Accounting And Finance Problems

September 14, 2022/in Uncategorized /by admin

Accounting And Finance Problems

Week 3 Assignment and Learning Activity:

PLEASE DO NOT BID FOR THIS ASSIGNMENT IF YOU ARE NOT GOOD WITH SOLVING MATH PROBLEMS AND BEING ABLE TO EXPLAIN FINANCIAL TERMS/CONCEPTS.

Week 3 Homework Problems – 8 problems total

Complete the following Workbook Template Week 3. Problems E5-2 and E5-6 are from Chapter 5 and P5-5B from the Textbook Student Companion Site. Problems 6-2B and 6-3B from Chapter 6 are located on the Textbook Student Companion Site Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.

(Week 3 homework template, chapter 5, problems P5-5B, 6-2B and 6-3B are attached)

Learning Activity

Read the “Continuing Problem Cookie Creations” for Chapter 4 on page 205 of the Textbook. Go to the Textbook’s Student Companion Website, www.wiley.com/college/kimmel, to see the completion of this problem. Using the Excel file BUS591 Final Project Templateprovided in Module 6, complete the requirements listed on the “Instructions” tab of the excel spreadsheet for Chapter 4.

For Part D, post the adjusting entries to the general ledger accounts, adding to the balances you did in Part B. Be sure to total new balances for each account.

(Continuing Problem Cookie Creation for Chapter 4 and Final Project Template are attached)

Link to Textbook’s Student Companion for your reference. All problems and supporting documentation are attached – http://bcs.wiley.com/he-bcs/Books?action=index&bcsId=9831&itemId=1118953908

Instructions

Final Project Instructions and Templates
Name: ___________________________________
Final Project
Due by Day 7 of Week 6
This project is worth _20_ points
MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.
It is recommended that you complete the non-graded requirements for additional practice
All of the templates you need for the project are located in this Workbook.
The instructions and data for the problem is in your Textbook (the “Continuing Cookie Chronicle” at the end of the chapter).
Use the arrow buttons (lower left corner of the window) to navigate through the tabs.
Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project
Column1	Column2
Requirements	Sheet in Workbook
Week One
Chapter 1 and 2 “Continuing Cookie Chronicle” – Review the problem and make notes of your answers.	Chapter 1 & 2 Notes (PRACTICE)
Week Two
Chapter 3, Part A, prepare journal entries to record the November transactions	Journal Entries (PRACTICE)
Chapter 3, Part B, post the journal entries to the general ledger accounts	General Ledger (PRACTICE)
Chapter 3, Part C, prepare a trial balance at November 30, 2017	Trial Balance (PRACTICE)
Week Three
Chapter 4, Part A, Journalize the transactions	Journal Entries (GRADED)
Chapter 4, Part B, Post the December transactions to the general ledger accounts	General Ledger (GRADED)
Chapter 4, Part C, Prepare a trial balance at December 31, 2017	Trial Balance (GRADED)
Chapter 4, Part D, Prepare and post adjusting journal entries for the month of December	Adjusting Entries (GRADED)
Chapter 4, Part E, Prepare an adjusted trial balance as of December 31, 2017	Adjusted Trial Balance (GRADED)
Chapter 4, Part F, Prepare an income statement and a retained earnings statement for the 2-month period ending December 31, 2017, and a classified balance sheet as of December 31, 2017	Financial Statements (GRADED)
Chapter 4, Part G, Prepare and post closing entries as of December 31, 2017	Closing Entries (GRADED)
Chapter 4, Part H, Prepare a post-closing trial balance	Post Closing TB (GRADED)
Week Six
Chapter 13 – Part A, Prepare a horizontal and vertical analysis of the income statement for Cookie & Coffee Creations Inc.	Horiz. & Vert. Analysis (GRADED)
Chapter 13 – Part B, Calculate several financial ratios as indicated	Financial Ratios (GRADED)

Chapter 1 & 2 Notes

Make any notes from Chapters 1 or 2 here.

NOTE: These notes will NOT be included in your grade for the project. They are for your own reference.

Journal Entries (PRACTICE)

REQUIREMENT #1:
Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle.
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”).
a) Prepare journal entries to record the November transactions
General Journal
Date	Description(Account Name)	Debit	Credit

General Ledger (PRACTICE)

This sheet will be used for Part B of Chapter 3.
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”)
b) Post the journal entries to the following general ledger accounts and compute the account balances
Cash	Equipment
Accounts Receivable	Website
Accounts Payable	Supplies
Unearned Service Revenue	Prepaid Insurance
Notes Payable	Common Stock
Servcice Revenue	Utilities Expense

Trial Balance (PRACTICE)

Part C (Chapter 3)
c) Prepare a trial balance for November 30, 2014
NOTE: This is for your practice only – it will NOT be graded (solutions are found on the last tab marked “Solutions”)
Cookie Creations, Inc.
Trial Balance
November 30, 2017
Debit	Credit
Total	3,910	3,910
*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.

Journal Entries (GRADED)

REQUIREMENT #1:
Use the following template for the journal entries from Chapter 4: Continuing Cookie Chronicle.
a) Prepare journal entries to record the December transactions.
NOTE: This sheet WILL be graded when you submit your assignment.
General Journal
Date	Description (Account Name)	Debit	Credit

General Ledger (GRADED)

This sheet will be used for Part B of Chapter 3.
REQUIREMENT #2:
Post the journal entries to the following general ledger accounts and compute the account balances.
NOTE: This sheet WILL be graded when you submit your assignment.
Cash	Dividends	Unearned Service Revenue	Retained Earnings
Accounts Receivable	Income Summary	Supplies Expense	Amortization Expense
Service Revenue	Supplies
Utilities Expense	Prepaid Insurance
Salaries & Wages Expense	Equipment
Accumulated Depreciation Equipment	Website
Insurance Expense	Interest Expense
Accounts Payable	Depreciation Expense
Interest Payable	Notes Payable
Common Stock	Salaries & Wages Payable

Trial Balance (GRADED)

Part C (Chapter 4) kbliss: kbliss: Use a consistent header/title style for these (e.g., “This sheet will be used for Part C in Chapter 4”).
NOTE: This sheet WILL be graded when you submit your assignment.	kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
c) Prepare a trial balance for December 31, 2017
Cookie Creations, Inc.
Trial Balance
December 31, 2017
Debit	Credit
Total	0	0
*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.

