I can?t find the answers to this version of my BUS 591 class. The other versions I?ve found have different numbers and or journal entries so I?m not sure if my answers are correct. Can anyone help? The problems are found in Financial Accounting: Tools for Business Decision Making 7th Edition by Paul D. Kimmel.

Final Project Instructions and Templates Name: ___________________________________ Final Project Due by Day 7 of Week 6 This project is worth _20_ points MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW. It is recommended that you complete the non-graded requirements for additional practice All of the templates you need for the project are located in this Workbook. The instructions and data for the problem is in your Textbook (the "Continuing Cookie Chronicle" at the end of the chapter). Use the arrow buttons (lower left corner of the window) to navigate through the tabs. Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project Requirements Week One Chapter 1 and 2 "Continuing Cookie Chronicle" - Review the problem and make notes of your answers. Week Two Chapter 3, Part A, prepare journal entries to record the November transactions Chapter 3, Part B, post the journal entries to the general ledger accounts Chapter 3, Part C, prepare a trial balance at November 30, 2014 Week Three Chapter 4, Part A, journalize the transactions Chapter 4, Part B, post the December transactions to the general ledger accounts Chapter 4, Part C, prepare a trial balance at December 31, 2014 Chapter 4, Part D, prepare and post adjusting journal entries for December Chapter 4, Part E, prepare adjusted trial balance at December 31, 2014 Chapter 4, Part F, prepare an income statement, retained earning statement and balance sheet Chapter 4, Part G, prepare and post closing entires as of December 31, 2014 Chapter 4, Part H, prepare a post-closing trial balance Week Six Chapter 13 - Part A, prepare a horizontal and vertical analysis Chapter 13 - Part B, Calculate several financial ratios as indicated Sheet in Workbook Chapter 1 & 2 Notes (PRACTICE) Journal Entries General Ledger Trial Balance (PRACTICE) (PRACTICE) (PRACTICE) Journal Entries General Ledger Trial Balance Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries Post Closing TB (GRADED) (GRADED) (GRADED) (GRADED) (GRADED) (GRADED) (GRADED) (GRADED) Horiz. & Vert. Analysis Financial Ratios (GRADED) (GRADED) Make any notes from Chapters 1 or 2 here. NOTE: These notes will NOT be included in your grade for the project. They are for your own reference. Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle. NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions"). a) Prepare journal entries to record the November transactions Date General Journal Description(Account Name) Debit Credit This sheet will be used for Part B of Chapter 3. NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions") b) Post the journal entries to the following general ledger accounts and compute the account balances Cash Equipment Accounts Receivable Website Accounts Payable Supplies Unearned Service Revenue Prepaid Insurance Notes Payable Common Stock Servcice Revenue Utilities Expense Part C (Chapter 3) c) Prepare a trial balance for November 30, 2014 NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions") Cookie Creations, Inc. Trial Balance November 30, 2014 Debit Total Credit 0 0 *Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calculations and entries. Use the following template for the journal entries from Chapter 4: Continuing Cookie Chronicle. a) Prepare journal entries to record the December transactions. NOTE: This sheet WILL be graded when you submit your assignment. Date General Journal Description (Account Name) Debit Credit This sheet will be used for Part B of Chapter 3. REQUIREMENT #2: Post the journal entries to the following general ledger accounts and compute the account balances. NOTE: This sheet WILL be graded when you submit your assignment. Cash Dividends Unearned Service Revenue Retained Earnings Accounts Receivable Income Summary Supplies Expense Amortization Expense Service Revenue Supplies Utilities Expense Prepaid Insurance Salaries & Wages Expense Equipment Accumulated Depreciation Equipment Website Insurance Expense Interest Expense Accounts Payable Depreciation Expense Interest Payable Notes Payable Common Stock Salaries & Wages Payable Part C (Chapter 4) NOTE: This sheet WILL be graded when you submit your assignment. c) Prepare a trial balance for December 31, 2014. Cookie Creations, Inc. Trial Balance December 31, 2014 Debit Total Credit 0 0 *Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calculations and entries. Chapter 4, Part D: Prepare and post adjusting entries for December. NOTE: This part WILL be graded when you submit your assignment to the instructor. Date General Journal Description (Account Name) Debit Credit Chapter 4, Part E: Prepare an adjusted trial balance. Note: This part WILL be graded when you submit your assignment to the instructor. Cookie Creations Inc Adjusted Trial Balance December 31, 2014 0 0 *Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calculations and