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Depreciation Expense-Trucks (54) Rent Expense (57)H Supplies Expense (51) (53 Bal. 17000 Bal Bal 17.000 el Truck Expense (56) Miscellancous Expense (58) 13,000 Iurnce Ee (52) Bal 12500 Bal Bal 12,500 13 The unadjested balances in VSU Aecounting, Inc. accounts as of December 31st, 2018 are shown in the General Ledger abave Additional infermation: The data needed to determine year-end adjustments are as follows: a) Supplies on hand at December 31, 2018 are b Insurance premiums expired during 2018 are Depreciation of equipment during 2018 is 5,700 5,900 11,100 d) Depreciation of trucks during 2018 is: 9.200 eWages accrued but sot paid at December 31, 2018 are 7,900 Tasks ) Use the additieal information provided at year-end te record the adjsting entries and post them into the ledger accounts to calculate the new year-end balances 2 Prepare the Adjusted Trial Balance Fill out lines with Accoant Names and fill in beses with Dollar Numbers Adjusted Trial Balance Adjasted Bal. Unadjusted Bal Adjustments Dr. Cr. Dr. Cr. Dr Cr Cash 26.000 27.000 Acceuats Receivable office sepplies Prepaid Insurance Equipment Accumulated Depreciatien-Equipment Trucks 25,000 11.000 144.000 35,000 79,000 Accumulated Depreciatien-Trecks Acceants Payable 38,000 52,000 Wages Payable Common Stock Dividends Retained Earnings Service Vatem 56,000 29,000 55,500 a) Income Statement Income Statement vSU Accounting, Inc. For The Year Ended 12/31/2018 b) Statement of Retained Earnings Statement Of Retained Earnings VSU Accounting, Inc For The Year Ended 12/31/2018 c) Balance sheet Balance Sheet 12-A A Times New Roman B Copy Paste Wrap Text Number A BI U Format Painter Merge & Center S% Conditiona Formatting Clipboard Font Alignment Number P69 C 1 COBU 201 M Fall 2019 Assessment Case P 3 INSTRUCTIONS: This project is to be worked individually The submission must be typed and submitted in THIS Excel file. Prepare the submission as if you are interested in this company and looking to use the company's financial 4 5 6 7 statements to make some decisions. 8 Show and label all work for the problems. 10 VSU Accounting, Inc. General Ledger 11 12 Cash (11) 26,000 13 Accounts Receivable (12) Accounts Payable (21) 14 Bal. Common Stock (31) Bal. 27,000 52,000 Bal. 56,000 15 Bal. 16 17 26,000 18 27,000 52,000 56,000 19 Prepaid Insurance (15) 21 Bal. 11,000 20 Office Supplies (14) 25,000 Wages Payable (22) Bal Retained Earnings (33) Bal. 22 55,500 Bal 23 24 11,000 25 25,000 55,500 26 Accumulated Depreciation- Equipment (17) Equipment (16) 144,000 27 Dividends (32) 28 Bal. 29 35,000 Bal Bal 29.000 30 31 32 33 144,000 35,000 29,000 Accumulated Depreciation Sheet Select destination and press ENTER or choose Paste O e Clipboard Font Alignment Number P69 H 25,000 A B E F K M N P T 11,000 0 55,500 25 26 Accumulated Depreciation - Equipment (17 Equipment (16) 144,000 Dividends (32) 27 29,000 28 Bal. 35,000 Bal. Bal. 29 30 31 144,000 29,000 32 35,000 33 Accumulated Depreciation - Trucks (19) 38,000 Wages Expense 51,000 Service Revenue (41) 198,000 Trucks (18) 79,000 34 Bal 35 Bal Bal. Bal. 36 37 38 $1,000 198,000 79,000 38,000 39 40 Depreciation Expense- Trucks (54) Depreciation Expease Equipment (53) 41 Rent Expense (57) 17,000 Supplies Expense (51) Bal 42 43 Bal. Bal. 44 45 46 17,000 47 48 Miscellaneous Expense (58) 13,000 Iasurance Expense (52) Bal Truck Expense (56) 12,500 49 Bal. 50 Bal 51 52 53 13,000 12,500 54 55 E 55 56 57 The unadjusted balances in VSU Accounting, Inc. accounts as of December 31st, 2018 are shown in the General Ledger above. 