Adjusting Entries (GRADED)

Chapter 4, Part D: Prepare and post adjusting entries for December.
NOTE: This part WILL be graded when you submit your assignment to the instructor.	kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
General Journal
Date	Description (Account Name)	Debit	Credit

Adjusted TB (GRADED)

Chapter 4, Part E: Prepare an adjusted trial balance.
Note: This part WILL be graded when you submit your assignment to the instructor.	kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
Cookie Creations Inc
Adjusted Trial Balance
December 31, 2017
0	0
*Remember debits MUST equal credits – if they do not, then there is an error somewhere. Double-check your calculations and entries.

Financial Statements (GRADED)

Chapter 4, Part F: Prepare financial statement.
Note: This part WILL be graded when you submit your assignment to the instructor.	kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
You will only be preparing the income statement, statement of retained earning and the balance sheet.
Cookie Creations, Inc.	Cookie Creations kbliss: kbliss: I believe the name of this company should be the same as the other company names listed. If the name should be Cookie Creations, Inc., be sure to include the comma and the period in the correct places.	Cookie Creations kbliss: kbliss: I believe the name of this company should be the same as the other company names listed. If the name should be Cookie Creations, Inc., be sure to include the comma and the period in the correct places.
Income Statement	Statement of Retained Earnings	Balance Sheet
For the Month Ending December 31, 2017	For the Month Ending December 31, 2017	December 31, 2017
Revenues:	Retained Earnings, December 1	Current Assets
Add: Net Income
Subtotal
Operating Expenses:	Less: Dividends
Retained Earnings, December 31
Total Current Assets	0
Property, Plant & Equipment
Intangible Assets
Total Operating Expenses	0	Total Assets	0
Net Income	$ –	Liabilities & Stockholder’s Equity
Total Current Liabilities	0
Long- Term Liabilities
Total Liabilities	0
Stockholder’s Equity
Total Stockholder’s Equity	0
Total Liabilities & Stockholder’s Equity	$ –
*Remember, assets and liabilities MUST be the same amount. If they are different, then there is an error somewhere. Double-check your calculations and entries.

Closing Entries (GRADED)

Chapter 4 – Part G: Prepare closing entries.
Note: This part WILL be graded when you submit your assignment to the instructor.	kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
Hint: Use the balances for each account which appear on the adjusted trial balance for your closing entries.
General Journal
Date	Description (Account Name)	Debit	Credit

Post Closing TB (GRADED)

Chapter 4 – Part H: Prepare post-closing trial balance.
Note: This part WILL be graded when you submit your assignment to the instructor.	kbliss: kbliss: “Assignment” should be replaced with “Final Project due in Week Six” for consistency.
Cookie Creations, Inc.
Post-Closing Trial Balance
December 31, 2017

Horiz. & Vert Analysis (GRADED)

Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis
Note: This part WILL be graded when you submit your assignment to the instructor
Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2019 as a base year (which is a continuation of the Continuing Cookie Chronicle)
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.
Income Statement
For the Year Ended October 31
Horizontal
2020	2019	Difference	Analysis
Sales	$485,625	$462,500
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	17,600	9,100
Other operating expenses	48,186	42,925
Total operating expenses	213,765	198,375
Income from operations	49,166	56,000
Other expenses
Interest expense	413	0
Loss on sale of computer
equipment	2,500	0
Total other expenses	2,913	0
Income before income tax	46,253	56,000
Income tax expense	9,251	14,000
Net income	$37,002	$42,000
Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2020 and 2019
COOKIE & COFFEE CREATIONS INC.
Income Statement
For the Year Ended October 31
Vertical	Vertical
2020	Analysis	2019	Analysis
Sales	$485,625	$462,500
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	17,600	9,100
Other operating expenses	48,186	42,925
Total operating expenses	213,765	198,375
Income from operations	49,166	56,000
Other expenses
Interest expense	413	0
Loss on sale of computer
equipment	2,250	0
Total other expenses	2,663	0
Income before income tax	46,253	56,000
Income tax expense	9,251	14,000
Net income	$37,002	$42,000

Finantial Ratios (GRADED)

Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below.
Note: This part WILL be graded when you submit your assignment to the instructor
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.
Instructions: Using the financial statements below, compute the following ratios for 2019 only: Current Ratio, Debt to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder’s Equity. Enter your computations in the yellow boxes following the format in the example.
COOKIE & COFFEE CREATIONS INC.	EXAMPLE:
Income Statement	Name of Ratio	=	1,234	=	1.00
For the Year Ended October 31	Ratio	1,234
2020	2019	Your Answers (2019):
Sales	$485,625	$462,500	Current	=	=
Cost of goods sold	222,694	208,125	Ratio
Gross profit	262,931	254,375
Operating expenses	Debt to	=	=
Salaries & wages expense	147,979	146,350	Total Assets
Depreciation expense	17,600	9,100
Other operating expenses	48,186	42,925	Gross Profit	=	=
Total operating expenses	213,765	198,375	Rate
Income from operations	49,166	56,000
Other expenses	Profit	=	=
Interest expense	413	0	Margin
Loss on sale of computer
equipment	2,500	0	Return on	=	=
Total other expenses	2,913	0	Assets
Income before income tax	46,253	56,000
Income tax expense	9,251	14,000
Net income	$37,002	$42,000	Return on common	=	=
Stockholder’s Equity
COOKIE & COFFEE CREATIONS INC.	NOTE: Dividends on preferred stock were $16,800 in 2019
Balance Sheet
October 31, 2012
Assets	2020	2019
Cash	$ 22,324	$ 5,550
Accounts Receivable	3,250	2,710
Inventory	7,897	7,450
Prepaid Expenses	5,800	6,050
Equipment	102,000	75,500
Accumulated depreciation	(25,200)	(9,100)
Total assets	$ 116,071	$ 88,160
Liabilities and Stockholders’ Equity
Accounts Payable	9,251	7,200
Income taxes payable	27,000	27,000
Salaries payable	7,250	1,280
Interest payable	188	0
Note payable – current portion	4,000	0
Note payable – long-term portion	6,000	0
Preferred stock, no par, $6 cumulative – 3,000 and 2,800 shares issued, respectively	15,000	14,000
Common stock, $1 par – 25,180 shares issued	25,180	25,180
Additional paid-in capital – treasury stock	250	250
Retained earnings	20,802	10,800
Total liabilities and stockholders’ equity	$ 116,071	$ 88,160

