AutoSave S. Star Wars Practic Home Insert Draw Page Layout Formulas Data Review View Tell me Paste Morge & Center - T44 C F G H 1 2 Instructions: You are the controller at Star Wars, Inc, a wholesale distributor of light sabers and other interstellar weaponry. The corporation 4 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 5 of $18. Currently, 28.000 shares are issued and outstanding in your role as controller, you are responsible for the company's 6accounting records, financial statement preparation, and ensuring that the company has adequate internal controls. You also 7 support management at Star Wars by providing required financial reports. You supervise a staff that takes care of the other 8 aspects of accounting, but ultimately you oversee all the functions of the accounting department, Star Wars, Inc. maintains a 9 calendar year-end (the books are closed on December 31 of each year). Adjusting entries are only prepared annually 10 Therefore, when you prepare the adjusting entries, they will need to be for the entire year, not just for December. In order 11 to complete this practice set, you will need to record all regular transactions for the month of December, 2014 (all other regular 12 transactions have already been recorded for the year) and all of the year-end adjusting entries. You will journalise 13 all transactions and adjustments in the general Journal, post them to the general ledger accounts, prepare an adjusted trial 14 balance, prepare the financial statements, prepare closing entries, and finally a post-closing trial balance for the year ended 15 December 31, 2014 16 17 The following information pertains to the various accounting practices applicable to Star Wars, Inc 18 1 Star Wars, Inc maintains inventory using the perpetual method. All inventory costs are tracked using 19 tastin, first out (LIFO) cost flows (See the cost of goods sold sheet for details regarding inventory 20 2. Purchases of inventory are recorded at the net amount (discounts are recognized on the date of purchase, if applicable) 21 The purchase terms are different for each supplier. Forfeited discounts are recorded separately as cost of goods sold 22. Sales on account are subject to terms 2/15, 1/40 and are recorded at grous value 23 The company utilizes a general journal and general ledger, but also tracks detailed information on suppliers customers 24 in accounts payable and accounts receivable subsidiary ledgers, respectively. You will need to maintain the subsidiary ledgers 25 Salaried employees are paid monthly at the end of the month (on the last day of the month). Hourly employees are paid 26 every two weeks. Each two week pay period ends on the Friday of the second week. 276. The Company's chart of accounts is listed on the right side of this spreadsheet 28. The Company uses the Allowance Method of accounting for bad debt. The Company calculates bad debt expense at the end 29 of the fiscal year at 5% of ending NVR (using the ofreceivables method) 30 31 32 33 Check Figures: 34 Net income 1,227435 35 Total Asset 5. 36 COGS 07.100 for December 37 30 Trial Balance of 11 30 2014 General Journal General Ledger Account Marge & Center Conditional For Formatting up table w Barry The www TEL had to hat takes ca AR Abwe Nhi W 130 104 where Tawi TH late the Land VE he Adres CHE w CE Wig VICA Pero SW BE wut 2 E 11 30 2016 General Jou General Ledger Accounts Receivabled Account Payaw D9 Twee Nether nu Fy TAR Grade 30 14 25 Instructions Tal Balance al 11 30 2014 Generator General Ledger Ad Paste Merge Career D9 13 15 1 Intion Tral Banc 06 11302014 GO General Ledger ACOU 2 3 Paste Merge Center 60 235 TE TEL 17 IND I 37 10 49 ws SA 10 15 ME 11 Tal Balance at 11 30 2014 General Ledger About Formulas Review VIUW Insert Draw Data Olle Home Page Layout Was Team ID Paste Morge & Center J21 HHE HHH Instructions Tal Balance of 11 30 2016 General Journal General de Paste J21 UN BITAN LS Me ELLE 2 HI HHHH THI HHHHHHH Instructions Trial Balance at 11 30 2014 