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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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