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%
Chapter 4	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.
Chapter 4	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.
Chapter 4	Part D – Adjusting Journal Entries (2pts)	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.
Chapter 4	Part E – Posted Adjusted Trial Balance. (2pts)	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.
Chapter 4	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.
Chapter 4	Part G – Closing Journal Entries (2pts)	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.
Chapter 4	Part H- Posted and Post-closingTrial 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.
Chapter 13	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.
Chapter 13	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 (From Chapter 3 of Continuing Cookie Chronicles)
Solutions kbliss: kbliss: Why is Solutions written twice?
a) Prepare journal entries to record the December transactions.
General Journal
Date	Description (Account Name)	Debit	Credit
Nov. 8	No journal entry required
Nov 8.	No journal entry required
Nov. 8	Cash	500
Common Stock	500
Nov. 11	Supplies	95
Cash	95
Nov. 14	Supplies	125
Cash	125
Nov. 15	Equipment	300
Common Stock	300
Nov. 16	Cash	2,000
Notes Payable	2,000
Nov. 17	Equipment	900
Cash	900
Nov. 18	No journal entry required
Nov. 25	Cash	60
Unearned Service Revenue	60
Nov. 29	Cash	100
	Service Revenue	100
Nov. 30	Website	600
Accounts Payable	600
Nov. 30	Prepaid Insurance	1,200
Cash	1,200
Nov. 30	Accounts Receivable	300
	Servcie Revenue	300
Nov. 30	Utilities Expense	50
Accounts Payable	50
Total	6,230	6,230

General Ledger Solutions

This sheet will be used for Part B of Chapter 3.
Solutions kbliss: kbliss: Why is Solutions written here?
Post the journal entries to the following general ledger accounts and compute the account balances.
Cash	Equipment
Nov. 8 500	Nov. 11 95	Nov. 15 300
Nov. 16 2,000	Nov. 14 125	Nov. 17 900
Nov. 25 60	Nov. 17 900	Nov. 30 Bal 1,200
Nov. 29 100	Nov. 30 1,200
Nov. 30 Bal. 340
Accounts Receivable	Website
Nov. 30 300	Nov. 30 600
Nov. 30 Bal. 300	Nov. 30 Bal. 600
Accounts Payable	Supplies
Nov. 30 600	Nov. 11 95
Nov. 30 50	Nov. 11 125
Nov. 30. Bal 650	Nov. 30 Bal 220
Unearned Service Revenue	Prepaid Insurance
Nov. 25 60	Nov. 30 1,200
Nov. 30. Bal. 60	Nov. 30 Bal. 1,200
Notes Payable	Common Stock
Nov. 16 2,000	Nov. 8 500
Nov. 30. Bal. 2,000	Nov. 15 300
Nov. 30. Bal 800
Service Revenue	Utilities Expense
Nov. 29 100	Nov. 30 50
Nov. 30 300	Nov. 30 Bal. 50
Nov. 30 Bal. 400

Trial Balance Solutions

Part C (Chapter 3)
Solutions kbliss: kbliss: Why is Solutions written here? There is no context.
Prepare a trial balance for November 30, 2014.
Cookie Creations, Inc.
Trial Balance
November 30, 2014
Debit	Credit
Cash	$ 340
Accounts Receivable	300
Supplies	220
Prepaid Insurance	1,200
Equipment	1,200
Website	600
Accounts Payable	$ 650
Unearned Service Revenue	60
Notes Payable	2,000
Common Stock	800
Service Revenue	400
Utilities Expense	50
Total	$ 3,910	$ 3,910
*Note that debits equal credits.

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Glo Brite Paint Co Accounting Project

September 14, 2022/in Uncategorized /by admin

Excel Instructions

Excel Instructions using Excel 2010:

CAUTION: Read Appendix B for specific instructions relating to these templates.

1. Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer.

2. A formula begins with an equals sign (=) and can consist of any of the following elements:

Operators such as + (for addition), – (for subtraction), * (for multiplication), and / (for division).

Cell references, including cell addresses such as B52, as well as named cells and ranges

Values and text

Worksheet functions (such as SUM)

3. You can enter a formula into a cell manually (typing it in) or by pointing to the cells.

To enter a formula manually, follow these steps:

Move the cell pointer to the cell that you want to hold the formula.

Type an equals sign (=) to signal the fact that the cell contains a formula.

Type the formula, then press Enter.

4. Rounding: These templates have been formatted to round numbers to either the nearest whole number or the nearest cent. For example,

17.65 x 1.5=26.475. The template will display and hold 26.48, not 26.475. There is no need to use Excel’s rounding function.

5. Remember to save your work. When saving your workbook, Excel overwrites the previous copy of your file. You can save your work at any time.

You can save the file to the current name, or you may want to keep multiple versions of your work by saving each successive version under a different name.

To save to the current name, you can select File, Save from the menu bar or click on the disk icon in the standard toolbar.

It is recommended that you save the file to a new name that identifies the file as yours, such as Chapter_7_long_version_Your_Name.xlsx

To save under a different name, follow these steps:

Select File, Save As to display the Save As Type drop-box, chose Excel Workbook (*.xlsx)

Select the folder in which to store the workbook.

Enter the new filename in the File name box.

Click Save.

Journal

JOURNAL	Page 41
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
Oct.	9	Payroll Cash	12	11,097.25
Cash	11	11,097.25
9	Administrative Salaries	51	2,307.69
Office Salaries	52	3,353.08
Sales Salaries	53	3,600.00
Plant Wages	54	4,902.00
FICA Taxes Payable – OASDI	20.1	878.09
FICA Taxes Payable – HI	20.2	205.37
Employees FIT Payable	24	965.00
Employees SIT Payable	25	434.82
Employees SUTA Payable	25.1	9.94
Employees CIT Payable	26	556.30
Union Dues Payable	28	16.00
Payroll Cash	12	11,097.25
9	Payroll Taxes	56	1,231.14
FICA Taxes Payable – OASDI	20.1	878.09
FICA Taxes Payable – HI	20.2	205.36
FUTA Taxes Payable	21	19.68
SUTA Taxes Payable – Employer	22	128.01
JOURNAL	Page 42
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 43
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 44
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 45
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 46
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 47
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 48
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 49
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
JOURNAL	Page 50
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20–
Total debits and credits (calculated automatically):	26,491.16	26,491.16
Your debits and credits should be equal after each journal entry is complete
Cumulative Journal Checkpoint Through Month Ending
October 31, 20– December 31, 20–
November 30, 20– January 31, 20–

General Ledger

GENERAL LEDGER
Checkpoints
ACCOUNT:	CASH	ACCOUNT	NO. 11	Debit	Credit
Balance	Balance
POST.	BALANCE	Oct. 31, 20–
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Nov. 30, 20–
20–	Dec. 31, 20–
Oct.	1	Balance	a	199,846.33
9	J41	11,097.25	188,749.08






























