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Chart of Accounts: Name of Account Number of Account You are the controller at Star Wars, Inc., a wholesale distributor of light sabers and other interstellar weaponry. The corporation was founded in galaxy far, far away a long time ago. The company has 420,000 share of common stock authorized with a par value of $18. Currently, 28,000 shares are issued and outstanding. In your role as controller, you are responsible for the company's accounting records, financial statement preparation, and ensuring that the company has adequate internal controls. You also support management at Star Wars by providing required financial reports. You supervise a staff that takes care of the other aspects of accounting, but ultimately you oversee all the functions of the accounting department. Star Wars, Inc. maintains a calendar year-end (the books are closed on December 31 of each year). Adjusting entries are only prepared annually. Therefore, when you prepare the adjusting entries, they will need to be for the entire year, not just for December. In order to complete this practice set, you will need to record all regular transactions for the month of December, 2014 (all other regular transactions have already been recorded for the year) and all of the year-end adjusting entries. You will journalize all transactions and adjustments in the general journal, post them to the general ledger accounts, prepare an adjusted trial balance, prepare the financial statements, prepare closing entries, and finally a post-closing trial balance for the year ended December 31, 2014 101 Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable 112 115 118 Prepaid Insurance Prepaid Rent Other Assets 128 130 The following information pertains to the various accounting practices applicable to Star Wars, Inc. 1. Star Wars, Inc. maintains inventory using the perpetual method. All inventory costs are tracked using 141 147 last in, first out (LIFO) cost flows. (See the cost of goods sold sheet for details regarding inventoryl 2. Purchases of inventory are recorded at the net amount (discounts are recognized on the date of purchase, if applicable) The purchase terms are different for each supplier. Forfeited discounts are recorded separately as cost of goods sold. 3. Sales on account are subject to terms 2/15, n/40 and are recorded at gross value 4The company utilizes a general journal and general ledger, but also tracks detailed information on suppliers and customers in accounts payable and accounts receivable subsidiary ledgers, respectively. You will need to maintain the subsidiary ledgers. 5. Salaried employees are paid monthly at the end of the month (on the last day of the month). Hourly employees are paid every two weeks. Each two week pay period ends on the Friday of the second week. 6. The Company's chart of accounts is listed on the right side of this spreadsheet. 7. The Company uses the Allowance Method of accounting for bad debt. The Company calculates bad debt expense at the end of the fiscal year at 5% of ending A/R (using the % of receivables method). Space Ships Accumulated Depreciation-Space Ships Notes Payable Accounts Payable Salaries and Wages Payable FICA Taxes Payable Income Taxes Payable Federal Withholding Taxes Payable State Withholding Taxes Payable FUTA Taxes Payable SUTA Taxes Payable Interest Payable Dividends Payable Notes Payable (long-term) Bonds Payable Discount on Bonds Payable Common Stock Additional Paid-in Capital, Common Retained Earnings Treasury Stock 156 211 212 215 216 Check Figures: Net Income Total Assets 1,227,435 5,874,794 233 301 310 315 320 Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Bad Debt Expense Supplies Expense Repairs Expense Miscellaneous Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Rent Expense Payroll Tax Expense Utilities Expense Interest Revenue Gain on Disposal of Fixed Assets Interest Expense Loss on Disposal of Fixed Assets Petty Cash Overage/Shortage Income Tax Expense 606 611 Chart of Accounts: Name of Account Number of Account You are the controller at Star Wars, Inc., a wholesale distributor of light sabers and other interstellar weaponry. The corporation was founded in galaxy far, far away a long time ago. The company has 420,000 share of common stock authorized with a par value of $18. Currently, 28,000 shares are issued and outstanding. In your role as controller, you are responsible for the company's accounting records, financial statement preparation, and ensuring that the company has adequate internal controls. You also support management at Star Wars by providing required financial reports. You supervise a staff that takes care of the other aspects of accounting, but ultimately you oversee all the functions of the accounting department. Star Wars, Inc. maintains a calendar year-end (the books are closed on December 31 of each year). Adjusting entries are only prepared annually. Therefore, when you prepare the adjusting entries, they will need to be for the entire year, not just for December. In order to complete this practice set, you will need to record all regular transactions for the month of December, 2014 (all other regular transactions have already been recorded for the year) and all of the year-end adjusting entries. You will journalize all transactions and adjustments in the general journal, post them to the general ledger accounts, prepare an adjusted trial balance, prepare the financial statements, prepare closing entries, and finally a post-closing trial balance for the year ended December 31, 2014 101 Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable 112 115 118 Prepaid Insurance Prepaid Rent Other Assets 128 130 The following information pertains to the various accounting practices applicable to Star Wars, Inc. 1. Star Wars, Inc. maintains inventory using the perpetual method. All inventory costs are tracked using 141 147 last in, first out (LIFO) cost flows. (See the cost of goods sold sheet for details regarding inventoryl 2. Purchases of inventory are recorded at the net amount (discounts are recognized on the date of purchase, if applicable) The purchase terms are different for each supplier. Forfeited discounts are recorded separately as cost of goods sold. 3. Sales on account are subject to terms 2/15, n/40 and are recorded at gross value 4The company utilizes a general journal and general ledger, but also tracks detailed information on suppliers and customers in accounts payable and accounts receivable subsidiary ledgers, respectively. You will need to maintain the subsidiary ledgers. 5. Salaried employees are paid monthly at the end of the month (on the last day of the month). Hourly employees are paid every two weeks. Each two week pay period ends on the Friday of the second week. 6. The Company's chart of accounts is listed on the right side of this spreadsheet. 7. The Company uses the Allowance Method of accounting for bad debt. The Company calculates bad debt expense at the end of the fiscal year at 5% of ending A/R (using the % of receivables method). Space Ships Accumulated Depreciation-Space Ships Notes Payable Accounts Payable Salaries and Wages Payable FICA Taxes Payable Income Taxes Payable Federal Withholding Taxes Payable State Withholding Taxes Payable FUTA Taxes Payable SUTA Taxes Payable Interest Payable Dividends Payable Notes Payable (long-term) Bonds Payable Discount on Bonds Payable Common Stock Additional Paid-in Capital, Common Retained Earnings Treasury Stock 156 211 212 215 216 Check Figures: Net Income Total Assets 1,227,435 5,874,794 233 301 310 315 320 Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Bad Debt Expense Supplies Expense Repairs Expense Miscellaneous Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Rent Expense Payroll Tax Expense Utilities Expense Interest Revenue Gain on Disposal of Fixed Assets Interest Expense Loss on Disposal of Fixed Assets Petty Cash Overage/Shortage Income Tax Expense 606 611