AC201 Extra Credit Opportunity #1

Chapter 1 Problem to be completed with Excel

P1-3A

On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:

Cash

$ 4,600

Notes payable

$12,000

Accounts receivable

4,000

Accounts payable

500

Service revenue

7,500

Supplies expense

1,000

Supplies

2,400

Maintenance and repairs expense

600

Advertising expense

400

Utilities expense

300

Equipment

26,000

Salaries and wages expense

1,400

Common stock

22,100

In June, the company issued no additional stock but paid dividends of $1,400.

Instructions:Help write an income statement and retained earnings statement for the month of June.Also Help write a balance sheet at June 30, 2017.

Check figuresprovide a key number to let you know you are on the right track.

Net income

$3,800

Ret. earnings

$2,400

Tot. assets

$37,000

Chapter 2 Problem to be completed with Excel

P2-3A

You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2017, year-end.

Accounts payable

$ 834

Accounts receivable

810

Accumulated depreciationequipment

670

Cash

1,270

Common stock

900

Cost of goods sold

1,060

Depreciation expense

335

Dividends

325

Equipment

2,420

Income tax expense

165

Income taxes payable

135

Insurance expense

210

Interest expense

400

Inventory

967

Land

3,100

Mortgage payable

3,500

Notes payable

61

Prepaid insurance

60

Retained earnings (beginning)

1,600

Salaries and wages expense

700

Salaries and wages payable

222

Sales revenue

5,100

Stock investments (short-term)

1,200

Instructions

(a)Help write income statement and a retained earnings statement for Lazuris Enterprises for the year ended April 30, 2017.

Net income

$2,230

(b)Help write classified balance sheet for Lazuris Enterprises as of April 30, 2017.

Tot. current assets

$4,307

Tot. assets

$9,157

Chapter 3 Problem to be completed with Excel

P3-1A

On April 1, Wonder Travel Agency Inc. was established. These transactions were completed during the month.

1.Stockholders invested $30,000 cash in the company in exchange for common stock.

2.Paid $900 cash for April office rent.

3.Purchased office equipment for $3,400 cash.

4.Purchased $200 of advertising in theChicago Tribune, on account.

5.Paid $500 cash for office supplies.

6.Performed services worth $12,000. Cash of $3,000 is received from customers, and the balance of $9,000 is billed to customers on account.

7.Paid $400 cash dividend.

8.PaidChicago Tribuneamount due in transaction (4).

9.Paid employees' salaries $1,800.

10.Received $9,000 in cash from customers billed previously in transaction (6).

Instructions:Help write Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock, and Retained Earnings (with separate columns for Revenues, Expenses, and Dividends). Include margin explanations for any changes in Retained Earnings.

Cash

$34,800

Total assets

$38,700