VIEW E TOOLS PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Module 4 Assignment Record the transactions listed below in the Module 4 Assignment Workbook. Reed & Sons Painters has a balance sheet at December 31, 2016 as follows. Cash Accounts Receivable Inventory Prepaid Rent Current Assets Equipment Accumulated Depreciation Equipment Net Noncurrent Assets Total Assets Accounts Payable Wages Payable Current Liabilities Loans Payable Noncurrent Liabilities Total Liabilities Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders Equity $12,000 3,000 5. 9,000 29,000 27,000 (6,750) 20,250 20,250 49,250 8.240 1.000 9,240 13,000 13,000 22,240 10,500 16,510 27,010 49,250 SCREERS 1-2 OF 2 Type here to search SR - Word Product Activation Failed) Reed & Sons entered into the following transactions during 2017 1. On January 1, purchased a patent for $4,000. 2. On January 1, paid $5,000 in cash to repay part of the principal on the loan. 3. Performed painting services for customers totaling $32,500, of which $13,000 was on credit and the rest was for cash. 4. Paid cash to employees of $14,000 for wages. This cash payment included the wages payable at December 31, 2016. 5. Paid shareholders a cash dividend totaling $3,800. 6. Collected $3,000 from customers for services to be delivered in a future period. 7. Sold painting supplies to customers for $7.250 cash. The cost of the inventory sold was $3,100 8. Collected cash from customers of $2,200 for outstanding accounts receivable. 9. Paid suppliers $1,900. 10. Issued common stock for $5,200. 11. Invested excess cash in short-term investments of $1,700. 12. Paid misc. operating expenses of $8,500. 13. Purchased inventory on credit of $2,500. 14. The equipment is depreciated over 8 years of useful life on a straight-line basis. Record the depreciation for 2017, 15. The patent is amortized over 8 years. Record amortization for 2017. It is recorded in the patent account instead of a separate accumulated amortization account. 16. The prepaid rent on the balance sheet represents rent for two years for the rental period beginning on January 1, 2017. Record the rent that was consumed during 2017 17. The interest rate on the remaining balance in loans payable is 4%, and it will be paid in January of 2018 18. $1,500 of the services related to transaction 6 were delivered by the end of the year. Tax expense for the year was $3,400 and will be repaid in 2018 Directions: 1. Enter the beginning balances in the Module 4 Assignment Workbook. 2. Record the 19 transactions listed above in the template. 3. Prepare the income statement, statement of retained earnings, balance sheet, and direct cash flow statement using the template. 19. Note: Not every row or column in the template will be used A 01/2000 SHIP You must not add any rows or columns to the original workbook because it will be graded based on the original cell addresses. There is a separate tab to complete the transactions, income statement, statement of retained earnings, and direct cash flow statement. The following will guide the grading of the assignment. Transactions Don't alter any of the spreadsheet formulas. Row 18 has the formulas AA - (AL + ASE). It shows the amount by which your transaction is out of balance. So a indicates everything is in balance. TE . Columns AC and AD automatically calculate the ending balances on the income statement and balance sheet for you so don't change those formulas. You will be graded on the beginning balances (1 pts. each) and each part of the transaction (.5 pt each) . Transactions are worth 22 total points. Income Statement you are graded on the subtotals for gross profit (1 pt.), operating profit (2.5 pts.), income before tax (.5 pt.), and net income (5 pt.). The order does not matter within sections Statement of Retained Earnings you are graded on each line item (5 pt. each). Balance Sheet you are graded on the subtotals for current assets (2 pts.), noncurrent assets (1 pt.), total assets (.5 pt) current liabilities (2 pts.), noncurrent liabilities (.5 pt.), total liabilities (5 pt), total shareholders' equity (1 pt.), and total liabilities and shareholders' equity (5 pt.). The order does not matter within each section. Direct Cash Flow Statement you are graded on each individual element of the statement of cash flow from operations (.5 pt. each element) as well as total cash flow from operations (.5 pt.), total cash flow from investing (1 pt.), total cash flow from financing (1.5 pt.), change in cash (5 p.), beginning cash (.5 pt.) and ending cash (5 pt). TINGGI FILE HOME INSERT PAGE LAYOUT Mod Bed and for Protected froduction FOANELAS DATA REVIEW VIEW D PROTECTED VIEW Be carefulles from the Internet can contains Unless you need to it's safe to stay in Protected View 531 D F G H 1 $ 4 CM Accounts Receivable 7 Prepaid Rent & Equipment 9 Acumulated Depreciation 10 