help with Acc 201

Summary Report After you have completed preparing all the financial statements, analyze the statements and write a short report summarizing your findings. Use the template provided in the What to Submit section to complete your report. 4. Summary: Write a summary of what the financial statements indicate about the company's financial health and performance. A. Purpose: What kind of information would these financial statements provide to various aspects of the business? B. Analysis: What is the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position? A B D 1 2 A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx 3 4 5 6 7 8 9 10 11 12 Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Unadjusted Trial Balance Debit Credit 51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 208.33 600.00 550.00 6,000.00 7,000.00 480.00 150.0/ 10,000.0 30,000.00 10,000.00 13 14 15 16 17 18 19 20 21 22 Total 86,412.40 47,630.00 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 ing Entries Post-Closing Trial Balance + B D E F G H O chart of accounts should help you identify che appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to completes this app this is simnly a resource for ou Asset Accounts Equity Accounts Acct # 201 Common Stock 202 Dividends 203 Cost of Goods Sold 204 Acct # 301 302 303 Liability Accounts Acct # 101 Notes Payable 102 Accounts Payable 103 Wages Payable 104 Interest Payable 105 105 106 107 108 109 Cash Baking Supplies Prepaid Rent Prepaid Insurance Baking Equipment Office Supplies Accounts Receivable Accumulated Depreciation Merchandise Inventory Revenue Accounts Acct # Bakery Sales Merchandise Sales 401 402 Expense Accounts Baking Supplies Expense Rent Expense Insurance Expense Misc. Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Office Supplies Expense Acct # 501 502 503 504 505 506 507 508 509 510 511 A Company General Journal Entries October, 20xx Date Accounts Debit Credit 25,000.00 1-OctCash Common Stock 25,000.00 8,500.00 1-Oct Baking Supplies Accounts Payable 8,500.00 10,000.00 3-OctCash Notes Payable 10,000.00 1,500.00 7-OctPrepaid Rent Cash 1,500.00 375.00 10-Oct Business License Expense Cash 375.00 11-Oct Misc. Expense 250.00 Cash 250.00 5,000.00 13-OctBaking Equipment Common Stock 5,000.00 200.00 13-Oct | Advertising Expense Cash 200.00 300.00 14-Oct Office Supplies Cash 300.00 30-Oct Telephone Expense 75.00 Cash 75.00 1,200.00 31-OctPrepaid Insurance Cash 1,200.00 120.00 31-OctWages Expense Wages Payable 120.00 31-OctCash 10,000.00 5,000.00 Accounts Receivable Bakery Sales 15,000.00 Total 67,520.00 67,520.00 B C D A Company General Journal Entries November, 20xx Date Accounts Debit Credit 120.00 5-Nov Wages Payable Cash 120.00 8-NovCash 3,800.00 Accounts Receivable 3,800.00 75.00 10-Nov Accounts Payable Cash 75.00 5,000.00 15-Nov Baking Supplies Accounts Payable 5,000.00 480.00 15-Nov Wages Expense Wages Payable 480.00 1,500.00 15-Nov Rent Expense Cash 1,500.00 1,000.00 18-NovCash Accounts Receivable 1,000.00 8,500.00 20-Nov Accounts Payable Cash 8,500.00 480.00 20-Nov Wages Payable Cash 480.00 300.00 22-Nov Office Supplies Cash 300.00 30-N O Hephone Expense ccounts Payable 75.00 420.00 30-Nov Wages Expense Wages Payable 420.00 30-Nov Cash Accounts Receivable Bakery Sales 12,500.00 7,500.00 20,000.00 Total 41,750.00 41,750.00 2 B D 1 2 3 4 A Company General Journal Entries December, 20xx 5 Date Accounts Debit Credit 6 10,000.00 1-Dec Dividends Cash 7 10,000.00 8 9 420.00 5-DecWages Payable Cash 420.00 10 11 12 60.00 7-Dec Merchandise Inventory Cash 60.00 13 14 15 4,000.00 8-Dec Cash Accounts Receivable 4,000.00 76 17 78 75.00 10-Dec Accounts Payable Cash 19 75.00 7,000.00 11-Dec Baking Supplies Accounts Payable 7,000.00 5,000.00 20 21 22 23 24 25 26 27 28 29 13-Dec Accounts Payable Cash 5,000.00 456.00 15-Dec Wages Expense Wages Payable 456.00 30 1,500.00 15-Dec Rent Expense Cash 1,500.00 31 32 33 68.00 15-Dec Cash Merchandise