extracredit

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Pr. 4-1A

Problem 4-1A # Incorrect N-box and B-box entries COUNTIF(B15:G24,"~*")
Name: 0
Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
127
Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")
0 If number-entry or blank-entry box is correct, returns single space, " "
Key Code: 2 Total SUM(AD13:AD15) Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.
Instructions 127 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.
Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16
Cells with non-gray backgrounds are protected and cannot be edited. 0%
An asterisk (*) will appear to the right of an incorrect entry. Notes:
For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank. If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " "
If number-entry or blank-entry box is incorrect, returns "*"
1. LAMP LIGHT COMPANY Advertising expense
Income Statement Depreciation expense - building
For the Year Ended December 31, 2016 Depreciation expense - equipment
Fees revenue
Revenues: Insurance expense
Miscellaneous expense
Rent expense
Total revenues Rent revenue
Expenses: Repairs expense

Highland Community College: Enter all expenses as positive amounts.		 Salaries and wages expense
Supplies expense
Utilities expense
Total expenses
Net income
2. LAMP LIGHT COMPANY
Statement of Owner's Equity
For the Year Ended December 31, 2016
Ted Hickman, capital, January 1, 2016
Plus withdrawals
Less withdrawals
Net income for the year
Ted Hickman, capital, December 31, 2016 Net loss for the year
Increase in owner's capital
Decrease in owner's capital
3. LAMP LIGHT COMPANY
Balance Sheet
December 31, 2016
Assets Liabilities
Current assets: Current liabilities Accounts payable
Accounts receivable
Accumulated depreciation
Building
Total liabilities Cash
Total current assets Equipment
Property, plant, and equipment: Owner's Equity Land

Peggy Hussey: See the statement of owner's equity for this amount.
Mark: List the largest revenue first.
Highland Community College: List expenses according to balance, largest to smallest, with one exception: list Miscellaneous Exp. last.		 Ted Hickman, capital
Ted Hickman, drawing
Prepaid insurance
Salaries and wages payable
Supplies
Total property, plant, and equipment Unearned rent
Total assets Total liabilities and owner's equity
4. JOURNAL
Date Description Debit Credit
2016 Closing Entries
Dec. 31
cpence: Close the revenue accounts in this entry. Select accounts from the drop-down list. List the largest revenue first.
cpence: Enter the item that increases owner's equity on this line.
31 Accounts Receivable

cpence: List the credited accounts numerically, largest balance to smallest, with the exception of Miscellaneous Expense.		 Accounts Payable
Advertising Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Fees Revenue
Income Summary
Insurance Expense
Ted Hickman, Capital
Miscellaneous Expense Ted Hickman, Drawing
Prepaid Insurance
31 Rent Revenue
Repairs Expense
Salaries and Wages Expense
31 Supplies Expense
Utilities Expense
5. LAMP LIGHT COMPANY
Post-Closing Trial Balance
December 31, 2016
Debit Balances Credit Balances
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building
Accumulated Depreciation - Building
Equipment
Accumulated Depreciation - Equipment
Accounts Payable
Salaries & Wages Payable
Unearned Rent
Ted Hickman, Capital

