WUJU U ILUULUULUULI Suggested course of action (Steps to follow): . Put your instructions together and staple them. Open up and print of the Excel file called Layout of worksheets. This file contains information of how to property record information on the worksheet, general ledger, and general journal. It also contains examples for your required financial statements. . Now open up the EXCEL file (Final Project working papers)- you will see the worksheets are labeled check the bottom tabs-label your printout based on the tabs given per the EXCEL view if these labels do not print on your excel worksheets. WP-1 tells you to look at the instruction WORD file-you can ignore this sheet as you already have the WORD file (this file is the instructions for this project - You are reading the instructions right now) WP-2 is the worksheet you will be using for this project WP-3 to WP-10 are the General Ledger WP-11 to WP 14 are blank journal entry sheets (you may or may not need all of these for your project) Examples showing the proper layout of the worksheet, general journal, general ledger, and sample financial statement formats are in the excel le "Layout of worksheets You don't have to do this work on the computer, in-fact, it would probably be much easier to print out the sheets (remember to label them) and complete this assignment by hand-than you can either enter your amounts into the program or send me your hand written assignment (professionally neat!) -- just make sure that I receive it by the due date(s)--Jen Background: P-Tato is the accountant for Veggies-R-Us, Inc. P-Tato knows about the internal control system that is in place for Veggies-R-Us. (in-fact she helped develop many of the rules within the internal control policy manual but she foolishly chose to ignore parts of it, specifically that internal control policy that requires all of the accounting files to be properly backed up and having a copy stored in an off-site location. As luck would have it, when things go wrong, they can really go wrong. The temperature dropped to minus 40 and froze the "Mousy family home in the nearby field. To save the family, this group of mice moved inside and decided that a safe place to build their new home would be inside something solid--they invaded the computer system and built their new home inside it over the weekend. When P.Tato booted up the computer on Monday, the hard drive crashed, and with it all of the accounting information for the year They thing that worked on ato favors that she was playing on working on the accounting records over the weekend so she had painted up several reports, wcluding the rol balance as of December 31, 20XX (check it out, the Trial Balance is on page 7.) You munion to do the work which is outlined below: Good back accountants Mequired: 1. Record the account information isted on the trial balance (page 7 of the instructions) onto the general ledger sheets provided (pages WP-3 through WP-10). (Note: Cash, Accounts Receivable, and Prepaid Rent have already been done for you.) The balances of all of the accounts should be dated as of December 31, 2000. (Make sure that you also write in the account number for each of these general ledger accounts found on the chart of accounts, pages of the instructions). 2. Prepare the worksheet (WP-2) for year-end procedures Suggested steps are as follows: Complete the chart of accounts that is provided for veggies-R-Us (page 5 of these instructions), i.e., state whether each account is an asset, buty, shareholders equity, revenue of expense account. b. Transfer the account names from the chart of accounts, (page 5 of these instructions) to the worksheet that is provided (WP-2). Make sure that you list of these accounts on the worksheet (even if they don't currently have balances) and make sure that you list them in the order that they are listed on the chart of accounts. Transfer the balances that you have from your general ledger (completed in step 1) to the worksheet started in step 2.a. (Check figures are c. Transfer the balances that you have from your general ledger (completed in step #1) to the worksheet started in step 2.a. [Check figures are debit/crecht = $438,290) 3. Prepare the required adjusting journal entries for the month-end based upon the information provided on page 6 of these instructions Information fom AJE 1 through 10). Suggested stops are as follows: a. Based on the information provided in a on page 6 (of these instructions), determine the required adjusting journal