Sales 84 68,00 35 12.00 15-Dec Cost of Goods Sold Merchandise Inventory 12.00 36 37 38 39 40 41 42 456.00 20-DecWages Payable Cash 456.00 122.00 20-Dec Cash Merchandise Sales 43 122.00 14 153.00 24-Dec Cost of Goods Sold Merchandise Inventory 153.00 45 46 47 48 49 50 109.60 24-Dec Merchandise Inventory Cash 109.60 151.25 30-Dec Cash Merchandise Sales 151.25 51 52 53 54 480.00 31-Dec | Wages Expense Wages Payable 55 480.00 56 57 31-Dec Cash Accounts Receivable Bakery Sales 19,000.00 6,000.00 58 59 50 25,000.00 51 Total 55,062.85 55,062.85 52 33 date date Cash 000.00 000.00 Notes Payable ##### | date 3-Oct Business License exp 375.00 10-Oct Common Stock 25,000 5.000 1-Oct 13-Oct 7-Oct 10-Oct 30,000 375.00 250.00 200.00 300.00 1,200.00 11-Oct 13-Oct 14-Oct 31-Oct --Oct 10,000.00 120.00 5-Nov Nov 3,800.00 75.00 10-Nov -Nov 1,000.00 1,500.00 8,500.00 480.00 300.00 15-Nov 20-Nov 20-Nov Insurance expense 22-Nov 8 Nov -Nov 12,500.00 Accounts Rec 31-Oct 5,000.00 3,800.00 1,000.00 30-Nov 7,500.00 4,000.00 31-Dec 6,000.00 18-Nov ##### 420.00 60.00 1-Dec 5-Dec 7-Dec 8-Dec -Dec 4,000.00 8800 75.00 5,000.00 1,500.00 10-Dec 13-Dec 15-Dec 18500 9700 -Dec 68.00 456.00 20-Dec 122.00 20-Dec -Dec 153.00 151.25 30-Dec -Dec 19,000.00 85,521.00 54,436.75 ##### Misc. expense 250.00 Baking equipment 13 Oct 5,000.00 Advertising expense 200.00 Oct 13-Oct -Oct -Nov -Dec Baking supplies 8,500.00 5,000 7,000 14-Oct 22 Nov Office supplies 300.00 300 7-Oct 15-Nov 15-Dec Rent expense 1,500 1,500 1,500 20,500.00 600.00 4,500 Prepaid rent Bakery Sales Prepaid insurance 1,200 Oct 31-Oct 15,000 31-Oct 30-Nov 31-Dec 25,000 40,000 Accounts payable 8,500.00 75.00 75 1-Oct 31-Oct 5-Nov Salary and wages expense 120 480 420 456 480 31-Oct 15-Nov 30-Nov 15-Dec 31-Dec -Nov 5,000.00 15-Nov 20-Nov Salaries and wages payable 120 31-Oct 120 480 15-Nov 480 420 420 456.00 15-Dec 456 480.00 31-Dec -Nov 30-Nov 30-Nov 5-Dec -Dec 1,956 11-Dec 20-Dec -Dec 8,500 75.00 75 7,000.00 5,000 13,650 20,650 7,000 Telephone expense 75 75 1,476 -Oct Nov 1,956.00 480.00 150 Dividends 1-Dec 10,000 10,000 COGS 15-Dec 12.00 24-Dec 109.60 -Oct -Nov -Dec Baking supplies 8,500.00 5,000 7,000 14-Oct 22. Nov Office supplies 300.00 300 7-Oct 15-Nov 15-Dec Rent expense 1,500 1,500 1,500 20,500.00 600.00 4,500 Prepaid rent Prepaid insurance 1.200 Bakery Sales -Oct 31-Oct 15,000 31-Oct 30-Nov 31-Dec 25,000 40,000 1-Oct 31-Oct 5-Nov Salary and wages expense 120 480 420 456 480 31-Oct 15-Nov 30-Nov 15-Dec 31-Dec -Nov 15-Nov 20-Nov Salaries and wages payable 120 31-Oct 120 480 15-Nov 480 420 30-Nov 420 456.00 15-Dec 456 480.00 31-Dec -Noy 30-Nov 5-Dec Accounts payable 8,500.00 75.00 75 5,000.00 8,500 75.00 75 7,000.00 5,000 13,650 20,650 7,000 Telephone expense 75 75 -Dec 1,956 11-Dec 20-Dec -Dec -Oct Nov 1,476 1,956.00 480.00 150 Dividends 10,000 1-Dec 10,000 15-Dec 24-Dec COGS 12.00 109.60 121.60 Merchandis 68.00 153.00 15-Dec 24-Dec 3 5 5 T 221.00 B 15-Dec Merch. Inv. FIFO 7-Dec 60.00 12.00 20-Dec 122.00 109.60 30-Dec 151.25 333.25 121.60 211.65 24-Dec $ 5 5 B . 3 B 3 x oc D E F F G H 1 K L M N O P FIFO Purchases No. of Items Unit Price Total Price 10 $ 6.00 S 60.00 No. of Items Sales Total Unit Price Price Ending Inventory No. of Items Unit Price Total Price 10 $ 6.00 $ 60.00 Date Cr Date 7-Dec Dr 60.00 7-Dec Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 15-Dec 8 $ 6.00 $ 48.00 2 $ 6,00 $ 12.00 20-Dec 20 $ 6.10 $ 122.00 68.00 2 20 22 $ 6.00 $ 6.10 $ 12.00 $ 122.00 $ 134.00 15-Dec Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 24-Dec 48.00 2 $ 6.00 16 $ 6.10 18 $ 12.00 $ 97.60 $ 109.60 4 $ 6.10 $ 24.40 15-Dec Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 30-Dec 25 $ 6.05 $ 151.25 122.00 4 $ 6.10 25 $ 6.05 29 $ 24.40 $ 151.25 $ 175.65 20-Dec Merchandise Inventory (20 x $6.10 ) Cash 122.00 Net Invento 55 $ 333.25 26 $ 157.60 29 $ 175.65 153.00 24-Dec Cash (18 x 8.50) - Merchandise Sales Revenue Record sale of inventory 153.00 109.60 24-Dec Cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 151.25 30-Dec Merchandise Inventory (25 x $6.05) Cash 151.25 O=0 B E F G H Adjusting entries Debit Credit A Company Trial Balance 20xx Unadjusted trial balance Debit Credit 51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 19,400.00 200.00 208.33 550.00 600.00 9,700.00 10,000.00 150.00 7,000.00 480.00 30,000.00 Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS Adjusted trial balance Debit Credit 51,436.75 1,100.00 175.65 1,500.00 1,000.00 5,000.00 208.33 50.00 9,700.00 10,000.00 150.00 7,000.00 480.00 30,000.00 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 10,000.00 60,000.00 221.00 19,400.00 19,400.00 150.00 150.00 200.00 208.33 550.00 375.00 200.00 1,956.00 150.00 157.60 Total: 102,951.00 107,701.00 40,058.33 20,508.33 168,280.33 47,838.33 1 2 3 4 A Company Adjusting Journal Entries 20XX Credit 5 6 7 Debit 208.33 6 208.33 20 150.00 9 150.00 Date Accounts 31-Dec Depreciation Expense Accumulated Depreciation 31-Dec Interest Expense Interest Payable 31-Dec Insurance Expense Prepaid Insurance 31-Dec Baking Supplies Expense Baking Supplies 31-Dec Office Supplies Expense Office Supplies 200.00 8 9 10 11 12 13 14 15 200.00 19,400.00 19,400.00 550.00 550.00 16 17 18 19 20 21 20,508.33 20,508.33 22 23 24 25 26 27 28 33% x Misc. Expense A B Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense 550.00 375.00 200.00 1,956.00 150.00 Total Operating Expenses: 27,939.33 Net Income 32,124.07 LAPense A B 1 2 A Company Income Statement For Qtr. Ending 12/31/20XX 3 4 5 6 Revenues Bakery Sales Merchandise Sales Total Revenues 7 60,000.00 221.00 60,221.00 8 9 Cost of Goods Sold 157.60 60,063.40 15 10 Gross Profit 11 12 Operating Expenses: 13 Baking Supplies Expense 14 Rent Expense Interest Expense Insurance Expense 17 Depreciation Expense 18 Visc. Expense 19 Office Supplies Expense 20 Business License Expense 21 Advertising Expense 22 Wages Expense 23 Telephone Expense 24 19,400.00 4,500.00 150.00 200.00 208.33 250.00 16 550.00 375.00 200.00 1,956.00 150.00 25 26 27 28 29 30 Total Operating Expenses: 27,939.33 31 32 Net Income 32,124.07 33 34 B D E A Company Statement of Stockholder's Equity For Qtr. Ending 12/31/20xx Common Stock Retained Earnings Total Beginning Balances, September 30 0 0 0 Issued Common Stock 30,000.00 30,000.00 Net Income 32,124.07 32,124.07 Dividends 10,000.00 10,000.00 Ending Balances, December 31: 30,000.00 22,124.07 52,124.07 1 2 3 1 5 5 - 3 B C D E F G A Company Balance Sheet As of December 31, 20XX Assets Current Assets: Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Office Supplies Accounts Receivable Total Current Assets Liabilities and Owners' Equity Current Liabilities: Interest Payable Accounts Payable Wages Payable Total Current Liabilities 150.00 7,000.00 480.00 7,630.00 51,436.75 1,100.00 175.65 1,500.00 1,000.00 50.00 9,700.00 64,962.40 Long Term Liabilities: Notes Payable Total Long Term Liabilities: 10,000.00 10,000.00 Total Liabilities: 17,630.00 Shareholder's Equity: Common Stock Dividends 30,000.00 -10000 Non-Current Assets: Baking Equipment Accumulated Depreciation Baking Equipment (Net) 5,000.00 (208.33) 4,791.67 Total Equity 20,000.00 Total Assets: 69,754.07 Total Liabilities & Equity 37,630.00 4 A B C D E F G H 1 2 3 A Company Closing Entries Qtr ending 12/31/20xx 4 5 6 Accounts Debit Credit Date 31-Dec 7 8 221.00 Merchandise Sales Retained Earnings 221.00 9 10 11 28,096.93 12 13 14 15 19,400.00 4,500.00 1,956.00 550.00 375.00 16 17 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 18 19 20 208.33 200.00 200.00 150.00 150.00 157.60 21 22 23 24 25 10,000.00 31-Dec Retained Earnings Dividends 26 10,000 27 O-C 28 29 30 31 A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx Unadjusted Trial Balance Credit Debit 51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings 208.33 550.00 600.00 6,000.00 7,000.00 480.00 150.6. 10,000.C 30,000.00 10,000.00 Total 86,412.40 47,630.00