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Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.



Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel



Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse



Problem P4-1A, Sherlock Holmes began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I. at March 31 are as follows.




SHERLOCK HOLMES, P.I., INC.



Worksheet



For the Quarter Ended March 31, 2014




Unadjusted Trial Balance


Ref


Adjustments


Ref


Adjusted Trial Balance


Income Statement


Balance Sheet



Debit


Credit



Debit


Credit



Debit


Credit


Debit


Credit


Debit


Credit


Cash



11,410



Accounts Receivable


5,920



Supplies



1,250



Prepaid Insurance


2,400



Equipment


30,000



Notes Payable



10,000



Accounts Payable


12,350



Common Stock



20,000



Dividends


600



Service Revenue


14,200



Salaries and Wages Expense


2,240



Travel Expense


1,300



Rent Expense


1,200



Miscellaneous Expense


230



Totals



56,550


56,550



Supplies Expense



Depreciation Expense



Accumulated Depreciation



Interest Expense



Interest Payable



Insurance Expense



Totals



Net Income



Totals




Other data:



1. Supplies on hand total


$480


(a)



2. Depreciation is


$720


for the quarter


(b)



3. Interest accrued on 6-month note payable, issued January 1,


$300


(c)



4. Insurance expires at the rate of


$200


per month.


(d)



5. Services provided but unbilled at March 31 total


$1,080


(e)




Instructions:



(a) Complete the worksheet.



(b)(1) Prepare an income statement for the quarter ended March 31, 2014.





SHERLOCK HOLMES, P.I., INC.




Income Statement




For the Quarter Ended March 31, 2014




Title




Account title



Amount




Title




Account title



Amount




Account title



Amount




Account title



Amount




Account title



Amount




Account title



Amount




Account title



Amount




Account title



Amount




Account title



Amount




Title



Formula




Title



Formula




(b)(2) Prepare a retained earnings statement for the quarter ended March 31, 2014.





SHERLOCK HOLMES, P.I., INC.




Retained Earnings Statement




For the Quarter Ended March 31, 2014




Title



$0




Title



Amount




Formula




Title



Amount




Title



Formula




(b)(3) Prepare a classified balance sheet for March 31, 2014.





SHERLOCK HOLMES, P.I., INC.




Balance Sheet




March 31, 2014




Assets




Title




Account title



Amount




Account title



Amount




Account title



Amount




Account title



Amount




Total current assets



Formula




Title




Account title



Amount




Less: Account title



Amount


Formula




Title



Formula





Liabilities and Stockholders’ Equity




Title




Account title



Amount




Account title



amount




Account title



amount




Total Current Liabilities



Formula




Title




Account title



Amount




Account title



Amount




Title



Formula




Total Liabilities and Stockholders’ Equity


Formula




(c) Journalize the adjusting entries from the adjustments columns of the worksheet.





Mar 31


Account title



Amount




Account title



Amount




Text explanation





Mar 31


Account title



Amount




Account title



Amount




Text explanation





Mar 31


Account title



Amount




Account title



Amount




Text explanation





Mar 31


Account title



Amount




Account title



Amount




Text explanation





Mar 31


Account title



Amount




Account title



Amount




Mar 31


Account title



Amount




Account title



Amount



(d) Journalize the closing entries from the financial statement columns of the worksheet.





Mar 31


Account title



Amount




Account title



Amount




Account title




Account title



Amount




Mar 31


Account title




Text explanation




Account title




Mar 31


Account title



Amount




Account title




Account title




Account title




Mar 31


Account title



Amount




Account title




Text explanation





Mar 31


Account title




Account title






Mar 31


Account title




Account title













Problem P5-1A, Journalize purchase and sales transactions under a perpetual inventory system.

Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel

Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse

This challenge has been modified to a units presentation.

Problem P5-1A, Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of

its customers. At the end of June, Ready-Set-Go’s inventory consisted of 120 suitcases purchased at

$10.00 each. During the month of July the following merchandising transactions occurred.

Jul 1 Purchased 150 suitcases on account for $10.00 each from Trunk Manufacturers, FOB

destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100.00 for

freight on this date.

Jul 3 Sold 110 suitcases on account to Satchel World for $20.00 each. The cost of suitcases

  sold is $1,400.00

Jul 9 Paid Trunk Manufacturers in full.

Jul 12 Received payment in full from Satchel World.

Jul 17 Sold 70 suitcases on account to Lady GoGo for $20.00 each. The cost of

  suitcases sold is $1,010.00

Jul 18 Purchased 190 suitcases on account for $1,900.00 from Holiday Manufacturers, FOB

shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125.00

for freight on this date.

