Need balance sheet completed
Cycle Project Directions - Word Mailings Review View Help Acrobat EEEEE ALI AaBbccbd AaBbceDd AaBbCcDc AaBbcc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Find Replace Select Title Create and Shal Adobe PDF Paragraph 15 Styles Editing Adobe A Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer!) Company Information Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software. To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued shares were sold at $10 per share. A building and furnishings were purchased at the start of the year. The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on the 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations. Project Requirements - Al 1 AaBbCcDd AaBbCcDd AaBbCcDc AaBbcc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Title e Replace Select Editing Create Ada Paragraph Styles Project Requirements 1. Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/xx-Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 12/05/xx-Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. BUSA 201 Introduction to Financial Accounting Accounting Cycle Project I 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/xx- Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx- Purchased 20 units of Inventory on Account, $2,400 12/14/xx-Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 12/16/vw. Daid amninusarealan for har 1.15 Oh Mailings Review View Help Acrobat c. 1 No Spac... Heading 1 Heading 2 Find Se Replace Select 1 Normal Title Create and Share Regu Adobe PDF Signal Adobe Acrobat Paragraph Styles Editing 12/08/xx-Purchased Supplies for $800 cash 12/10/xx-Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx-Purchased 20 units of Inventory on Account, $2,400 12/14/xx-Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 12/16/xx- Paid employees salary for Dec. 1-15 12/17/xx- Provided Accounting Service on Account, $6,000 12/19/xx-Sold 10 units of Inventory on Account, $3,000 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/22/xx-Received $2,500 payment on Account 12/23/xx-Made payment on Account, $2,500 12/24/xx-Received and paid monthly Utility bills, $850 12/27/xx Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xx- Issued 1,000 shares of Common Stock at $15 per share 12/31/xx-Declared dividends of $1.50 to outstanding shareholders as of 12/31/XX. Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx-Depreciation on Building, use SL method (calculate for entire year) 12/31/xx-Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx-Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx-Depreciation on Building, use Sl method (calculate for entire year) 12/31/xx Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx. Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 12/31/xx- Inventory count shows 33 units, some damaged units were disposed of during the month 12/31/xx-$500 of advance payment was earned in December 12/31/xx- Uncollectible Account expense for December 5. Prepare an Adjusted trial balance to verify debits equal credits at the end of the month 6. Prepare the 3 main financial statements for the year ending December 31, 20xx. I File Home Insert Calibri ' ' EE 29 Wrap Text Xcut Le Copy Format Painter Paste IHI $ % 8-9 Merge & Center BIU Conditional Format as Cell Formatting Table Styles Styles Number Font Alignment Clipboard G10 X 7900 E 6 Cash 7 Accounts Receivable 8 Allowance for Unc. Accounts 9 Supplies 10 Inventory 11 Building 12 Accumulated Depreciation Building 13 Furnishing 14 Accumulated Depreciation. Furnishings 15 Office Equipment 16 Accumulated Depreciation Off Equip 17 Accounts Payable 18 Unearned Service Revenue 19 Salary Payable 20 Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnings 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repairs & Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 Utilities Expense 32 Cost of Goods Sold 33 Salary Expense 34 Total Chart of Accounts $ 185,695.00 Correct S 20,825.00 Correct $ 1,344.00 Correct $ 2,800.00 Correct $ 4,700.00 Correct $ 140,000.00 Correct $ S Correct $ 30,000.00 Correct $ S Correct S 4,800.00 Correct $ $ Correct $ 5,625.00 Correct 2,000.00 Correct $ $ Correct $ 31,500.00 Correct $ 21,000.00 Correct $ 268,361.00 Correct S 8,500.00 Correct $ 124,700.00 Correct $ 24,000.00 Correct $ 7,839.00 Correct $ Correct $ 10,567.00 Correct $ 3,560.00 Correct $ 1,344.00 Correct $ 6,276.00 Correct $ 10,900.00 Correct $57.724.00 Correct $ 487,030.00 $ 487,030.00 Journal Ledger Trial Balance D F G H $ $ Correct $ 185,695.00 $ $ Correct $ 20,825.00 $ $ 42.00 Incorrect amount $ $ 1,175.00 Correct $ $ 7,900.00 incorrect amount S Correct $ $ 6,500.00 Correct $ $ Correct $ $ 12,000.00 Correct $ $ Correct $ $ 200.00 Correct S $ Correct $ 500.00 $ Correct S $ 2,500.00 Correct $ $ Correct $ $ Correct $ $ Correct S $ Correct S $ 500.00 Correct S $ Correct $ $ Correct $ 18,700.00 $ Correct S $ Correct S 1,175.00 $ Correct $ 1,104.00 $ Incorrect amount $ $ Correct $ 80.00 $ Incorrect amount $ 2,500.00 $ Correct $ 24,059.00 S 30,817.00 Income Stmt $ 206,520.00 Simt of RE Balance Sheet Instructor interface $ B5 B D A 1 HAMPTON ACCOUNTING SERVICE INC. 2 Income Statement 3 For the Year Ending December 31, 2020 4 5 Service Revenue 6 Sales Revenue 7 Net Revenue $ 8 Cost of Goods Sold 9 Gross Profit $ 10 Operating Expenses 11 Advertising Expense 12 Depreciation Expense 13 Repairs & Maintenance 14 Supplies Expense 15 Uncollectible Accts Expense 16 Utilities Expense 17 Salary Expense 18 Total Operating Expense $ 19 Net Income $ 20 21 $ 22 23 $ 185,695.00 $ 20,825.00 $ 20,825.00 4,400.00 $ 1,175.00 $ $ 212,095.00 5 Us B 9 $ 140,000.00 6,500.00 $ 133,500.00 $ 30,000.00 $ 12,000.00 $ 18,000.00 4,800.00 S 200.00 $ 4,600.00 $ A Cash Accounts Receivable Less: Allowance for Unc. Accounts Inventory supplies Total Current Assets Long-Term: Building Less: Accumulated Depreciation-Building Furnishings 0 Less: Accumulated Depreciation Gurnishings Office Equipment 2 Less: Accumulated Depreciation Off. Equip. 23 Total Long-term Assets 24 Total Assets 25 26 Liabilities 27 Current: 28 Accounts Payable 29 Unearned Service Revenue 30 Salary Payable 31 Dividends Payable 32 Total Current Liabilities 33 Stockholders Equity 34 Common Stock, $1 par value 35 Additional Paid in Capital 36 Retained Earnings 37 Total Liabilities & Stockholders Equity S 156,100.00 $368,195.00 Incorrect amount $ 5,625.00 $ 1,500.00 S 2,500.00 $ 31,500.00 $ 41,125.00 $ 21,000.00 $ 268,361.00 S 8,500.00 $ 338,986.00 Incorrect amount Cycle Project Directions - Word Mailings Review View Help Acrobat EEEEE ALI AaBbccbd AaBbceDd AaBbCcDc AaBbcc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Find Replace Select Title Create and Shal Adobe PDF Paragraph 15 Styles Editing Adobe A Dear Newbie, Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get familiar with what you are going to be doing here is to throw you right in, so we are asking you to start working on the books for us right away. For this project you will complete Hampton's entire accounting cycle. You will be required to record entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements. Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of the work will be completed in the provided Excel workbook (make sure you save the file on to your computer!) Company Information Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software. To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued shares were sold at $10 per share. A building and furnishings were purchased at the start of the year. The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on the 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations. Project Requirements - Al 1 AaBbCcDd AaBbCcDd AaBbCcDc AaBbcc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Title e Replace Select Editing Create Ada Paragraph Styles Project Requirements 1. Opening balances- The opening balances for select accounts are provided in the appropriate ledger accounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/xx-Purchased 10 Units of Software on Account for $1,300 12/02/xx-Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 12/05/xx-Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. BUSA 201 Introduction to Financial Accounting Accounting Cycle Project I 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/xx- Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx- Purchased 20 units of Inventory on Account, $2,400 12/14/xx-Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 12/16/vw. Daid amninusarealan for har 1.15 Oh Mailings Review View Help Acrobat c. 1 No Spac... Heading 1 Heading 2 Find Se Replace Select 1 Normal Title Create and Share Regu Adobe PDF Signal Adobe Acrobat Paragraph Styles Editing 12/08/xx-Purchased Supplies for $800 cash 12/10/xx-Received $3,000 payment on account 12/11/xx-Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx-Purchased 20 units of Inventory on Account, $2,400 12/14/xx-Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 12/16/xx- Paid employees salary for Dec. 1-15 12/17/xx- Provided Accounting Service on Account, $6,000 12/19/xx-Sold 10 units of Inventory on Account, $3,000 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/22/xx-Received $2,500 payment on Account 12/23/xx-Made payment on Account, $2,500 12/24/xx-Received and paid monthly Utility bills, $850 12/27/xx Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xx- Issued 1,000 shares of Common Stock at $15 per share 12/31/xx-Declared dividends of $1.50 to outstanding shareholders as of 12/31/XX. Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx-Depreciation on Building, use SL method (calculate for entire year) 12/31/xx-Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx-Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 Note: Be sure to debit retained earnings and credit dividends payable. 3. Prepare a trial balance to verify that total debits equal total credits. 4. Record the following adjustments in the journal and in the trial balance. DO NOT post the adjusting entries to the ledger. Instead, post them directly as adjustments to the trial balance. 12/31/xx- Employees salary for Dec. 16-31 12/31/xx-Depreciation on Building, use Sl method (calculate for entire year) 12/31/xx Depreciation on Furnishings, use DDB method (calculate for entire year) 12/31/xx. Depreciation on Computer Equipment, use DDB method (calculate for one month) 12/31/xx- Supplies on hand equal $1,625 12/31/xx- Inventory count shows 33 units, some damaged units were disposed of during the month 12/31/xx-$500 of advance payment was earned in December 12/31/xx- Uncollectible Account expense for December 5. Prepare an Adjusted trial balance to verify debits equal credits at the end of the month 6. Prepare the 3 main financial statements for the year ending December 31, 20xx. I File Home Insert Calibri ' ' EE 29 Wrap Text Xcut Le Copy Format Painter Paste IHI $ % 8-9 Merge & Center BIU Conditional Format as Cell Formatting Table Styles Styles Number Font Alignment Clipboard G10 X 7900 E 6 Cash 7 Accounts Receivable 8 Allowance for Unc. Accounts 9 Supplies 10 Inventory 11 Building 12 Accumulated Depreciation Building 13 Furnishing 14 Accumulated Depreciation. Furnishings 15 Office Equipment 16 Accumulated Depreciation Off Equip 17 Accounts Payable 18 Unearned Service Revenue 19 Salary Payable 20 Dividends Payable 21 Stock, Common 22 Additonal Paid in Capital 23 Retained Earnings 24 Service Revenue 25 Sales Revenue 26 Advertising Expense 27 Depreciation Expense 28 Repairs & Maintenance Expense 29 Supplies Expense 30 Uncollectible Accounts Expense 31 Utilities Expense 32 Cost of Goods Sold 33 Salary Expense 34 Total Chart of Accounts $ 185,695.00 Correct S 20,825.00 Correct $ 1,344.00 Correct $ 2,800.00 Correct $ 4,700.00 Correct $ 140,000.00 Correct $ S Correct $ 30,000.00 Correct $ S Correct S 4,800.00 Correct $ $ Correct $ 5,625.00 Correct 2,000.00 Correct $ $ Correct $ 31,500.00 Correct $ 21,000.00 Correct $ 268,361.00 Correct S 8,500.00 Correct $ 124,700.00 Correct $ 24,000.00 Correct $ 7,839.00 Correct $ Correct $ 10,567.00 Correct $ 3,560.00 Correct $ 1,344.00 Correct $ 6,276.00 Correct $ 10,900.00 Correct $57.724.00 Correct $ 487,030.00 $ 487,030.00 Journal Ledger Trial Balance D F G H $ $ Correct $ 185,695.00 $ $ Correct $ 20,825.00 $ $ 42.00 Incorrect amount $ $ 1,175.00 Correct $ $ 7,900.00 incorrect amount S Correct $ $ 6,500.00 Correct $ $ Correct $ $ 12,000.00 Correct $ $ Correct $ $ 200.00 Correct S $ Correct $ 500.00 $ Correct S $ 2,500.00 Correct $ $ Correct $ $ Correct $ $ Correct S $ Correct S $ 500.00 Correct S $ Correct $ $ Correct $ 18,700.00 $ Correct S $ Correct S 1,175.00 $ Correct $ 1,104.00 $ Incorrect amount $ $ Correct $ 80.00 $ Incorrect amount $ 2,500.00 $ Correct $ 24,059.00 S 30,817.00 Income Stmt $ 206,520.00 Simt of RE Balance Sheet Instructor interface $ B5 B D A 1 HAMPTON ACCOUNTING SERVICE INC. 2 Income Statement 3 For the Year Ending December 31, 2020 4 5 Service Revenue 6 Sales Revenue 7 Net Revenue $ 8 Cost of Goods Sold 9 Gross Profit $ 10 Operating Expenses 11 Advertising Expense 12 Depreciation Expense 13 Repairs & Maintenance 14 Supplies Expense 15 Uncollectible Accts Expense 16 Utilities Expense 17 Salary Expense 18 Total Operating Expense $ 19 Net Income $ 20 21 $ 22 23 $ 185,695.00 $ 20,825.00 $ 20,825.00 4,400.00 $ 1,175.00 $ $ 212,095.00 5 Us B 9 $ 140,000.00 6,500.00 $ 133,500.00 $ 30,000.00 $ 12,000.00 $ 18,000.00 4,800.00 S 200.00 $ 4,600.00 $ A Cash Accounts Receivable Less: Allowance for Unc. Accounts Inventory supplies Total Current Assets Long-Term: Building Less: Accumulated Depreciation-Building Furnishings 0 Less: Accumulated Depreciation Gurnishings Office Equipment 2 Less: Accumulated Depreciation Off. Equip. 23 Total Long-term Assets 24 Total Assets 25 26 Liabilities 27 Current: 28 Accounts Payable 29 Unearned Service Revenue 30 Salary Payable 31 Dividends Payable 32 Total Current Liabilities 33 Stockholders Equity 34 Common Stock, $1 par value 35 Additional Paid in Capital 36 Retained Earnings 37 Total Liabilities & Stockholders Equity S 156,100.00 $368,195.00 Incorrect amount $ 5,625.00 $ 1,500.00 S 2,500.00 $ 31,500.00 $ 41,125.00 $ 21,000.00 $ 268,361.00 S 8,500.00 $ 338,986.00 Incorrect amount
