ACCT Assignment 2

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acct300_3-06.xls

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Pr. 3-6

Problem 3-6

* represents an incorrect N answer =COUNTIF(A14:H27,"~*")

Name:

Section:

" " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")

Score:

39%

" " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")

*Since some answer boxes are correct when left blank, the beginning score is greater than 0%.

Key Code:

Total SUM(AV13:AV15)

Instructions

120

Answers are entered in the cells with gray backgrounds.

Percentage =AD6/AD8

Cells with non-gray backgrounds are protected and cannot be edited.

39%

A red asterisk (*) will appear in the column to the right of an incorrect answer.

Statement of Cash Flows

Balance Sheet

Income Statement

Assets

Liabilities

Stockholders' Equity

Notes:

Laundry

Accum.

Accounts

Wages

Capital

Retained

Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.

Cash

Supplies

Prepaid Ins.

Equipment

Depr.

Payable

Stock

Earnings

Operating (revenues)

275,000

Laundry rev.

Steps:

Financing (capital stock)

25,000

(110,000)

Wages exp.

Open this sheet and macro sheet

Operating (expenses)

(200,000)

(30,000)

Rent exp.

Open old templated, then change color palet to this sheet's

Investing (equipment)

(50,000)

(18,000)

Utilities exp.

Insert new header - change problem number and reformat

Financing (dividends)

(15,000)

(7,500)

Misc. exp.

Copy these formulas (column AD) to new sheet.

Net increase in cash

35,000

Update to new edition's names and numbers

Beg. cash balance

18,000

Copy new error check formulas. For N-boxes

Ending balances

53,000

9,000

6,000

250,000

(65,000)

7,000

- 0

50,000

196,000

=IF(sol.!$C$5="OFF","",IF(AC26=sol.!AC26," ",IF(AC26=""," ","*")))

(a) Wages expense

Wages exp.

(b) Depreciation

Depr. exp.

For B-Boxes

Supplies exp.

=IF(sol.!$C$5="OFF","",IF(AC29<>sol.!AC29,"*"," "))

(d) Insurance expense

Ins. exp

Balances

Net income

Copy Score formula from this template to new sheet.

=IF(sol.!$C$5="OFF","","Score:")

=IF(sol.!$C$5="OFF","",AD10)

MS. ELLEN'S LAUNDRY INC.

Income Statement

For the Year Ended December 31, 2013

Revenues:

Expenses:

Depreciation expense

Insurance expense

Laundry revenue

Laundry supplies expense

Miscellaneous expense

Rent expense

Utilities expense

Total expenses

Wages expense

Net income

Net loss

MS. ELLEN'S LAUNDRY INC.

Retained Earnings Statement

For the Year Ended December 31, 2013

Retained earnings, January 1, 2013

Net income for the year

Less dividends

Increase (decrease) in retained earnings

Retained earnings, December 31, 2013

MS. ELLEN'S LAUNDRY INC.

Balance Sheet

December 31, 2013

Assets

Current assets:

Cash

Laundry supplies

Prepaid insurance

Total current assets

Property, plant, and equipment:

Laundry equipment

Accumulated depreciation

Total assets

Liabilities

Current liabilities:

Accounts payable

Wages payable

Total liabilities

Stockholders' Equity

Capital stock

Retained earnings

Total stockholders' equity

Total liabilities and stockholders' equity

MS. ELLEN'S LAUNDRY INC.

Statement of Cash Flows

For the Year Ended December 31, 2013

Cash flows from operating activities:

Cash received from customers

Cash paid for expenses

Net cash flows from operating activities

Cash flows from investing activities:

Cash paid for dividends

Cash flows from financing activities:

Cash paid for equipment

Cash received for capital stock

Net cash flows from financing activities

Net increase (decrease) in cash

Cash as of January 1, 2013

Cash as of December 31, 2013

List the expense accounts according to size, largest account balance to smallest, with one exception: place Miscellaneous Expense last in the list.

sol.