Pent 11 Short Term investments 12 15 17 Total Arts 18 MAALASE 19 20 Accounts Payable 1 Waesbe 22 Loans Payable 23 Uneare 24 sayle 25 Tees Payable Totallaties 23 0 1 Commons 32 Red Earrings 16.10 Sales COGS 3 Wege pense Operating penses 27 Depreciation pense Antration Expense Sent Expense 40 interesence 41 Tspense 4 52 Transactions BEACH FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in E31 D G H A 4 Cash 5 Accounts Receivable 6 Inventory 7 Prepaid Rent 8 Equipment 9 Accumulated Depreciation 10 Patents 11 Short Term Investments 12 13 14 15 16 17 Total Assets 18 AA-(AL-ASE) 19 20 Accounts Payable 21 Wages Payable 22 Loans Payable 23 Unearned Revenue 24 Interest Payable 25 Taxes Payable 26 Total Liabilities 27 28 29 30 31 Common Stock 32 Retained Earnings 33 Sales 34 COGS 35 Wage Expense 35 Operating Expenses 37 Depreciation Expense 38 Amortization Expense 39 Rent Expense 40 Interest Expense 41 Tax Expense 16,510 45 46 Total SH Equity 16,510 16,510 50 51 Transactions Income Statement BEADY Stret of Retained Earnings Balance Sheet Direct Cash Flow state Type here to search eed and Sons (Empty) [Protected View) - Excel (Product Activation Failed) Enable Editing AA AC AE Z AD AB P 16,510 16,510 16,510 Net Inc FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, i B19 1 for =B17+B18 B C D E F G 1 Reed & Sons 2 3 4 Gross Profit NOWN 8 9 10 12 Operating Profit 13 14 15 16 17 Income Before Tax 18 19 Net Income 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 kCentre 54 HOME INSERT PAGE LAYOUT FORMULAS DATA FILE REVIEW VIEW i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay E12 fix B D E G 1 Beginning Balance Retained Earnings 2 +Net Income 3 Dividends 4 Ending Balance RE 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 32 33 34 36 37 PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to C42 fr =C41+c35 A B D E 33 34 Noncurrent Liabilities 35 Total Liabilities 36 37 38 39 Retained Earnings 40 41 Total Shareholders Equity 42 Total Liabilities and Shareholders Equity 43 -45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it B32 ESUM(B30:331) A B C th E 1 Reed & Sons 2 3 Cash Collected from Customers 4 Cash Paid to Employees 5 Cash Paid to Suppliers 6 Cash Paid for Misc Exp 7 9 10 11 12 Cash Flow from Operations 13 14 15 16 17 18 19 20 Cash Flow from Investing 21 22 23 24 25 26 27 28 Cash Flow from Financing 29 30 Change in Cash 31 Beginning Cash 32 Ending Cash 34 35 36 37 38 VIEW E TOOLS PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Module 4 Assignment Record the transactions listed below in the Module 4 Assignment Workbook. Reed & Sons Painters has a balance sheet at December 31, 2016 as follows. Cash Accounts Receivable Inventory Prepaid Rent Current Assets Equipment Accumulated Depreciation Equipment Net Noncurrent Assets Total Assets Accounts Payable Wages Payable Current Liabilities Loans Payable Noncurrent Liabilities Total Liabilities Common Stock Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders Equity $12,000 3,000 5. 9,000 29,000 27,000 (6,750) 20,250 20,250 49,250 8.240 1.000 9,240 13,000 13,000 22,240 10,500 16,510 27,010 49,250 SCREERS 1-2 OF 2 Type here to search SR - Word Product Activation Failed) Reed & Sons entered into the following transactions during 2017 1. On January 1, purchased a patent for $4,000. 2. On January 1, paid $5,000 in cash to repay part of the principal on the loan. 3. Performed painting services for customers totaling $32,500, of which $13,000 was on credit and the rest was for cash. 4. Paid cash to employees of $14,000 for wages. This cash payment included the wages payable at December 31, 2016. 5. Paid shareholders a cash dividend totaling $3,800. 6. Collected $3,000 from customers for services to be delivered in a future period. 7. Sold painting supplies to customers for $7.250 cash. The cost of the inventory sold was $3,100 8. Collected cash from customers of $2,200 for outstanding accounts receivable. 9. Paid suppliers $1,900. 10. Issued common stock for $5,200. 11. Invested excess cash in short-term investments of $1,700. 12. Paid misc. operating expenses of $8,500. 13. Purchased inventory on credit of $2,500. 14. The equipment is depreciated over 8 years of useful life on a straight-line basis. Record the depreciation for 2017, 15. The patent is amortized over 8 years. Record amortization for 2017. It is recorded in the patent account instead of a separate accumulated amortization account. 16. The prepaid rent on the balance sheet represents rent for two years for the rental period beginning on January 1, 2017. Record the rent that was consumed during 2017 17. The interest rate on the remaining balance in loans payable is 4%, and it will be paid in January of 2018 18. $1,500 of the services related to transaction 6 were delivered by the end of the year. Tax expense for the year was $3,400 and will be repaid in 2018 Directions: 1. Enter the beginning balances in the Module 4 Assignment Workbook. 