entries. Chapter 4, Part F: Prepare financial statement. Note: This part WILL be graded when you submit your assignment to the instructor. You will only be preparing the income statement, statement of retained earning and the balance sheet. Cookie Creations, Inc. Income Statement For the Month Ending December 31, 2014 Revenues: Cookie Creations Statement of Retained Earnings For the Month Ending December 31, 2014 Retained Earnings, December 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, December 31 Operating Expenses: Cookie Creations Balance Sheet December 31, 2014 Current Assets Total Current Assets Property, Plant & Equipment 0 Intangible Assets Total Operating Expenses Net Income 0 $ - Total Assets 0 Liabilities & Stockholder's Equity Total Current Liabilities Long- Term Liabilities 0 Total Liabilities Stockholder's Equity 0 Total Stockholder's Equity Total Liabilities & Stockholder's Equity 0 - *Remember, assets and liabilities MUST be the same amount. If they are different, then there is an error somewhere. Double-check your calculations and entries. $ Chapter 4 - Part G: Prepare closing entries. Note: This part WILL be graded when you submit your assignment to the instructor. Hint: Use the balances for each account which appear on the adjusted trial balance for your closing entries. Date General Journal Description (Account Name) Debit Credit Chapter 4 - Part H: Prepare post-closing trial balance. Note: This part WILL be graded when you submit your assignment to the instructor. Cookie Creations, Inc. Post-Closing Trial Balance December 31, 2014 Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis Note: This part WILL be graded when you submit your assignment to the instructor Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2013 as a base year (which is a continuation of the Co Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 1 COOKIE & COFFEE CREATIONS INC. Income Statement For the Year Ended October 31 Sales Cost of goods sold Gross profit Operating expenses Salaries & wages expense Depreciation expense Other operating expenses Total operating expenses Income from operations Other expenses Interest expense Loss on sale of computer equipment Total other expenses Income before income tax Income tax expense Net income 2014 $485,625 222,694 262,931 2013 $462,500 208,125 254,375 147,979 17,600 48,186 213,765 49,166 146,350 9,100 42,925 198,375 56,000 413 0 2,500 2,913 46,253 9,251 $37,002 Horizontal Difference Analysis 0 0 56,000 14,000 $42,000 Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2014 and 2013 COOKIE & COFFEE CREATIONS INC. Income Statement For the Year Ended October 31 Vertical 2014 Analysis $485,625 222,694 262,931 Sales Cost of goods sold Gross profit Operating expenses Salaries & wages expense Depreciation expense Other operating expenses Total operating expenses Income from operations Other expenses Interest expense Loss on sale of computer equipment Total other expenses Income before income tax Income tax expense Net income 2013 $462,500 208,125 254,375 147,979 17,600 48,186 213,765 49,166 146,350 9,100 42,925 198,375 56,000 413 0 2,250 2,663 46,253 9,251 $37,002 0 0 56,000 14,000 $42,000 Vertical Analysis Continuing Cookie Chronicle) 13 (week 6) for assistance in completing this tab. Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below. Note: This part WILL be graded when you submit your assignment to the instructor Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completin Instructions: Using the financial statements below, compute the following ratios for 2014 only: Current Ratio, Debt to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder's Equity. Enter your computations in the yellow boxes following the format in the example. COOKIE & COFFEE CREATIONS INC. Income Statement For the Year Ended October 31 EXAMPLE: Name of Ratio Ratio 2014 $485,625 222,694 262,931 Sales Cost of goods sold Gross profit Operating expenses Salaries & wages expense Depreciation expense Other operating expenses Total operating expenses Income from operations Other expenses Interest expense Loss on sale of computer equipment Total other expenses Income before income tax Income tax expense Net income 147,979 17,600 48,186 213,765 49,166 2013 $462,500 208,125 254,375 146,350 9,100 42,925 198,375 56,000 413 0 2,500 2,913 46,253 9,251 $37,002 0 0 56,000 14,000 $42,000 COOKIE & COFFEE CREATIONS INC. Balance Sheet October 31, 2012 Assets Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts Payable Income taxes payable Salaries payable Interest payable Note payable - current portion Note payable - long-term portion Preferred stock, no par, $6 cumulative - 3,000 and 2,800 shares issued, respectively Common stock, $1 par - 25,180 shares issued Additional paid-in capital - treasury stock Retained earnings Total liabilities and stockholders' equity = Your Answers (2014): Current Ratio = = Debt to Total Assets = = Gross Profit Rate = = Profit Margin = = Return on Assets = = Return on common Stockholder's Equity = = 1,234 1,234 = NOTE: Dividends on preferred stock were $18,000 in 2014 2014 2013 $ 22,324 $ 5,550 3,250 2,710 7,897 7,450 5,800 