Problem 3-6																									* represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name:	SOLUTION																								0
Section:																									" " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
Score:	See student sheet for student's score.																								0
Scoring:	ON																								" " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
																									35
																									Total SUM(AV13:AV15)
Instructions																									35
Answers are entered in the cells with gray backgrounds.																									Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited.																									100%
A red asterisk (*) will appear in the column to the right of an incorrect answer.																									Notes:
																									* represents an incorrect N answer
																									" " represents an unanswered N box - counts as an incorrect.
1.		Statement of Cash Flows		Balance Sheet																	Income Statement				" " represents a correct blank answer or N answer
				Assets									=	Liabilities			+	Stockholders' Equity							Total number of answers = sum of above
						Laundry				Laundry		Accum.		Accounts		Wages		Capital		Retained					Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.
				Cash	+	Supplies	+	Prepaid Ins.	+	Equipment	-	Depr.	=	Payable	+	Payable	+	Stock	+	Earnings
	Operating (revenues)		275,000																			275,000	Laundry rev.
	Financing (capital stock)		25,000																			(110,000)	Wages exp.
	Operating (expenses)		(200,000)																			(30,000)	Rent exp.		Steps:
	Investing (equipment)		(50,000)																			(18,000)	Utilities exp.		Open this sheet and macro sheet
	Financing (dividends)		(15,000)																			(7,500)	Misc. exp.		Open old templated, then change color palet to this sheet's
	Net increase in cash		35,000																						Insert new header - change problem number and reformat
	Beg. cash balance		18,000																						Copy these formulas (column AD) to new sheet.
	Ending balances		53,000	53,000		9,000		6,000		250,000		(65,000)		7,000		- 0		50,000		196,000					Update to new edition's names and numbers
	(a) Wages expense			- 0		- 0		- 0		- 0		- 0		- 0		2,150		- 0		(2,150)		(2,150)	Wages exp.		Copy new error check formulas. For N-boxes
	(b) Depreciation			- 0		- 0		- 0		- 0		(12,500)		- 0		- 0		- 0		(12,500)		(12,500)	Depr. exp.		=IF(sol.!$C$5="OFF","",IF(AC26=sol.!AC26," ",IF(AC26=""," ","*")))
	(c) Supplies expense			- 0		(7,500)		- 0		- 0		- 0		- 0		- 0		- 0		(7,500)		(7,500)	Supplies exp.
	(d) Insurance expense			- 0		- 0		(4,600)		- 0		- 0		- 0		- 0		- 0		(4,600)		(4,600)	Ins. exp		For B-Boxes
	Balances			53,000		1,500		1,400		250,000		(77,500)		7,000		2,150		50,000		169,250		82,750	Net income
2.
	MS. ELLEN'S LAUNDRY INC.
	Income Statement
	For the Year Ended December 31, 2013
	Revenues:
	Laundry revenue									$ 275,000
	Expenses:
	Wages expense							$ 112,150																Depreciation expense
	Rent expense							30,000																Insurance expense
	Utilities expense							18,000																Laundry revenue
	Depreciation expense							12,500																Laundry supplies expense
	Laundry supplies expense							7,500																Miscellaneous expense
	Insurance expense							4,600																Rent expense
	Miscellaneous expense							7,500																Utilities expense
	Total expenses									192,250														Wages expense
	Net income									$ 82,750
																								Net income
																								Net loss
	MS. ELLEN'S LAUNDRY INC.
	Retained Earnings Statement
	For the Year Ended December 31, 2013
	Retained earnings, January 1, 2013									$ 101,500
	Net income for the year							$ 82,750
	Less dividends							15,000
	Increase (decrease) in retained earnings									67,750
	Retained earnings, December 31, 2013									$ 169,250
3.
	MS. ELLEN'S LAUNDRY INC.
	Balance Sheet
	December 31, 2013
	Assets
	Current assets:
	Cash							$ 53,000
	Laundry supplies							1,500
	Prepaid insurance							1,400
	Total current assets									$ 55,900
	Property, plant, and equipment:
	Laundry equipment							$ 250,000
	Accumulated depreciation							77,500		172,500
	Total assets									$ 228,400
	Liabilities
	Current liabilities:
	Accounts payable							$ 7,000
	Wages payable							2,150
	Total liabilities									$ 9,150
	Stockholders' Equity
	Capital stock							$ 50,000
	Retained earnings							169,250
	Total stockholders' equity									219,250
	Total liabilities and stockholders' equity									$ 228,400
	MS. ELLEN'S LAUNDRY INC.
	Statement of Cash Flows
	For the Year Ended December 31, 2013
	Cash flows from operating activities:
	Cash received from customers							$ 275,000
	Cash paid for expenses							(200,000)
	Net cash flows from operating activities									$ 75,000
	Cash flows from investing activities:
	Cash paid for equipment									(50,000)
																								Cash paid for dividends
	Cash flows from financing activities:																							Cash paid for equipment
	Cash received for capital stock							$ 25,000																Cash received for capital stock
	Cash paid for dividends							(15,000)
	Net cash flows from financing activities									10,000
	Net increase (decrease) in cash									$ 35,000
	Cash as of January 1, 2013									18,000
	Cash as of December 31, 2013									$ 53,000

List the expense accounts according to size, largest account balance to smallest, with one exception: place Miscellaneous Expense last in the list.