Introduction To Village Productions And Legal Pad Building

Introductionelf Village Productions50 Sheet Legal Padbuilding Bloc

Introduction Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Introduction Zhikun, when you are ready to have your work graded you will upload your file ZZ5405.xls or ZZ5405.xlsx, to the same screen that the project was downloaded from: The Book List, Building Blocks of Accounting .. A Financial Perspective Enter password, Upload Your Excel File. Keep two copies of your spreadsheet in two separate places in case one does not work You may find it easier to work on this project if you print a hard copy of all the pages NOTE: If there are any questions about the project email [email protected] or call 305.284.6296 Your grade will be based upon answers entered into the shaded boxes FAQ Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowingly add items to a workbook that inhibits the upload process. The conversion to a Excel Binary Workbook (.xlsb) version generally fixes the problem. If the problem continues simple send your BINARY file as an attachment with your username and password… [email protected] Windows Operating System Select File Select Save As Select Save As Type: Select Excel Binary Workbook (.xlsb) Select Save Upload the binary file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Excel Binary Workbook (*.xlsb) Select Save Upload the binary file at cybertext.com Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 02 When I try to enter information in the General Journal why does an error appear indicating that the cell is protected? Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four times the program automatically copies the description when you enter a new account number. This process requires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00 Telephone Expense 100 Cash 100 If you debit cash and credit telephone expense you have reversed the whole entry. Cash 100 Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense 100 Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get the following message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet: 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. MF1234.xlsx Excel Binary Workbook (.xlsb) Welcome Building Blocks of Accounting -- A Financial Perspective The instructions start on row 28 of this page. Version FIRST LAST SS File DATE 1311 Zhikun Zhang 5405 ZZ/26/,795 Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Welcome Welcome to the world's first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle. Step 1 The Chart of Accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide. Step 2 Journalizing the Transactions Using your unique transactions record the corresponding general journal entry, rounding to two decimal places, =Round(value,2). Step 3 Using the Worksheet for the Period Ending December 31st as a reference, prepare the Income Statement, Statement of Changes in retained Earnings and the Balance Sheet. Step 4 Record the closing entries to Retained Earnings in the general journal. Step 5 Upload the File. Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file. If you have a problem uploading see FAQ 01. Step 6 You will be graded on the Journal Entries and the four financial statements and the ratio analysis. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements. Step 7 Note: Save and make backup copies regularly. Step IV – Prepare the Financial Statements. After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided. Step III – Worksheet Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. . Grading: You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements. Step VI – Upload the File. Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file. Step V – Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries. Chart of Accounts Elf Village Productions 50 Sheet Legal Pad Number Name Normal Balance Error # Message 1110 Cash Debit 1 Debit And Credit On Same Line 1120 Accounts Receivable Debit 2 Debit Before Credit 1130 Prepaid Insurance Debit 4 Need An Account Number 1140 Prepaid Rent Debit 8 Round To Two Decimal Places 1150 Office Supplies Debit 16 Need a Description 1211 Office Equip. Debit 32 Need a Date 1212 Accum. Depr.-Office Equip. Credit 64 Use account number once 1311 Computer Equip. Debit Accum. Depr.-Computer Equip. Credit Building Cost Debit Accum. Depr.-Building Credit Land Debit 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credit 3100 Capital Stock Credit 3200 Retained Earnings Credit 3300 Dividends Debit 3400 Income Summary Credit 4100 Computer & Consulting Revenue Credit 5010 Rent Expense Debit 5020 Salary Expense Debit 5030 Advertising Expense Debit 5040 Repairs & Maint. Expense Debit 5050 Oil & Gas Expense Debit 5080 Supplies Expense Debit 5090 Interest Expense Debit 5100 Insurance Expense Debit 5110 Depreciation Expense Debit 5120 Income Tax Expense Debit Transactions Zhikun Zhang ZZ5405 Elf Village Productions 50 Sheet Legal Pad Byte of Accounting The Byte of Accounting Corporation (Byte) is a computer advisory consulting business that works with small and midsize businesses. Business Operations: After an initial review of a new client's operations a proposal is developed by a team to improve the client's operations by the purchase of off the shelf software or more often the modification of off the shelf software. Significant Accounting Policies: The business has adopted the following accounting policies: l Fixed assets that cost less than $500.00 are expensed. l The allowance method is used to account for bad debts. l When calculating depreciation, assets purchased during a month are treated as if purchased on the first day of the month. Transaction Description of transaction 01. June 1: Jason, an investor, made an investment in Byte by purchasing 3,400 shares of its common stock paying $85,000.00 in cash. 02. June 1: Zhikun Zhang, an investor, made an investment in Byte by purchasing 2,570 shares of its common stock paying $27,000.00 in cash, and contributing to Byte computer equipment with a fair market value of $37,250. 03. June 1: Josh, an investor, made an investment in Byte by purchasing 2,085 shares of its common stock paying $38,750.00 in cash, and contributing to Byte computer equipment with a fair market value of $12,500 and office equipment with a fair value of $875. 04. June 2: Check #6001 for $27,000 was issued as a down payment for new computer equipment that cost $135,000 on invoice 827364 from Dell. A five-year note was executed by Byte for the balance. A thirty year mortgage with an initial payment due on August 1st was established for the balance. 