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ACCT 2023 PROJECT 1 azing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail

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ACCT 2023 PROJECT 1 azing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online e adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/19 2019 2018 Account Title Adjusted Trial Balance Post-Closing Trial Balance Debit 125,600 35,000 15,600 47,000 21,000 Credit Debit Credit Cash Accounts Recelvable Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense 170,000 55,000 29,000 53,000 59,000 24,000 12,200 16,000 12.800 1,300 15,500 1,200 10,000 33,000 240,000 10,000 160,000 28,600 28,600 10,000 240,000 114,200 20,000 48,000 11,800 9,200 8,000 1,800 ncome Statement Balance Sheet Stmt of Cash Flows Analysis Stock Investment Analysis Dividends Sales Revenue Cost of Goods Sold 10,000 240,000 114,200 Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense 20,000 48,000 11,800 9,200 8,000 1,800 244,200 589,000 244,200 589,000 $ Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) 6,000 15,000 Cash paid for purchase of office equipment Cash paid for purchase of tools Acquisition of Machinery with Notes Payable-Long-term Cash payment of dividends Cash receipt from issuance of 8,000 shares of common stock 23,000 10,000 80,000 equirements: (See sheet tabs at bottom. Use each sheet for the following requirements.) e Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. IInclude the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 2 decimal places 2. Prepare the Amazing Company balance sheet for December 31, 2019. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 2 decimal places.) 3. Prepare the Amazing Company statement of cash flows for the year ended December 31, 2019. Use the indirect method and the format in your textbook 4. Complete the analysis of the financial statements as directed on the Analysis sheet. 5. Complete the analyis of the investment options between this company and EBUY (ratios given). Also use the chart from the attached article, and any othe the impact of using GAAP vs. IFRS Write short response (15-30 sentences) on your analysis. Thunder Creek Company expects sales of 18,000 units in January 2018, 24,000 units in February, Prepare a sales budget. 30,000 units in March, 34,000 in April, and 36,000 in May The sales price is $34 per unit. Budget # 1 : Salles Budget Budgeted units to be sold Sales price per unit Total Sales 2018 Feb Jan Q1 Total Mar April May Thunder Creek wants to finish each month with 20% of next month's sales in units Prepare a production budget. (When entering answers in the production budget, use the sales budget for your cell references. Enter all values as positive-without a minus sign-in row 18.) Hint: Beginning Inventory for the period is equal to the ending inventory of the previeus period. 2017 2018 Budget #2: Production Budget Budgeted units to be sold Plus: Desired units in ending inventory Total units needed Less: Units in beginning inventory Budgeted units to be produced Dec Feb Jan Mar Q1 Total April May Thunder Creek Company uses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company begins the year with 9,500 pounds of material in Raw Materials Inventory. Management desires an ending inventory of 25% of next month's materials requirements Prepare a Direct Materials Budget. (When entering answers in the direct materials budget, use the production budget for your cell references, Enter all valaes as positive-without a minus sign-in ro 2018 Mar Budget #3: Direct Materials Budget Budgeted units to be produced Direct materials (pounds) per unit Direct materials needed for production Plus: Desired direct materials in ending Inventory (pounds) Total direct materials needed Less: Direct materials in beginning inventory (pounds) Budgeted purchase of direct materials Direct material cost per pound Budgeted cost of direct materials purchases Jan Feb Q1 Total April Instructions ENTERANSWERS 2018 Budget #3: Direct Materials Budget Budgeted units to be produced Direct materials (pounds) per unit Direct materials needed for production Plus: Desired direct materials in ending inventory (pounds) Total direct materials needed Less: Direct materials in beginning inventory (pounds) Budgeted purchase of direct materials Direct material cost per pound Budgeted cost of direct materials purchases Jan Feb Mar Q1 Total April Thunder Creek Company's workers require 30 minutes of labor to produce each unit of product. The labor cost is $20 per hour Prepare a Direct Labor Budget. (When entering answers in the direct labor budget, use the direct materials budget for your cell references.) 