Hello, will you please help me with this assignment. Please see document Assig 3 F 17 first for instructions. The document in excell is also part of the assignment.te

Let me know if you have any questions.

I am also attaching the power point for chapter 4.

Acct 5307 Fall 2017 Assignment #3 Due 10/1/17 14 points 1. As I have noted in my powerpoint presentations, the review of the accounting cycle ends with chapter 4. This first requirement essentially covers that review but it mirrors chapter 4 in particular. The problems at the end of chapter 4 should be helpful. Read the attached file for Nelson Company, Inc. a. Use the adjustment data to prepare formal journal entries for any needed adjustments. You may want to use \"T\" accounts as illustrated in your text, however, they will not be graded. Only the journal entries and the ending financial statements (part b below) will be graded. b. Prepare a balance sheet and an income statement for the period after considering your adjustments. 2. Torres, Inc. uses an aged account receivable schedule to estimate its bad debt expenses. They had the following balances for their accounts receivable before any year-end adjustments: (again, my powerpoints and the text problems at the end of the chapter will be helpful) Accounts Receivable Balances Estimated Uncollectible Current $312,000 1% 30 to 60 days overdue $22,000 5% 61 to 90 days overdue $5,000 25% over 90 days overdue $2,000 70% The balance in the Allowance for Doubtful Accounts before adjustments was $3,500. a. Prepare the journal entry to record bad debt expense for the period. b. At the beginning of the next accounting period, the company discovered that one customer had declared bankruptcy and therefore would not pay his account. His balance was $500. Prepare the journal entry to record the \"write-off.\" 3. Jarosek, Inc. was a road construction firm that recently received a contract to construct a bridge in Uvalde, Texas for a total contract price of $2,000,000. The bridge took three years to complete. Project costs and receipts for each of the years were as follows: Year Payments Received Costs Incurred 1 $800,000 $1,000,000 2 $400,000 $200,000 3 $800,000 $300,000 Using the percentage of completion method of accounting for long-term contracts, determine the amount of revenue, expenses and income that the company would recognize in each of the three years? 4. I have posted the financial statements for both Amazon and Walmart. Although the annual reports include a variety of information and promotional materials prepared by the company, find and review the \"audited\" financial statements, not management highlights and/or summaries. Using these statements, for both companies, prepare an analysis of their monetary assets by calculating the current ratio, acid-test ratio, days cash ratio, and the days receivables ratio as outlined in your text. Nelson Company Trial Balance YE 12 31 XX Cash and Equivalents Accounts Receivable Merchandise Inventory Store Equipment Supplies Inventory Prepaid Insurance Selling Expense Sales Salaries Miscellaneous General Expenses Sales Discounts Interest Expense Social Security Tax Expense Total: Debit Balances $ 119,115.00 $ 162,500.00 $ 700,680.00 $ 215,000.00 $ 15,475.00 $ 38,250.00 $ 24,900.00 $ 105,750.00 $ 31,000.00 $ 6,220.00 $ 9,300.00 $ 9,600.00 $ 1,437,790.00 Credit Balances Accumulated Depreciation on Store Equipment Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenues $ $ $ $ $ $ 37,300.00 118,180.00 143,000.00 300,000.00 122,375.00 716,935.00 $ 1,437,790.00 The data for the adjustments are: 1. Cost of merchandise sold, $302,990. 2. Depreciation on store equipment, $12,750. 3. Supplies inventory, Jan. 31, $5,210. (Purchases of supplies during the year were debited to the Supplies Inventory account.) 4. Expired Insurance, $4,660. 5. Interest accrued on notes payable, $3,730. 6. Sales salaries earned but not paid to employees, $3,575. 7. Interest earned on savings accounts, but not recorded,$390. Required: a. Set up T accounts with the balances given above. OPTIONAL b. Journalize your adjusting entries (required) and post them, adding other T accounts as necessary (optional) c. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet. es Inventory account.) Accounting Records & Systems Acct 5307 Accounting For Management Chap Four (4) 1 Record Keeping Fundamentals The double entry accting is a technique, it is tool used by accountants and bookkeepers Designed to eliminate errors in the years before computers Even after computers, the programming imitated the manual accting Eliminating errors & internal control was still paramount concern Now database systems 2don't The Account This is simply a place to keep track of changes to the \"account balances\" For illustration purposes, we use the \"T\" accts in class and textbooks. Again it is simply based on the old Debits on the left out of simply convention Credits on the right totally arbitrary Example of T acct page 87 3 Manual and Computer Systems Old Manual systems, an account was one page in a big book (binder) The binder was termed a ledger Example Traditional accounting programs look much the same Low-end bookkeeping programs Quickbooks, Peachtree Ilustration4 Enterprise Resource Planning ERP Systems Integrated information systems for the entire company The accounting system integrates with the sales system, customer service, human resources, Some companies even integrate with their outside suppliers and their outside customer's systems. All employees use a single common database increased5 access ERP cont High-end (expensive and complicated) software from firms such as SAP, PeopleSoft, Oracle, JD Edwards, BAAN Many horrible war-stories about the years and costs to implement these systems Hersheys, Waste Management, Inc. Now have many \"Midlevel\" ERP software offerings Remember that the nomenclature in high-tech is often based on marketing Capabilities are often oversold, and costs are undersold Mid-level==more than 100 employees and sales of $10 million 6 Permanent vs Temporary Accts The revenue and expense accounts are known as \"temporary\" accts because they are \"closed out\" to retained earnings at the end of each year Debits= Credits Revenues increase retained earnings, expenses decrease retained earnings Revenues are normally credits, expenses are normally debits 7