entry. Write up this adjusting journal entry on the General Journal sheets provided (WP-11 to WP-14). Make sure to properly date and label your adjusting journal entry (ie, 1, 2, 3. etc). Start with the account to be debited first, then the account to be credited is written in next. Provide a description for each of your adjusting journal entries. NOTE: These adjusting journal entries are within the group of journal entries that you were required to do throughout the semester. b. Post this adjusting journal entry from the General Journal to the proper accounts on your worksheet (WP-2). Indicate that you have posted the adjusted journal entry by making a 'squiggly line' in the POST. REF. Column of the General Journal. (Remember, put this 'squiggly line on the far right side of this column because later we will need to enter the account number in this column when we post this adjusting journal entry to the general ledger. Don't do this yet, we have to complete the worksheet first!) c. Now go back to page 6 (of these instructions), and perform the same steps from above (3.a. & 3.b.) for the information provided in b. through d. After you have completed all of the required adjusting journal entries, make sure that your worksheet balances. To do this, add up all of the debits and of the credits that you have made in the "ADJUSTMENTS' column of the worksheet. Your debits should equal your credits. Check number = 337,097) View as Page Reflectin e Portfolio Download Print Activity Details You have viewed this topic http://damnatate.edu/de/content/5017148/ViewContent/44010322Niew 4. If your worksheet balances, it is now time to calculate the adjusted trail balance amounts on the worksheet. Once you have completed this step you need to once again make sure that your worksheet balances. Add up the debits and credits in the "ADJUSTED TRIAL BALANCE column of the worksheets Your debits should equal your credits. Check number $448,232 for dobits and credits, Cash = $26,750; Accum Depr-Building = $30,580; Premium on bonds payable = $5,700; Revenue = $154,775] 5. Complete the "INCOME STATEMENT" and "BALANCE SHEET"columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $55,693 (Net Income for the period), 6. Post the casting journal entries from your general journal (WP-11 through WP-14) to the proper General Ledger accounts (WP-3 through WP-10). When you have completed posting an amount from the General Journal to the General Ledger, enter the account number that you posted this AE to in the POST. REF. Column of the General Journal Make sure that the balances in your General Ledger accounts EQUAL the balances on your Worksheet (WP-2) after your have posted the Adjusting Journal Entries to the General Ledger (All of these account amounts must equal, or a mistake has been madet) 7. With the aid of your worksheet, prepare formal financial statements for Veggies-R-Us, for the year ended December 31, 2030. (Use your text book if necessary to prepare these statements: Income Statement, Statement of Shareholders' Equity, and a classified Balance Sheet. Sample financial statements can also be found at the end of the excel file called "Layout of worksheets) (check figures, net income $55,699; Total Assets = $295,478; Retained Eamings 12/31/20XX = $105,363.1 3. General Journal sheet WP-11 through WP-14 to prepare closing entries, Post these closing entries to the General Ledger (After this steps completed, all of your revenue accounts, expense accounts, and the dividend account should have a balance of 0-) View as Page 1 Download Print Activity Details You have viewed this topic 11 rall ZUZU 4. If your worksheet balances, it is now time to calculate the adjusted trail balance amounts on the worksheet. Once you have completed this step you need to once again make sure that your worksheet balances. Add up the debits and credits in the "ADJUSTED TRIAL BALANCE column of the worksheets. Your debits should equal your credits. Check number = $448,232 for debits and credits, Cash = $26.750; Accum Depr-Building = $30,5B0; Premium on bonds payable = 55,700; Revenue = $154,775) 3. Complete the "INCOME STATEMENT" and "BALANCE SHEET" columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $55,693 (Net Income for the period). 