Prepare the income statement for the year ended

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Reference no: EM131761251

Assignment Task - Need manual solution for question 7, 8, 10, 15 of Assignment.

Q7. PALER

Spreadsheet - check the assignment and spreadsheet requirements.

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Create a spreadsheet solution.

Data -

The assets, liabilities and owner's equity revenues and expenses of Trump Design Studio have the following balance at 30-Nov-17 the end of its first year of operation. During the year, the owner invested $15,000

 

$

 

 

$

Loan payable

5,900

 

Office furniture

17,600

Rent expense

12,400

 

Electricity and gas expense

5,500

Cash

26,450

 

Accounts payable

12,300

Office supplies

5,600

 

Trump Capital

40,000

Salary expense

34,000

 

Service revenue

134,500

Salaries accrued

2,450

 

Accounts receivable

1,900

Property tax expense

1,200

 

Supplies expense

3,480

Prepaid expenses

7,600

 

Investments

1,500

Requirements -

1. What type of account is each of the above accounts? See the Topic notes in interact.

2. Prepare the income statement for the year ended 30-Noc-17.

3. What was the amount of owner drawings for the year?

4. Prepare a balance sheet as at 30-Nov-17. Include an IF function to tests that it balances.

Q8. Balance Sheet Equation

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet required. Note that Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question.

In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example  =D8. The yellow highlighted cells will contain the answers.

C. For each number calculated, briefly explain how you derived the answer.

For each of the following independent cases, computes the amounts (in thousands) for the items indicated by letters. Check figure: the answer in Case 3 M is 10,220.

For each number calculated, briefly explain how you derived the answer.

DATA

 

Case 1

Case 2

Case 3

Revenue

 

800

K

 

 

4,800

Expenses

 

400

 

800

 

1,250

Dividends declared

 

0

 

200

Q

 

Additional Investment by stockholders

 

0

 

190

 

450

Net income

E

 

 

660

P

 

Retained earnings

 

 

 

 

 

 

Beginning of year

 

300

 

225

 

2,350

End of year

D

 

J

 

 

2,750

Paid-in-capital

 

 

 

 

 

 

Beginning of year

 

190

 

445

N

 

End of year

C

 

H

 

 

 

Total assets

 

 

 

 

 

 

Beginning of year

 

640

F

 

L

 

End of year

 

900

 

1,500

M

 

Total liabilities

 

 

 

 

 

 

Beginning og year

A

 

 

370

 

1,500

End of year

B

 

G

 

 

870

REPORT

 

Case 1

Case 2

Case 3

Revenue

 

800

K

1,460

 

4,800

Q10. Trial balance

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Create a spreadsheet solution. Paste normal and formula views.

C. Change 2 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 2 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

Data -

The accounts of Trogir Deliveries follow with their balances at 30 June 2017.

The accounts are listed in no particular order.

Required - Prepare the trial balance.

 

$

 

 

$

Capital

1,088,036

 

Trucks

404,000

Insurance expense

5,900

 

Truck expenses

158,000

Accounts payable

46,700

 

Drawings

27,500

Service revenue

234,560

 

Electricity expense

8,760

Building

567,000

 

Accounts receivable

38,700

Supplies expense

2,780

 

Notes payable

34,900

Cash

35,600

 

Supplies

13,456

Salary expense

14,500

 

Equipment

128,000

Q15. Worksheet and financial reports

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet. Add a ten column worksheet beneath the following data. Below that report, create the three financial reports. Paste the normal and formula view.

B. In a second version, make four changes to the data such that a loss is reported. Paste the second normal view.

Data section -

Gravel Motors Trial Balance at 30 June 2017

Account

Debit $

Credit $

Cash

44,500

 

Accounts Receivable

132,000

 

Supplies

24,500

 

Prepaid Insurance

3,456

 

Equipment

447,000

 

Accumulated Depreciation

 

107,890

Accounts Payable

 

145,890

Wages Accrued

 

16,789

Unearned Service Revenue

 

12,345

Capital

 

308,012

Drawings

28,900

 

Service Revenue

 

267,890

Depreciation Expense

 

 

Wages Expense

165,900

 

Insurance Expense

 

 

Utilities Expense

12,560

 

Supplies Expense

 

 

Total

858,816

858,816

Additional Data -

 