2018 Budget #4: Direct Labor Budget Budgeted units to be produced Direct labor hours per unit Direct Labor hours needed for production Direct labor cost per hour Budgeted direct labor cost Jan Feb Mar Q1 Total Thunder Creek Company prepares its Manufacturing Overhead Budget.. For each direct labor hour, the variable oveerhead costs are: Indirect Materials $1.00 per DLH; Indirect Labor Cost-$1.30 per DLH; Maintenance $1.20 per DLH The Fixed Overhead Costs per month are: Salaries of $40,000, Depreciation 520,000 and Maintenance $10,000 Prepare a Manufacturing Overhead Budget. (When entering answers in the manufacturing overhead budget, use the direct labor budget for your cell references.) Use -ROUND function to round the predetermined overhead allocation rate to two decimal places. Manufacturing overhead is allocated using direct labor hours 2018 Q1 Total Budget #5: Manufacturing Overhead Budget Budgeted units to be produced VOH cost per unit Budgeted VOH Budgeted FOH Depreciation Salaries and maintenance Total budgeted FOH Budgeted manufacturing overhead costs Feb Mar Jan Instructions ENTERANSWERS Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours (DLHr) Predetermined overhead allocation rate per DLHr Thunder Creek Company uses the first-in, first-out (FIFO) inventory costing method The Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. Begin by calculating the projected cost to produce each unit in 2018 based on projected sales. (Hinc In "Cost per unit table, cell references come from Direct Materials, Direct Labor, and Manufacturil Use -ROUND function to round the fixed manufacturing overhead cost per unit to two decimal places Prepare a Cost of Goods Sold Budget. (Hint: Units per month calculated using cell references to both sales budget and production budget.) Cost per unit Direct material cost per unit Direct labor cost per unit Manufacturing overhead cost per unit Total projected manufacturing cost per unit 2018 Q1 Total Budget #6: Cost of Goods Sold Budget Beginning Finished Goods Inventory, 3,600 units Units produced and sold in 2018 Cost per unit Units per month Total cost of units produced and sold in 2018 Total budgeted cost of goods sold Jan Feb Mar Thunder Creek Company's variable supplies expense per month is $3 .00 per unit. The fixed seling and adminisative experses per month consist of Salaries $245,000 Advertising $30.000 and Depreciaton $28,000 Prepare a Selling and Administrative Expense Budget (When entering answers in the selling and administrative budget, use the sales budget for your cel relarences) 2018 Q1 Total Feb Mar Budget #7: Selling and Administrative Expense Budget Salaries expense Jan Advertising expense Depreciation expense Supplies expense Total budgeted 56A expense ACCT 2023 PROJECT 1 azing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online e adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018. AMAZING COMPANY Adjusted Trial Balance 12/31/19 2019 2018 Account Title Adjusted Trial Balance Post-Closing Trial Balance Debit 125,600 35,000 15,600 47,000 21,000 Credit Debit Credit Cash Accounts Recelvable Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense 170,000 55,000 29,000 53,000 59,000 24,000 12,200 16,000 12.800 1,300 15,500 1,200 10,000 33,000 240,000 10,000 160,000 28,600 28,600 10,000 240,000 114,200 20,000 48,000 11,800 9,200 8,000 1,800 ncome Statement Balance Sheet Stmt of Cash Flows Analysis Stock Investment Analysis Dividends Sales Revenue Cost of Goods Sold 10,000 240,000 114,200 Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense 20,000 48,000 11,800 9,200 8,000 1,800 244,200 589,000 244,200 589,000 $ Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) 6,000 15,000 Cash paid for purchase of office equipment Cash paid for purchase of tools Acquisition of Machinery with Notes Payable-Long-term Cash payment of dividends Cash receipt from issuance of 8,000 shares of common stock 23,000 10,000 80,000 equirements: (See sheet tabs at bottom. Use each sheet for the following requirements.) e Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting. 1. Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. IInclude the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement. (Use percentage format with 2 decimal places 2. Prepare the Amazing Company balance sheet for December 31, 2019. Include a vertical analysis column at the right and perform a vertical analysis of the balance sheet. (Use the percentage format with 2 decimal places.) 3. Prepare the Amazing Company statement of cash flows for the year ended December 31, 2019. Use the indirect method and the format in your textbook 4. Complete the analysis of the financial statements as directed on the Analysis sheet. 5. Complete the analyis of the investment options between this company and EBUY (ratios given). Also use the chart from the attached article, and any othe the impact of using GAAP vs. IFRS Write short response (15-30 sentences) on your analysis. Thunder Creek Company expects sales of 18,000 units in January 2018, 24,000 units in February, Prepare a sales budget. 