6. Port the adjusting journal entries from your general joumal (WP-11 through WP-14) to the proper General Ledger accounts (WP-3 through WP-10). When you have completed posting an amount from the General Journal to the General Ledger, enter the account number that you posted this AJE to in the POST. REF. Column of the General Journal Make sure that the balances in your General Ledger accounts EQUAL the balances on your Worksheet (WP-2) after your have posted the Adjusting Journal Entries to the General Ledger. (All of these account amounts must equal, or a mistake has been made!) 7. With the aid of your worksheet, prepare formal financial statements for Veggies-R-Us, for the year ended December 31, 20XX. (Use your text book if necessary to prepare these statements: Income Statement, statement of Shareholders' Equity, and a classified Balance Sheet. Sample financial statuments can also be found at the end of the excel file called "Layout of worksheets") Icheck figures, net income - $55,693; Total Assets = $295,478; Retained Earnings 12/31/20XX = $105,363.) 6. Use General Journal sheet WP-11 through Wp-14 to prepare closing entries. Post these closing entries to the General Ledger. After this step is completed, all of your revence accounts, expense accounts, and the dividend account should have a balance of -0-) COMPLETING THE ACCOUNTING CYCLE The trual batance of Viges-Rus, at December 31, 20XX, and the data needed for the year and adjustments follow. (Round all results to the nearest whole dollar amount.) The dollar value of supplies on hand at year end - $5,250, this was determined after taking a physical inventory. 2. Prepaid rent still in force at December 31, $900. Depreciation on furniture for the year, $210. 4 Depreciation on building for the year, $1,980. 5 Depreciation on equipment for the year, $1,125. 6. At the end of the year, Veggies-R-Us, owed P-Tato $100 and $820 to other employees of the company for work performed during the year past ended. 7. Uneamed revenue, customer deposits still nearned at December 31 was $3,125 Veggies-R-Us. uses the allowance method to determine the bad debt expense. The allowance for bad debts is based upon the balance in accounts receivable. Based upon past experience Veggies-R-Us, uses the rate of 0.75% 0.0075) of accounts receivable to determine the appropriate balance in the Allowance for Doubtful accounts, Round the balance in this allowance account (your calculated year end balance) to the nearest whole dollar 9. Bonds payable info: The principal amount (a.k.a. face value, par value, stated value) of these bonds - $150,000. These bonds have a 10 year term the stated rate (aka contract rats, nominal rate, contract rate) of interest on these bonds = 5%. Theses bonds are dated July 1, 20xx (current year) and were sold on July 1, 20xx (current year) for the sum of $156,000. Interest on these bonds is to be paid semi-annually on January 1 and July 1 of each year. An entry needs to be made for December 31 accrued interest due and for the appropriate amount relating to the amortization of the premium (se straight-line amortization for this premium). A check will be written and issued for the appropriate amount of interest due on January 1, (check out your textbook pages 594 - 597 10. The investments that A. Duck Ponds currently has in their investment account (current asset) represents investments that were purchased recently. Based upon stock market quotes obtained for December 31, the market value of these investments 5112,000. (Consider these to be trading securities pg 632-633 of your textbook) to ProjectX https://sclean.minnstate.edu/42/e/content/5017148/viewContent/44010322Niew Veggies-R-Us. Trial Balance December 31, 20xx Credit Debit Account Title Cash Accounts receivable $26,750 47,630 250 1,680 Allowance for doubtful accounts Prepaid rent Supplies Investments 8,700 113,520 15,350 12,800 Furniture Accumulated depreciation- furniture 44,600 1,830 89,900 28,600 Equipment Accumulated depreciation equipment Building Accumulated depreciation-building Accounts payable Salary payable Unearned revenue, customer deposits 6,240 25,500 150,000 Bonds payable Premium of bonds payable 6,000 Common stock 20,000 Retained earnings 54,920 https://sclearn.minnstate.edu/d2/e/content/5017148 ViewContent/4401 25,500 Salary payable Unearned revenue, customer deposits Bonds payable Premium of bonds payable Common stock Retained earnings Dividends 150,000 6,000 20,000 54,920 5,250 132,400 Revenue 51,600 5,000 10.410 0 Salary expense Rent expense Utilities expense Depreciation expense-furniture Depreciation expense-equipment Depreciation expense-building Advertising expense Supplies expense Bad debts expense 0 5,650 12,000 Interest expense Total $438,290 $438,290 WUJU U ILUULUULUULI Suggested