create a general journal, general ledger, accounts recievable ledgar, accounts payable ledgar, inventory COGS calculations, trial balance at 12 31 2014, financial statements, post closing trial balance.

X f 2 3 4 21 22 23 Star Wars Practice Set - Fall 2017 Jose L.xlsx File Edit Insert Format Help A B 29 30 31 Calibri C D T F 32 33 Check Figures: 34 Net Income BIUS A F G H . 8- I J 29 + K S Instructions: You are the controller at Star Wars, Inc., a wholesale clistributor 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 6 accounting 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 5 8 aspects of accounting, but ultimately you oversee all the functions of the accounting department. Star Wars, Inc. maintains a 10 9 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 11 12 transactions have already been recorded for the year) and all of the year-end adjusting entries. You will journalize 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 December 31, 2014. 15 16 17 18 19 20 L E. 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 last in, first out (LIFO) cost flows. (See the cost of goods sold sheet for details regarding inventory) 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 cast of goods sald. 3. Sales on account are subject to torms 2/15, n/40 and are recorded at gross value. 4. The company utilizes a general journal and general ledger, but also tracks detailed information on suppliers and customers M 24 in accounts payable and accounts receivable subsidiary lodgers, respectively. You will need to maintain the subsidiary lodgers. 25 5. Salaried employees are paid monthly at the end of the month (on the last day of the monthl. Hourly employees are paid every two weeks. Each two week pay period ends on the Friday of the second work. 25 27 28 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). N O P Chart of Accounts: Name of Account Cash Petty Cash Q Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Prepaid Insurance Prepaid Rent Other Assets Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Space Ships Accumulated Depreciation-Space Ship Notes Payable Accounts Payable Salaries and Wages Payable FICA Taxes Payable Income Taxes Payable Federal Withholding Taxes Payable R Number of Account 101 104 111 112 115 118 120 125 128 130 131 135 140 141 146 147 155 156 200 201 210 211 212 213 214 S 215 216 225 226 230 232 T U State Withholding Taxes Payable FUTA Taxes Payable SUTA Taxes Payable Interest Payable Dividends Payable Notes Payable (long-term) Bonds Payable $1,227,435 Instructions Trial Balance at 11.30 2014 General Journal General Ledger Accounts Receivable ledger Accounts Payable sedner Inventory COGS calculations Teal Balance at 12:31 2014 Financial Stateme V W Download X Y B Share Post Closing AA 40