the green cells need an account title or financial statement heading, the orange cells need a cell reference or a single number, and the blue cells need an excel formula
Doofenshmitz Evil Inc. Income Statement For the period ended Dec 31, 2020 Doofenshmirtz Evil Inc. Balance Sheet As of Dec. 31, 2020 $ 400,000 Less: Cost of Goods Sold $ 23,325 $ 400,000 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory $ 91,100 $ 91,100 Research and Development Selling General, and Admin Depreciation Expense Bad Debt Expense $ $ (65,000) (25.000) $ 114,425 $ 240,000 Property, Plant, and Equipment Less: Accumulated Depreciation Land Operating income $ 310,000 $ $ 240,000 75,000 $ (56,019) Total Assets Income before taxes $ 253,981 $ 11,000 Income Tax Expense (21% rate) $ (53,336) Liabilities Accounts Payable Note Payable. Current Accrued Expenses Current Liabilities Net Income 15,435 26,435 $ Earnings per Share 1.500 Shares Outstanding Notes Payable Long Term Total abilities $ 26,435 Stockholder's Equity APIC - Common Stock Retained Earnings Total Stockholder's Equity $ $ $ $ 1,500 10,500 25,000 37,000 Total Liabilities and Equity nistructions: On January 1, 2018, Doofenshmirta Evil Incorporated purchased an Accounting inator. This piece of equipment was bought to help takeover the Pro-State Ale Doofenshmirtz Evil Incorporated bought the equipment for $240,000. The equipment is expected to last five years, but it will be completely unusable after its life and have a $0 salvage walue (thanks to Perry the Platypus). For tax purposes, Doofenshmit wants use the depreciation method that leads to the higher expense in 2020. Complete both of the tables and determine which method Doofenshmirta should use. Accounting-inator Facts Cost of Equipment Estimated Salvage Value Estimated Useful Life $240.000 $0 5 Straight-Line Depreciation Schedule Year Depreciation Accumulated Depreciation 2018 41.000 $ 48,000 5 2019 18.000 $ 96,000 $ 2020 48.000 144,000 $ 2021 48,000 $ 192,000 $ 2022 48.000 $ 240,000 $ Book Value 192,000 144,000 96,000 48,000 3 9 0 Year Book Value 2018 $240,000 2019 $ 144,000 2020 $ 86,400 2021 S 51,840 2022 S 31,104 Double Declining Balance Depreciation Schedule Rote Depreciation Exp. Accumulated Depreciation 405 96,000 5 96,000 AOS 57,600 $ 153.600 40 34,5605 188,160 40$ 20,736 5 208.896 12,442 S 221,338 2020 Depreciation Expense Straight-Line Method Double Declining talance Method 1 5 18,000 31,104 22 23 24 25 26 27 28 29 30 31 Method Chosen Equipment Value Accumulated Depreciation 12/31/2020 Straline $240,000 144,000 32 structions Doofenshmit Evil Inc. uses the periodic inventory witem. They make quarterly purchases of inventory as outlined below. Doofenshmirta uses the FIFO wentory method. However, the CEO, Heinz, would like you to calculate COGS and ending inventory for each of the three methods: FIFO, LIFO, and weighted average, in der to assist management in deciding to keep or change the method Complete the tables and answer two questions below. Description Beginning inventory Jan 31 Purchase April 31 Purchase July 31 Purchase Oct 31 Purchase 2020 Sales Ending Inventory of Units 1.200 14.000 10,000 12.400 5,500 40,000 3.100 Cost per Unit $4.50 $4.65 $4.75 $5.00 $4.90 Total Cost $5.400 $65,100 $47,500 $62,000 $26,950 FINAL STEP Beg. Inventory Purchases COGAS End. Inventory COGS FIFO $5,400 $201.550 $206,950 $15,190 $191,760 LIFO $5,400 $201.550 $206,950 $14,235 $ 5192715 Weighted Avg $5,400 $201.550 $206,950 14.756 5192,194 Description Oct. 31 Purchase FIFO Ending Inventory Wof Units 2,100 Cost per Unit $4.90 Total Cost $15 190 Description Beg. Inventory Jan 31 Purchase Total LIFO Ending Inventory of hits Cost per Unit 1,200 $450 1.900 $4.65 3,100 Total Cost $5,400 58415 $14,235 3,100 $15,190 The inventory costing method that results in the lowest COGS is: FIFO The inventory costing method that results in the highest ending inventory is: FIFO Total D 1 Weighted Average Ending Inventory -2 Total Cost of Units Available 23 Total Units Available R4 Rate per Unit 25 of Units in Ending in 26 $5 in Ending Inventory 27 28 29 30 31 32 30.50 43.100 5476 3.100 1475 G D Instructions: Doofenshmirtz Evil inc. recorded sales of $400,000 in 2020. The unpaid invoices in Accounts Receivable are listed below. Doofenshmirtz uses an accounts receivable aging sche measure the allowance for doubtful accounts. The beginning balance in the allowance for doubtful accounts was $7,000. Doofenshmirte wrote off $5,000 worth of accounts receivable durin year. Complete the tables below. Hint: The Aging Schedule computation of Bad Debt expense is similar to the Percentage of Receivables method Current Date Number of Days Unpoid 197 10 Part 1: Calculate the days unpaid for the following open Invoices using the 'DAYS() function Customer Involce Amount Invoice Date O.W.CA $ 3.500 6/17/20 Candace Flynn $ 20,500 12/21/20 Jeremy Johnson $ 1.200 10/12/20 Isabelle Garcia-Shapiro $ 5,000 12/5/20 Lawrence Fletcher $ 54,000 11/29/20 Karl $ 200 11/20/20 Phineas Flynn $ 6,700 10/4/20 Total Unpaid invoices S 91,100 12/31/20 12/31/20 12/31/20 17/31/20 12/31/20 12/31/20 12/31/20 26 12 BE Part 2: Calculate the ending balance of the Allowance for Doubtful Accounts by completing the Aging Schedule Days overdue Amount in Category Xestimated uncollectible Estimated Amount Uncollectible 00-15 20,500 15 1 15:30 5,000 25 100 2 30-60 54200 S 2710 3 60-90 3.900 10% 790 490 3,500 SON 1,250 AS Total 93,100 $ 5,555 26 27 Part 3: Calculate the amount of bad debt expense recorded on 12/31/2020 28 29 Allowance for Doubtful Accounts 30 $ 7000 Beginning Balance 11 Write of $5,000 5 3,556 Bad Debt Expense 13 $ 5,555 Ending Balance 34 35 36 37 38 Instructions: On January 1, 2018, Doofenshmirtz Evil Inc. issued a 6-year note of $350,000 at 7% to First Bank of Danville. Payments of interest and principal are due annually on December 31st. Complete that table below. Facts: Type 6-year note Principal $350,000 Interest Rate 796 Annual Payment $ 73,429 Payment due on June 30th each year Payment Date January 1, 2018 S December 31, 2018 5 December 31, 2019 $ December 31, 2020 $ December 31, 2021 $ December 31, 2022 $ December 31, 2023 S Beg Balance Payment Interest Principal Ending Balance 350,000 $ 350,000 350,000 $ 73,429S 24,500 5 48,929 $ 301,071 301,071 $ 73,429 21,0755 52,354 $ 248,717 248,717 $ 73,429 $ 17 410 S 56,019 $ 192,698 192,698 $ 73,429 $ 13,4895 59,940 $ 132,758 132,758 $ 73,429 9.2935 64,136 $ 68,622 68,622 $ 73,4295 4804 68,625 $ (3) There will be a 3 dollar rounding error $ 56,019 56,019 0 2 Interest Expense from 1/1/20 to 12/31/20 Total Interest Expense for 2020 5 Total Interest Payable at 12/31/2020 16 7 Notes Payable at 12/31/2020 