course of action (Steps to follow): . Put your instructions together and staple them. Open up and print of the Excel file called Layout of worksheets. This file contains information of how to property record information on the worksheet, general ledger, and general journal. It also contains examples for your required financial statements. . Now open up the EXCEL file (Final Project working papers)- you will see the worksheets are labeled check the bottom tabs-label your printout based on the tabs given per the EXCEL view if these labels do not print on your excel worksheets. WP-1 tells you to look at the instruction WORD file-you can ignore this sheet as you already have the WORD file (this file is the instructions for this project - You are reading the instructions right now) WP-2 is the worksheet you will be using for this project WP-3 to WP-10 are the General Ledger WP-11 to WP 14 are blank journal entry sheets (you may or may not need all of these for your project) Examples showing the proper layout of the worksheet, general journal, general ledger, and sample financial statement formats are in the excel le "Layout of worksheets You don't have to do this work on the computer, in-fact, it would probably be much easier to print out the sheets (remember to label them) and complete this assignment by hand-than you can either enter your amounts into the program or send me your hand written assignment (professionally neat!) -- just make sure that I receive it by the due date(s)--Jen Background: P-Tato is the accountant for Veggies-R-Us, Inc. P-Tato knows about the internal control system that is in place for Veggies-R-Us. (in-fact she helped develop many of the rules within the internal control policy manual but she foolishly chose to ignore parts of it, specifically that internal control policy that requires all of the accounting files to be properly backed up and having a copy stored in an off-site location. As luck would have it, when things go wrong, they can really go wrong. The temperature dropped to minus 40 and froze the "Mousy family home in the nearby field. To save the family, this group of mice moved inside and decided that a safe place to build their new home would be inside something solid--they invaded the computer system and built their new home inside it over the weekend. When P.Tato booted up the computer on Monday, the hard drive crashed, and with it all of the accounting information for the year They thing that worked on ato favors that she was playing on working on the accounting records over the weekend so she had painted up several reports, wcluding the rol balance as of December 31, 20XX (check it out, the Trial Balance is on page 7.) You munion to do the work which is outlined below: Good back accountants Mequired: 1. Record the account information isted on the trial balance (page 7 of the instructions) onto the general ledger sheets provided (pages WP-3 through WP-10). (Note: Cash, Accounts Receivable, and Prepaid Rent have already been done for you.) The balances of all of the accounts should be dated as of December 31, 2000. (Make sure that you also write in the account number for each of these general ledger accounts found on the chart of accounts, pages of the instructions). 2. Prepare the worksheet (WP-2) for year-end procedures Suggested steps are as follows: Complete the chart of accounts that is provided for veggies-R-Us (page 5 of these instructions), i.e., state whether each account is an asset, buty, shareholders equity, revenue of expense account. b. Transfer the account names from the chart of accounts, (page 5 of these instructions) to the worksheet that is provided (WP-2). Make sure that you list of these accounts on the worksheet (even if they don't currently have balances) and make sure that you list them in the order that they are listed on the chart of accounts. Transfer the balances that you have from your general ledger (completed in step 1) to the worksheet started in step 2.a. (Check figures are c. Transfer the balances that you have from your general ledger (completed in step #1) to the worksheet started in step 2.a. [Check figures are debit/crecht = $438,290) 3. Prepare the required adjusting journal entries for the month-end based upon the information provided on page 6 of these instructions Information fom AJE 1 through 10). Suggested stops are as follows: a. Based on the information provided in a on page 6 (of these instructions), determine the required adjusting journal entry. Write up this adjusting