$

Depreciation on equipment

1,290

Accrued wage expense

600

Supplies on hand

780

Prepaid insurance expired during June

780

Unearned service revenue earned in June

6,754

Accrued service revenue

800

Required -

1. Spreadsheet a ten column worksheet.

2. Also spreadsheet the Financial Reports.

3. Make three changes to the data such that a loss occurs.

Attachment:- Assignment File.rar

Reference no: EM131761251

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Reviews

len1761251

12/12/2017 1:00:03 AM

Need manual solution for question 7, 8, 10, 15 of assessment 1. I already have the Excel solution. You just have to prepare solution on paper and take photos. Provide APA references for each question and provide a Bibliography/ Reading List of all references at the end of your assignment. Your assignment will be marked as a whole with recognition being given to demonstration of knowledge, quality thinking, application of skills and critical thinking.

len1761251

12/12/2017 12:59:55 AM

For some questions, you have a chance to demonstrate some creativity, or provide your own examples or give evidence of wider reading or to structure a spreadsheet in an innovative manner. You also need to avoid the snowballing effects of cumulative errors - that is, an error early in a practical question which carries through. Full marks are a possibility for well structured, complete, quality answers. You will be provided with a mark based on the work submitted and you will also be provided with suggested solutions or guidelines. Feedback will normally consist of the mark, specific comments and guideline solutions.

len1761251

12/12/2017 12:59:48 AM

High Distinction. To meet this level, you will attain a cumulative mark between 85%-100%. A mark in this range indicates that you have met the learning outcomes for this task to an exceptional level, including skilfully applying correct analytical methods and techniques, deconstructing information and reflecting on different accounting and financial management ideas and interpretative techniques applied in management decision making and efficient allocation of business resources, and creating professional reports and spreadsheets that can be used in management decision making.

len1761251

12/12/2017 12:59:40 AM

This mark also indicates your assignment will: be professionally presented with correct spelling and grammar, be the result of your original work, include complete references and acknowledgment of all sources used according to APA 6th style, be complete without any omissions, be correct, evaluate comprehensively the issues raised in the questions, provide examples where appropriate, and comply with all spreadsheet requirements. Answers should: be well planned with arguments flowing logically; use correct sentence structure, punctuation and spelling; present original ideas where appropriate; and present a justified conclusion and acknowledge all sources.

len1761251

12/12/2017 12:59:32 AM

Presentation - Please read this in conjunction with the assignment requirements below. Single spacing and small margins are welcome to save paper. For any business report style questions a report structure is expected. Provide references throughout your assignment including page references to texts, articles and URL’s of websites. APA is the referencing style used by the Faculty of Business. Acknowledge ALL sources used. At the end of your assignment include a complete Bibliography (Reference List) of resources actually used including the Internet, textbook, Interact resources, software help files and videos supporting this subject. The work you submit must be your own. In the past a few students have received heavy penalties for submitting assignments which were not entirely their own work.

len1761251

12/12/2017 12:59:26 AM

For every question with a spreadsheet solution, paste in the Word document displaying row and column headings, the spreadsheet solutions normal view and a formula view of each spreadsheet, Thus your Word file will provide a complete answer to every question. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible. The separate Excel file will provide a clear demonstration of correct spreadsheet structures. You may need to break up your report/solution into separate images.

len1761251

12/12/2017 12:59:18 AM

For good spreadsheet design it is very important that you have completely separate data entry and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area. Create all spreadsheets solutions as separate spreadsheets in one workbook. Name the tags at the bottom of the computer screen with the question number, and sub-section as appropriate. See examples in the Spreadsheet Advice PDF in Interact Resources. Save your workbook with the cursor in cell A1 of the first spreadsheet.

len1761251

12/12/2017 12:59:10 AM

Where appropriate, use the IF function to provide built in checks of balances, net income/net loss, favourable/unfavourable variances etc. How can you display negative numbers in brackets? Google the question! Hint. Format / Cells / Number and select Custom. Enter this: #,##0;(#,##0);0. We have provided spreadsheet examples to guide you in the Spreadsheet Advice PDF in Interact2 Resources - it is important that you study these examples. Also consider using the spreadsheet templates available with your text and other online spreadsheet resources but note that the text templates do not necessarily comply with the subject spreadsheet requirements. Solutions to questions should vary in length according to the nature of the question. Solutions to exercises and problem questions should be in a similar form to that demonstrated in the text.

len1761251

12/12/2017 12:59:02 AM

The work you submit must be your own. In the recent past a few students have received heavy penalties for submitting assignments which were not entirely their own work. Some questions require a spreadsheet. Check the Assignment and Spreadsheet Requirements above AND the Spreadsheet Advice PDF. Also check the interactive videos. Present your solutions in exactly the same sequence as specified in this Subject Outline. Students should normally submit the assignment only once. Multiple copies received by the University can result in unnecessary delays.

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