General Journal General Layer Insert LG TRUM EUR REY 2. EN w TA toSave GET AUB. a Star Wars Practice Set - Fall 2020 Chi ame Insert Draw Page Layout Formulas Data Review View Tell me Wrap Text LD Paste B Merge & Center 525 P ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER CANOS BC 2700 EM 21 70 72.00 BAS Led LoSave OR BUGS. Star Wars Practice Set - Fall 2020 Chir View Tell me me Insert Draw Page Layout Formulas Data Review A A Wrap Text 3 Merge & Conter 2 ACCOUNTS PAYABLE SUBSIDIARY LEDGER Alam bagian 12/1/2014 Cawan Count Doming 2.09 Gri SER . RA30 NU PC Seryer Wamte LOTT LAT Twee 113 2014 General Account Receive diger Insert Draw Home Page Layout Formulas Data Review View Tell me Wrap Text ID Paste Merge & Center F26 G C 1 Beginning been so 12/1/14 2 Purchase Date of Units Center Tous Cost 4/17 Bennington 500 $ als 167,500 6/1 Being 3003 NOS 102.000 4,122 Henning investory 2005 3465 69200 7 10 ming tony 100$ 350 $ 35.000 1 12 Pune $ 9 12/10 Purchase 5 10 12 11 12/19 12 1274 Purch 5 13 120 Puch 5 14 Tatay 1100 371.100 19 16 17 LI 12/11 2:10 19 12 200 1217 $ 5 DOC AS WE - TUI Cost of Good Sold Pepe LEON Date of so 12/1 12/ 120 127 12 120 12/13 12/12 12/12 21 24 35 ins le 308 165 250 310 320 25 1211 UT Tawa 2.700 12 12 23 30 11 32 33 pay Totales 12/20 12/01 12:21 12h sad 3001 2015 30 17.500 103.000 RE TUIT COGS 2015 DOTE TO w Intrictions Trial Balance at 11 30 2014 General Journal General Ledger Account Cosave Formulas Data Review View Tell me me Insert Draw Page Layout Wrap Text aste EEEEE Morge & Center, A MUS . Accueil der Account Page ledige Inventory COGS calculations The Bande af 12 31 20 December 31, 2014 CUTE A Cashing petty cash Accounts Receivable Allow Necati tech wwwy Supe France Espere Sportage Turen Fred Land Sparesh Am De Space Ship Ewe Am Dermere Ming Dep de Property, Pan anden met Tu Tot Asus Curres Peter es way RAP home Witte State Wate FUTA Did Tur Lang we Thor C Accounts Receivable ledger Accounts Payable lediger tory COGS cafoutations Trial Dalar AutoSave S. Star Wars Practic Home Insert Draw Page Layout Formulas Data Review View Tell me Paste Morge & Center - T44 C F G H 1 2 Instructions: You are the controller at Star Wars, Inc, a wholesale distributor of light sabers and other interstellar weaponry. The corporation 4 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 5 of $18. Currently, 28.000 shares are issued and outstanding in your role as controller, you are responsible for the company's 6accounting records, financial statement preparation, and ensuring that the company has adequate internal controls. You also 7 support management at Star Wars by providing required financial reports. You supervise a staff that takes care of the other 8 aspects of accounting, but ultimately you oversee all the functions of the accounting department, Star Wars, Inc. maintains a 9 calendar year-end (the books are closed on December 31 of each year). Adjusting entries are only prepared annually 10 Therefore, when you prepare the adjusting entries, they will need to be for the entire year, not just for December. In order 11 to complete this practice set, you will need to record all regular transactions for the month of December, 2014 (all other regular 12 transactions have already been recorded for the year) and all of the year-end adjusting entries. You will journalise 13 all transactions and adjustments in the general Journal, post them to the general ledger accounts, prepare an adjusted trial 14 balance, prepare the financial statements, prepare closing entries, and finally a post-closing trial balance for the year ended 15 December 31, 2014 16 17 The following information pertains to the various accounting practices applicable to Star Wars, Inc 18 1 Star Wars, Inc maintains inventory using the perpetual method. All inventory costs are tracked using 19 tastin, first out (LIFO) cost flows (See the cost of goods sold sheet for details regarding inventory 20 2. Purchases of inventory are recorded at the net amount (discounts