8 Current Portion 9 Long-Term Portion 0 1 12 13 34 S $ $ 192,698 56,019 136,679 Doofenshmitz Evil Inc. Income Statement For the period ended Dec 31, 2020 Doofenshmirtz Evil Inc. Balance Sheet As of Dec. 31, 2020 $ 400,000 Less: Cost of Goods Sold $ 23,325 $ 400,000 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Inventory $ 91,100 $ 91,100 Research and Development Selling General, and Admin Depreciation Expense Bad Debt Expense $ $ (65,000) (25.000) $ 114,425 $ 240,000 Property, Plant, and Equipment Less: Accumulated Depreciation Land Operating income $ 310,000 $ $ 240,000 75,000 $ (56,019) Total Assets Income before taxes $ 253,981 $ 11,000 Income Tax Expense (21% rate) $ (53,336) Liabilities Accounts Payable Note Payable. Current Accrued Expenses Current Liabilities Net Income 15,435 26,435 $ Earnings per Share 1.500 Shares Outstanding Notes Payable Long Term Total abilities $ 26,435 Stockholder's Equity APIC - Common Stock Retained Earnings Total Stockholder's Equity $ $ $ $ 1,500 10,500 25,000 37,000 Total Liabilities and Equity nistructions: On January 1, 2018, Doofenshmirta Evil Incorporated purchased an Accounting inator. This piece of equipment was bought to help takeover the Pro-State Ale Doofenshmirtz Evil Incorporated bought the equipment for $240,000. The equipment is expected to last five years, but it will be completely unusable after its life and have a $0 salvage walue (thanks to Perry the Platypus). For tax purposes, Doofenshmit wants use the depreciation method that leads to the higher expense in 2020. Complete both of the tables and determine which method Doofenshmirta should use. Accounting-inator Facts Cost of Equipment Estimated Salvage Value Estimated Useful Life $240.000 $0 5 Straight-Line Depreciation Schedule Year Depreciation Accumulated Depreciation 2018 41.000 $ 48,000 5 2019 18.000 $ 96,000 $ 2020 48.000 144,000 $ 2021 48,000 $ 192,000 $ 2022 48.000 $ 240,000 $ Book Value 192,000 144,000 96,000 48,000 3 9 0 Year Book Value 2018 $240,000 2019 $ 144,000 2020 $ 86,400 2021 S 51,840 2022 S 31,104 Double Declining Balance Depreciation Schedule Rote Depreciation Exp. Accumulated Depreciation 405 96,000 5 96,000 AOS 57,600 $ 153.600 40 34,5605 188,160 40$ 20,736 5 208.896 12,442 S 221,338 2020 Depreciation Expense Straight-Line Method Double Declining talance Method 1 5 18,000 31,104 22 23 24 25 26 27 28 29 30 31 Method Chosen Equipment Value Accumulated Depreciation 12/31/2020 Straline $240,000 144,000 32 structions Doofenshmit Evil Inc. uses the periodic inventory witem. They make quarterly purchases of inventory as outlined below. Doofenshmirta uses the FIFO wentory method. However, the CEO, Heinz, would like you to calculate COGS and ending inventory for each of the three methods: FIFO, LIFO, and weighted average, in der to assist management in deciding to keep or change the method Complete the tables and answer two questions below. Description Beginning inventory Jan 31 Purchase April 31 Purchase July 31 Purchase Oct 31 Purchase 2020 Sales Ending Inventory of Units 1.200 14.000 10,000 12.400 5,500 40,000 3.100 Cost per Unit $4.50 $4.65 $4.75 $5.00 $4.90 Total Cost $5.400 $65,100 $47,500 $62,000 $26,950 FINAL STEP Beg. Inventory Purchases COGAS End. Inventory COGS FIFO $5,400 $201.550 $206,950 $15,190 $191,760 LIFO $5,400 $201.550 $206,950 $14,235 $ 5192715 