58 Additional information: 59 60 The data needed to determine year-end adjustments are as follows: a) Supplies on hand at December 31, 2018 are: b) Insurance premiums expired during 2018 are Depreciation of equipment during 2018 is: d) Depreciation of trucks during 2018 is: e) Wages accrued but not paid at December 31, 2018 are: 61 5,700 62 5,900 63 11,100 64 9,200 65 7,900 66 67 Tasks: 1 Use the additional information provided at year-end to record the adjusting entries and post them into ithe ledger accounts to calculate the new year-end balances. 68 69 70 71 2) Prepare the Adjusted Trial Balance. Fill out lines with Account Names and fill in boxes with Dollar Numbers. 72 73 74 Adjusted Trial Balance Unadjusted Bal 75 Adjusted Bal. Adjustments 78 Dr. Cr. Dr. Cr. Dr. Cr. 77 78 Cash Accounts Receivable Office supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment 26,000 27,000 79 25,000 80 11,000 144,000 81 82 35,000 83 Trucks Accumulated Depreciation - Trucks Accounts Payable Wages Payable Common Stock Dividends 79,000 84 38,000 52.000 86 87 56,000 88 29,000 Ratsinad Farninas PP fr S70 P M K E F C A B 29,000 Dividends Retained Earnings Service Revenue Supplies Expense Insurance Expense Depreciation Expense - Equipment Depreciation Expense- Trucks Wages Expense Truck Expense Rent Expense Miscellaneous Expense 88 55,500 198,000 89 30 91 92 93 94 51,000 12,500 17,000 13,000 434,500 434,500 95 36 97 98 Totals 99 100 101 3) Use the updated general ledger balances to prepare the following 2018 financial statements for VSU Accounting, Inc. [in proper order]: Fill out lines with Account Names and fill in boxes with Dollar Numbers. 102 103 104 105 106 107 108 109 a) Income Statement Income Statement VSU Accounting, Inc. For The Year Ended 12/31/2018 110 111 112 113 114 115 116 117 118 19 120 121 122 Sheet1 [ Copy Paste Format Painter E E Merge & Center $ nA- BIU Alignment Font Clipboard 70 fe M N K L G D E A C b) Statement of Retained Earnings Statement Of Retained Earnings VSU Accounting, Inc. 1 For The Year Ended 12/31/2018 4 5 6 7 88 9 40 41 42 c) Balance sheet 43 44 45 Balance Sheet VSU Accounting, Inc. As Of 12/31/2018 46 47 48 ASSETS 49 50 151 152 153 154 155 156 157 158 159 160 161 Sheet1 L2 IU A Format Painter E Merge & Center $ % 8 Conditional Formatting pboard Font Alignment Number C DE G K M P 4) Use the information on the financial statements to answer the following questions 5 a) Was VSU Accounting, Inc. profitable in 20187 From a management persepctive, what are youri thoughts about the company's financial perfromance? b) Has the stockholders' equity grown? How does stockholder's equity grow, and is this good for the business? e) If looking for a loan, can VSU Accounting, Inc. expect to get the loan? Give your reasons for your response. [Hint: Calculate some appropriate ratios, such as Current ratio, Cash Ratio, Quick ratio, Return on Assets, and Working Capital. These ratio may help.] Current Ratio Answer Quick Ratio Answer Itlh 12 A B D E F G H K L N P S Quick Ratio Answer Cash Ratio Answer Working Capital Answer Return on Assets Answer d) If you are looking for an investment opportunity, would you invest in VSU Accounting, Inc. What specifically about the company is appealing? ISTT eauntina Ine actahlichee snnther hranch nf the hneinare in Pansms Ci Panamha Sheet1 t destination and press ENTER or choose Paste F GI Q K M N P D. C E d) If you are looking for an investment opportunity, would you invest in VSU Accounting, Inc.? What specifically about the company is appealing? 5) If VSU Accounting, Inc. establishes another branch of the business in Panama City, Panama, what accounting standards will the company use to record the accounting activities and prepare the financial statements? Sheet ion and press ENTER or cho0se Paste
