I have to complete a workbook using problems from the textbook. It includes a journal entry, trial balance, adjusting entries,...
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bus_591_final_project_template.xlsxInstructions
| Final Project Instructions and Templates | |
| Name: ___________________________________ | |
| Final Project | |
| Due by Day 7 of Week 6 | |
| This project is worth _20_ points | |
| MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW. | |
| It is recommended that you complete the non-graded requirements for additional practice | |
| All of the templates you need for the project are located in this Workbook. | |
| The instructions and data for the problem is in your Textbook (the "Continuing Cookie Chronicle" at the end of the chapter). | |
| Use the arrow buttons (lower left corner of the window) to navigate through the tabs. | |
| Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project | |
| Column1 | Column2 |
| Requirements | Sheet in Workbook |
| Week One | |
| Chapter 1 and 2 "Continuing Cookie Chronicle" - Review the problem and make notes of your answers. | Chapter 1 & 2 Notes (PRACTICE) |
| Week Two | |
| Chapter 3, Part A, prepare journal entries to record the November transactions | Journal Entries (PRACTICE) |
| Chapter 3, Part B, post the journal entries to the general ledger accounts | General Ledger (PRACTICE) |
| Chapter 3, Part C, prepare a trial balance at November 30, 2011 | Trial Balance (PRACTICE) |
| Week Three | |
| Chapter 4, Part A, journalize the transactions | Journal Entries (GRADED) |
| Chapter 4, Part B, post the December transactions to the general ledger accounts | General Ledger (GRADED) |
| Chapter 4, Part C, prepare a trial balance at December 31, 2011 | Trial Balance (GRADED) |
| Chapter 4, Part D, prepare and post adjusting journal entries for December | Adjusting Entries (GRADED) |
| Chapter 4, Part E, prepare adjusted trial balance at December 31, 2011 | Adjusted Trial Balance (GRADED) |
| Chapter 4, Part F, prepare an income statement, retained earning statement and balance sheet | Financial Statements (GRADED) |
| Chapter 4, Part G, prepare and post closing entires as of December 31, 2011 | Closing Entries (GRADED) |
| Chapter 4, Part H, prepare a post-closing trial balance | Post Closing TB (GRADED) |
| Chapter 13 - Part A, prepare a horizontal and vertical analysis | Horiz. & Vert. Analysis (GRADED) |
| Chapter 13 - Part B, Calculate several financial ratios as indicated | Financial Ratios (GRADED) |
Chapter 1 & 2 Notes
| Make any notes from Chapters 1 or 2 of the "Continuing Cookie Chronicle" here. |
| NOTE: These notes will NOT be included in your grade for the project, they are for your own reference |
Journal Entries (PRACTICE)
| REQUIREMENT #1: | |||
| Use the following practice Template for the Journal Entries for Chapter 3, Part A of the Continuing Cookie Chronicle | |||
| NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Journal Entries Solutions" - use the arrow buttons on the bottom-left of your Excel window to scroll) | |||
| a) Prepare journal entries to record the November transactions | |||
| General Journal | |||
| Date | Description(Account Name) | Debit | Credit |
General Ledger (PRACTICE)
| This Template will be used for the Journal Entries for Chapter 3, Part B of the Continuing Cookie Chronicle | |||
| NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "General Ledger Solutions") | |||
| Post the journal entries to the following general ledger accounts and compute the account balances | |||
| Cash | Equipment | ||
| Accounts Receivable | Website | ||
| Accounts Payable | Supplies | ||
| Unearned Service Revenue | Prepaid Insurance | ||
| Notes Payable | Common Stock | ||
| Servcice Revenue | Utilities Expense | ||
Trial Balance (PRACTICE)
| This Template will be used for the Journal Entries for Chapter 3, Part C of the Continuing Cookie Chronicle | ||