Weighted Avg $5,400 $201.550 $206,950 14.756 5192,194 Description Oct. 31 Purchase FIFO Ending Inventory Wof Units 2,100 Cost per Unit $4.90 Total Cost $15 190 Description Beg. Inventory Jan 31 Purchase Total LIFO Ending Inventory of hits Cost per Unit 1,200 $450 1.900 $4.65 3,100 Total Cost $5,400 58415 $14,235 3,100 $15,190 The inventory costing method that results in the lowest COGS is: FIFO The inventory costing method that results in the highest ending inventory is: FIFO Total D 1 Weighted Average Ending Inventory -2 Total Cost of Units Available 23 Total Units Available R4 Rate per Unit 25 of Units in Ending in 26 $5 in Ending Inventory 27 28 29 30 31 32 30.50 43.100 5476 3.100 1475 G D Instructions: Doofenshmirtz Evil inc. recorded sales of $400,000 in 2020. The unpaid invoices in Accounts Receivable are listed below. Doofenshmirtz uses an accounts receivable aging sche measure the allowance for doubtful accounts. The beginning balance in the allowance for doubtful accounts was $7,000. Doofenshmirte wrote off $5,000 worth of accounts receivable durin year. Complete the tables below. Hint: The Aging Schedule computation of Bad Debt expense is similar to the Percentage of Receivables method Current Date Number of Days Unpoid 197 10 Part 1: Calculate the days unpaid for the following open Invoices using the 'DAYS() function Customer Involce Amount Invoice Date O.W.CA $ 3.500 6/17/20 Candace Flynn $ 20,500 12/21/20 Jeremy Johnson $ 1.200 10/12/20 Isabelle Garcia-Shapiro $ 5,000 12/5/20 Lawrence Fletcher $ 54,000 11/29/20 Karl $ 200 11/20/20 Phineas Flynn $ 6,700 10/4/20 Total Unpaid invoices S 91,100 12/31/20 12/31/20 12/31/20 17/31/20 12/31/20 12/31/20 12/31/20 26 12 BE Part 2: Calculate the ending balance of the Allowance for Doubtful Accounts by completing the Aging Schedule Days overdue Amount in Category Xestimated uncollectible Estimated Amount Uncollectible 00-15 20,500 15 1 15:30 5,000 25 100 2 30-60 54200 S 2710 3 60-90 3.900 10% 790 490 3,500 SON 1,250 AS Total 93,100 $ 5,555 26 27 Part 3: Calculate the amount of bad debt expense recorded on 12/31/2020 28 29 Allowance for Doubtful Accounts 30 $ 7000 Beginning Balance 11 Write of $5,000 5 3,556 Bad Debt Expense 13 $ 5,555 Ending Balance 34 35 36 37 38 Instructions: On January 1, 2018, Doofenshmirtz Evil Inc. issued a 6-year note of $350,000 at 7% to First Bank of Danville. Payments of interest and principal are due annually on December 31st. Complete that table below. Facts: Type 6-year note Principal $350,000 Interest Rate 796 Annual Payment $ 73,429 Payment due on June 30th each year Payment Date January 1, 2018 S December 31, 2018 5 December 31, 2019 $ December 31, 2020 $ December 31, 2021 $ December 31, 2022 $ December 31, 2023 S Beg Balance Payment Interest Principal Ending Balance 350,000 $ 350,000 350,000 $ 73,429S 24,500 5 48,929 $ 301,071 301,071 $ 73,429 21,0755 52,354 $ 248,717 248,717 $ 73,429 $ 17 410 S 56,019 $ 192,698 192,698 $ 73,429 $ 13,4895 59,940 $ 132,758 132,758 $ 73,429 9.2935 64,136 $ 68,622 68,622 $ 73,4295 4804 68,625 $ (3) There will be a 3 dollar rounding error $ 56,019 56,019 0 2 Interest Expense from 1/1/20 to 12/31/20 Total Interest Expense for 2020 5 Total Interest Payable at 12/31/2020 16 7 Notes Payable at 12/31/2020 8 Current Portion 9 Long-Term Portion 0 1 12 13 34 S $ $ 192,698 56,019 136,679