ACCOUNT:	PAYROLL CASH	ACCOUNT	NO. 12	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	11,097.25	11,097.25	Dec. 31, 20–
9	J41	11,097.25	0.00





























ACCOUNT:	FICA TAXES PAYABLE – OASDI	ACCOUNT	NO. 20.1	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	878.09	878.09	Dec. 31, 20–
9	J41	878.09	1,756.18





























ACCOUNT:	FICA TAXES PAYABLE – HI	ACCOUNT	NO. 20.2	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	205.37	205.37	Dec. 31, 20–
9	J41	205.36	410.73
















ACCOUNT:	FUTA TAXES PAYABLE	ACCOUNT	NO. 21	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	1	Balance	a	392.94	Dec. 31, 20–
9	J41	19.68	412.62












ACCOUNT:	SUTA TAXES PAYABLE – EMPLOYER	ACCOUNT	NO. 22	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	128.01	128.01	Dec. 31, 20–













ACCOUNT:	EMPLOYEES FIT PAYABLE	ACCOUNT	NO. 24	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	965.00	965.00	Dec. 31, 20–

















ACCOUNT:	EMPLOYEES SIT PAYABLE	ACCOUNT	NO. 25	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	434.82	434.82	Dec. 31, 20–

















ACCOUNT:	EMPLOYEES SUTA PAYABLE	ACCOUNT	NO. 25.1	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	9.94	9.94	Dec. 31, 20–

















ACCOUNT:	EMPLOYEES CIT PAYABLE	ACCOUNT	NO. 26	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	556.30	556.30	Dec. 31, 20–

















ACCOUNT:	GROUP INSURANCE PREMIUMS COLLECTED	ACCOUNT	NO. 27	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
	Dec. 31, 20–

















ACCOUNT:	UNION DUES PAYABLE	ACCOUNT	NO. 28	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	9	J41	16.00	16.00	Dec. 31, 20–

















ACCOUNT:	SIMPLE CONTRIBUTIONS PAYABLE	ACCOUNT	NO. 29	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
	Dec. 31, 20–
















ACCOUNT:	ADMINISTRATIVE SALARIES	ACCOUNT	NO. 51	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	1	Balance	a	42,692.27	Dec. 31, 20–
9	J41	2,307.69	44,999.96














ACCOUNT:	OFFICE SALARIES	ACCOUNT	NO. 52	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	1	Balance	a	28,350.00	Dec. 31, 20–
9	J41	3,353.08	31,703.08












ACCOUNT:	SALES SALARIES	ACCOUNT	NO. 53	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	1	Balance	a	28,525.00	Dec. 31, 20–
9	J41	3,600.00	32,125.00















ACCOUNT:	PLANT WAGES	ACCOUNT	NO. 54	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	1	Balance	a	42,657.30	Dec. 31, 20–
9	J41	4,902.00	47,559.30










ACCOUNT:	PAYROLL TAXES	ACCOUNT	NO. 56	Checkpoints
Debit	Credit
POST.	BALANCE	Balance	Balance
DATE	ITEM	REF.	DEBIT	CREDIT	DEBIT	CREDIT	Oct. 31, 20–
20–	Nov. 30, 20–
Oct.	1	Balance	a	14,013.23	Dec. 31, 20–
9	J41	1,231.14	15,244.37

Payroll Register

PAYROLL REGISTER	GLO-BRITE PAINT COMPANY
Marital Status	No. W/H Allow.	Time Record	Regular Earnings	Overtime Earnings	Total Earnings	Deductions	Net Paid	Taxable Earnings	Labor Cost Distribution
NAME	S	M	T	W	T	F	S	S	M	T	W	T	F	S	Hrs.	Rate Per Hour	Amount	Hrs.	Rate Per Hour	Amount	OASDI	HI	FIT	SIT	SUTA	CIT	Group Ins.	Union Dues	SIMPLE	Ck. No.	Amount	OASDI	HI	FUTA	SUTA	Admin.	Office	Sales	Plant
Payday, October 9, 20– For Period Ending October 3, 20–	Checkpoints
Bonno, A.	M	4	8	8	8	8	8	8	8	8	8	8	80	17.65	1,412.00	1,412.00	87.54	20.47	49.00	43.35	0.99	55.46	8.00	672	1,147.19	1,412.00	1,412.00	1,412.00	Total earnings	14,162.77
Ferguson, J.	M	5	8	8	8	8	8	8	8	8	8	8	80	2,250.00	2,250.00	139.50	32.63	143.00	69.08	1.58	88.38	673	1,775.83	2,250.00	2,250.00	2,250.00	Net paid	11,097.25
Ford, C.	S	2	8	8	8	8	8	8	8	8	8	8	80	900.00	900.00	55.80	13.05	62.00	27.63	0.63	35.35	674	705.54	900.00	900.00	700.00	900.00	900.00
Mann, D.	M	4	8	8	8	8	8	8	8	8	8	8	80	1,350.00	1,350.00	83.70	19.58	43.00	41.45	0.95	53.03	675	1,108.29	1,350.00	1,350.00	1,350.00	1,350.00	1,350.00
O’Neill, J.	M	3	8	8	8	8	8	8	8	8	8	8	80	2,307.69	2,307.69	143.08	33.46	197.00	70.85	1.62	90.65	676	1,771.03	2,307.69	2,307.69	2,307.69
Russell, V.	S	1	8	8	8	8	8	8	8	8	8	8	80	690.00	690.00	42.78	10.01	51.00	21.18	0.48	27.10	677	537.45	690.00	690.00	690.00	690.00	690.00
Ryan, N.	M	4	8	8	8	8	8	8	8	8	8	8	80	18.00	1,440.00	1,440.00	89.28	20.88	53.00	44.21	1.01	56.56	8.00	678	1,167.06	1,440.00	1,440.00	1,440.00
Sokowski, T.	M	2	8	8	8	8	8	8	8	8	8	8	80	2,050.00	2,050.00	127.10	29.73	180.00	62.94	1.44	80.52	679	1,568.27	2,050.00	2,050.00	2,050.00
(Student)	S	1	8	8	8	8	4	8	8	8	8	4	72	7.50	540.00	540.00	33.48	7.83	32.00	16.58	0.38	21.21	680	428.52	540.00	540.00	540.00	540.00	540.00
Williams, R.	S	0	8	8	D	8	8	8	8	8	8	8	80	1,223.08	1,223.08	75.83	17.73	155.00	37.55	0.86	48.04	681	888.07	1,223.08	1,223.08	1,223.08



TOTALS	14,162.77	14,162.77	878.09	205.37	965.00	434.82	9.94	556.30	0.00	16.00	0.00	11,097.25	14,162.77	14,162.77	3,280.00	3,480.00	2,307.69	3,353.08	3,600.00	4,902.00
Payday, October 23, 20– For Period Ending October 17, 20–	Checkpoints
Bonno, A.								Total earnings
Ferguson, J.								Net paid
Ford, C.
Mann, D.
O’Neill, J.
Russell, V.
Ryan, N.
Sokowski, T.
(Student)
Williams, R.



