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17/11/2020 Client: papadok01 Deadline: 24 Hours

ADDITIONAL INFORMATION ABOUT CYBERTEXT PRACTICE SET

FALL 2019

 Hint: before you get started, print out the “Chart of Accounts” sheet and the “Transactions” sheet – this will make it much easier when making journal entries so you don’t have to keep flipping from one sheet to another in the workbook.

 There is information in the workbook about “How to Create a Pivot Table” – you can disregard this completely

 If you are comfortable using Excel and would like to enter formulas into cells as appropriate (instead of just typing in numbers), you are welcome to. Also, you can use “copy” and “paste” commands if you would like.

 What we have referred to in class as “Common Stock” is called “Capital Stock” in the practice set.

 Enter a brief explanation for each transaction

 Always list all debit entries before any credit entries in each transaction

 In class, we calculated the “Increase/Decrease in Retained Earnings” on the Retained Earnings Statement. We will not calculate this increase/decrease on the practice set’s Statement of Changes in Retained Earnings.

 In class, every time that we have issued stock thusfar, we received cash for it. However, in the practice set, sometimes we receive an asset other than cash (like land, building, equipment, etc.) If you receive an asset other than cash, you will debit that asset for its fair market value, instead of debiting cash.

 In class, you have always been given the amount of cash dividends paid. On the practice set, you will have to calculate it – take the number of shares of stock that you have issued, and multiply it by the dividend paid per share. For example, if we have 100 shares outstanding and we pay a dividend of $.50 per share, our total dividend amount would be $50 (100 * $.50)

 The last adjusting entry you are required to make on the practice set is to record income taxes. Before you make this entry, you will need to complete the worksheet and Income Statement first so you know what the amount of Net Income/Loss is. o The adjusting entry for income taxes is a debit to Income Tax Expense and a credit to

Income Tax Payable. The amount of the entry will be the Net Income Before Taxes (which you calculate on the Income Statement) times the tax rate.

o For example, if Income Before Taxes (on the Income Statement) is $10,000 and the tax rate is 20%, you would show the following at the bottom of the Income Statement:

Net Income Before Tax $10,000 Income Tax Expense ($10,000 * 20%) 2,000 Net Income After taxes ($10,000 – 2,000.) $8,000

o Remember also to enter the income tax adjusting entry in the general journal, debiting Income Tax Expense and crediting Income Tax Payable.

 An adjusting entry is required to calculate interest on the Mortgage Payable. The formula to calculate this interest is:

Mortgage Amount * Annual Interest Rate

= Interest per Year / 12 months per year = Interest per Month

If you only have the mortgage for half of a month, divide this monthly amount by two to get a half-month amount

 You will not be required to post your transactions to the General Ledger. Instead, on the sheet named “Worksheet” you will see that the Unadjusted Trial Balance and Adjusted Trial Balance are calculated for you. In other words, the practice set has automatically done the posting for you and calculated your account balances for the Trial Balances. Important: watch this video to learn more about how to complete the worksheet in Excel: https://www.youtube.com/watch?v=J2XdYpzb1X4&t=11s

 Before you start working on completing the worksheet, look at the Adjusted Trial Balance columns and be sure that all accounts have the appropriate balances. Assets, expenses, and dividends should all have a debit balance. Capital, liabilities, and revenue should all have a credit balance. If they don’t, something is wrong and you need to fix it!

 When you have completed the “Worksheet”, two things must be true (before the financial statements will open to you): o The difference between the Income Statement column totals and the difference

between the Balance Sheet column totals must be the same amount o The totals in the Income Statement columns and the totals in the Balance Sheet

columns should be off in the opposite direction – if the Income Statement credits are bigger than the Income Statement debits, then the Balance Sheet debits should be bigger than the Balance Sheet credit.

 The final step on the worksheet is to add the positive difference between the totals in both the Income Statement and Balance Sheet columns to the smaller total in both sets of columns. If you have a net income, you will be adding the positive difference to the Income Statement debit column and also to the Balance Sheet credit column.

https://www.youtube.com/watch?v=J2XdYpzb1X4&t=11s

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