GB 518 unit 1 assignment

gb_518_unit_01_assignment_problem.xls

Instructions

The Template is provided to help you complete your assignment successfully.		Enter your Name here ====>
There are hints and guidance within the templates. For Example,
some fields will have a note attached - as designated by the red triangle in the
upper right corner of the cell.
Some final cell totals or answers will give you a notice if the answer is correct.
For example, if you have gotten the right answer, you may see a note "Correct",
or "Good!" appear beneath or to the side of that cell.
But, not all exercises or problems will provide feedback. So, be sure you do your
best on all of the assignments. And, if you have any questions, please do not
hesitate to bring your questions to me. The preferred way to communicate
your assignment related questions will be in the Virtual Office.
However, please remember that we do not discuss solutions in the Virtual
Office. So, do not post partially completed template files, and do not
post your solutions. But DO ask as specific a question as possible without
giving away an answer.
One final note - in almost every template, the cells that allow you to enter something
will be background highlighted using =	Yellow.
In each assignment, you will be able to enter you name in the designated cell here
in the "Instructions sheet". Please be sure to input you name in the template, and
name the file according to the assignment instructions when you save it.
Thank you and I look forward to working with you on your assignments.

Complete the following by inserting either a "+" or a "-" sign in the appropriate cell.					GB 518 Unit 01 Assignment
If the transactions both increases and decreases a column, use a "+ / -".
The first transaction is complete for you as an example.					Important Note: Not all transactions affect cash!
Student
Name -->	0	Balance Sheet			Income Statement	Statement of Cash Flows
Transaction	Transaction	Total	Total	Total	Net	Operating	Financing	Investing
Number	Description	Assets	Liabilities	Equity	Income	Activity	Activity	Activity
1	Owner invests cash in exchange for stock	+		+			+		<-- This line is provided as an example.
2	Incurs legal costs on credit
3	Pays cash for employee wages
4	Borrows cash by signing long-term note payable
5	Receives cash for services provided
6	Buys land by signing note payable
7	Buys office equipment for cash
8	Provides services on credit
9	Collects cash on receivable from transaction (8)
10	Pays cash dividend

Given Data P01-08A:
THE SIMPSON CO.
Transactions
May
1	Cash invested in company	$ 60,000
1	Cash paid for May rent	3,200
3	Office equipment purchased on credit	1,680
5	Cash paid for May cleaning services	800
8	Cash collected for services provided	4,600
12	Provided services on credit	3,000
15	Cash paid for assistant's salary (1st half of May)	850
20	Cash received for services provided May 12	3,000
22	Provided services on credit	2,800
25	Cash received for services provided May 22	2,800
26	Cash paid for office equipment purchased May 3	1,680
27	Purchased May advertising, payment due June 1	60
28	Cash paid for assistant's salary (2nd half of May)	850
30	Cash paid for May telephone bill	200
30	Cash paid for May utilities	480
31	Cash paid for dividends	1,200
Check figures:
(2) Ending balances
	Cash	$ 61,140
	Expenses	6,440
(3)	Net income	$ 3,960
	Total assets	62,820

			Student Name:	0
			Class:	GB 518 Unit 01 Assignment
				Problem 01-08A
THE SIMPSON CO.
	Assets =			Liabilities	+	Equity
		Accounts	Office	Accounts	Common
Date	Cash	Receivable	Equipment	Payable	Stock	Dividends	Revenues	Expenses
May 1
1
3
5
8
12
15
20
22
25
26
27
28
30
30
31
	$ - 0
	Try again!	0	0	0	0	0	0	0
THE SIMPSON CO.
Income Statement
For Month Ended May 31
Revenues:
Consulting services revenue
Expenses:
Rent expense
Salaries expense
Advertising expense
Cleaning expense
Telephone expense
Utilities expense
Total expenses				0
Net income				$ - 0
				Try again!
THE SIMPSON CO.
Statement of Owner's Equity
For the Month Ended May 31
Retained earnings, May 1
Plus:	Net income
Less:	Cash dividends
Retained earnings, May 31
				0
THE SIMPSON CO.
Balance Sheet
May 31
Assets
Cash
Office equipment
Total assets
Liabilities
Accounts payable
Equity
Common stock
Retained earnings
Total liabilities and equity
			0
THE SIMPSON CO.
Statement of Cash Flows
For Month Ended May 31
Cash flows from operating activities:
Cash received from customers
Cash paid for rent
Cash paid for cleaning
Cash paid for telephone
Cash paid for utilities
Cash paid to employees
Net cash provided by operating activities					$ - 0	«- Try again!
Cash flows from investing activities:
Purchase of equipment
Net cash used by investing activities					- 0	«- Try again!
Cash flows from financing activities:
Investments by stockholder
Dividends to stockholder
Net cash provided by financing activities					- 0	«- Try again!
Net increase in cash					$ - 0
Cash balance, May 1					- 0
Cash balance, May 31					$ - 0
					Try again!

Enter appropriate data in yellow cells. Your totals will be verified.

Enter appropriate data in yellow cells. Your entry for "Net income" will be validated.

Enter appropriate data in yellow cells. Your entry for "H. Graham, Capital, May 31" will be validated.

Enter appropriate data in yellow cells. Your entry for "Total liabilities and equity" will be validated.

Enter appropriate data in yellow cells. Your "net cash" entries will be validated.

Given Data P02-03A:
FABIANO DISTRIBUTION
	December 31
	2010	2011
Cash	$52,500	$18,750
Accounts receivable	28,500	22,350
Office supplies	4,500	3,300
Office equipment	138,000	147,000
Trucks	54,000	54,000
Building	0	180,000
Land	0	45,000
Accounts payable	7,500	37,500
Note payable	0	105,000
Cost of building and land		$225,000
Cash paid for building and land		120,000
Note payable signed for building and land		105,000
Cash Fabiano invested in business for stock		35,000
Cash dividends paid per month		3,000
Check figures:
(2) Net income	$ 58,900
(3) Debt ratio	30.29%

	Student Name:	0
	Class:	GB 518 Unit 01 Assignment
		Problem 02-03A
FABIANO DISTRIBUTION
Balance Sheet
December 31, 2010
Assets
Cash
Accounts receivable
Office supplies
Trucks
Office equipment
Total assets
Liabilities
Accounts payable
Equity
Total equity			0
Total liabilities and equity			$0
			Try again!
FABIANO DISTRIBUTION
Balance Sheet
December 31, 2011
Assets
Cash
Accounts receivable
Office supplies
Trucks
Office equipment
Building
Land
Total Assets
Liabilities
Accounts payable
Note payable
Total liabilities
Equity
Total equity			0
Total liabilities and equity			$0
			Try again!
FABIANO DISTRIBUTION
Computation of 2011 Net Income
Equity, December 31, 2011			$0
Equity, December 31, 2010			0
Increase in equity in 2011			0
Deduct additional investment
Net increase in equity in 2011
apart from new investment			0
Add dividends
Net income earned in 2011
			0
FABIANO DISTRIBUTION
Debt Ratio Calculation
Debt Ratio
			0

Enter appropriate data in yellow cells. Your entry for "Total liabilities and equity" will be validated.

Enter appropriate data in yellow cells. Your entry for "Net income earned in 2009 " will be validated.

Enter appropriate data in yellow cell. Your entry will be validated.