Hey everyone, I have a extra credit question id like to ask y'all for some help with. Im struggling with parts E & F (in red). Thanks for the help guys Im pretty new to accounting and this is the first spreadsheet assignment ive had to do.
On the attached worksheet is the 12/31/11 post-closing Trial Balance for the MSU Candy Company, a wholesale candy distributor. Below are the summary transactions and adjusting information for the year 2012. Wherever the letters AAA, BB, or CCCC appear, you are to use A:700, B:59, C:4799 respectively. Round all journal entries to the nearest whole number. Assume a 30% Tax Rate.The electronic copy of entire project is due before 11PM Wednesday December 4th via Blackboard.
Required: Using Excel, prepare:
1. General journal entries to record the summary transactions and adjusting journal
entries.
2. The year-end worksheet, using cell reference links to post the general journal
entries and formulas to extend the worksheet. Just put the summarized transactions and the adjusting entries all into the adjustment columns on the worksheet.
3. Financial statements, including a Multi-step Income Statement, a Retained
Earnings Statement, and a classified Balance Sheet. Again, use cell reference
links and formulas where possible.
4. Submit for grading a printed copy of journal entries. E-mail me your Excel spreadsheet(s), for the journal entries, worksheet, and financial statements.
Summarized transactions for 2012:
a. 1. Sold merchandise on credit, $6BB,AAA.
2. Collected 90% of these current credit sales.
3. Collected 95% of beginning accounts receivable.
4. Wrote off the remaining 5% of beginning accounts receivable.
b. 1. Purchased merchandise on credit, $3CC,CC0. MSU Candy uses a
periodic inventory system.
2. Paid 85% of these purchases.
3. Paid all of beginning accounts payable.
c. On April 1, 2012, paid $2,BBO for a renewal of the insurance policy which will
provide coverage for the period 4/1/12 to 4/1/13.
d. Supplies purchased for cash during the year $2C,CCC.
e. On July 1, 2012, received cash consisting of a $3,000 payment of principal on the
note receivable plus interest for six months @8.59%.
f. On January 1, 12, equipment costing $10,000 (with related accumulated
depreciation of $3,600) was exchanged for different equipment having a FMV of
$7,700. No cash was exchanged and the exchange had commercial substance.
g. Paid $6A,AA0 for salaries and $10,BB0 for payroll taxes. Both of these amounts
include the beginning liabilities for each, respectively.
h. 7B.B% of the beginning Unearned Revenue was earned by year-end.
i. Dividends declared in 2011 were paid in January, 2012. Dividends of $6,700
were declared in December, 2012 and will be paid in January, 2013.
On the attached worksheet is the 12/31/11 post-closing Trial Balance for the MSU Candy Company, a wholesale candy distributor. Below are the summary transactions and adjusting information for the year 2012. Wherever the letters AAA, BB, or CCCC appear, you are to use A:700, B:59, C:4799 respectively. Round all journal entries to the nearest whole number. Assume a 30% Tax Rate.The electronic copy of entire project is due before 11PM Wednesday December 4th via Blackboard.
Required: Using Excel, prepare:
1. General journal entries to record the summary transactions and adjusting journal
entries.
2. The year-end worksheet, using cell reference links to post the general journal
entries and formulas to extend the worksheet. Just put the summarized transactions and the adjusting entries all into the adjustment columns on the worksheet.
3. Financial statements, including a Multi-step Income Statement, a Retained
Earnings Statement, and a classified Balance Sheet. Again, use cell reference
links and formulas where possible.
4. Submit for grading a printed copy of journal entries. E-mail me your Excel spreadsheet(s), for the journal entries, worksheet, and financial statements.
Summarized transactions for 2012:
a. 1. Sold merchandise on credit, $6BB,AAA.
2. Collected 90% of these current credit sales.
3. Collected 95% of beginning accounts receivable.
4. Wrote off the remaining 5% of beginning accounts receivable.
b. 1. Purchased merchandise on credit, $3CC,CC0. MSU Candy uses a
periodic inventory system.
2. Paid 85% of these purchases.
3. Paid all of beginning accounts payable.
c. On April 1, 2012, paid $2,BBO for a renewal of the insurance policy which will
provide coverage for the period 4/1/12 to 4/1/13.
d. Supplies purchased for cash during the year $2C,CCC.
e. On July 1, 2012, received cash consisting of a $3,000 payment of principal on the
note receivable plus interest for six months @8.59%.
f. On January 1, 12, equipment costing $10,000 (with related accumulated
depreciation of $3,600) was exchanged for different equipment having a FMV of
$7,700. No cash was exchanged and the exchange had commercial substance.
g. Paid $6A,AA0 for salaries and $10,BB0 for payroll taxes. Both of these amounts
include the beginning liabilities for each, respectively.
h. 7B.B% of the beginning Unearned Revenue was earned by year-end.
i. Dividends declared in 2011 were paid in January, 2012. Dividends of $6,700
were declared in December, 2012 and will be paid in January, 2013.