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I have to complete a workbook using problems from the textbook. It includes a journal entry, trial balance, adjusting entries, etc.
Instructions
Project
Instructions and Templates
_ points
Chapter 1 & 2 Notes
(PRACTICE)
(PRACTICE)
, Part A, journalize the transactions
(GRADED)
– Part A, prepare a horizontal and vertical analysis
(GRADED)
s (GRADED)
Chapter 1 & 2 Notes
| Make any notes from Chapters 1 or 2 of the “Continuing Cookie Chronicle” here. |
| NOTE: These notes will NOT be included in your grade for the project, they are for your own reference |
Journal Entries (PRACTICE)
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “
Journal Entries Solutions
” – use the arrow buttons on the bottom-left of your Excel window to scroll)
General Ledger (PRACTICE)
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “
General Ledger Solutions
“)
Trial Balance (PRACTICE)
| This Template will be used for the Journal Entries for Chapter 3, Part C of the Continuing Cookie Chronicle | |||||||
| Prepare a Trial Balance for November 30, 2011 | |||||||
| NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”) | |||||||
| Cookie Creations, Inc. | |||||||
| Total | |||||||
| *Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double check your calculations and entries |
Journal Entries (GRADED)
| Use the following Template for the Journal Entries from Chapter 4, Part A of the Continuing Cookie Chronicle | ||
| NOTE: This sheet WILL be graded when you submit your assignment | ||
| a) Prepare journal entries to record the December transactions |
General Ledger (GRADED)
| This Sheet will be used for Chapter 4, Part B of the Continuing Cookie Chronicle | |||
| b) Post the journal entries to the following general ledger accounts and compute the account balances | |||
| Dividends | Unearned Service Revenue | Retained Earnings | |
| Income Summary | Supplies Expense | Amortization Expense | |
| Salaries & Wages Expense | |||
| Accumulated Depreciation Equipment | |||
| Insurance Expense | Interest Expense | ||
| Depreciation Expense | |||
| Interest Payable | |||
| Salaries & Wages Payable |
Trial Balance (GRADED)
| Chapter 4, Part C of the the Continuing Cookie Chronicle |
| c) Prepare a Trial Balance at December 31, 2011 |
Adjusting Entries (GRADED)
| Chapter 4, Part D of the Continuing Cookie Chronicle |
| NOTE: This part WILL be graded when you submit your assignment to the instructor |
| d) Prepare and post adjusting entries for December |
Adjusted TB (GRADED)
| Chapter 4, Part E of the Continuing Cookie Chronicle | |||||
| Note: This part WILL be graded when you submit your assignment to the instructor | |||||
| e) Prepare an adjusted trial balance | |||||
Financial Statements (GRADED)
| Chapter 4, Part F of the Continuing Cookie Chronicle | ||||||
| f) You will only be preparing the | Income Statement | Balance Sheet | ||||
| Statement of Retained Earnings | ||||||
| For the Month Ending December 31, 2011 | ||||||
| Revenues: | Retained Earnings, December 1 | Current | Assets | |||
| Add: | Net Income | |||||
| Subtotal | ||||||
| Operating Expenses: | Less: Dividends | |||||
| Retained Earnings, December 31 | ||||||
| Total Current Assets | ||||||
| Property, Plant & Equipment | ||||||
| Intangible Assets | ||||||
| Total Operating Expenses | Total Assets | |||||
| $ – | Liabilities & | Stockholder’s Equity | ||||
| Total Current Liabilities | ||||||
| Long- Term Liabilities | ||||||
| Total Liabilities | ||||||
| Total Stockholder’s Equity | ||||||
| Total Liabilities & Stockholder’s Equity | ||||||
| *Remember, | Assets |
Closing Entries (GRADED)
| Chapter 4, Part G of the Contuing Cookie Chronicle |
| g) Prepare closing entries |
| Hint: use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. |
| Description (Account Name) |
Post Closing TB (GRADED)
| Chapter 4, Part H of the Continuing Cookie Chronicle |
| h) Prepare post-closing trial balance |
| Post-Closing Trial Balance |
Horiz. & Vert Analysis (GRADED)
| Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis | |||||||||||||
| Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using | 2013 | ||||||||||||
| Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab. | |||||||||||||
| COOKIE & COFFEE CREATIONS INC. | |||||||||||||
| For the Year Ended October 31 | |||||||||||||
| Horizontal | |||||||||||||
| 2014 | Difference | ||||||||||||
| Sales | $485,625 | $46 | 2, | 50 | |||||||||
| Cost of goods sold | 222,694 | 208, | 125 | ||||||||||
| Gross profit | 262,931 | 254,375 | |||||||||||
| Operating expenses | |||||||||||||
| Salaries & wages expense | 147,979 | 146,350 | |||||||||||
| Depreciation expense | 17, | 60 | 9, | 100 | |||||||||
| Other operating expenses | 48,186 | 42,925 | |||||||||||
| Total operating expenses | 213,765 | 198,375 | |||||||||||
| Income from operations | 49,166 | 5 | 6,000 | ||||||||||
| Other expenses | |||||||||||||
| Interest expense | 413 | ||||||||||||
| Loss on sale of computer | |||||||||||||