| Prepare a Trial Balance for November 30, 2011 | ||
| NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions") | ||
| Cookie Creations, Inc. | ||
| Trial Balance | ||
| November 30, 2011 | ||
| Debit | Credit | |
| Total | 0 | 0 |
| *Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double check your calculations and entries |
Journal Entries (GRADED)
| Use the following Template for the Journal Entries from Chapter 4, Part A of the Continuing Cookie Chronicle | |||
| NOTE: This sheet WILL be graded when you submit your assignment | |||
| a) Prepare journal entries to record the December transactions | |||
| General Journal | |||
| Date | Description(Account Name) | Debit | Credit |
General Ledger (GRADED)
| This Sheet will be used for Chapter 4, Part B of the Continuing Cookie Chronicle | |||||||||
| NOTE: This sheet WILL be graded when you submit your assignment | |||||||||
| b) Post the journal entries to the following general ledger accounts and compute the account balances | |||||||||
| Cash | Dividends | Unearned Service Revenue | Retained Earnings | ||||||
| Accounts Receivable | Income Summary | Supplies Expense | Amortization Expense | ||||||
| Service Revenue | Supplies | ||||||||
| Utilities Expense | Prepaid Insurance | ||||||||
| Salaries & Wages Expense | Equipment | ||||||||
| Accumulated Depreciation Equipment | Website | ||||||||
| Insurance Expense | Interest Expense | ||||||||
| Accounts Payable | Depreciation Expense | ||||||||
| Interest Payable | Notes Payable | ||||||||
| Common Stock | Salaries & Wages Payable | ||||||||
Trial Balance (GRADED)
| Chapter 4, Part C of the the Continuing Cookie Chronicle | ||
| NOTE: This sheet WILL be graded when you submit your assignment | ||
| c) Prepare a Trial Balance at December 31, 2011 | ||
| Cookie Creations, Inc. | ||
| Trial Balance | ||
| December 31, 2011 | ||
| Debit | Credit | |
| Total | 0 | 0 |
| *Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double check your calculations and entries |
Adjusting Entries (GRADED)
| Chapter 4, Part D of the Continuing Cookie Chronicle | |||
| NOTE: This part WILL be graded when you submit your assignment to the instructor | |||
| d) Prepare and post adjusting entries for December | |||
| General Journal | |||
| Date | Description(Account Name) | Debit | Credit |
Adjusted TB (GRADED)
| Chapter 4, Part E of the Continuing Cookie Chronicle | ||
| Note: This part WILL be graded when you submit your assignment to the instructor | ||
| e) Prepare an adjusted trial balance | ||
| Cookie Creations, Inc. | ||
| Adjusted Trial Balance | ||
| December 31, 2011 | ||
| 0 | 0 | |
| *Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double check your calculations and entries |
Financial Statements (GRADED)
| Chapter 4, Part F of the Continuing Cookie Chronicle | |||||||||
| Note: This part WILL be graded when you submit your assignment to the instructor | |||||||||
| f) You will only be preparing the Income Statement, Statement of Retained Earning and the Balance Sheet. | |||||||||
| Cookie Creations, Inc. | Cookie Creations, Inc. | Cookie Creations, Inc. | |||||||
| Income Statement | Statement of Retained Earnings | Balance Sheet | |||||||
| For the Month Ending December 31, 2011 | For the Month Ending December 31, 2011 | December 31, 2011 | |||||||
| Revenues: | Retained Earnings, December 1 | Current Assets | |||||||
| Add: Net Income | |||||||||
| Subtotal | |||||||||
| Operating Expenses: | Less: Dividends | ||||||||
| Retained Earnings, December 31 | |||||||||
| Total Current Assets | 0 | ||||||||
| Property, Plant & Equipment | |||||||||
| Intangible Assets | |||||||||
| Total Operating Expenses | 0 | Total Assets | 0 | ||||||
| Net Income | $ - | Liabilities & Stockholder's Equity | |||||||
| Total Current Liabilities | 0 | ||||||||
| Long- Term Liabilities | |||||||||
| Total Liabilities | 0 | ||||||||
| Stockholder's Equity | |||||||||
| Total Stockholder's Equity | 0 | ||||||||