30,000 units in March, 34,000 in April, and 36,000 in May The sales price is $34 per unit. Budget # 1 : Salles Budget Budgeted units to be sold Sales price per unit Total Sales 2018 Feb Jan Q1 Total Mar April May Thunder Creek wants to finish each month with 20% of next month's sales in units Prepare a production budget. (When entering answers in the production budget, use the sales budget for your cell references. Enter all values as positive-without a minus sign-in row 18.) Hint: Beginning Inventory for the period is equal to the ending inventory of the previeus period. 2017 2018 Budget #2: Production Budget Budgeted units to be sold Plus: Desired units in ending inventory Total units needed Less: Units in beginning inventory Budgeted units to be produced Dec Feb Jan Mar Q1 Total April May Thunder Creek Company uses 2 pounds of direct materials for each unit it produces, at a cost of $4.00 per pound. The company begins the year with 9,500 pounds of material in Raw Materials Inventory. Management desires an ending inventory of 25% of next month's materials requirements Prepare a Direct Materials Budget. (When entering answers in the direct materials budget, use the production budget for your cell references, Enter all valaes as positive-without a minus sign-in ro 2018 Mar Budget #3: Direct Materials Budget Budgeted units to be produced Direct materials (pounds) per unit Direct materials needed for production Plus: Desired direct materials in ending Inventory (pounds) Total direct materials needed Less: Direct materials in beginning inventory (pounds) Budgeted purchase of direct materials Direct material cost per pound Budgeted cost of direct materials purchases Jan Feb Q1 Total April Instructions ENTERANSWERS 2018 Budget #3: Direct Materials Budget Budgeted units to be produced Direct materials (pounds) per unit Direct materials needed for production Plus: Desired direct materials in ending inventory (pounds) Total direct materials needed Less: Direct materials in beginning inventory (pounds) Budgeted purchase of direct materials Direct material cost per pound Budgeted cost of direct materials purchases Jan Feb Mar Q1 Total April Thunder Creek Company's workers require 30 minutes of labor to produce each unit of product. The labor cost is $20 per hour Prepare a Direct Labor Budget. (When entering answers in the direct labor budget, use the direct materials budget for your cell references.) 2018 Budget #4: Direct Labor Budget Budgeted units to be produced Direct labor hours per unit Direct Labor hours needed for production Direct labor cost per hour Budgeted direct labor cost Jan Feb Mar Q1 Total Thunder Creek Company prepares its Manufacturing Overhead Budget.. For each direct labor hour, the variable oveerhead costs are: Indirect Materials $1.00 per DLH; Indirect Labor Cost-$1.30 per DLH; Maintenance $1.20 per DLH The Fixed Overhead Costs per month are: Salaries of $40,000, Depreciation 520,000 and Maintenance $10,000 Prepare a Manufacturing Overhead Budget. (When entering answers in the manufacturing overhead budget, use the direct labor budget for your cell references.) Use -ROUND function to round the predetermined overhead allocation rate to two decimal places. Manufacturing overhead is allocated using direct labor hours 2018 Q1 Total Budget #5: Manufacturing Overhead Budget Budgeted units to be produced VOH cost per unit Budgeted VOH Budgeted FOH Depreciation Salaries and maintenance Total budgeted FOH Budgeted manufacturing overhead costs Feb Mar Jan Instructions ENTERANSWERS Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours (DLHr) Predetermined overhead allocation rate per DLHr Thunder Creek Company uses the first-in, first-out (FIFO) inventory costing method The Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. Begin by calculating the projected cost to produce each unit in 2018 based on projected sales. (Hinc In "Cost per unit table, cell references come from Direct Materials, Direct Labor, and Manufacturil Use -ROUND function to round the fixed manufacturing overhead cost per unit to two decimal places Prepare a Cost of Goods Sold Budget. (Hint: Units per month calculated using cell references to both sales budget and production budget.) Cost per unit Direct material cost per unit Direct labor cost per unit Manufacturing overhead cost per unit Total projected manufacturing cost per unit 2018 Q1 Total Budget #6: Cost of Goods Sold Budget Beginning Finished Goods Inventory, 3,600 units Units produced and sold in 2018 Cost per unit Units per month Total cost of units produced and sold in 2018 Total budgeted cost of goods sold Jan Feb Mar Thunder Creek Company's variable supplies expense per month is $3 .00 per unit. The fixed seling and adminisative experses per month consist of Salaries $245,000 Advertising $30.000 and Depreciaton $28,000 Prepare a Selling and Administrative Expense Budget (When entering answers in the selling and administrative budget, use the sales budget for your cel relarences) 2018 Q1 Total Feb Mar Budget #7: Selling and Administrative Expense Budget Salaries expense Jan Advertising expense Depreciation expense Supplies expense Total budgeted 56A expense

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