journal entry on the General Journal sheets provided (WP-11 to WP-14). Make sure to properly date and label your adjusting journal entry (ie, 1, 2, 3. etc). Start with the account to be debited first, then the account to be credited is written in next. Provide a description for each of your adjusting journal entries. NOTE: These adjusting journal entries are within the group of journal entries that you were required to do throughout the semester. b. Post this adjusting journal entry from the General Journal to the proper accounts on your worksheet (WP-2). Indicate that you have posted the adjusted journal entry by making a 'squiggly line' in the POST. REF. Column of the General Journal. (Remember, put this 'squiggly line on the far right side of this column because later we will need to enter the account number in this column when we post this adjusting journal entry to the general ledger. Don't do this yet, we have to complete the worksheet first!) c. Now go back to page 6 (of these instructions), and perform the same steps from above (3.a. & 3.b.) for the information provided in b. through d. After you have completed all of the required adjusting journal entries, make sure that your worksheet balances. To do this, add up all of the debits and of the credits that you have made in the "ADJUSTMENTS' column of the worksheet. Your debits should equal your credits. Check number = 337,097) View as Page Reflectin e Portfolio Download Print Activity Details You have viewed this topic http://damnatate.edu/de/content/5017148/ViewContent/44010322Niew 4. If your worksheet balances, it is now time to calculate the adjusted trail balance amounts on the worksheet. Once you have completed this step you need to once again make sure that your worksheet balances. Add up the debits and credits in the "ADJUSTED TRIAL BALANCE column of the worksheets Your debits should equal your credits. Check number $448,232 for dobits and credits, Cash = $26,750; Accum Depr-Building = $30,580; Premium on bonds payable = $5,700; Revenue = $154,775] 5. Complete the "INCOME STATEMENT" and "BALANCE SHEET"columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $55,693 (Net Income for the period), 6. Post the casting journal entries from your general journal (WP-11 through WP-14) to the proper General Ledger accounts (WP-3 through WP-10). When you have completed posting an amount from the General Journal to the General Ledger, enter the account number that you posted this AE to in the POST. REF. Column of the General Journal Make sure that the balances in your General Ledger accounts EQUAL the balances on your Worksheet (WP-2) after your have posted the Adjusting Journal Entries to the General Ledger (All of these account amounts must equal, or a mistake has been madet) 7. With the aid of your worksheet, prepare formal financial statements for Veggies-R-Us, for the year ended December 31, 2030. (Use your text book if necessary to prepare these statements: Income Statement, Statement of Shareholders' Equity, and a classified Balance Sheet. Sample financial statements can also be found at the end of the excel file called "Layout of worksheets) (check figures, net income $55,699; Total Assets = $295,478; Retained Eamings 12/31/20XX = $105,363.1 3. General Journal sheet WP-11 through WP-14 to prepare closing entries, Post these closing entries to the General Ledger (After this steps completed, all of your revenue accounts, expense accounts, and the dividend account should have a balance of 0-) View as Page 1 Download Print Activity Details You have viewed this topic 11 rall ZUZU 4. If your worksheet balances, it is now time to calculate the adjusted trail balance amounts on the worksheet. Once you have completed this step you need to once again make sure that your worksheet balances. Add up the debits and credits in the "ADJUSTED TRIAL BALANCE column of the worksheets. Your debits should equal your credits. Check number = $448,232 for debits and credits, Cash = $26.750; Accum Depr-Building = $30,5B0; Premium on bonds payable = 55,700; Revenue = $154,775) 3. Complete the "INCOME STATEMENT" and "BALANCE SHEET" columns of the worksheet. The debits and credits will not be equal, the difference for both of these sections should = $55,693 (Net Income for the period). 