2. Record the 19 transactions listed above in the template. 3. Prepare the income statement, statement of retained earnings, balance sheet, and direct cash flow statement using the template. 19. Note: Not every row or column in the template will be used A 01/2000 SHIP You must not add any rows or columns to the original workbook because it will be graded based on the original cell addresses. There is a separate tab to complete the transactions, income statement, statement of retained earnings, and direct cash flow statement. The following will guide the grading of the assignment. Transactions Don't alter any of the spreadsheet formulas. Row 18 has the formulas AA - (AL + ASE). It shows the amount by which your transaction is out of balance. So a indicates everything is in balance. TE . Columns AC and AD automatically calculate the ending balances on the income statement and balance sheet for you so don't change those formulas. You will be graded on the beginning balances (1 pts. each) and each part of the transaction (.5 pt each) . Transactions are worth 22 total points. Income Statement you are graded on the subtotals for gross profit (1 pt.), operating profit (2.5 pts.), income before tax (.5 pt.), and net income (5 pt.). The order does not matter within sections Statement of Retained Earnings you are graded on each line item (5 pt. each). Balance Sheet you are graded on the subtotals for current assets (2 pts.), noncurrent assets (1 pt.), total assets (.5 pt) current liabilities (2 pts.), noncurrent liabilities (.5 pt.), total liabilities (5 pt), total shareholders' equity (1 pt.), and total liabilities and shareholders' equity (5 pt.). The order does not matter within each section. Direct Cash Flow Statement you are graded on each individual element of the statement of cash flow from operations (.5 pt. each element) as well as total cash flow from operations (.5 pt.), total cash flow from investing (1 pt.), total cash flow from financing (1.5 pt.), change in cash (5 p.), beginning cash (.5 pt.) and ending cash (5 pt). TINGGI FILE HOME INSERT PAGE LAYOUT Mod Bed and for Protected froduction FOANELAS DATA REVIEW VIEW D PROTECTED VIEW Be carefulles from the Internet can contains Unless you need to it's safe to stay in Protected View 531 D F G H 1 $ 4 CM Accounts Receivable 7 Prepaid Rent & Equipment 9 Acumulated Depreciation 10 Pent 11 Short Term investments 12 15 17 Total Arts 18 MAALASE 19 20 Accounts Payable 1 Waesbe 22 Loans Payable 23 Uneare 24 sayle 25 Tees Payable Totallaties 23 0 1 Commons 32 Red Earrings 16.10 Sales COGS 3 Wege pense Operating penses 27 Depreciation pense Antration Expense Sent Expense 40 interesence 41 Tspense 4 52 Transactions BEACH FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in E31 D G H A 4 Cash 5 Accounts Receivable 6 Inventory 7 Prepaid Rent 8 Equipment 9 Accumulated Depreciation 10 Patents 11 Short Term Investments 12 13 14 15 16 17 Total Assets 18 AA-(AL-ASE) 19 20 Accounts Payable 21 Wages Payable 22 Loans Payable 23 Unearned Revenue 24 Interest Payable 25 Taxes Payable 26 Total Liabilities 27 28 29 30 31 Common Stock 32 Retained Earnings 33 Sales 34 COGS 35 Wage Expense 35 Operating Expenses 37 Depreciation Expense 38 Amortization Expense 39 Rent Expense 40 Interest Expense 41 Tax Expense 16,510 45 46 Total SH Equity 16,510 16,510 50 51 Transactions Income Statement BEADY Stret of Retained Earnings Balance Sheet Direct Cash Flow state Type here to search eed and Sons (Empty) [Protected View) - Excel (Product Activation Failed) Enable Editing AA AC AE Z AD AB P 16,510 16,510 16,510 Net Inc FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, i B19 1 for =B17+B18 B C D E F G 1 Reed & Sons 2 3 4 Gross Profit NOWN 8 9 10 12 Operating Profit 13 14 15 16 17 Income Before Tax 18 19 Net Income 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 kCentre 54 HOME INSERT PAGE LAYOUT FORMULAS DATA FILE REVIEW VIEW i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay E12 fix B D E G 1 Beginning Balance Retained Earnings 2 +Net Income 3 Dividends 4 Ending Balance RE 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 32 33 34 36 37 PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to C42 fr =C41+c35 A B D E 33 34 Noncurrent Liabilities 35 Total Liabilities 36 37 38 39 Retained Earnings 40 41 Total Shareholders Equity 42 Total Liabilities and Shareholders Equity 43 -45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it B32 ESUM(B30:331) A B C th E 1 Reed & Sons 2 3 Cash Collected from Customers 4 Cash Paid to Employees 5 Cash Paid to Suppliers 6 Cash Paid for Misc Exp 7 9 10 11 12 Cash Flow from Operations 13 14 15 16 17 18 19 20 Cash Flow from Investing 21 22 23 24 25 26 27 28 Cash Flow from Financing 29 30 Change in Cash 31 Beginning Cash 32 Ending Cash 34 35 36 37 38