ACCT Assignment 2

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acct300_4-01.xls
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Pr. 4-1

Problem 4-1 * represents an incorrect N answer =COUNTIF(A14:H27,"~*")
Name: 0
Section: " " represents an unanswered N box - counts as an incorrect. =COUNTIF(A14:H27," ")
80
Score: 0% " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
0
Key Code: 2 Total SUM(AV13:AV15)
Instructions 80
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 0%
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. AQUA CO. " " represents a correct blank answer or N answer
Income Statement Total number of answers = sum of above
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.
For the Year Ended June 30, 2013
Revenues from sales: June 30, 2013
Sales Steps:
Less: Sales returns and allowances Open this sheet and macro sheet
Sales discounts Sales discounts Open old templated, then change color palet to this sheet's
Net sales Cost of merchandise sold Insert new header - change problem number and reformat
Cost of merchandise sold Sales Copy these formulas (column AD) to new sheet.
Gross profit Depreciation expense—office equipment Update to new edition's names and numbers
Expenses: Office salaries expense Copy new error check formulas. For N-boxes
Selling expenses: Sales salaries expense =IF(sol.!$C$5="OFF","",IF(AC26=""," ",IF(AC26<>sol.!AC26,"*"," ")))
Sales returns and allowances
Advertising expense For B-Boxes
Depreciation expense—store equipment =IF(sol.!$C$5="OFF","",IF(AC29<>sol.!AC29,"*"," "))
Rent expense
Total selling expenses Miscellaneous administrative expense Copy Score formula from this template to new sheet.
Administrative expenses: Miscellaneous selling expense =IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
Insurance expense
Interest expense
Office supplies expense
Total administrative expenses
Total expenses
Income from operations
Other expense:
Net income
2. AQUA CO.
Retained Earnings Statement
Increase in retained earnings
Retained earnings, July 1, 2012 Less dividends
Net income for the year
Decrease in retained earnings
Retained earnings, June 30, 2013
3. AQUA CO.
Balance Sheet
Prepaid insurance
Less accumulated depreciation
Assets Accounts receivable
Current assets: Office supplies
Office equipment
Merchandise inventory
Cash
Store equipment
Capital stock
Total current assets: Note payable (final payment due 2025)
Property, plant and equipment: Note payable (current portion)
Office equipment Accounts payable
Less accumulated depreciation Salaries payable
Retained earnings
Store equipment
Office equipment Less accumulated depreciation
Total property, plant and equipment
Total assets
Liabilities
Current liabilities:
Total current liabilities:
Long-term liabilities:
Total liabilities
Stockholders' Equity
Capital stock 0
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
4. a. The multiple-step form contains multiple sections for revenues and expenses; the single-step form does not.
The single-step form contains multiple sections for revenues and expenses; the multiple-step form does not.
In the multiple-step form, the assets, liabilities, and owner’s equity are presented in a downward sequence.
The single-step form lists the assets on the left and the liabilities and owner’s equity on the right.
b. The report form contains multiple sections for revenues and expenses; the account form does not.
The account form contains multiple sections for revenues and expenses; the report form does not.
In the account form, the accounts are presented in a downward sequence; the report form is divided into a left and right side.
In the report form, the accounts are presented in a downward sequence; the account form is divided into a left and right side.
Enter the period of time covered by this statement.
Enter the larger of the two amounts on this line. Enter as positive amounts.
Enter the sum of the two accounts here.
List these expenses in numberical order, largest to smallest.
List these expenses in numberical order, largest to smallest. Enter positive amounts.
Enter a positive amount.
Enter a positive amount.
Enter the period of time covered by this statement.
Enter increases to owner's equity for the year. (You will need information from part 1.)
Enter the period of time covered by this statement.
List current assets in order of liquidity (most liquid first).
List current assets in order of liquidity (most liquid first).
List supplies ahead of prepaid insurance.
Enter the carrying value of the office equipment.
Enter the carrying value of the store equipment.
List current liabilities numerically, largest to smallest.
List the expenses in numerical order, largest to smallest, with one exception: Place Miscellaneous last in the list. Enter positive amounts.

sol.

