Workbook ACC 307 PDF

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ACC 307 Final workbook...

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Asset Accounts 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

This chart of accounts should help you identify the ap analyzing and journaling transactions for this workbook. T is simply a resource

Liability Accounts Notes Payable Accounts Payable Wages Payable Interest Payable Loans Payable

Equity Accounts Acct # 201 Common Stock 202 Dividends 203 204 205

Revenue Accounts Bakery Sales Merchandise Sales ppropriate accounts to record to as you are There is nothing to complete on this page; this e for you.

Expense Accounts 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

Acct # 301 302

Acct # 401 402

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

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 2,780.00 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

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 2,780.00 1,350.00 375.00 5,200.00 22,800.00 3,456.00 15,760.00 493,397.33

493,397.33

Peyton Approved Adjusting Journal Entries 2017 Date Accounts 31-Dec Depreciation Expense Accumulated depreciation

Debit 2,642.86

31-Dec Amortization Expense Accumulated Amortization

2,000.00

31-Dec Interest Expense 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

22,800.00

169,661.61

169,661.61

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 31-Dec Bakery Sales Merchandise Sales Income Summary

Debit 335,675.00 35,200.00

370,875.00

31-Dec Income Summary 287,232.61 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 83,642.39 Retained Earnings 31-Dec Retained Earnings Dividends

Credit

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

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:

83,637.39 20,000.00 63,637.39

Peyton Approved Balance Sheet As of December 31, 2 Assets 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

d 2017 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

2016

2015 Industry Standard

Quick Ratio Gross Margin Net Margin

1.66 0.59 0.23

2.2 0.55 0.22

2.8 0.7 0.32

1.75 0.7 0.24

Return on Sales

0.23

0.24

0.26

0.23

Return on Equity

0.89

0.9

0.78

0.8...