are recognized on the date of purchase, if applicable) 21 The purchase terms are different for each supplier. Forfeited discounts are recorded separately as cost of goods sold 22. Sales on account are subject to terms 2/15, 1/40 and are recorded at grous value 23 The company utilizes a general journal and general ledger, but also tracks detailed information on suppliers customers 24 in accounts payable and accounts receivable subsidiary ledgers, respectively. You will need to maintain the subsidiary ledgers 25 Salaried employees are paid monthly at the end of the month (on the last day of the month). Hourly employees are paid 26 every two weeks. Each two week pay period ends on the Friday of the second week. 276. The Company's chart of accounts is listed on the right side of this spreadsheet 28. The Company uses the Allowance Method of accounting for bad debt. The Company calculates bad debt expense at the end 29 of the fiscal year at 5% of ending NVR (using the ofreceivables method) 30 31 32 33 Check Figures: 34 Net income 1,227435 35 Total Asset 5. 36 COGS 07.100 for December 37 30 Trial Balance of 11 30 2014 General Journal General Ledger Account Marge & Center Conditional For Formatting up table w Barry The www TEL had to hat takes ca AR Abwe Nhi W 130 104 where Tawi TH late the Land VE he Adres CHE w CE Wig VICA Pero SW BE wut 2 E 11 30 2016 General Jou General Ledger Accounts Receivabled Account Payaw D9 Twee Nether nu Fy TAR Grade 30 14 25 Instructions Tal Balance al 11 30 2014 Generator General Ledger Ad Paste Merge Career D9 13 15 1 Intion Tral Banc 06 11302014 GO General Ledger ACOU 2 3 Paste Merge Center 60 235 TE TEL 17 IND I 37 10 49 ws SA 10 15 ME 11 Tal Balance at 11 30 2014 General Ledger About Formulas Review VIUW Insert Draw Data Olle Home Page Layout Was Team ID Paste Morge & Center J21 HHE HHH Instructions Tal Balance of 11 30 2016 General Journal General de Paste J21 UN BITAN LS Me ELLE 2 HI HHHH THI HHHHHHH Instructions Trial Balance at 11 30 2014 General Journal General Layer Insert LG TRUM EUR REY 2. EN w TA toSave GET AUB. a Star Wars Practice Set - Fall 2020 Chi ame Insert Draw Page Layout Formulas Data Review View Tell me Wrap Text LD Paste B Merge & Center 525 P ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER CANOS BC 2700 EM 21 70 72.00 BAS Led LoSave OR BUGS. Star Wars Practice Set - Fall 2020 Chir View Tell me me Insert Draw Page Layout Formulas Data Review A A Wrap Text 3 Merge & Conter 2 ACCOUNTS PAYABLE SUBSIDIARY LEDGER Alam bagian 12/1/2014 Cawan Count Doming 2.09 Gri SER . RA30 NU PC Seryer Wamte LOTT LAT Twee 113 2014 General Account Receive diger Insert Draw Home Page Layout Formulas Data Review View Tell me Wrap Text ID Paste Merge & Center F26 G C 1 Beginning been so 12/1/14 2 Purchase Date of Units Center Tous Cost 4/17 Bennington 500 $ als 167,500 6/1 Being 3003 NOS 102.000 4,122 Henning investory 2005 3465 69200 7 10 ming tony 100$ 350 $ 35.000 1 12 Pune $ 9 12/10 Purchase 5 10 12 11 12/19 12 1274 Purch 5 13 120 Puch 5 14 Tatay 1100 371.100 19 16 17 LI 12/11 2:10 19 12 200 1217 $ 5 DOC AS WE - TUI Cost of Good Sold Pepe LEON Date of so 12/1 12/ 120 127 12 120 12/13 12/12 12/12 21 24 35 ins le 308 165 250 310 320 25 1211 UT Tawa 2.700 12 12 23 30 11 32 33 pay Totales 12/20 12/01 12:21 12h sad 3001 2015 30 17.500 103.000 RE TUIT COGS 2015 DOTE TO w Intrictions Trial Balance at 11 30 2014 General Journal General Ledger Account Cosave Formulas Data Review View Tell me me Insert Draw Page Layout Wrap Text aste EEEEE Morge & Center, A MUS . Accueil der Account Page ledige Inventory COGS calculations The Bande af 12 31 20 December 31, 2014 CUTE A Cashing petty cash Accounts Receivable Allow Necati tech wwwy Supe France Espere Sportage Turen Fred Land Sparesh Am De Space Ship Ewe Am Dermere Ming Dep de Property, Pan anden met Tu Tot Asus Curres Peter es way RAP home Witte State Wate FUTA Did Tur Lang we Thor C Accounts Receivable ledger Accounts Payable lediger tory COGS cafoutations Trial Dalar