ACC111 Financial Accounting CH5_CH6 Excel Spreadsheet
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unit_5_homework_template_acc1112.xlsxM5-4
| M5-4 | SOLUTIONS! | |||||||
| SOLUTIONS! | Preparing and Interpreting a Multiple-step Income Statement | |||||||
| NUTBOY THEATER COMPANY | ||||||||
| Income Statement | ||||||||
| For the year ended December 31, 20XX | ||||||||
| Revenues: | ||||||||
| Ticket Sales | ||||||||
| Concession Sales | ||||||||
| Total Sales Revenues | ||||||||
| Operating Expenses | Net Income / Total Sales = | |||||||
| Salaries and Wage Expense | ||||||||
| Advertising Expense | ||||||||
| Utilities Expense | ||||||||
| Total Expenses | ||||||||
| Income from Operations | ||||||||
| Other Revenue (Expense) | ||||||||
| Income Revenue | ||||||||
| Other Revenue | ||||||||
| Income before Income Tax | ||||||||
| Income Tax Epense | ||||||||
| Net Income | ||||||||
| Nutboy produced more net income per dollar of sales (ten cents) than in the previous year (8 cents). |
M5-12
| M5-12 |
| Prior Year |
| Current Year |
M5-13
| M5-13 | SOLUTIONS! | |||||||||||
| SOLUTIONS! | Computing and Interpreting the Debt-to-Assets Ratio | |||||||||||
| Prior Year | ||||||||||||
| Total Liabilities | ||||||||||||
| Debt-to-Assets | = | Total Assets | = | = | ||||||||
| Current Year | ||||||||||||
| Total Liabilities | ||||||||||||
| Debt-to-Assets | = | Total Assets | = | = | ||||||||
M6-15
| M6-15 | SOLUTIONS! | ||||
| SOLUTIONS! | Journal Entries to Record Sales and Sales Discounts | ||||
| Preparing Journal Entries | |||||
| DB | CR | ||||
| A | |||||
| B | |||||
M6-17
| M6-17 | SOLUTIONS! | |||||||||||
| SOLUTIONS! | Computing and Interpreting the Gross Profit Percentage | |||||||||||
| Gross Profit Percentage | = | (Gross Profit / Net Sales) X 100 | = | = | ||||||||
E6-5
| E6-5 | SOLUTIONS! | ||||||||||
| SOLUTIONS! | Preparing a Bank Reconciliation and Journal Entries, and Reporting Cash | ||||||||||
| HILLS COMPANY | |||||||||||
| Bank Reconciliation | |||||||||||
| 30-Jun-10 | |||||||||||
| Bank Statement | Company's Books | ||||||||||
| Amount | Amount | ||||||||||
| Ending balance per | Ending balance per | ||||||||||
| bank statement | …………. | Cash account | …………. | ||||||||
| Additions | Additions | ||||||||||
| Deposit in Transit | None | ||||||||||
| Total | Total | ||||||||||
| Deductions | Deductions | ||||||||||
| Outstanding Checks | Bank Service Charge | ||||||||||
| Up-to-date cash balance | Up-to-date cash balance | ||||||||||
| (2) | |||||||||||
| DB | CR | ||||||||||
| A | |||||||||||
| (3) | |||||||||||
| (4) | |||||||||||
E6-7
| E6-7 | SOLUTIONS! | |||||||
| SOLUTIONS! | Identify Shrinkage and Other Missing Inventory Information | |||||||
| Case | Beginning Inventory | Purchases | Cost of Goods Sold | Ending Inventory (perpetual system) | Ending Inventory (as counted) | Shrinkage | ||
| A | $ 100 | $ 700 | $ 300 | $ 420 | ||||
| B | $ 200 | $ 800 | $ 150 | $ 150 | ||||
| C | $ 150 | $ 500 | $ 200 | $ 450 | $ 10 | |||
| D | $ 260 | $ 650 | $ 210 | $ 200 |