6. Port the adjusting journal entries from your general joumal (WP-11 through WP-14) to the proper General Ledger accounts (WP-3 through WP-10). When you have completed posting an amount from the General Journal to the General Ledger, enter the account number that you posted this AJE to in the POST. REF. Column of the General Journal Make sure that the balances in your General Ledger accounts EQUAL the balances on your Worksheet (WP-2) after your have posted the Adjusting Journal Entries to the General Ledger. (All of these account amounts must equal, or a mistake has been made!) 7. With the aid of your worksheet, prepare formal financial statements for Veggies-R-Us, for the year ended December 31, 20XX. (Use your text book if necessary to prepare these statements: Income Statement, statement of Shareholders' Equity, and a classified Balance Sheet. Sample financial statuments can also be found at the end of the excel file called "Layout of worksheets") Icheck figures, net income - $55,693; Total Assets = $295,478; Retained Earnings 12/31/20XX = $105,363.) 6. Use General Journal sheet WP-11 through Wp-14 to prepare closing entries. Post these closing entries to the General Ledger. After this step is completed, all of your revence accounts, expense accounts, and the dividend account should have a balance of -0-) COMPLETING THE ACCOUNTING CYCLE The trual batance of Viges-Rus, at December 31, 20XX, and the data needed for the year and adjustments follow. (Round all results to the nearest whole dollar amount.) The dollar value of supplies on hand at year end - $5,250, this was determined after taking a physical inventory. 2. Prepaid rent still in force at December 31, $900. Depreciation on furniture for the year, $210. 4 Depreciation on building for the year, $1,980. 5 Depreciation on equipment for the year, $1,125. 6. At the end of the year, Veggies-R-Us, owed P-Tato $100 and $820 to other employees of the company for work performed during the year past ended. 7. Uneamed revenue, customer deposits still nearned at December 31 was $3,125 Veggies-R-Us. uses the allowance method to determine the bad debt expense. The allowance for bad debts is based upon the balance in accounts receivable. Based upon past experience Veggies-R-Us, uses the rate of 0.75% 0.0075) of accounts receivable to determine the appropriate balance in the Allowance for Doubtful accounts, Round the balance in this allowance account (your calculated year end balance) to the nearest whole dollar 9. Bonds payable info: The principal amount (a.k.a. face value, par value, stated value) of these bonds - $150,000. These bonds have a 10 year term the stated rate (aka contract rats, nominal rate, contract rate) of interest on these bonds = 5%. Theses bonds are dated July 1, 20xx (current year) and were sold on July 1, 20xx (current year) for the sum of $156,000. Interest on these bonds is to be paid semi-annually on January 1 and July 1 of each year. An entry needs to be made for December 31 accrued interest due and for the appropriate amount relating to the amortization of the premium (se straight-line amortization for this premium). A check will be written and issued for the appropriate amount of interest due on January 1, (check out your textbook pages 594 - 597 10. The investments that A. Duck Ponds currently has in their investment account (current asset) represents investments that were purchased recently. Based upon stock market quotes obtained for December 31, the market value of these investments 5112,000. (Consider these to be trading securities pg 632-633 of your textbook) to ProjectX https://sclean.minnstate.edu/42/e/content/5017148/viewContent/44010322Niew Veggies-R-Us. Trial Balance December 31, 20xx Credit Debit Account Title Cash Accounts receivable $26,750 47,630 250 1,680 Allowance for doubtful accounts Prepaid rent Supplies Investments 8,700 113,520 15,350 12,800 Furniture Accumulated depreciation- furniture 44,600 1,830 89,900 28,600 Equipment Accumulated depreciation equipment Building Accumulated depreciation-building Accounts payable Salary payable Unearned revenue, customer deposits 6,240 25,500 150,000 Bonds payable Premium of bonds payable 6,000 Common stock 20,000 Retained earnings 54,920 https://sclearn.minnstate.edu/d2/e/content/5017148 ViewContent/4401 25,500 Salary payable Unearned revenue, customer deposits Bonds payable Premium of bonds payable Common stock Retained earnings Dividends 150,000 6,000 20,000 54,920 5,250 132,400 Revenue 51,600 5,000 10.410 0 Salary expense Rent expense Utilities expense Depreciation expense-furniture Depreciation expense-equipment Depreciation expense-building Advertising expense Supplies expense Bad debts expense 0 5,650 12,000 Interest expense Total $438,290 $438,290