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W3 Assignment "Week 3 Problem Sets" Part 1 Please identify four of the financial statements a for-profit organization will compile, define them, and then describe how they interact with each other. Write a 2 page paper explaining how it works. Part 2 Exercise 3-9A on page 178 Exercise 3-9A Recording receivables and identifying their effect on financial , billing statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, and the remaining $40,000 was collected in cash during 2017. Required a. Record the 2016 transactions in T-accounts. b. Record the 2016 transactions in a horizontal statements model like the following one: Assets 5 Liab. 1 Equity Rev. 2 Exp. 5 Net Inc. Cash Flow Cash 1 Accts. Rec. 5 Ret. Earn. c. Determine the amount of revenue Davos would report on the 2016 income statement. d. Determine the amount of cash flow from operating activities Davos would report on the 2016 statement of cash flows. e. Open a T-account for Retained Earnings, and close the 2016 Service Revenue account to the Retained Earnings account. f. Record the 2017 cash collection in the appropriate T-accounts. g. Record the 2017 transaction in a horizontal statements model like the one shown in Requirement b . h. Assuming no other transactions occur in 2017, determine the amount of net income and the net cash flow from operating activities for 2017. Exercise 3-10A on page 178 Exercise 3-10A Recording supplies and identifying their effect on financial statements Sye Chase started and operated a small family architectural firm in 2016. The firm was affected by two events: (1) Chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. There were $250 of supplies on hand as of December 31, 2016. Required a. Open T-accounts and record the two transactions in the accounts. b. Record the required year-end adjusting entry to reflect the use of supplies. c. Record the preceding transactions in a horizontal statements model like the following one: Assets 5 Liab. 1 Equity Rev. 2 Exp. 5 Net Inc. Cash Flow Accts. Accts. Ret. Rec. 1 Supplies 5 Pay. 1 Earn. d. Explain why the amounts of net income and net cash flow from operating activities differ. e. Record and post the required closing entries, and prepare a post-closing trial balance. Exercise 3-15A on page 179 Exercise 3-15A Recording prepaid items and identifying their effect on financial statements Cherokee Company began operations when it issued common stock for $80,000 cash. It paid $60,000 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the lease agreement on March 1, 2016, which was effective immediately. Cherokee received $98,000 of cash revenue in 2016. Required a. Record the March 1 cash payment in general journal format. b. Record in general journal format the adjustment required as of December 31, 2016. c. Record all events in a horizontal statements model like the following one: Assets 5 Liab. 1 Equity Rev. 2 Exp. 5 Net Inc. Cash Flow Prep. Common Ret. Cash 1 Rent 5 Stock 1 Earn. d. What amount of net income will Cherokee Company report on the 2016 income statement? What is the amount of net cash flow from operating activities for 2016? e. Determine the amount of prepaid rent Cherokee Company would report on the December 31, 2016, balance sheet. Exercise 3-17A on page 180 Exercise 3-17A Pr e paring closing entries The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, 2016 Accounts Receivable $12,450 Accounts Payable 6,200 Salaries Payable 3,150 Cash 36,750 Dividends 2,000 Operating Expense 35,300 Prepaid Rent 1,200 Rent Expense 8,400 Retained Earnings 1/1/2016 41,250 Salaries Expense 14,500 Service Revenue 65,400 Supplies 650 Supplies Expense 3,150 Common Stock 7,000 Unearned Revenue 6,400 Land 15,000 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, 2016, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? Problem 3-31A page 187 Problem 3-31A Effect of errors on the trial balance The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, 2016 Account Title Debit Credit Cash $ 68,900 Accounts Receivable 30,000 Supplies 1,800 Prepaid Insurance 3,600 Land $ 12,000 Accounts Payable 9,600 Common Stock 100,000 Retained Earnings 27,510 Dividends 8,000 Service Revenue 60,000 Rent Expense 9,600 Salaries Expense 31,500 Operating Expense 32,400 Totals $185,800 $209,110 CHECK FIGURE Corrected Cash Balance: $69,710 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $560 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $650. 2. A $900 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $600 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. 