| equipment | |||||||||||||
| Total other expenses | 2,913 | ||||||||||||
| Income before income tax | 46,253 | ||||||||||||
| Income tax expense | 9,251 | 1 | 4,000 | ||||||||||
| Net income | $37,002 | $4 | 2,000 | ||||||||||
| Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2014 and 2013 | |||||||||||||
| Vertical | |||||||||||||
| $462,500 | |||||||||||||
| 600 | |||||||||||||
| 2, | 250 | ||||||||||||
| 2,663 | |||||||||||||
| 14,000 | |||||||||||||
Financial Ratios (GRADED)
| Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below. | |||||||||||||||||
| Instructions: Using the financial statements below, compute the following ratios for 2014 only: Current Ratio, | Debt to | Gross | Profit | Rate | Margin | Return on | |||||||||||
| EXAMPLE: | |||||||||||||||||
| Name of Ratio | = | 1,234 | 1.00 | ||||||||||||||
| Your Answers (2014): | |||||||||||||||||
| Return on common | |||||||||||||||||
| NOTE: Dividends on preferred stock were $18,000 in 2014 | |||||||||||||||||
| October 31, 2012 | |||||||||||||||||
| $ 22,324 | $ 5,550 | ||||||||||||||||
| 3,250 | 2,710 | ||||||||||||||||
| Inventory | 7,897 | 7,450 | |||||||||||||||
| Prepaid Expenses | 5, | 800 | 6,050 | ||||||||||||||
| 102,000 | 75,500 | ||||||||||||||||
| Accumulated depreciation | (25,200) | (9,100) | |||||||||||||||
| Total assets | $ 116,071 | $ 88,160 | |||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||
| 7,200 | |||||||||||||||||
| Income taxes payable | 27,000 | ||||||||||||||||
| Salaries payable | 7,250 | 1,280 | |||||||||||||||
| Interest payable | 188 | ||||||||||||||||
| Note payable – current portion | |||||||||||||||||
| Note payable – long-term portion | |||||||||||||||||
| Preferred stock, no par, $6 cumulative – 3,000 and 2,800 shares issued, respectively | 15,000 | ||||||||||||||||
| Common stock, $1 par – | 25,180 | ||||||||||||||||
| Additional paid-in capital – treasury stock | |||||||||||||||||
| Retained earnings | 20,802 | 10,800 | |||||||||||||||
| Total liabilities and stockholders’ equity |
Grading Rubric
| Final Project Grading Rubric – 20 points total (20% of overall course grade) | ||||||||||||
| Criteria | Excellent | Good | Poor | Very Poor | ||||||||
| Parts: | 90% to 100% | 70% to 89% | 50% to 69% | Less than 50% | ||||||||
| Part A & B – Journal Entries (4pts) | Journal Entries use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. | Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. | ||||||||
| Part C – Unadjusted Trial Balance. (1pt) | Posting is correct leading to an accurate trial balance. | Posting is mostly correct leading to a mostly correct trial balance. | Posting has several errors leading to a trial balance with several errors. | Posting is done poorly or not at all, leading to inaccurate or no trial balance. | ||||||||
| Part D – Adjusting Journal Entries (2pts) | ||||||||||||
| Part E – Posted Adjusted Trial Balance. (2pts) | ||||||||||||
| Part F – Financial Statements (4pts) | All three Financial Statements are prepared accurately and in an appropriate format. | Two of three Financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. | One of three Financial Statements are prepared accurately and mostly in an appropriate format, two statements have some errors. | One or fewer of three Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. | ||||||||
| Part G – Closing Journal Entries (2pts) | ||||||||||||
| Part H- Posted and Post-closingTrial Balance. (1pt) | ||||||||||||
| Horizontal & Vertical Analysis (2pts) | Horizontal and Vertical analysis is 90% to 100% correct | Horizontal and Vertical analysis is 70% to 89% correct | Horizontal and Vertical analysis is 50% to 69% correct | Horizontal and Vertical analysis has less than 50% correct answers. | ||||||||
| Financial Ratios (2pts) | All ratios are properly calculated with none or only one ratio being incorrect. | Most of the ratios are properly calcluated with only two or three ratios being incorrect. | There are three or four errors in the calculation of financial ratios | There are more than four errors in the calculation of the financial ratios. |
Journal Entries Solutions
| Solutions for the Practice Exercise Chapter 3, Part A of the Continuing Cookie Chronicle | |||||
| Nov. 8 | No journal entry required | ||||
| Nov 8. | |||||
| Common Stock | |||||
| Nov. 11 | 95 | ||||
| Cash | |||||
| Nov. 14 | |||||
| Nov. 15 | 300 | ||||
| Nov. 16 | |||||
| Notes Payable | |||||
| Nov. 17 | 900 | ||||
| Nov. 18 | |||||
| Nov. 25 | |||||
| Unearned Service Revenue | |||||
| Nov. 29 | |||||
| Service Revenue | |||||
| Nov. 30 | |||||
| Accounts Payable | |||||
| 1,200 | |||||
| Servcie Revenue | |||||
| 6,230 |
General Ledger Solutions
| Solutions for the Practice Exercise Chapter 3, Part B of the Continuing Cookie Chronicle | |||||
| Nov. 8 500 | Nov. 11 95 | Nov. 15 300 | |||
| Nov. 16 2,000 | Nov. 14 125 | Nov. 17 900 | |||
| Nov. 25 60 | Nov. 30 Bal 1,200 | ||||
| Nov. 29 100 | Nov. 30 1,200 | ||||
