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A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 B C D E Hullie & Oates Company End of Period Worksheet For the Year Ended December 31, 2011 Unadjusted Account Title Trial Balance Adjustments DR CR DR CR Cash 36,000 Accounts Receivable 72,850 Allowance for Doubtful Accounts 2,000 Interest Receivable Merchandise Inventory 160,500 Prepaid Insurance 18,000 Prepaid Advertising 48,000 Prepaid Rent Store Supplies 4,250 Office Supplies Note Receivable 24,000 Store Equipment 175,000 Accumulated Depreciation - Store Equipment 40,050 Office Equipment 80,000 Accumulated Depreciation - Office Equipment 17,200 Accounts Payable 85,200 Salaries Payable Interest Payable Unearned Rent 20,000 Note Payable (final payment due 2017) 146,000 Common Stock 60,000 Retained Earnings 110,500 Dividends 25,000 Sales 788,350 Sales Returns and Allowances 11,700 Sales Discounts 7,200 Cost of Goods Sold 457,200 Sales Salaries Expense 94,650 Advertising Expense Depreciation Expense - Store Equipment Store Supplies Expense Miscellaneous Selling Expense 2,600 Office Salaries Expense 34,000 Rent Expense 10,200 Insurance Expense Depreciation Expense - Office Equipment Office Supplies Expense 6,500 Miscellaneous Administrative Expense 1,650 Rent Revenue Interest Revenue Interest Expense Bad Debt Expense 1,269,300 1,269,300 F G Adjusted Trial Balance DR CR Hullie & Oates Company Adjusting Journal Entries For the Year Ended December 31, 2011 Account Titles DR CR Ratios Working Capital Current Ratio ACC 200 -FALL 2016 Name___________________________________ Project #1A Important Note: This project should be an individual effort. Help from tutors, supplemental instruction instructors, or friends would be considered a violation of academic integrity. All questions should be addressed to the instructor, Yin YuThompson. A file entitled \"Computer Project\" has been placed on MOODLE for you to download and save. This file contains 7 worksheet tabs. You have been given the unadjusted trial balance for Hullie & Oates Company as of 12/31/11. Hullie & Oates Company prepare financial statements annually. Your required tasks are as follows: 1. On the designated worksheet, prepare in journal entry form the adjusting journal entries for the following items. (Round all numbers to the nearest dollar) a. On April 1, 2011 a 12-month insurance policy was purchased for $18,000. b. On January 1, 2011 Hullie & Oates paid Gretsky Advertising $48,000 for two years of advertising services. Equal services are provided in year 1 and year 2. c. Hullie & Oates needed some additional storage space so on November 1, 2011 they rented a unit for an annual rate of $10,200. The entire amount was expensed when paid. d. $4,250 of store supplies were purchased during the year and the asset store supplies was increased. $3,850 of these supplies were used during the year. e. $6,500 of office supplies were purchased during the year and were immediately expensed. $1,500 of these supplies remained at the end of 2011. f. On July 1, 2011, Hullie & Oates issued a 9-month note receivable to Shanahan & Co. at an annual interest rate of 7%. Principle and interest will be paid at the end of the 9-months. The note was recorded in Notes Receivable and is the only note outstanding. g. Depreciation for the year is based on the following: Straight line depreciation Store equipment - Assets were held for the entire year; Residual Value = $7,000; Service life is estimated to be 10 years. Office equipment - Assets were held for the entire year; Residual Value = $5,000; Service life is estimated to be 5 years. h. Sales salaries of $6,200 and office salaries of $4,800 remained unpaid at 12/31/11. i. On October 1, 2011, Hullie & Oates rented a portion of one store to Twist & Chase Co. The contract was for 10 months and Hullie & Oates required the 10 months of cash upfront on October 1st. The rent is being earned equally over the next 10 months. When cash was received, unearned rent was appropriately recorded. j. The note payable was outstanding the entire year and a 5.5% interest rate exists on the note. No interest has been recorded for the year. k. Based on past experience, Hullie & Oates calculates bad debt expense at 1% of net sales for the year. 2. After the above adjusting entries are entered on the adjustment worksheet, the amounts should be linked to the adjustments column of the worksheet. Your adjustment amounts should be a formula so if you change the debit/credit amount on the adjustments worksheet, the column amount will automatically change. 3. Complete the adjusted columns by the use of the formula. Think about the best way to do this. Your last two columns should never contain constant numbers but will include formulas only. (Maximum points are given for using an 'if\" statement, but the majority of the points are just given for having a proper formula). 4. Prepare a multiple-step income statement on the proper worksheet. Your Income Statement should be in good form (proper titles, etc., use examples from your book) and well formatted. Do your best designating between selling and administrative expenses. You should use formulas in all cells, not constant numbers. (That means, your income statement should be linked to the adjusted numbers on your worksheet.) 5. Prepare a Statement of Stockholder's Equity on the proper worksheet. Your Statement should be formatted. You should use formulas in all cells, not constant numbers. 6. On the designated worksheet, prepare in journal entry form the closing entries for Hullie & Oates at the end of 12/31/11. 7. Prepare a Classified Balance Sheet on the proper worksheet as of 12/31/11. Your Statement should be formatted. You should use formulas in all cells, not constant numbers. 8. Complete the Ratio Tab. Due Date: Submit a finished file through MOODLE internal email by Tuesday, Nov 22nd by 8:00 P.M. Your file should be named yourlastnamecomputerproject. Only files submitted by MOODLE will be accepted. As noted on the syllabus, every two hour delay will reduce 1% from your total percentage. This means if you submit 30 hours late then you will receive zero point in these projects. Grading: Your grade will be based on correctness, statement form, and spreadsheet formatting