| Total Liabilities & Stockholder's Equity | $ - | ||||||||
| *Remember, Assets and liabilities MUST be the same amount. If they are different, then there is an error somewhere. Double check your calculations and entries |
Closing Entries (GRADED)
| Chapter 4, Part G of the Contuing Cookie Chronicle | |||||
| Note: This part WILL be graded when you submit your assignment to the instructor | |||||
| g) Prepare closing entries | |||||
| Hint: use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. | |||||
| General Journal | |||||
| Date | Description (Account Name) | Debit | Credit | ||
Post Closing TB (GRADED)
| Chapter 4, Part H of the Continuing Cookie Chronicle |
| Note: This part WILL be graded when you submit your assignment to the instructor |
| h) Prepare post-closing trial balance |
| Cookie Creations, Inc. |
| Post-Closing Trial Balance |
| December 31, 2011 |
Horiz. & Vert Analysis (GRADED)
| Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis | ||||||
| Note: This part WILL be graded when you submit your assignment to the instructor | ||||||
| Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2013 as a base year (which is a continuation of the Continuing Cookie Chronicle) | ||||||
| Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab. | ||||||
| COOKIE & COFFEE CREATIONS INC. | ||||||
| Income Statement | ||||||
| For the Year Ended October 31 | ||||||
| Horizontal | ||||||
| 2014 | 2013 | Difference | Analysis | |||
| Sales | $485,625 | $462,500 | ||||
| Cost of goods sold | 222,694 | 208,125 | ||||
| Gross profit | 262,931 | 254,375 | ||||
| Operating expenses | ||||||
| Salaries & wages expense | 147,979 | 146,350 | ||||
| Depreciation expense | 17,600 | 9,100 | ||||
| Other operating expenses | 48,186 | 42,925 | ||||
| Total operating expenses | 213,765 | 198,375 | ||||
| Income from operations | 49,166 | 56,000 | ||||
| Other expenses | ||||||
| Interest expense | 413 | 0 | ||||
| Loss on sale of computer | ||||||
| equipment | 2,500 | 0 | ||||
| Total other expenses | 2,913 | 0 | ||||
| Income before income tax | 46,253 | 56,000 | ||||
| Income tax expense | 9,251 | 14,000 | ||||
| Net income | $37,002 | $42,000 | ||||
| Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2014 and 2013 | ||||||
| COOKIE & COFFEE CREATIONS INC. | ||||||
| Income Statement | ||||||
| For the Year Ended October 31 | ||||||
| Vertical | Vertical | |||||
| 2014 | Analysis | 2013 | Analysis | |||
| Sales | $485,625 | $462,500 | ||||
| Cost of goods sold | 222,694 | 208,125 | ||||
| Gross profit | 262,931 | 254,375 | ||||
| Operating expenses | ||||||
| Salaries & wages expense | 147,979 | 146,350 | ||||
| Depreciation expense | 17,600 | 9,100 | ||||
| Other operating expenses | 48,186 | 42,925 | ||||
| Total operating expenses | 213,765 | 198,375 | ||||
| Income from operations | 49,166 | 56,000 | ||||
| Other expenses | ||||||
| Interest expense | 413 | 0 | ||||
| Loss on sale of computer | ||||||
| equipment | 2,250 | 0 | ||||
| Total other expenses | 2,663 | 0 | ||||
| Income before income tax | 46,253 | 56,000 | ||||
| Income tax expense | 9,251 | 14,000 | ||||
| Net income | $37,002 | $42,000 | ||||
Financial Ratios (GRADED)
| Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below. | |||||||||||
| Note: This part WILL be graded when you submit your assignment to the instructor | |||||||||||
| Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab. | |||||||||||
| Instructions: Using the financial statements below, compute the following ratios for 2014 only: Current Ratio, Debt to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder's Equity. Enter your computations in the yellow boxes following the format in the example. | |||||||||||
| COOKIE & COFFEE CREATIONS INC. | EXAMPLE: | ||||||||||
| Income Statement | Name of Ratio | = | 1,234 | = | 1.00 | ||||||
| For the Year Ended October 31 | Ratio | 1,234 | |||||||||
| 2014 | 2013 | Your Answers (2014): | |||||||||
