5-2 Final Project Milestone Two Workbook PDF

Preview

Summary

Download 5-2 Final Project Milestone Two Workbook PDF

Description

AssetAccounts

LiabilityAccounts Acct#

Cash BakingSupplies PrepaidRent PrepaidInsurance BakingEquipment OfficeSupplies AccountsReceivable AccumulatedDepreciation Trademark LeaseholdImprovements AccumulatedAmortization

Acct# 101 102 103 104 105 106 107 108 109 110 111

NotesPayable AccountsPayable WagesPayable InterestPayable LoansPayable

Thischartofaccountsshouldhelpyouidentifytheappropriateaccountstorecordtoasyouareanalyzingand journalingtransactionsforthisworkbook.Thereisnothingtocompleteonthispage;thisissimplyaresourcefor you.

201 202 203 204 205

EquityAccounts Acct# CommonStock Dividends

301 302

RevenueAccounts Acct# BakerySales MerchandiseSales

401 402

ExpenseAccounts Acct# BakingCostofGoodsSold MerchandiseCostofGoodsSold(FIFO) RentExpense InsuranceExpense Misc.Expense BusinessLicenseExpense AdvertisingExpense WagesExpense TelephoneExpense InterestExpense DepreciationExpense AmortizationExpense OfficeSuppliesExpense

501 502 503 504 505 506 507 508 509 510 511 512 513

Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization Trademark Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Loans Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense

Peyton Approved Trial Balance 2017 Unadjusted trial balance Debit Credit 64,713.72 165,250.00 25,750.00 7,500.00 2,400.00 17,000.00 3,285.72 10,000.00 2,000.00 2,300.00 1,600.00 30,401.00 10,000.00

Adjusting entries Debit Credit 137,400.00

2,000.00 2,642.86 2,000.00 1,350.00

1,468.75 27,325.00 22,800.00 21,000.00 30,000.00 20,000.00 335,675.00 35,200.00 137,400.00 90,000.00 1,468.75 2,000.00 2,642.86 2,000.00

Adjusted trial balance Debit Credit 64,713.72 27,850.00 25,750.00 7,500.00 400.00 17,000.00 5,928.58 10,000.00 4,000.00 2,300.00 250.00 30,401.00 10,000.00 1,468.75 27,325.00 22,800.00 21,000.00 30,000.00 20,000.00 335,675.00 35,200.00 137,400.00 90,000.00 1,468.75 2,000.00 2,642.86 2,000.00

Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise COGS (FIFO) Total

2,780.00

2,780.00 1,350.00 375.00 5,200.00 22,800.00 3,456.00 15,760.00

1,350.00 375.00 5,200.00 22,800.00 3,456.00 15,760.00 464,485.72

464,485.72

169,661.61

169,661.61

493,397.33

493,397.33

Peyton Approved Adjusting Journal Entries 2017 Date

Accounts

Debit

31-Dec Depreciation Expense Accumulated depreciation

2,642.86

31-Dec Amortization Expense Accumulated Amortization

2,000.00

31-Dec Interest Expense (See Note) Interest Payable

1,468.75

31-Dec Insurance Expense Prepaid Insurance

2,000.00

31-Dec Baking Cost of Goods Sold Baking Supplies 31-Dec Office Supplies Expense Office Supplies 31-Dec Wages Expense Wages Payable

Credit 2,642.86

2,000.00

1,468.75

2,000.00 137,400.00 137,400.00 1,350.00 1,350.00 22,800.00 169,661.61

22,800.00 169,661.61

(Note,$10000*.06/12*11=$550)(Loan,$21000*.075/12*7=$918.75)=$1468.75Interest

Peyton Approved Income Statement For Year Ending 12/31/2017

Bakery Sales Merchandise Sales Total Revenues Merchandise Cost of Goods Sold (FIFO) Baking Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Total Operating Expenses: Net Income

$ 335,675.00 $ 35,200.00 370,875.00 15,760.00 137,400.00 217,715.00

90,000.00 1,468.75 2,000.00 2,642.86 2,000.00 2,780.00 1,350.00 375.00 5,200.00 22,800.00 3,456.00 134,072.61 83,642.39

Peyton Approved Closing Entries For Year Ending 12/31/2017 Date

Accounts

Debit

31-Dec Bakery Sales Merchandise Sales Income Summary

335,675.00 35,200.00

31-Dec Income Summary Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise Cost of Goods Sold (FIFO) 31-Dec Income Summary Retained Earnings

287,232.61

31-Dec Retained Earnings Dividends

Credit

370,875.00

137,400.00 90,000.00 1,468.75 2,000.00 2,642.86 2,000.00 2,780.00 1,350.00 375.00 5,200.00 22,800.00 3,456.00 15,760.00 83,642.39 83,642.39 20,000.00 20,000.00

761,750.00

761,750.00

Peyton Approved Statement of Retained Earnings For Year Ending 12/31/2017 Beginning Balance: plus Net Income less Dividends: Ending Balance:

83,642.39 20,000.00 63,642.39

Current Assets: Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Office Supplies Accounts Receivable Total Current Assets

64,713.72 27,850.00 25,750.00 7,500.00 400.00 250.00 30,401.00 156,864.72

Long Term/Fixed Assets: Baking Equipment Accumulated Depreciation

17,000.00 5,928.58

Leasehold Improvements Accumulated Amortization

10,000.00 4,000.00

11,071.42

Trademark Total Assets:

6,000.00 2,300.00 176,236.14

Liabilities and Owners' Equity Current Liabilities: Accounts Payable 27,325.00 Wages Payable 22,800.00 Interest Payable 1,468.75 Total Current Liabilities

51,593.75

Long Term Liabilities: Notes Payable Loans Payable Total Long Term Liabilities: Total Liabilities:

31,000.00 82,593.75

Common Stock Retained Earnings Total Equity

Total Liabilities & Equity

10,000.00 21,000.00

30,000.00 63,642.39 93,642.39

176,236.14

2017 QuickRatio GrossMargin NetMargin ReturnonEquity

2016 2.2 0.55 0.22 0.9

2015 IndustryStandard 2.8 0.7 0.32 0.78

1.75 0.7 0.24 0.8...