Jul 20 Received $300.00 credit (including freight) for 30 suitcases returned to Holiday

Manufacturers.

Jul 21 Received payment in full from Lady GoGo.

Jul 22 Sold 90 suitcases on account to Vagabond for $25.00 each. The cost of suitcases

  sold is $1,350.00

Jul 30 Paid Holiday Manufacturers in full.

Jul 31 Granted Vagabond $200.00 credit for 8 suitcases returned costing $120.00


Sansomite's chart of accounts includes the following:

  Acct Nbr Account title: Acct Nbr Account title:

101 Cash 401 Sales Revenue

112 Accounts Receivable 412 Sales Returns and Allowances

120 Inventory 414 Sales Discounts

201 Accounts Payable 505 Cost of Goods Sold


Instructions:

Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system.


Date Account titles and explanations Ref Debit Credit

Jul 1 Account title Amount

Account title Amount

Text


3 Account title Amount

Account title Amount

Text


  Account title Amount

Account title Amount

Text


9 Account title Amount

Account title Amount

Account title Amount

Text


12 Account title Amount

Account title Amount

Account title Amount

Text


17 Account title Amount

Account title Amount

Text


  Account title Amount

Account title Amount

Text


18 Account title Amount

Account title Amount

Text


  Account title Amount

Account title Amount

Text


20 Account title Amount

Account title Amount

Text


21 Account title Amount

Account title Amount

Account title Amount

Text


22 Account title Amount

Sales Revenue Amount

Text


  Account title Amount

Account title Amount

Text


30 Account title Amount

Account title Amount

Text


31 Account title Amount

Account title Amount

Text


  Account title Amount

Account title Amount

Text




Problem P6-2A - Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis.



Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel



Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse



Problem P6-2A, Dyna Distribution markets CDs of the performing artist King James. At the beginning of March, Dyna


had in beginning inventory


1,500


King James CDs with a unit cost of


$7.00


During March Dyna


made the following purchases of King James CDs.




Mar 5


3,500


units at


$8.00




Mar 13


4,000


units at


9.00




Mar 21


2,000


units at


10.00




Mar 26


2,000


units at


11.00




During March


10,000


units were sold. Dyna uses a periodic inventory system.




Instructions:



(a) Determine the cost of goods available for sale.





Date:


Quantity



Unit Cost:


Extended Cost:




Mar 1


Quantity


units at


Amount


Formula




5


Quantity


units at


Amount


Formula




13


Quantity


units at


Amount


Formula




21


Quantity


units at


Amount


Formula




26


Quantity


units at


Amount


Formula




Quantity:


Formula


Cost of goods available:


Formula




(b)(1) Determine the ending inventory and cost of goods sold under the First-in, First-out cost flow method. Prove the accuracy of the cost of goods sold.





Ending Inventory



Cost of Goods Sold




Date


Units


Unit Cost


Total Cost



Cost of goods available for sale


Formula




Date


Quantity


Amount


Formula



Title



Formula




Date


Quantity


Amount


Formula



Title



Formula




Formula



Formula





Proof of Cost of Goods Sold




Date


Units


Unit Cost


Total Cost




Date


Quantity


Amount


Formula




Date


Quantity


Amount


Formula




Date


Quantity


Amount


Formula




Date


Quantity


Amount


Formula




Formula



Formula




(b)(2) Determine the ending inventory and cost of goods sold under the Last-in, First-out cost flow method. Prove the accuracy of the cost of goods sold.





Ending Inventory



Cost of Goods Sold




Date


Units


Unit Cost


Total Cost



Title



Amount




Date


Quantity


Amount


Formula



Title



Amount




Date


Quantity


Amount


Formula



Title



Formula




Formula



Formula





Proof of Cost of Goods Sold




Date


Units


Unit Cost


Total Cost




Date


Amount


Amount


Formula




Date


Amount


Amount


Formula




Date


Amount


Amount


Formula




Date


Amount


Amount


Formula




Formula



Formula




(b)(3) Determine the ending inventory and cost of goods sold under the Average Cost cost flow method.




Total units purchased cost:


Amount




Title



Quantity




Average unit cost =


Formula


(Set to four decimal places.)





Ending inventory quantity:



Quantity




Ending inventory value:



Amount




Cost of goods sold:



Formula




Cost of goods available for sale



Formula




(c)(1) Which cost flow method results in the highest inventory amount for the balance sheet?



Enter text answer here.







(c)(2) Which cost flow method results in the highest cost of goods sold for the income statement?


Enter text answer here.









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