TOTALS
Payday, November 6, 20– For Period Ending October 31, 20–	Checkpoints
Bonno, A.								Total earnings
Ferguson, J.								Net paid
Ford, C.
Mann, D.
O’Neill, J.
Russell, V.
Ryan, N.
Sokowski, T.
(Student)
Williams, R.



TOTALS
Payday, November 13, 20– For Period Ending November 14, 20–	Checkpoints
Williams, R.								Total earnings
		Net paid
TOTALS
Payday, November 20, 20– For Period Ending November 14, 20–	Checkpoints
Bonno, A.								Total earnings
Ferguson, J.								Net paid
Ford, C.
Mann, D.
O’Neill, J.
Russell, V.
Ryan, N.
Sokowski, T.
(Student)




TOTALS
Payday, December 4, 20– For Period Ending November 28, 20–	Checkpoints
Bonno, A.								Total earnings
Ferguson, J.								Net paid
Ford, C.
Mann, D.
O’Neill, J.
Russell, V.
Ryan, N.
Sokowski, T.
(Student)
Woods, B.


TOTALS
Payday, December 14, 20– For Period Ending December 12, 20–	Checkpoints
Russell, V.						Total earnings
		Net paid
TOTALS
Payday, December 18, 20– For Period Ending December 12, 20–	Checkpoints
Bonno, A.								Total earnings
Ferguson, J.								Net paid
Ford, C.
Mann, D.
O’Neill, J.
Mark Sears: Caution: OASDI is not calculated on full pay for O’Neill this pay period.	Ryan, N.
Sokowski, T.
(Student)
Woods, B.
Young, P.



TOTALS

Employees’ Earnings Records

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Plant

Mixer Operator

000-00-3481

BONNO

Anthony

Victor

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

$55,000 –$.30/M

$8 each pay

HOURLY RATE

17.65

OVERTIME RATE

26.48

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

10,293.40

1,028.60

11,322.00

701.96

164.17

810.00

347.59

7.93

444.73

216.80

8,628.82

10/9

17.65

1,412.00

0.00

12,734.00

87.54

20.47

49.00

43.35

0.99

55.46

8.00

672

1,147.19

10/23

0.00

11/6

0.00

11/20

0.00

12/4

0.00

12/18

0.00

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Sales

Sales Manager

000-00-8645

FERGUSON

James

Claude

OTHER DEDUCTIONS INFORMATION

SALARY

58,500

/yr.

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

1,125.00

ALLOW.

STATUS

$88,000 — $.30/M

HOURLY RATE

28.13

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

23,125.00

1,433.75

335.31

2,291.00

709.94

16.19

908.35

132.30

17,298.16

10/9

2,250.00

25,375.00

139.50

32.63

143.00

69.08

1.58

88.38

673

1,775.83

10/23

11/6

11/20

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Office

Executive Secretary

000-00-4567

FORD

Catherine

Louise

OTHER DEDUCTIONS INFORMATION

SALARY

1,950

/mo.

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

450.00

ALLOW.

STATUS

$35,000–$.30/M

HOURLY RATE

11.25

OVERTIME RATE

16.88

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

6,300.00

390.60

91.35

639.00

193.41

4.41

247.46

37.80

4,695.97

10/9

900.00

7,200.00

55.80

13.05

62.00

27.63

0.63

35.35

674

705.54

10/23

11/6

11/20

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Sales

Sales Representative

000-00-9352

MANN

Dewey

Wilson

OTHER DEDUCTIONS INFORMATION

SALARY

2,925

/mo.

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

675.00

ALLOW.

STATUS

$53,000 — $.30/M

HOURLY RATE

16.88

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

5,400.00

334.80

78.30

332.00

165.78

3.78

212.11

31.50

4,241.73

10/9

1,350.00

6,750.00

83.70

19.58

43.00

41.45

0.95

53.03

675

1,108.29

10/23

11/6

11/20

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Admini- strative

President

000-00-1534

O’NEILL

Joseph

Tyler

OTHER DEDUCTIONS INFORMATION

SALARY

60,000

/yr.

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

1,153.85

ALLOW.

STATUS

$90,000 — $.30/M

HOURLY RATE

28.85

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

42,692.27

2,646.92

619.04

6,116.00

1,310.65

29.88

1,676.95

202.50

30,090.33

10/9

2,307.69

44,999.96

143.08

33.46

197.00

70.85

1.62

90.65

676

1,771.03

10/23

11/6

11/20

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Office

Time Clerk

000-00-6337

RUSSELL

Virginia

Aloise

OTHER DEDUCTIONS INFORMATION

SALARY

1,495

/mo.

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

345.00

ALLOW.

STATUS

$27,000 — $.30/M

HOURLY RATE

8.63

OVERTIME RATE

12.95

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

6,240.00

386.88

90.48

642.00

191.56

4.37

245.11

31.50

4,648.10

10/9

690.00

6,930.00

42.78

10.01

51.00

21.18

0.48

27.10

677

537.45

10/23

11/6

11/20

12/4

12/14

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Plant

Electrician

000-00-1223

RYAN

Norman

Allen

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

$56,000 — $.30/M

$8 each pay

HOURLY RATE

18.00

OVERTIME RATE

27.00

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

13,287.50

1,397.80

14,685.30

910.49

212.94

1,070.00

450.84

10.28

576.84

235.70

11,218.21

10/9

18.00

1,440.00

0.00

16,125.30

89.28

20.88

53.00

44.21

1.01

56.56

8.00

678

1,167.06

10/23

0.00

11/6

0.00

11/20

0.00

12/4

0.00

12/18

0.00

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Plant

Supervisor

000-00-8832

SOKOWSKI

Thomas

James

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

1,025.00

ALLOW.

STATUS

$80,000 — $.30/M

HOURLY RATE

25.63

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

16,650.00

1,032.30

241.43

2,002.00

511.16

11.66

654.01

94.50

12,102.94

10/9

2,050.00

18,700.00

127.10

29.73

180.00

62.94

1.44

80.52

679

1,568.27

10/23

11/6

11/20

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Office

Accounting Trainee

Student

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

$21,000 — $.30/M

HOURLY RATE

7.50

OVERTIME RATE

11.25

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

5,550.00

344.10

80.48

409.00

170.38

3.89

218.00

32.40

4,291.75

10/9

7.50

540.00

6,090.00

33.48

7.83

32.00

16.58

0.38

21.21

680

428.52

10/23

11/6

11/20

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

Office

Programmer

000-00-6741

WILLIAMS

Ruth

Virginia

OTHER DEDUCTIONS INFORMATION

SALARY

2,650

/mo.