| Nov. 30 Bal. 340 | |||||
| Nov. 30 300 | Nov. 30 600 | ||||
| Nov. 30 Bal. 300 | Nov. 30 Bal. 600 | ||||
| Nov. 30 50 | Nov. 11 125 | ||||
| Nov. 30. Bal 650 | Nov. 30 Bal | 220 | |||
| Nov. 30. Bal. 60 | Nov. 30 Bal. 1,200 | ||||
| Nov. 30. Bal. 2,000 | |||||
| Nov. 30. Bal 800 | |||||
| Nov. 30 Bal. 50 | |||||
| Nov. 30 Bal. | 400 |
Trial Balance Solutions
| Solutions for the Practice Exercise Chapter 3, Part C of the Continuing Cookie Chronicle | |
| c) Prepare a Trial Balance for November 30, 2011 | |
| $ 340 | |
| Website | |
| $ 650 | |
| $ 3,910 | |
| *Note that debits equal credits |
Sheet1
Sheet2
CHAPTER 4
Continuing Cookie Chronicle
(Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 3.)
CCC4 Cookie Creations is gearing up for the winter holiday season. During the month of December 2011, the following transactions occur.
Dec. 1 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties.
5 Natalie teaches the class that was booked on November 25. The balance outstanding is received.
8 Cookie Creations receives a check for the amount due from the neighborhood school for the class given on November 30.
9 Cookie Creations receives $750 in advance from the local school board for five classes that the company will give during December and January.
15 Pays the cell phone invoice outstanding at November 30.
16 Issues a check to Natalie’s brother for the amount owed for the design of the website.
19 Receives a deposit of $60 on a cookie class scheduled for early January.
23 Additional revenue earned during the month for cookie-making classes amounts to $4,000. (Natalie has not had time to account for each class individually.) $3,000 in cash has been collected and $1,000 is still outstanding. (This is in addition to the December 5 and December 9 transactions.)
23 Additional baking supplies purchased during the month for sugar, flour, and chocolate chips amount to $1,250 cash.
23 Issues a check to Natalie’s assistant for $800. Her assistant worked approximately 100 hours from the time in which she was hired until December 23.
28 Pays a dividend of $500 to the common shareholder (Natalie).
As of December 31, Cookie Creations’ year-end, the following adjusting entry data are provided.
1. A count reveals that $45 of brochures and posters were used.
2. Depreciation is recorded on the baking equipment purchased in November. The baking equipment has a useful life of 5 years. Assume that 2 months’ worth of depreciation is required.
3. Amortization (which is similar to depreciation) is recorded on the website. (Credit the Website account directly for the amount of the amortization.) The website is amortized over a useful life of 2 years and was available for use on December 1.
4. Interest on the note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) Round to nearest dollar.
5. One month’s worth of insurance has expired.
6. Natalie is unexpectedly telephoned on December 28 to give a cookie class at the neighborhood community center on December 31. In early January Cookie Creations sends an invoice for $450 to the community center.
7. A count reveals that $1,025 of baking supplies were used.
8. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15.
9. Because the cookie-making class occurred unexpectedly on December 28 and is for such a large group of children, Natalie’s assistant helps out. Her assistant worked 7 hours at a rate of $8 per hour.
10. An analysis of the unearned revenue account reveals that two of the five classes paid for by the local school board on December 9 still have not been taught by the end of December. The $60 deposit received on December 19 for another class also remains unearned.
Instructions
Using the information that you have gathered and the general ledger accounts that you have prepared through Chapter 3, plus the new information above, do the following.
(a) Journalize the above transactions.
(b) Post the December transactions. (Use the general ledger accounts prepared in Chapter 3.)
(c) Prepare a trial balance at December 31, 2011.
(d) Prepare and post adjusting journal entries for the month of December.
(e) Prepare an adjusted trial balance as of December 31, 2011.
(f ) Prepare an income statement and a retained earnings statement for the 2-month period ending December 31, 2011, and a classified balance sheet as of December 31, 2011.
(g) Prepare and post closing entries as of December 31, 2011.
(h) Prepare a post-closing trial balance.
CHAPTER 13
Continuing Cookie Chronicle
(Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 12.)
CCC13 Natalie and Curtis have comparative balance sheets and income statements for Cookie & Coffee Creations Inc. They have been told that they can use these financial statements to prepare horizontal and vertical analyses, and to calculate financial ratios, to analyze how their business is doing and to make some decisions they have been considering.
Go to the book’s companion website, at www.wiley.com/college/kimmel, to find the completion of this problem.
