Please fill out the excel spreadsheet provided are the tables below:

You will get A LOT of likes on this question if all four tables are completed!

If possible explain references to calculations, thanks for your help!

ACC201 HW BACKROUND information:

PART A: Sparty Corporation adjusts its accounts only at year-end. The following information is available as a source for preparing adjusting entries at December 31, 2020.

1. On August 31, 2020, Sparty sold 100 one-year subscriptions for their monthly publication at $36 each, with the subscriptions starting September 1. When Sparty received the $3,600 in subscription payments it credited the liability account titled Unearned Subscription Revenue.

2. On April 1, 2020, Sparty paid $30,000 for a two-year insurance policy. When Sparty paid the $30,000 it recognized the entire amount as a debit to an asset account titled Prepaid Insurance.

3. Sparty failed to recognize $800 in rent for December owed to Sparty by one of Spartys tenant that rents a part of Spartys building.

4. The Supplies Inventory account had a $27,000 balance at the beginning of the year (January 1, 2020). During the year, $9,000 of supplies were acquired, with the Supplies Expense account debited at the time of purchase. The supplies count at the end of the year (December 31, 2020) showed $21,000 of supplies still on hand.

Required:

A. For each of the above numbered items, prepare the necessary adjusting journal entry. If no adjusting entry is required, explain why. Put the adjusting journal entries in the worksheet tab titled Part A, Question A.

B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverines financial statements for the year ended 12/31/2020. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled Part A, Question B.

Example 0: At year end, Wolverine failed to make the below AJE to record that fact that employees earned $4,000 in wages which will be paid on the next payroll date in January 2021.

Compensation Expense (+E, -NI, -R/E, -SE) 4,000 Salaries Payable (+L) 4,000

If that adjustment was not made expenses and liabilities would be understated by $4,000. If expenses are understated, then Net Income and Stockholders Equity will be overstated.

Income Statement Balance Sheet

Adjusting Revenue - Expense = Net Income Assets = Liabilities + Stockholders Equity entry Example0 NE U O NE U O

AJE #1: At year end, Wolverine failed to make the below AJE to record depreciation of $3,000. Depreciation Expense 3,000

Accumulated Depreciation 3,000

AJE #2: At year end, Wolverine failed to make the below AJE to record that Wolverine had some debt that had accrued interest of $300.

Interest Expense 300 Interest Payable 300

AJE #3: At year end, Wolverine failed to make the below AJE to record that Wolverine performed $6,000 in services in December that had been prepaid by the customer in November. Note that when the services were paid for in November, Wolverine increased (debited) cash and increased (credited) Unearned Service Revenue, a liability account.

Unearned Service Revenue 6,000 Service Revenue 6,000

AJE #4: At year end, Wolverine failed to make the below AJE to recognize that a tenant owed Wolverine $2,500 rent for the month of December. The rent is due to Wolverine in January of 2021.

Rent Receivable 2,500 Rent Revenue 2,500

PART B: At the beginning of 2020, the Buckeye Corporation added a new product line to its production and sales. Buckeyes Balance Sheet and Income Statement are provided in the Homework 4 Student Workbook in the worksheet titled Part B Financials. Required:

Calculate the following ratios for both 2020 and 2019. Do not retype the amounts used in the ratios (instead refer to the appropriate cells from the provided balance sheet and income statement). Round your answers to 3 decimal places. In 2-3 sentences each, discuss your interpretation of the change in each ratio across the two years, considering the addition of a new product line. Put your answers in the worksheet titled Part B Answer. Use

a separate textbox for your discussion of the change in each ratio.

1. Total Asset Turnover (Net Sales/Average Total Assets)

2. Gross Profit Margin (Gross Profit/Net Sales)

3. Net Profit Margin (Net Income/Net Sales)

4. Return on Assets (ROA) (Net Income/Average Total Assets)

Total assets were $940,000 on December 31, 2018.

QUESTIONS BELOW:

Excel spreadsheet:

Sheet 1: Part A, Question A

Nothing

Sheet 2: Part A, Question B

	Income Statement				Balance Sheet
Adjusting entry	Revenue -	Expense	=Net Income		Assets =	Liabilities +	Stockholders Equity
Example 0	NE	U	O		NE	U	O
1
2
3
4

Sheet 3: Part B Financials

	2020	2019
Assets
Current Assets:
Cash	$430,370	$380,750
Accounts Receivable	27,760	68,400
Inventory	310,400	223,860
Supplies	71,494	55,724
Prepaid Rent	18,350	11,492
Total Current Assets	858,374	740,226
Property, Plant and Equipment:
Equipment	376,540	300,690
Less: Accumulated Depreciation	37,010	33,528
Property, Plant and Equipment, net	339,530	267,162
Total Assets	$1,197,904	$1,007,388
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable	47,895	39,655
Unearned Revenue	41,400	32,755
Income Taxes Payable	1,589	2,933
Total Current Liabilities	90,884	75,343
Long-term Debt	361,798	333,576
Total Liabilities	452,682	408,919
Stockholders' Equity
Contributed Capital	375,250	299,500
Retained Earnings	369,972	298,969
Total Stockholders' Equity	745,222	598,469
Total Liabilities and Stockholders' Equity	$1,197,904	$1,007,388
	2020	2019
Net Sales	$1,000,725	$877,435
Cost of Sales	547,349	489,392
Gross Profit	453,376	388,043
Salaries and Wages Expense	91,344	86,743
Rent Expense	33,600	24,800
Depreciation Expense	25,586	21,568
Other Operating Expenses	31,356	24,577
Operating Costs and Expenses	181,886	157,688
Operating Income	271,490	230,355
Interest Income	774	393
Interest Expense	448	567
Income before Taxes	271,816	230,181
Income Tax Expense	19,451	10,454
Net Income	$252,365	$219,727

Sheet 4: Part B Answer

Ratio Analysis
	2020	2019
Total Asset Turnover
Gross Profit Margin
Net Profit Margin
ROA