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

611.54

ALLOW.

STATUS

$48,000 — $.30/M

HOURLY RATE

15.29

OVERTIME RATE

22.94

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

10,260.00

636.12

148.77

1,606.00

314.98

7.18

403.01

59.40

7,084.54

10/9

1,223.08

11,483.08

75.83

17.73

155.00

37.55

0.86

48.04

681

888.07

10/23

11/6

11/13

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

HOURLY RATE

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

12/4

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

HOURLY RATE

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

12/18

QTR. TOT.

YR. TOT.

Checkpoint

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

HOURLY RATE

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

QTR. TOT.

YR. TOT.

DEPARTMENT

OCCUPATION

WORKS IN (STATE)

SEX

S.S. ACCOUNT NO.

NAME – LAST

FIRST

MIDDLE

OTHER DEDUCTIONS INFORMATION

SALARY

W/H

MARITAL

GROUP INSURANCE

UNION DUES

OTHER

WEEKLY RATE

ALLOW.

STATUS

HOURLY RATE

OVERTIME RATE

20___

REGULAR EARNINGS

OVERTIME EARNINGS

CUMULATIVE

DEDUCTIONS

NET PAID

PAYDAY

HRS.

RATE

AMOUNT

HRS.

RATE

AMOUNT

EARNINGS

FICA

FIT

SIT

SUTA

CIT

SIMPLE

OTHER

CK.

OASDI

DEDUCTIONS

NO.

AMOUNT

YEAR-TO-DATE

QTR. TOT.

YR. TOT.

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THE ACCOUNTING CYCLE

September 14, 2022/in Uncategorized /by admin

THE ACCOUNTING CYCLE

COMPREHENSIVE PROBLEM 1: THE ACCOUNTING CYCLE

Bob Night opened, “The General’s Favorite Fishing Hole.” The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. The registration fee includes room and board, the use of fishing boats, and professional instruction in fishing techniques. The chart of accounts for the camping operations is provided below.

The General’s Favorite Fishing Hole: Chart of Accounts

Assets		Revenues
101	Cash	401	Registration Fees
142	Office Supplies
144	Food Supplies	Expenses
145	Prepaid Insurance	511	Wages Expense
181	Fishing Boats	521	Rent Expense
181.1	Accum. Depr.–Fishing Boats	523	Office Supplies Expense
		524	Food Supplies Expense
Liabilities		525	Telephone Expense
202	Accounts Payable	533	Utilities Expense
219	Wages Payable	535	Insurance Expense
		536	Postage Expense
Owner’s Equity		542	Depr. Exp.–Fishing Boats
311	Bob Night, Capital
312	Bob Night, Drawing
313	Income Summary

The following transactions took place during April 2015

Day Trans# Desc

1 1101 Night invested cash in business, $90,000.

1 1102 Paid insurance premium for six-month camping season, $9,000.

2 1103 Paid rent for lodge and campgrounds for the month of April, $40,000.

2 1104 Deposited registration fees, $35,000.

2 1105 Purchase ten fishing boats on account for $60,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in July.

3 1106 Purchase food supplies from Acme Super Market on account, $7,000.

5 1107 Purchase office supplies from Gordon Office Supplies on account, $500.

7 1108 Deposited registration fee, $38,600.

10 1109 Purchased food supplies from Acme Super Market on account, $8,200

10 1110 Paid wages to fishing guides, $10,000

14 1111 Deposited registration fees, $30,500

16 1112 Purchased food supplies from Acme Super Market on account, $9,000

17 1113 Paid wages to fishing guides, $10,000

18 1114 Paid postage, $150.

21 1115 Deposited registration fees, $35,600

24 1116 Purchased food supplies from Acme Super Market on account, $8,500

24 1117 Paid wages to fishing guides, $10,000

28 1118 Deposited registration fees, $32,000.

29 1119 Paid wages to fishing guides, $10,000

30 1120 Purchased food supplies from Acme Super Market on account, $6,000.

30 1121 Paid Acme Super market on account, $32,700.

30 1122 Paid utilities bill, $2,000.

30 1123 Paid telephone bill, $1,200.

30 1124 Bob Night withdrew cash for personal use, $6,000.

Adjustment information for the end of April is provided below.

Office supplies remaining on hand, $100.

Food supplies remaining on hand, $8,000.

Insurance expired during the month of April, $1,500.

Depreciation on the fishing boats for the month of April, $1,000.

Wages earned, but not yet paid, at the end of April, $500.

Required:

Enter the transactions in a general journal. Enter transactions from April 1-5 on pages 1, April 7-18 on page 2, April 21-29 and the first two entries for April 30 on page 3, and the remaining entries for April 30 on page 4.

Post the entries to the general ledger.(if you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general leger accounts).

Prepare a trial balance on a work sheet.

Complete the work sheet.

Journalize the adjusting entries (page 5)

Post the adjusting entries to the general ledger.

Prepare the income statement.

Prepare the statement of owner’s equity

Prepare the balance sheet.

Journalize the closing entries (page 5 and 6)

Post the closing entries to the general ledger.

Prepare a post-closing trial balance.

COMPREHENSIVE PROBLEM 1, PERIOD 2: THE ACCOUNTING CYCLE

During the month of May 2015, The General’s Favorite Fishing Hold engaged in the following transactions. These transactions required an expansion of the chart of accounts as showing below

The General’s Favorite Fishing Hole

Assets		Revenues
101	Cash	401	Registration Fees
122	Accounts Receivable	404	Vending Revenue
142	Office Supplies
144	Food Supplies	Expenses
145	Prepaid Insurance	511	Wages Expense
146	Prepaid Subscriptions	512	Advertising Expense
161	Land	521	Rent Expense
171	Building	523	Office Supplies Expense
171.1	Accum. Depr.–Buildings	524	Food Supplies Expense
181	Fishing Boats	525	Telephone Expense
181.1	Accum. Depr.–Fishing Boats	533	Utilities Expense
182	Surround Sound System	535	Insurance Expense
182.1	Accum. Depr.–Surround Sound Sys.	536	Postage Expense
183	Big Screen TV	537	Repair Expense
183.1	Accum. Depr.–Big Screen TV	540	Depr. Exp.–Buildings
		541	Depr. Exp.–Surround Sound Sys.
Liabilities		542	Depr. Exp.–Fishing Boats
202	Accounts Payable	543	Depr. Exp.–Big Screen TV
219	Wages Payable	546	Satellite Programming. Exp.
		548	Subscriptions Expense
Owner’s Equity
311	Bob Night, Capital
312	Bob Night, Drawing
313	Income Summary

The following transactions took place during May 2015

Day Trans# Desc

1 2101 In order to provide snacks for guests on a 24 hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for $200, the estimated commission on sales for May.