05. June 4: Additional office equipment costing $4,400 was purchased on credit from Perez's Discount Computer Corporation, invoice number AB9865. 06: June 4: Defective office equipment costing $880 was returned to Perez's Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07: June 10: Check #6002 was issued for $20,750 as a partial payment on the balance owed to Dell related to the purchase of computer equipment, invoice 827364. 08: June 14: Check #6003 was issued to purchase a one-year insurance policy covering its computer equipment. The cost of the insurance is $5,976.00 and paid to Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 09: June 16: A check in the amount of $7,500 was received for services performed for Pitman Pictures. 10: June 16: Byte purchased a building and the land it is on for $149,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000.00. The balance of the cost is to be allocated to the building. Check #6004 was used to make the down payment of $14,900.00. A thirty year mortgage with an initial payment due on August 1st, was established for the balance. 11: June 17: Check #6005 for $6,600.00 was prepaid for rent of the office space for June, July and August. Put the total amount into the Prepaid Rent account. 12: June 17: Byte received invoice number 26354 in the amount of $425.00 from Fida Marketing Agency for advertising. 13: June 21: Accounts payable in the amount of $3,520.00 were paid with Check #6006. 14: June 21: Check #6007 was used to purchase a scanning machine for the office from Sicre's Office Machines Express for $650.00. The invoice number was 144256. The invoice details are missing, but assume correct entry. 15: June 21: Billed various miscellaneous local customers $4,500 for consulting services performed. 16: June 22: Check #6008 was used to pay salaries of $2,430.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 17: June 22: Received a bill for $1,315.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254. 18: June 22: Check #6009 was used to pay invoice number 26354, the advertising bill that was previously received from Fida Digital Marketing Agency. 19: June 23: Purchased office supplies for $555.00 from Office Max on account. The invoice number was 65498. 20: June 23: Cash in the amount of $3,605 was received on billings. 21: June 28: Billed various miscellaneous local customers $5,280 for consulting services performed. 22: June 29: Check #6010 was used to pay invoice number 43254, the computer repair bill that was previously received from Computer Parts and Repair Co. 23: June 29: Byte received $5,001.00 from customers billed when work was completed. 24: June 29: Check #6011 was used to pay salaries of $2,430.00 to equipment operators for the week ending June 25. Ignore payroll taxes. 25: June 30: Received a bill for the amount of $940.00 from O & G Oil and Gas Co. The invoice number was 784537. 26: June 30: Paid a cash dividend of $0.15 per share to the three shareholders of Byte, using Check #. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.] Adjusting Entries - Round to two decimal places =ROUND(number,num_digits). 27: June 30: The rent payment made in transaction #11 was for June, July and August. Expense the amount associated with one month's rent. 28: June 30: A physical inventory showed that only $225.00 worth of office supplies remained on hand as of June 30. 29: June 30: The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 30: June 30: Information relating to the prepaid insurance may be obtained from transaction #8. Record a journal entry to reflect that one-half month's insurance has expired. 31: June 30: A review of Byte’s job worksheets shows that there are unbilled revenues in the amount of $5,625 for the period of June 28-30. 32: June 30: The fixed assets have estimated useful lives as follows: Building - 31.5 years; Computer Equipment - 5.0 years; Office Equipment - 7.0 years. Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s scrap value is $7,500. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. 33: June 30: A review of the payroll records shows that unpaid salaries in the amount of $1,458.00 are owed to the employees of Byte for three days, June 28–30. 34: June 30: J. Collins, the Internal Auditor, indicates that $1,720.00 of the revenue recorded in June will not be earned until August. 35: June 30: The note payable in transactions #4 and #7 is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360-day year. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $108,000. On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the $108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan ($108,000 less $20,750 = $87,250) must be calculated for the 20 days remaining in the month of June.] 36: June 30: Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.] Closing Entries 37: Close the revenue accounts. 38: Close the expense accounts. 39: Close the income summary account. 40: Close the dividends account. General Journal A Byte of Accounting, Inc. General Journal 0 Transaction Date Account Name Description Debit Credit Total Balance Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Note: You can only enter data into the yellow filled cells. Worksheet A Byte of Accounting, Inc. Worksheet for Period Ending January 0, 1900 Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet Number Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 1110 Cash - Accounts Receivable - Prepaid Insurance - Prepaid Rent - Office Supplies - Office Equip. - Accum. Depr.-Office Equip. - Computer Equip. - Accum. Depr.-Computer Equip. - Building Cost - Accum. Depr.-Building - Land - Accounts Payable - Advanced Payments - Interest Payable - Salaries Payable - Income Taxes Payable - Mortgage Payable - Notes Payable - Capital Stock - Retained Earnings - Dividends - Computer & Consulting Revenue - Rent Expense - Salary Expense - Advertising Expense - Repairs & Maint. Expense - Oil & Gas Expense - Supplies Expense - Interest Expense - Insurance Expense - Depreciation Expense - Income Tax Expense - TOTAL - NET INCOME - ` Income Statement A Byte of Accounting, Inc. Income Statement for Month Ending January 0, 1900 Revenues 4100 Computer & Consulting Revenue 0 Expenses 5010 Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense 0 Total 0 Net Income Before Tax Income Tax Expense (Round to two decimal places) 0 Net Income After Tax Worksheet!I48 Worksheet!L Worksheet!I50 You must finish the worksheet before you can complete the Income Statement, see FAQ 05. Changes in Retained Earnings A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For