6,050 102,000 75,500 (25,200) (9,100) $ 116,071 $ 88,160 $ 9,251 27,000 7,250 188 4,000 6,000 15,000 25,180 250 20,802 116,071 $ 7,200 27,000 1,280 0 0 0 14,000 25,180 250 10,800 88,160 1.00 ng this tab. Final Project Grading Rubric - 20 points total (20% of overall course grade) Criteria Parts: Excellent 90% to 100% Good 70% to 89% Part A & B - Journal Entries (4pts) Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. Chapter 4 Part C - Unadjusted Trial Balance. (1pt) Posting is correct leading to Posting is mostly correct an accurate trial balance. leading to a mostly correct trial balance. Posting has several errors Posting is done poorly or not at all, leading to a trial balance with leading to inaccurate or no trial several errors. balance. Chapter 4 Part D - Adjusting Journal Entries (2pts) Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Chapter 4 Part E - Posted Adjusted Posting is correct leading to Posting is mostly correct Trial Balance. (2pts) an accurate trial balance. leading to a mostly correct trial balance. Posting has several errors Posting is done poorly or not at all, leading to a trial balance with leading to inaccurate or no trial several errors. balance. Chapter 4 Part F - Financial Statements (4pts) Two of three Financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. One of three Financial One or fewer of three Financial Statements are prepared Statements are prepared accurately accurately and mostly in an and mostly in an appropriate format, appropriate format, two three or all statements have some statements have some errors. errors. Chapter 4 Part G - Closing Journal Journal Entries use accurate Entries (2pts) accounts and amounts; and debits and credits are used correctly. Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Chapter 4 Part H- Posted and Post-closingTrial Balance. (1pt) Chapter 13 Horizontal & Vertical Analysis (2pts) Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Posting is correct leading to Posting is mostly correct an accurate trial balance. leading to a mostly correct trial balance. Horizontal and Vertical analysis is 90% to 100% correct Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Very Poor Less than 50% Chapter 4 All three Financial Statements are prepared accurately and in an appropriate format. Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Poor 50% to 69% Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. Posting has several errors Posting is done poorly or not at all, leading to a trial balance with leading to inaccurate or no trial several errors. balance. Horizontal and Vertical Horizontal and Vertical analysis is 70% to 89% correct analysis is 50% to 69% correct Horizontal and Vertical analysis has less than 50% correct answers. Chapter 13 Financial Ratios (2pts) All ratios are properly There are more than four errors in calculated with none or only Most of the ratios are the calculation of the financial ratios. one ratio being incorrect. properly calcluated with only There are three or four errors two or three ratios being in the calculation of financial incorrect. ratios Solutions for the Practice Exercise (From Chapter 3 of Continuing Cookie Chronicles) Solutions a) Prepare journal entries to record the December transactions. Date General Journal Description (Account Name) Nov. 8 No journal entry required Nov. 8 Cash Common Stock Credit No journal entry required Nov 8. Debit Nov. 11 Nov. 14 Nov. 15 Nov. 16 Nov. 17 500 500 Supplies Cash 95 Supplies Cash 125 Equipment Common Stock 300 Cash Notes Payable Equipment Cash Nov. 18 Cash Unearned Service Revenue 125 300 2,000 2,000 900 900 No journal entry required Nov. 25 95 Nov. 29 Nov. 30 Nov. 30 Nov. 30 Nov. 30 60 60 Cash Service Revenue 100 Website Accounts Payable 600 Prepaid Insurance Cash 100 600 1,200 1,200 Accounts Receivable Servcie Revenue 300 Utilities Expense Accounts Payable 50 Total 300 50 6,230 6,230 This sheet will be used for Part B of Chapter 3. Solutions Post the journal entries to the following general ledger accounts and compute the account balances. Cash Nov. 8 500 Nov. 11 Nov. 16 2,000 Nov. 14 Nov. 25 60 Nov. 17 Nov. 29 100 Nov. 30 Nov. 30 Bal. 340 95 125 900 1,200 Accounts Receivable Nov. 30 300 Nov. 30 Bal. 300 Accounts Payable Nov. 30 600 Nov. 30 50 Nov. 30. Bal 650 Unearned Service Revenue Nov. 25 60 Nov. 30. Bal. 60 Notes Payable Nov. 16 2,000 Nov. 30. Bal. 2,000 Service Revenue Nov. 29 100 Nov. 30 300 Nov. 30 Bal. 400 Equipment Nov. 15 300 Nov. 17 900 Nov. 30 Bal 1,200 Website Nov. 30 600 Nov. 30 Bal. 600 Supplies Nov. 11 95 Nov. 11 125 Nov. 30 Bal 220 Prepaid Insurance Nov. 30 1,200 Nov. 30 Bal. 1,200 Common Stock Nov. 8 500 Nov. 15 300 Nov. 30. Bal 800 Utilities Expense Nov. 30 50 Nov. 30 Bal. 50 Part C (Chapter 3) Solutions Prepare a trial balance for November 30, 2014. Cookie Creations, Inc. Trial Balance November 30, 2014 Debit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Website Accounts Payable Unearned Service Revenue Notes Payable Common Stock Service Revenue Utilities Expense Total *Note that debits equal credits. $ Credit 340 300 220 1,200 1,200 600 $ $ 50 3,910 $ 650 60 2,000 800 400 3,910