Sol

Problem 4-1A
Name: Solution
Section:
Scoring: ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank.
1. LAMP LIGHT COMPANY Advertising expense
Income Statement Depreciation expense - building
For the Year Ended December 31, 2016 Depreciation expense - equipment
Fees revenue
Revenues: Insurance expense
Fees revenue
Mark Sears: List the largest revenue first. 		$ 375,000 Miscellaneous expense
Rent revenue 1,300 Rent expense
Total revenues $ 376,300 Rent revenue
Expenses: Repairs expense
Salaries and wages expense
Highland Community College: List expenses according to balance, largest to smallest, with one exception: list Miscellaneous Exp. last.		 $ 168,000
Highland Community College: Enter all expenses as positive amounts.		 Salaries and wages expense
Advertising expense 21,700 Supplies expense
Utilities expense 11,400 Utilities expense
Depreciation expense - building 10,100
Repairs expense 8,850
Depreciation expense - equipment 6,680
Insurance expense 3,000
Supplies expense 2,250
Miscellaneous expense 4,320
Total expenses 236,300
Net income $ 140,000
2. LAMP LIGHT COMPANY
Statement of Owner's Equity
For the Year Ended December 31, 2016
Ted Hickman, capital, January 1, 2016 $ 203,100
Net income for the year
cpence: Enter the item that increases owner's equity on this line.		 $ 140,000 Plus withdrawals
Less withdrawals 10,000 Less withdrawals
Increase in owner's capital 130,000 Net income for the year
Ted Hickman, capital, December 31, 2016 $ 333,100 Net loss for the year
Increase in owner's capital
Decrease in owner's capital
3. LAMP LIGHT COMPANY
Balance Sheet
December 31, 2016
Assets Liabilities
Current assets: Current liabilities Accounts payable
Cash $ 10,800 Accounts payable $ 15,700 Accounts receivable
Accounts receivable 50,200 Salaries and wages payable 4,900 Accumulated depreciation
Prepaid insurance 1,200 Unearned rent 800 Building
Supplies 480 Total liabilities $ 21,400 Cash
Total current assets $ 62,680 Equipment
Property, plant, and equipment: Owner's Equity Land
Land $ 98,000 Ted Hickman, capital 333,100
Peggy Hussey: See the statement of owner's equity for this amount.
Mark Sears: List the largest revenue first.
Highland Community College: List expenses according to balance, largest to smallest, with one exception: list Miscellaneous Exp. last.		 Ted Hickman, capital
Building $ 400,000 Ted Hickman, drawing
Accumulated depreciation 215,400 184,600 Prepaid insurance
Equipment $ 101,000 Salaries and wages payable
Accumulated depreciation 91,780 9,220 Supplies
Total property, plant, and equipment 291,820 Unearned rent
Total assets $ 354,500 Total liabilities and owner's equity $ 354,500
4. JOURNAL
Date Description Debit Credit
2016 Closing Entries
Dec. 31 Fees Revenue
cpence: Close the revenue accounts in this entry. Select accounts from the drop-down list. List the largest revenue first.
cpence: Enter the item that increases owner's equity on this line.		 375,000
Rent Revenue 1,300
Income Summary 376,300
31 Income Summary 236,300 Accounts Receivable
Salaries and Wages Expense
cpence: List the credited accounts numerically, largest balance to smallest, with one exception: place Misc. Exp. on the last line.		 168,000 Accounts Payable
Advertising Expense 21,700 Advertising Expense
Utilities Expense 11,400 Depreciation Expense - Building Shane Banovich, Capital
Depreciation Expense - Building 10,100 Depreciation Expense - Equipment Shane Banovich, Drawing
Repairs Expense 8,850 Fees Revenue Depreciation Expense
Depreciation Expense - Equipment 6,680 Income Summary Fees Earned
Insurance Expense 3,000 Insurance Expense Income Summary
Supplies Expense 2,250 Ted Hickman, Capital Insurance Expense
Miscellaneous Expense 4,320 Ted Hickman, Drawing Miscellaneous Expense
Prepaid Insurance Office Equipment
31 Income Summary 140,000 Rent Revenue Prepaid Rent
Ted Hickman, Capital 140,000 Repairs Expense Prepaid Insurance
Salaries and Wages Expense Salary Expense
31 Ted Hickman, Capital 10,000 Supplies Expense
Ted Hickman, Drawing 10,000 Utilities Expense
5. LAMP LIGHT COMPANY Salary Expense Supplies
Post-Closing Trial Balance Supplies Unearned Fees
December 31, 2016 Supplies Expense
Debit Balances Credit Balances Unearned Fees
Cash 10,800 -
Accounts Receivable 50,200 -
Prepaid Insurance 1,200 -
Supplies 480 -
Land 98,000 -
Building 400,000 -
Accumulated Depreciation - Building - 215,400
Equipment 101,000 -
Accumulated Depreciation - Equipment - 91,780
Accounts Payable - 15,700
Salaries & Wages Payable - 4,900
Unearned Rent - 800
Ted Hickman, Capital - 333,100
661,680 661,680