2 2102 Night purchased a surround sound system and big screen TV with a Digital Satellite System for the guest lounge. The surround sound system cost $3,600 and has an estimated useful life of 5 years, and no salvage value. The TV cost $8,000 and has an estimated useful life of 8 years, and a salvage value of $800. Night paid cash for both items.

2 2103 Paid for May’s programming on the new Digital Satellite System, $125.

3 2104 Night’s office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction in our account with Gordon.

3 2105 Deposited registration fees, $52,700

3 2106 Paid rent for lodge and campgrounds for the month of May, $40,000.

3 2107 In preparation for the purchase of a nearby campground, Night invested an additional $600,000.

4 2108 Paid Gordon Office Supply on account, $400.

4 2109 Purchased the assets of a competing business and paid cash for the following: land $100,000, lodge $530,000 and fishing boats $9,000. The lodge has a remaining useful life of 50 years and a $50,000 salvage value. The boats have remaining lives of 5 years and zero salvage value.

5 2110 Paid May’s insurance premium for the new camp, $1,000

5 2111 Purchased food supplies from Acme Super Market on account, $22,950.

5 2112 Purchased office supplies from Gordon Office Supplies on account, $1,200.

7 2113 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. The magazines are published monthly.

10 2114 Deposited registration fees, $62,750

13 2115 Paid wages to fishing guides, $30,000. (Don’t forget wages payable.)

14 2116 A guest because ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000.

17 2117 Deposited registration fees, $63,000.

19 2118 Purchased food supplies from Acme Super Market on account, $18,400.

21 2119 Deposited registration fees, $63,400

23 2120 Paid $2,500 for advertising spots on National Sports Talk Radio

25 2121 Paid repair fee for damaged boat, $ 850.

27 2122 Paid wages to fishing guides, $30,000.

28 2123 Paid $1,800 for advertising spots on billboards.

29 2124 Purchased food supplies from Acme Super Market on account, $14,325.

30 2125 Paid utilities bill, $3,300

30 2126 Paid telephone bill, $1,800.

30 2127 Paid Acme Super Market on account, $47,350.

31 2128 Bob Night withdrew cash for personal use, $7,500.

Adjustment information at the end of May is provided below.

Total vending machine sales were $2,300 for the month of May. A 10% commission is earned on these sales.

Straight-line depreciation is used for the 10 boats purchased on April 2nd for $60,000. The useful life for these assets is 5 years and there is no salvage value. A full month’s depreciation was taken in April on these boats. Straight-line depreciation is also used for the two boats purchased in May. Make one adjusting entry for all depreciation on the boats.

Straight line depreciation is used to depreciate the surround sound system.

Straight line depreciation is used to depreciate the big screen TV.

Straight line depreciation is used for the building purchased in May.

On April 2nd Night paid $9,000 for insurance during the six-month camping season. May’s portion of this premium was used up during this month.

Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master.

Office supplies remaining on hand, $150.

Food supplies remaining on hand, $5,925.

Wages earned, but not yet paid, at the end of May, $6,000.

Required:

Enter the above transactions in a general journal. Enter transactions from May 1-4 on page 5, May 5-28 on page 6, and the remaining entries on page 7. To save time and space, don’t enter descriptions for the journal entries.

Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles, account numbers, and balances from April 30 in the general ledger accounts.)

Prepare a trial balance on a work sheet.

Complete the work sheet.

Journalize the adjusting entries on page 8 of the general journal.

Post the adjusting entries to the general ledger.

Prepare the income statement.

Prepare the statement of owner’s equity

Prepare the balance sheet.

Journalize the closing entries on page 9 of the general journal.

Post the closing entries to the general ledger.

Prepare a post-closing trial balance.

Possible Post-Closing Trial Balance (Unverified yet)

April 30, 20—

Account	Acct. No.	Debit Balance	Credit Balance
Cash	101	130,650
Office Supplies	142	100
Food Supplies	144	8,000
Prepaid Insurance	145	7,500
Fishing Boats	181	60,000
Accumulated Depreciation–Fishing Boats	181.1		1,000
Accounts Payable	202		66,500
Wages Payable	219		500
Bob Night, Capital	311		138,250
		206,250	206,250

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Accounting Income Tax.

September 14, 2022/in Uncategorized /by admin

Chapter 2

Problems-

I:2-29

I:2-30

I:2-31

I:2-32

I:2-33

I:2-35

I:2-37

I:2-38

I:2-42

I:2-43

I:2-46

I:2-55

I:2-63

Chapter 3

Problems-

I:3-34

I:3-35

I:3-39

I:3-41

I:3-42

I:3-43

I:3-44

I:3-61

Chapter 4

Problems-

I:4-33

I:4-34

I:4-35

I:4-39

I:4-40

I:4-41

I:4-42

Chapter 2

http://media.pearsoncmg.com/pcp/0558586775/index.html

PROBLEMS

I: 2-29

Computation of Tax.

The following information relates to two married couples:

Lanes Waynes

Salary (earned by one spouse) $32,000 $115,000

Interest income 1,000 10,000

Deductible IRA contribution 5,000 0

Itemized deductions 15,000 15,000

Exemptions 7,300 7,300

Withholding 700 18,700

Compute the 2009 tax due or refund due for each couple. Assume that the itemized deductions have been reduced by the applicable floors.

Lanes Taxable Income: 32,000 + 1,000 – 5,000 – 15000 – 7,300 = 5,700

Lanes Tax: 573.00

Refund: 700 – 573 = 127.00

Wayne’s Taxable Income: 11,500 + 10,000 – 0 – 15,000 – 7,300= 102,700

Wayne’s Tax: 102,700 x 0.25 – 7,625=

18,050

Refund: 18,700 – 18,050= 650.00

I: 2-30

Computation of Taxable Income.

The following information for 2009 relates to Tom, a single taxpayer, age 18:

Salary $1,800

Interest income 1,600

Itemized deductions 600

a. Compute Tom’s taxable income assuming he is self-supporting.

