Just need to Case C. All the files are attached.ThanksASSIGNMENT 2:
T Accounts and Financial Statements
What You Submit to the Dropbox:
1. A single Excel spreadsheet containing financial statements for:
A. Mary Berg Case
B. Fung Research Case
C. Dick’s Repair Service in Moose Jaw (Problem 4B-4)
A. Mary Berg Case
Mary Berg, a young lawyer, began her own practice and completed these transactions during September
of the current year:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
9/2 Sold a personal investment in Xerox stock for $2,845 and invested $2,500 of the proceeds in
the law practice.
9/2 Rented the furnished office of a lawyer who was retiring, and paid three months’ rent in advance
$1,050.
9/2 Purchased the law library of the retiring lawyer for $1,750, paying $750 in cash and agreeing
to pay the balance in one year.
9/5 Purchased office supplies for cash, $75.
9/6 Purchased law books from West Publishing company on credit, $250.
9/8 Completed legal work for Security Bank on credit, $700.
9/15 Paid for the law books purchased on credit on September 6.
9/19 Completed legal work for Coast Realty on credit, $600.
9/25 Received $700 from Security Bank for the work completed on September 15.
9/30 Paid office secretary’s salary, $800.
9/30 Paid the monthly telephone bill, $25.
9/30 Recognized that one month’s rent on the office had expired and become an expense.
9/30 Took an inventory of unused office supplies and determined that $20 of supplies had been
used thus expensible.
Instructions:
Prepare the:
A. T accounts
B. Trial Balance for September 30
C. Balance Sheet for the month ending September 30
D. Income Statement for the month of September
.
Everything is done in an Excel spreadsheet which you will prepare and submit with tabs.
B. Fung Research Services (FRS) Case
On August 2014, Grace Fung incorporates and opens Fung Research Services Inc. (FRS). During the
company’s first ten days of operations, it completes the following transactions:
1.
2.
3.
4.
5.
6.
7.
8.
9.
To begin operations, Grace Fung deposits $400,000 of personal funds in a bank account entitled
Fung’s Research Services Inc. and the business issues shares of common stock in the amount of
$400,000. Grace had obtained the $400,000 by selling off RRSPs that she had saved over the years.
$400,000 was the proceeds used from the sale of $500,000 worth of RRSPs.
FRS pays $300,000 cash for a small house which is to be used as an office.
Grace has a personal use residential property from which she does some work although the bulk of
her days are spent at the FRS offices in the other small house. She does repairs on the residential
property in the amount of $10,000 although this is not to be expensed against the business as such
an expenditure is considered to be a personal and living expense.
Grace goes over to Staples/Business Depot and buys $500 worth of office supplies for the business.
She opens up a charge account with Staples/Business Depot and thus has 30 days to pay.
FRS finds a government surplus office equipment sale in the newspaper and goes to an auction to
buy office equipment. A bargain is found and FRS pays $6,000 cash for office furniture.
The company pays $250 on the Staples/Business Depot purchase in #4.
Grace decided she needs a vacation and pays herself a $1,000 dividend out of FRS.
FRS does some research work for the Hamilton Tiger Cats and bills them $15,000. She receives
$5,000 immediately in cash and the balance is to be paid in 90 days (the Ti-Cats are in dire straits
from a cash-flow point of view, but Grace is understanding, plus she needs the work).
Grace realizes that she has used $100 worth of supplies and decides to expense it accordingly.
Instructions:
Prepare the t-account entries and key the transactions according to what happened above.
a) Post the entries to the T-accounts and calculate ending balances.
b) Prepare the trial balance of FRS at August 10, 2014.
c) Prepare the financial statements for the first 10 days of operations at FRS.
Use the T Account Template provided in Weeks 2/3 and employ the tabs feature in Excel.
C. Dick’s Repair Service in Moose Jaw Case
Required: Prepare the analyses and financial statements requested in the case problem 4B-4, Page 179
of your textbook using an Excel spreadsheet. Note the check figure provided (Net Income = $1,012).
Assets = Liabilities + Owner’s Equity
+
Assets
Liabilitie
Cash
A/R
Computer
Prepaid Rent
Bank Loan
Salaries Payable
Truck
Office Supplies
Expenses
Rent X
Owner’s E
Yee Salary X
Revenues
Supplies X
Cell Phone X
wner’s Equity
+
Liabilities
Bank Loan
A/P
Salaries Payable
Owner’s Equity
Revenues
Capital
c. Depreciation on moving truck, 3580
d. Wages earned but unpaid, $410
KEVIN’S MOVING CO.
TRIAL BALANCE
OCTOBER 31, 2017
Cr
Choot figure
Net Loss $1,62a
Di
39 2000
328 800
140.000
106 N 00
Cash
Prepaid Insurance
Moving Supplies
Moving Truck
Accumulated Depreciation, Moving Truck
Accounts Payable
K. Hoff, Capital
K. Hot Withdrawals
Revenue from Moving
Wages Expense
Rent Expense
Advertising Expense
366.000
13 12 00
14N 200
240.00
H16 200
57 12 00
108000
3100
30 6 1 600
506 1 600
Comprehensive problem
20 (60 min)
43-4. As the bookkeeper of Dick’s Repair Service in Moose Jaw, use the informa
tion that follows to prepare:
1. A worksheet for the month of November
2. An income statement for November, a statement of owner’s equity for
November, and a balance sheet as of November 30, 2016
DICK’S REPAIR SERVICE
TRIAL BALANCE
NOVEMBER 30, 2016
eck Figure
Cr.
Income $1,012
Dr.
320 600
400000
77000
310600
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Accumulated Depreciation, Repair Equipment
Accounts Payable
D. Hom, Capital
Revenue from Repairs
Wages Expense
Rent Expense
Advertising Expense
650 00
1904.00
625 800
5634 00
160.000
156000
20 600
1444600
1444600
Adjustment Data
a. Insurance expired, $300
b. Repair supplies on hand, $170
c. Depreciation on repair equipment, $250
d. Wages earned but unpaid, $106
THE ACCOUNTING CYCLE CONTINUED
179
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