Financial Acct-20, HOMEWORK #A =50 points

INSTRUCTIONS

1) Prepare the Items listed in the REQUIRED REPORTS Section below using the BUSINESS TRANSACTIONS at the End.

2) All Reports must be completed using a Computer Spreadsheet program such as Microsoft Excel. Please see me if you are having trouble using a computerized spreadsheet.

3) Points and Grades will be scored based on the Following;

a) Accounting Formats, proper presentation, organization, neatness, completeness & accuracy.

b) Formatting, Please USE the Following Formatting such as;

c) Double Underlining Totals, Single Lines before subtotals, and Page #s on all Reports

d) Proper Headings on the Financial Statements and Commas included in all Numbers

e) Round all Total Amounts to the nearest Dollar, NO Pennies on any of the Reports

f) Show all Negative amounts in parens (100) not -100, and Dollar Signs $ on Totals only.

g) Show Each Report in the Portrait Style Format and 12 Font. Fit onto 1 Page Larger than 70% so it is readable. Please See me if you are having a Problem here.

4) Use your Text-Book, the Instructor Notes and Information from the Website as a Guide on how to prepare the Required Items. Total Debits must Equal Total Credits and Total Assets must Equal Total Liabilities and Equities.

5) You may Do This Assignment in a Group of Three, Two or By Yourself, your choice. Each Group can turn in ONE report for the Entire Group, However Do not copy or use the reports of another Group or Person otherwise a score of ZERO will be given to all of the Groups and Students involved.

6) Do Not WAIT until the Last Day to start this Assignment or you will not have enough time to complete the assignment. This Assignment will help you to understand the Accounting Process, Principles, and Fundamentals of Financial Accounting and help in preparation

REQUIRED REPORTS =9 (Prepare and Deliver in The Following Order)

1) Prepare a Cover Page that shows all of the Following.

a) Student Names, Homework #A, Class+Section=Acctg20 Tue+Thur 1pm, Semester=Fall 2020

b) Do NOT Include Bulky Binders or Plastic Covers, Please just include the Pages Stapled in Order

2) Prepare a Table of Contents with the Name of Each Report and the Pages, Example= Journal 1-2

3) Prepare the Accounting Journal

a) Record all Accounting Entries based on the Business Transactions Below.

b) Include 5 Columns: (1)Transaction Number, (2) Date, (3) Account, (4) DEBIT, and (5) CREDIT

c) Include an Explanation for EACH Journal Entry & Show All CALCULATIONS Below the Entry.

d) See Examples on the Website and Chapter 3 Study Guide Solutions.

4) Prepare the General Ledger, T-Accounts.

a) Post all Accounting Transactions from the Journal into the General Ledger (T-Accounts).

b) Make sure to Include the Business Transaction Reference Numbers in the Ledger

i) See Examples in your Book, Study Guide Solutions, and Quiz Solutions on the Website

5) Prepare the Trial Balance with month End Balance

a) 3 Columns as Follows: (1) Account Name, (2) DEBIT Balance (3) CREDIT Balance

b) Prepare the Report with Accounts in Proper Order: Assets, Liabilities, Owners Equity, Revenues, and Expenses. Obtain the numbers For the Trial Balance Directly from the Ledger T-Accounts. 9/10/20202

6) Prepare the Mutiple-Step Income Statement for the Month.

a) Use the Example on the I-Learn Course Website and Chapter 4. Show Every Expense Account.

7) Prepare the Statement of Changes in Owners Equity for the Month.

a) Use the Example on the I-Learn Course Website and Chapter 4 as a Guide.

8) Prepare the BALANCE SHEET at Month END Date.

a) Use the Example on the I-Learn Course Website and Chapter 4 as a Guide.

9) Prepare a Vertical Analysis of Income Statement. (Show your % out to 2 Decimals, example =9.55% )

a) Use the Example on the I-Learn Course Website.

b) Answer the Following Questions Below the Analysis Report.

i) How much of Every Dollar from a Customer does our Business Keep?

ii) What is the Largest Single Expense for our Biz and How much does it Cost per Dollar?

iii) What is the Largest Single Operating Expense and How much does it Cost per Dollar?

BUSINESS TRANSACTIONS for the MONTH of January 2020.

1) Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock.

2) Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months.

3) Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months.

4) Jan-4 JW Corp purchased an Office Building for $600,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank.

5) Jan-5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months.

6) Jan-10 JW Corp paid $4,000 with a check for Business Insurance for this month

.7) Jan-11 JW Corp provided CPA Services to the Gavilan Corp worth $175,000 and Collected $85,000 Cash and Billed them the remainder on Account.

8) Jan-15 JW-Corp received This Months Utility Bill from PGE for $3,000 to be paid Later.

9) Jan-16 JW-Corp received This Months Telephone Bill from Skype for $200 to be paid Later.

10) Jan-17 JW-Corp received a $10,000 check from Gavilan Corp on Account.

11) Jan-20 JW-Corp received a BILL for $15,000 for Legal Fees used this month to be Paid Later.

12) Jan-23 JW-Corp paid $11,000 with Checks for this Months Salaries expenses.

13) Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account.

14) Jan-25 JW-Corp received a $27,000 check from Garlic-Corp for Services to be Provided Later.

15) Jan-26 JW-Corp Paid Target $33,000 with a Check towards the Equipment from Transaction #3.

16) Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from #9.

17) Jan-28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Checks.

18) Jan-29 JW-Corp paid $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable.

19) Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account.

20) Jan-31 JW-Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method.

21) Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method. 9/10/20202

22) Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 34.00% of Net Income.(Ch#4)