Gross Income = 3,400

Minus Itemized deductions (600)

Minus personal exemption (3,650)

Taxable Income = ($850)

b. Compute Tom’s taxable income assuming he is a dependent of his parents.

Gross Income = 3,400

Minus Itemized deductions (600)

Taxable Income = $2,800

I: 2-31

Joint versus Separate Returns.

Carl and Carol have salaries of $14,000 and $22,000, respectively. Their itemized deductions total $6,000. They are married and both are under age 65.

a. Compute their taxable income assuming they file jointly.

b. Compute their taxable incomes assuming they file separate returns and that Carol claims all of the itemized deductions.

I: 2-32

Joint versus Separate Returns.

Hal attended school much of 2009, during which time he was supported by his parents. Hal married Ruth in December 2009. Hal graduated and commenced work in 2010. Ruth worked during 2009 and earned $18,000. Hal’s only income was $1,100 of interest. Hal’s parents are in the 28% tax bracket. Thus, claiming Hal as a dependent would save them $1,022 (0.28 X $3,650) of taxes.

a. Compute Hal and Ruth’s gross tax if they file a joint return.

b. Compute Ruth’s gross tax if she files a separate return in order to allow Hal’s parents to claim him as a dependent.

c. Which alternative would be better for the family? In other words, will filing a joint return save Hal and Ruth more than $1,022?

I: 2-33

Dependency Exemptions.

Wes and Tina are a married couple and provide financial assistance to several persons during the current year. For the situations below, determine whether the individuals qualify as dependency exemptions for Wes and Tina. In all of the situations below, assume that any dependency tests not mentioned have been met.

a. Brian is age 24 and Wes and Tina’s son. He is a full-time student and lives in an apartment near campus. Wes and Tina provide over 50% of his support. Brian works as a waiter and earned $3,800.

b. Same as Part a except that Brian is a part-time student

c. Sherry is age 22 and Wes and Tina’s daughter. She is a full-time student and lives in the dormitory. Wes and Tina provide over 50% of her support. Sherry works part time as a bookkeeper and earned $3,800.

d. Same as Part c except that Sherry is a part-time student.

e. Granny, age 82, is Tina’s grandmother and lives with Wes and Tina. During the current year, Granny’s only sources of income were her Social Security of $4,800 and interest on U.S. bonds of $3,800. Granny uses her income to pay for 40% of her total support; Wes and Tina provide the remainder of Granny’s support.

I: 2-35

Dependency Exemptions.

Robert provides much of the support for his daughter, Jane, and her two children. Jane earned $20,000. Robert, whose AGI is $350,000, paid the rent of $11,000 on Jane’s apartment and provided an additional $15,000 support. Jane is age 30, and her children are age 7 and age 4.

a. Can Robert claim a dependency exemption for Jane? No.

b. Can Jane claim her children as dependents? Yes.

c. Would you recommend that Robert try to claim the dependency exemption for his grandchildren? Yes.

I: 2-37

Dependency Exemptions.

Anna, age 65, who lives with her unmarried son, Mario, received $7,000, which was used for her support during the year. The sources of support were as follows:

Social Security benefits $1,500

Mario 2,600

Caroline, an unrelated friend 800

Doug, Anna’s son 500

Elaine, Anna’s sister 1,600

Total $7,000

a. Who is eligible to claim Anna as a dependent?

b. What must be done before Mario can claim the exemption?

c. Can anyone claim head-of-household status based on Anna’s dependency exemption? Explain.

d. Can Mario claim an old age allowance for his mother? Explain.

I: 2-38

Dependency Exemption and Child Credit: Divorced Parents.

Joe and Joan divorce during the current year. Joan receives custody of their three children. Joe agrees to pay $5,000 of child support for each child.

a. Assuming no written agreement, who will receive the dependency exemption and child credit for the children? Explain.

b. Would it make any difference if Joe could prove that he provided over one-half of the support for each child?

I: 2-42

Marriage and Taxes.

Bill and Mary plan to marry in December 2009. Bill’s salary is $32,000 and he owns his own residence. His itemized deductions total $12,000. Mary’s salary is $39,000. Her itemized deductions total only $1,600 as she does not own her own residence. For purposes of this problem, assume 2010 tax rates, exemptions, and standard deductions are the same as 2009.

a. What will their tax be if they marry before year-end and file a joint return? 12,000

b. What will their combined taxes be for the year if they delay the marriage until 2010? 13,600

c. What factors contribute to the difference in taxes? Itemized Deductions

I: 2-43

Filing Requirement.

Which of the following taxpayers must file a 2009 return?

a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of self employment income.

b. Betty, age 67 and single, has a taxable pension of $9,100 and Social Security benefits of $6,200.

c. Chris, age 15 and single, is a dependent of his parents. Chris has earned income of $1,600 and interest of $400.

d. Dawn, age 15 and single, is a dependent of her parents. She has earned income of $400 and interest of $1,600.

e. Doug, age 25, and his wife are separated. He earned $5,000 while attending school during the year.

I: 2-46

Computation of Taxable Income.

Jim and Pat are married and file jointly. In 2009, Jim earned a salary of $46,000. Pat is self-employed. Her gross business income was $49,000 and her business expenses totaled $24,000. Each contributed $5,000 to a deductible IRA. Their itemized deductions total $13,000. Compute Parts a, b, and c without regard to self employment tax.

a. Compute their gross income.

b. Compute their adjusted gross income.

c. Compute their taxable income assuming they have a dependent daughter.

I: 2-55

Computation of Tax.

Maria is a single taxpayer. Her salary is $51,000. Maria realized a short term capital loss of $5,000. Her itemized deductions total $4,000.

a. Compute Maria’s adjusted gross income.

b. Compute her taxable income.

c. . Compute her tax liability.

CASE STUDY PROBLEMS

I: 2-63

Bala and Ann purchased as investments three identical parcels of land over a several-year period. Two years ago they gave one parcel to their daughter, Kim, who is now age 16. They have an offer from an investor who is interested in acquiring all three parcels. The buyer is able to purchase only two of the parcels now, but wants to purchase the third parcel two or three years from now, when he expects to have available funds to acquire the property. Because they paid different prices for the parcels, the sales will result in different amounts of gains and losses. The sale of one parcel owned by Bala and Ann will result in a $20,000 gain and the sale of the other parcel will result in a $28,000 loss. The sale of the parcel owned by Kim will result in a $19,000 gain. Kim has no other income and does not expect any significant income for several years. Bala and Ann, however, are in the 35% tax bracket. They do not have any other capital gains this year. Which two properties would you recommend that they sell this year? Why?