| Sales | $485,625 | $462,500 | Current | = | = | ||||||
| Cost of goods sold | 222,694 | 208,125 | Ratio | ||||||||
| Gross profit | 262,931 | 254,375 | |||||||||
| Operating expenses | Debt to | = | = | ||||||||
| Salaries & wages expense | 147,979 | 146,350 | Total Assets | ||||||||
| Depreciation expense | 17,600 | 9,100 | |||||||||
| Other operating expenses | 48,186 | 42,925 | Gross Profit | = | = | ||||||
| Total operating expenses | 213,765 | 198,375 | Rate | ||||||||
| Income from operations | 49,166 | 56,000 | |||||||||
| Other expenses | Profit | = | = | ||||||||
| Interest expense | 413 | 0 | Margin | ||||||||
| Loss on sale of computer | |||||||||||
| equipment | 2,500 | 0 | Return on | = | = | ||||||
| Total other expenses | 2,913 | 0 | Assets | ||||||||
| Income before income tax | 46,253 | 56,000 | |||||||||
| Income tax expense | 9,251 | 14,000 | |||||||||
| Net income | $37,002 | $42,000 | Return on common | = | = | ||||||
| Stockholder's Equity | |||||||||||
| COOKIE & COFFEE CREATIONS INC. | NOTE: Dividends on preferred stock were $18,000 in 2014 | ||||||||||
| Balance Sheet | |||||||||||
| October 31, 2012 | |||||||||||
| Assets | 2014 | 2013 | |||||||||
| Cash | $ 22,324 | $ 5,550 | |||||||||
| Accounts Receivable | 3,250 | 2,710 | |||||||||
| Inventory | 7,897 | 7,450 | |||||||||
| Prepaid Expenses | 5,800 | 6,050 | |||||||||
| Equipment | 102,000 | 75,500 | |||||||||
| Accumulated depreciation | (25,200) | (9,100) | |||||||||
| Total assets | $ 116,071 | $ 88,160 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Accounts Payable | 9,251 | 7,200 | |||||||||
| Income taxes payable | 27,000 | 27,000 | |||||||||
| Salaries payable | 7,250 | 1,280 | |||||||||
| Interest payable | 188 | 0 | |||||||||
| Note payable - current portion | 4,000 | 0 | |||||||||
| Note payable - long-term portion | 6,000 | 0 | |||||||||
| Preferred stock, no par, $6 cumulative - 3,000 and 2,800 shares issued, respectively | 15,000 | 14,000 | |||||||||
| Common stock, $1 par - 25,180 shares issued | 25,180 | 25,180 | |||||||||
| Additional paid-in capital - treasury stock | 250 | 250 | |||||||||
| Retained earnings | 20,802 | 10,800 | |||||||||
| Total liabilities and stockholders' equity | $ 116,071 | $ 88,160 |
Grading Rubric
| Final Project Grading Rubric - 20 points total (20% of overall course grade) | |||||
| Criteria | Excellent | Good | Poor | Very Poor | |
| Parts: | 90% to 100% | 70% to 89% | 50% to 69% | Less than 50% | |
| Chapter 4 | Part A & B - Journal Entries (4pts) | Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. |
| Chapter 4 | Part C - Unadjusted Trial Balance. (1pt) | Posting is correct leading to an accurate trial balance. | Posting is mostly correct leading to a mostly correct trial balance. | Posting has several errors leading to a trial balance with several errors. | Posting is done poorly or not at all, leading to inaccurate or no trial balance. |
| Chapter 4 | Part D - Adjusting Journal Entries (2pts) | Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. |
| Chapter 4 | Part E - Posted Adjusted Trial Balance. (2pts) | Posting is correct leading to an accurate trial balance. | Posting is mostly correct leading to a mostly correct trial balance. | Posting has several errors leading to a trial balance with several errors. | Posting is done poorly or not at all, leading to inaccurate or no trial balance. |
| Chapter 4 | Part F - Financial Statements (4pts) | All three Financial Statements are prepared accurately and in an appropriate format. | Two of three Financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. | One of three Financial Statements are prepared accurately and mostly in an appropriate format, two statements have some errors. | One or fewer of three Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. |
| Chapter 4 | Part G - Closing Journal Entries (2pts) | Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. |
