purchases for the Month of August
All Purchases are made at the first of the week before the week's sales have been made.
Total Total
Weekly Purchases Purchases Weekly Sales Sales for
1-Aug Beginning of Week 1 Purchases Quantity Purchase Price For August Week 1 Sales Quantity Sales Price August
Bags 25 $160.00 $ 4,000.00 Bags 30 $210.00 $ 6,300.00
Clubs 25 $1,100.00 27,500.00 Clubs 30 $1,450.00 43,500.00
Shoes 18 $120.00 2,160.00 Shoes 27 $150.00 4,050.00
Balls 50 $35.00 1,750.00 Balls 80 $50.00 4,000.00
8-Aug Beginning of Week 2 Purchases Quantity Purchase Price Week 2 Sales Quantity Sales Price
Bags 40 $155.00 6,200.00 Bags 35 $210.00 7,350.00
Clubs 40 $1,050.00 42,000.00 Clubs 35 $1,450.00 50,750.00
Shoes 15 $115.00 1,725.00 Shoes 20 $145.00 2,900.00
Balls 60 $33.00 1,980.00 Balls 90 $50.00 4,500.00
15-Aug Beginning of Week 3 Purchases Quantity Purchase Price Week 3 Sales Quantity Sales Price
Bags 35 $150.00 5,250.00 Bags 40 $205.00 8,200.00
Clubs 35 $1,000.00 35,000.00 Clubs 40 $1,350.00 54,000.00
Shoes 10 $110.00 1,100.00 Shoes 15 $145.00 2,175.00
Balls 100 $31.00 3,100.00 Balls 110 $45.00 4,950.00
22-Aug Beginning of Week 4 Purchases Quantity Purchase Price Week 4 Sales Quantity Sales Price
Bags 30 $145.00 4,350.00 Bags 25 $200.00 5,000.00
Clubs 30 $950.00 28,500.00 Clubs 25 $1,300.00 32,500.00
Shoes 20 $105.00 2,100.00 Shoes 17 $140.00 2,380.00
Balls 110 $30.00 3,300.00 Balls 95 $45.00 4,275.00
Total Inventory Purchases for August 2018 $ 170,015 Total Sales Revenue for August 2018 $ 236,830
Journal Entry: Journal Entry:
Inventory $ 170,015 Accounts Receivable $ 236,830
Accounts Payable $ 170,015 Sales $ 236,830

August FIFO Worksheet

August FIFO Inventory Cost Flow Calculations
Golf Bags Cost of Goods Purchased Cost of Goods Sold Balance in Ending Inventory
Units Purchased Cost per Unit Total Cost Units Sold Cost per Unit Cost of Goods Sold Units Available to Sell Inventory Available for Sale
Beg. Inventory 20 $ 165.00 $ 3,300
Purchases (Beginning of Week) 25 $ 160.00 $ 4,000
Week 1 Sales $ -
Week 1 Sales $ -
Purchases (Beginning of Week) 40 $ 155.00 $ 6,200
Week 2 Sales $ -
Week 2 Sales $ -
Purchases (Beginning of Week) 35 $ 150.00 $ 5,250
Week 3 Sales $ -
Week 3 Sales $ -
Purchases (Beginning of Week) 30 $ 145.00 $ 4,350
Week 4 Sales $ -
Week 4 Sales $ -
150 $ 23,100 0 $ - 0 150 $ 23,100
Sets of Golf Clubs Cost of Goods Purchased Cost of Goods Sold Balance in Ending Inventory
Units Purchased Cost per Unit Total Cost Units Sold Cost per Unit Cost of Goods Sold Units Available to Sell Inventory Available for Sale
Beg. Inventory 15 $ 1,100.00 $ 16,500
Purchases (Beginning of Week) 25 $ 1,100.00 $ 27,500
Week 1 Sales $ -
Week 1 Sales $ -
Purchases (Beginning of Week) 40 $ 1,050.00 $ 42,000
Week 2 Sales $ -
Week 2 Sales $ -
Purchases (Beginning of Week) 35 $ 1,000.00 $ 35,000
Week 3 Sales $ -
Week 3 Sales $ -
Purchases (Beginning of Week) 30 $ 950.00 $ 28,500
Week 4 Sales $ -
Week 4 Sales $ -
145 $ 149,500 0 $ - 0 145 $ 149,500
Golf Shoes Cost of Goods Purchased Cost of Goods Sold Balance in Ending Inventory
Units Purchased Cost per Unit Total Cost Units Sold Cost per Unit Cost of Goods Sold Units Available to Sell Inventory Available for Sale
Beg. Inventory 30 $ 125.00 $ 3,750
Purchases (Beginning of Week) 18 $ 120.00 $ 2,160
Week 1 Sales $ -
Week 1 Sales $ -
Purchases (Beginning of Week) 15 $ 115.00 $ 1,725
Week 2 Sales $ -
Week 2 Sales $ -
Purchases (Beginning of Week) 10 $ 110.00 $ 1,100
Week 3 Sales $ -
Week 3 Sales $ -
Purchases (Beginning of Week) 20 $ 105.00 $ 2,100
Week 4 Sales $ -
Week 4 Sales $ -
Week 4 Sales $ -
93 $ 10,835 0 $ - 0 93 $ 10,835
Boxes of Golf Balls Cost of Goods Purchased Cost of Goods Sold Balance in Ending Inventory
Units Purchased Cost per Unit Total Cost Units Sold Cost per Unit Cost of Goods Sold Units Available to Sell Inventory Available for Sale
Beg. Inventory 100 $ 35.00 $ 3,500
Purchases (Beginning of Week) 50 $ 35.00 $ 1,750
Week 1 Sales $ -
Week 1 Sales $ -
Purchases (Beginning of Week) 60 $ 33.00 $ 1,980
Week 2 Sales $ -
Week 2 Sales
Week 2 Sales $ -
Purchases (Beginning of Week) 100 $ 31.00 $ 3,100
Week 3 Sales $ -
Week 3 Sales $ -
Purchases (Beginning of Week) 110 $ 30.00 $ 3,300
Week 4 Sales $ -
Week 4 Sales $ -
420 $ 13,630 0 $ - 0 420 $ 13,630
Journal Entry to Record Cost of Goods Sold DR CR $ - 0 $ 197,065
Cost of Goods Sold $ - 0
Inventory $ - 0

August Bank Reconciliation

Bear Creek Country Club
Group Member Names: _________________________________________
August 31, 2018
Part A.
Bank Reconciliation
Unadjusted Bank Balance: $207,950 Unadjusted Book Balance: $210,550
Add: Add:
Deposits in Transit
Subtract: Subtract:
Outstanding Checks
Incorrect Deposit
True Cash Balance $207,950 True Cash Balance $210,550
Part B. Adjusting Entries
General Journal
Date Account Titles Debit Credit

August Statement of Cash Flows

BEAR CREEK COUNTRY CLUB
Statement of Cash Flows
For the Month Ended July 31 2018
Cash Flows from Operating Activities
Net Cash Flow from Operating Activities - 0
Cash Flows from Investing Activities
Net Cash Flows from Investing Activities - 0
Cash Flows from Financing Activities
Net Cash Flows from Financing Activities - 0
Net Change in Cash - 0
Plus: Beginning Cash Balance - 0
Ending Cash Balance $ - 0