4. Land valued at $12,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $12,000 credit to both the Land account and the Common Stock account. 5. A $500 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $500. Required Based on this information, prepare a corrected trial balance for Ricardo Company. Exercise 4-17A Exercise 4-17A Comprehensive exercise with sales discounts Junker's Stash started the 2016 accounting period with the balances given in the financial statements model shown below. During 2016 Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a . Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount. 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. Required a. Record the above transactions in a financial statements model like the one shown below: Event Accts. Com. Ret. Rev./ Cash No. Cash 1 Rec. 1 Inventory 1 Land 5 Stk. 1 Earn. Gain 2 Exp. 5 Net Inc. Flow Bal. 80,000 1 0 1 15,000 1 11,000 5 70,000 1 36,000 NA 2 NA 5 NA NA b. Determine the amount of net sales. c. Prepare a multistep income statement. Include common size percentages on the income statement. d. Junker's Stash return on sales ratio in 2015 was 12 percent. Based on the common size data in the income statement, did Junker's Stash expenses increase or decrease in 2016? e. Explain why the term loss is used to describe the results due to the sale of land. BA220 - Financial Accounting Week 3 Answer Key Textbook: 9th Edition EXERCISE 3-9A a., e. & f. Assets Cash = Accounts Rec. 2016 2016 2017 2017 Stockholders' Equity Retained Earnings 2016 Service Revenue 2016 b. & g. NC = Net Change in Cash Davos Company Effect of Transactions on the Financial Statements for 2016 and 2017 Assets = Liab. + Stockholders' Rev. Exp. = Net Cash No. 201 6 1. 2. Bal. 201 7 3. Bal. Cash + Acct. Rec. = Equity Comm Retaine + . + d Stock Earning s Inc. Flows EXERCISE 3-9A (cont.) c. d. e. f. g. h. EXERCISE 3-10A a. b. & e. Assets Accounts Rec. Debit Credit Supplies Debit Credit = Liabilities Accounts Pay. Debit Credit + Stockholders' Equity Retained Earnings Debit Credit Service Revenue Debit Credit Supplies Expense Debit Credit EXERCISE 3-10A (cont.) c. NC = Net Change in Cash Chase Architectural Services Effect of Transactions on the Financial Statements for 2016 Assets No. a1. a2. b. Bal. d. = Liab. + Stockholders' Equity Accts. Accts. Commo Retaine Rec. + Suppli = Pay. + n Stock + d es Earning s Rev. Exp. = Net Inc. Cash Flows EXERCISE 3-10A (cont.) e. General Journal Date Account Titles Debit Credit Closing Entries Closing entries are posted to the T-accounts in part a. Chase Architectural Services Post-Closing Trial Balance December 31, 2016 Account Titles Debit Credit EXERCISE 3-15A a. & b. Cherokee Company Journal Entries for 2016 Date Account Titles Debit Credit c. Cherokee Company Horizontal Statements Model Assets Cash 1. 2. 3. adj Bal. Prepaid + Rent = Liab. = Stockholders' Equity Comm. Stock + Retained Earn. Income Statement Rev. Exp. = Net Inc. Statement of Cash Flows EXERCISE 3-15A (cont.) d. Revenue Expense Net Income Cash Flows From Operating Activities: Cash Received from Revenue Cash Payment for Expense Net Cash Flow from Operating Activities e. Prepaid Rent: $ EXERCISE 3-17A a. Closing Entries 1. 2. 3. Debit Credit b. Retained Earnings, 2016 Beginning Retained Earnings Add: Revenue Less: Expenses Less: Dividends Ending Retained Earnings PROBLEM 3-31A Corrections: 1. 2. 3. 4. 5. Corrected Trial Balance: Ricardo Company Trial Balance As of April 30, 2016 Account Titles Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Land Accounts Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Salaries Expense Operating Expense Totals EXERCISE 4-17A a. Junker's Stash Financial Statements Model Event No. Bal. 1 2. 3a. + Accts. Cash Rec + + + + + + + + + Inv. + + + + + Land Commo Retaine = n + d Stock Earning s = + = + = + = + Rev./ Gain Exp./Los = Net Inc. s = = = = Cash Flow 3b. 4a. 4b. 5. 6a.* 6b. 7. 8 Bal. + + + + + + + + + + + + + + + + + + + + + + + + + = = + + = = = = = = = = + + + + + + = = = = = = EXERCISE 4-17A (cont.) b. Junker's Stash Calculation of Net Sales For the Year Ended December 31, 2016 Sales Less: Sales Returns Less: Sales Discounts Net Sales c. Junkers' Stash Income Statement For the Year Ended December 31, 2016 Net Sales Cost of Goods Sold* Gross Margin Operating Expenses Selling and Adm. Expenses Transportation-Out Total Operating Expenses Operating Income Non-Operating Items Loss on Sale of Land Net Income *$41,900 $1,250 = $40,650 EXERCISE 4-17A (cont.) d. e