| Chapter 4 | Part H- Posted and Post-closingTrial Balance. (1pt) | Posting is correct leading to an accurate trial balance. | Posting is mostly correct leading to a mostly correct trial balance. | Posting has several errors leading to a trial balance with several errors. | Posting is done poorly or not at all, leading to inaccurate or no trial balance. |
| Chapter 13 | Horizontal & Vertical Analysis (2pts) | Horizontal and Vertical analysis is 90% to 100% correct | Horizontal and Vertical analysis is 70% to 89% correct | Horizontal and Vertical analysis is 50% to 69% correct | Horizontal and Vertical analysis has less than 50% correct answers. |
| Chapter 13 | Financial Ratios (2pts) | All ratios are properly calculated with none or only one ratio being incorrect. | Most of the ratios are properly calcluated with only two or three ratios being incorrect. | There are three or four errors in the calculation of financial ratios | There are more than four errors in the calculation of the financial ratios. |
Journal Entries Solutions
| Solutions for the Practice Exercise Chapter 3, Part A of the Continuing Cookie Chronicle | |||
| a) Prepare journal entries to record the November transactions | |||
| General Journal | |||
| Date | Description(Account Name) | Debit | Credit |
| Nov. 8 | No journal entry required | ||
| Nov 8. | No journal entry required | ||
| Nov. 8 | Cash | 500 | |
| Common Stock | 500 | ||
| Nov. 11 | Supplies | 95 | |
| Cash | 95 | ||
| Nov. 14 | Supplies | 125 | |
| Cash | 125 | ||
| Nov. 15 | Equipment | 300 | |
| Common Stock | 300 | ||
| Nov. 16 | Cash | 2,000 | |
| Notes Payable | 2,000 | ||
| Nov. 17 | Equipment | 900 | |
| Cash | 900 | ||
| Nov. 18 | No journal entry required | ||
| Nov. 25 | Cash | 60 | |
| Unearned Service Revenue | 60 | ||
| Nov. 29 | Cash | 100 | |
| Service Revenue | 100 | ||
| Nov. 30 | Website | 600 | |
| Accounts Payable | 600 | ||
| Nov. 30 | Prepaid Insurance | 1,200 | |
| Cash | 1,200 | ||
| Nov. 30 | Accounts Receivable | 300 | |
| Servcie Revenue | 300 | ||
| Nov. 30 | Utilities Expense | 50 | |
| Accounts Payable | 50 | ||
| Total | 6,230 | 6,230 |
General Ledger Solutions
| Solutions for the Practice Exercise Chapter 3, Part B of the Continuing Cookie Chronicle | ||||
| b) Post the journal entries to the following general ledger accounts and compute the account balances | ||||
| Cash | Equipment | |||
| Nov. 8 500 | Nov. 11 95 | Nov. 15 300 | ||
| Nov. 16 2,000 | Nov. 14 125 | Nov. 17 900 | ||
| Nov. 25 60 | Nov. 17 900 | Nov. 30 Bal 1,200 | ||
| Nov. 29 100 | Nov. 30 1,200 | |||
| Nov. 30 Bal. 340 | ||||
| Accounts Receivable | Website | |||
| Nov. 30 300 | Nov. 30 600 | |||
| Nov. 30 Bal. 300 | Nov. 30 Bal. 600 | |||
| Accounts Payable | Supplies | |||
| Nov. 30 600 | Nov. 11 95 | |||
| Nov. 30 50 | Nov. 11 125 | |||
| Nov. 30. Bal 650 | Nov. 30 Bal 220 | |||
| Unearned Service Revenue | Prepaid Insurance | |||
| Nov. 25 60 | Nov. 30 1,200 | |||
| Nov. 30. Bal. 60 | Nov. 30 Bal. 1,200 | |||
| Notes Payable | Common Stock | |||
| Nov. 16 2,000 | Nov. 8 500 | |||
| Nov. 30. Bal. 2,000 | Nov. 15 300 | |||
| Nov. 30. Bal 800 | ||||
| Service Revenue | Utilities Expense | |||
| Nov. 29 100 | Nov. 30 50 | |||
| Nov. 30 300 | Nov. 30 Bal. 50 | |||
| Nov. 30 Bal. 400 | ||||
Trial Balance Solutions
| Solutions for the Practice Exercise Chapter 3, Part C of the Continuing Cookie Chronicle | ||
| c) Prepare a Trial Balance for November 30, 2011 | ||
| Cookie Creations, Inc. | ||
| Trial Balance | ||
| November 30, 2011 | ||
| Debit | Credit | |
| Cash | $ 340 | |
| Accounts Receivable | 300 | |
| Supplies | 220 | |
| Prepaid Insurance | 1,200 | |
| Equipment | 1,200 | |
| Website | 600 | |
| Accounts Payable | $ 650 | |
| Unearned Service Revenue | 60 | |
| Notes Payable | 2,000 | |
| Common Stock | 800 | |
| Service Revenue | 400 | |
| Utilities Expense | 50 | |
| Total | $ 3,910 | $ 3,910 |
| *Note that debits equal credits |