Problem 4-1 * 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 1
Scoring: ON " " represents a correct blank answer or N answer =COUNTIF(A14:H27," ")
47
Total SUM(AV13:AV15)
Instructions 48
Answers are entered in the cells with gray backgrounds. Percentage =AD6/AD8
Cells with non-gray backgrounds are protected and cannot be edited. 98%
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. AQUA CO. " " represents a correct blank answer or N answer
Income Statement Total number of answers = sum of above
For the Year Ended June 30, 2013 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.
For the Year Ended June 30, 2013
Revenues from sales: June 30, 2013
Sales $ 3,625,000 Steps:
Less: Sales returns and allowances $ 37,800 Open this sheet and macro sheet
Sales discounts 20,200 58,000 Sales discounts Open old templated, then change color palet to this sheet's
Net sales $ 3,567,000 Cost of merchandise sold Insert new header - change problem number and reformat
Cost of merchandise sold 2,175,000 Sales Copy these formulas (column AD) to new sheet.
Gross profit $ 1,392,000 Depreciation expense—office equipment Update to new edition's names and numbers
Expenses: Office salaries expense Copy new error check formulas. For N-boxes
Selling expenses: Sales salaries expense =IF(sol.!$C$5="OFF","",IF(AC26=""," ",IF(AC26<>sol.!AC26,"*"," ")))
Sales salaries expense $ 388,800 Sales returns and allowances
Advertising expense 45,900 Advertising expense For B-Boxes
Depreciation expense—store equipment 8,300 Depreciation expense—store equipment =IF(sol.!$C$5="OFF","",IF(AC29<>sol.!AC29,"*"," "))
Miscellaneous selling expense 2,000 Rent expense
Total selling expenses $ 445,000 Miscellaneous administrative expense Copy Score formula from this template to new sheet.
Administrative expenses: Miscellaneous selling expense =IF(sol.!$C$5="OFF","","Score:") =IF(sol.!$C$5="OFF","",AD10)
Office salaries expense $ 77,400 Insurance expense
Rent expense 39,900 Interest expense
Insurance expense 22,950 Office supplies expense
Depreciation expense—office equipment 16,200
Office supplies expense 1,650
Miscellaneous administrative expense 1,900
Total administrative expenses 160,000
Total expenses 605,000
Income from operations $ 787,000
Other expense:
Interest expense 12,000
Net income $ 775,000
2. AQUA CO.
Retained Earnings Statement
For the Year Ended June 30, 2013
Increase in retained earnings
Retained earnings, July 1, 2012 $ 253,800 Less dividends
Net income for the year $ 775,000 Net income for the year
Less dividends 125,000 Decrease in retained earnings
Increase in retained earnings 650,000
Retained earnings, June 30, 2013 $ 903,800
3. AQUA CO.
Balance Sheet
June 30, 2013 Prepaid insurance
Less accumulated depreciation
Assets Accounts receivable
Current assets: Office supplies
Cash $ 83,500 Office equipment
Accounts receivable 150,000 Merchandise inventory
Merchandise inventory 380,000 Cash
Office supplies 15,000 Store equipment
Prepaid insurance 12,000 Capital stock
Total current assets: $ 640,500 Note payable (final payment due 2025)
Property, plant and equipment: Note payable (current portion)
Office equipment $ 115,200 Accounts payable
Office equipment Less accumulated depreciation 49,500 $ 65,700 Salaries payable
Retained earnings
Store equipment $ 511,500
Office equipment Less accumulated depreciation 186,700 324,800
Total property, plant and equipment 390,500
Total assets $ 1,031,000
Liabilities
Current liabilities:
Accounts payable $ 48,600
Note payable (current portion) 8,000
Salaries payable 9,600
Total current liabilities: $ 66,200
Long-term liabilities:
Note payable (final payment due 2025) 46,000
Total liabilities $ 112,200
Stockholders' Equity
Capital stock $ 15,000
Retained earnings 903,800
Total stockholders' equity 918,800
Total liabilities and stockholders' equity $ 1,031,000
4. a. The multiple-step form contains multiple sections for revenues and expenses; the single-step form does not. The multiple-step form contains multiple sections for revenues and expenses; the single-step form does not.
The single-step form contains multiple sections for revenues and expenses; the multiple-step form does not.
In the multiple-step form, the assets, liabilities, and owner’s equity are presented in a downward sequence.
The single-step form lists the assets on the left and the liabilities and owner’s equity on the right.
b. In the report form, the accounts are presented in a downward sequence; the account form is divided into a left and right side. The report form contains multiple sections for revenues and expenses; the account form does not.
The account form contains multiple sections for revenues and expenses; the report form does not.
In the account form, the accounts are presented in a downward sequence; the report form is divided into a left and right side.
In the report form, the accounts are presented in a downward sequence; the account form is divided into a left and right side.
Enter the period of time covered by this statement.
Enter the larger of the two amounts on this line. Enter as positive amounts.
Enter the sum of the two accounts here.
List these expenses in numerical order, largest to smallest.
List these expenses in numberical order, largest to smallest. Enter positive amounts.
Enter a positive amount.
Enter increases to owner's equity for the year. (You will need information from part 1.)
List current assets in order of liquidity (most liquid first).
List current assets in order of liquidity (most liquid first).
List supplies ahead of prepaid insurance.
Enter the carrying value of the office equipment.
Enter the carrying value of the store equipment.
List current liabilities numerically, largest to smallest.
Enter the period of time covered by this statement.
Enter a positive amount.
List the expenses in numerical order, largest to smallest, with one exception: Place Miscellaneous last in the list. Enter positive amounts.
Enter the period of time covered by this statement.