Coding Schemes

10000- Current Assets

15000-Tangible long term assets

19000-intangible long term assets

20000-Current Liabilities

25000-Longterm liabilities

30000-Equity

40000-Revenue

45000-Other Revenues

50000-COGS

51000-Selling Expenses

52000-Administrative Expenses

55000-Other Expenses

56000-Income Tax Expense

Dolly and Madison Ford is a partnership that sells automobiles. The company has two dealerships. Baytown Ford and Liberty Ford. Each dealership sells two makes of automobiles. Mustang and Taurus. Additional information: Neither dealership maintains a parts inventory. Each dealership owns its equipment, furniture, and fixtures, but rents its location. Each dealership has a manager, a bookkeeper, and four salespeople, all of whom are paid a salary. Each dealership collects state sales tax on automobile sales. The accounting system uses accrual-basis accounting. The accounting system uses a perpetual inventory system for automobiles Required: Prepare an appropriate chart of accounts for the company's computerized accounting system using either a spreadsheet or word processing program. The chart of accounts should enable the accounting system to report the following: a. For both dealerships combined: 1. Report operating profit. 2. Report automobile inventory accounts for each make of automobile and for both makes combined. 2. Report automobile inventory accounts for each make of automobile and for both makes combined. b. For each dealership 1. Report operating profit. 2. Report sales and cost of sales for each make of automobile. 3. Report inventory' accounts for each make of automobile. Use die appropriate block codes given in the chapter in the "Coding Schemes section. Include not only the accounts needed to accomplish the above reporting requirements, but also include all other accounts that are needed for recording typical day-to-day transactions involved in operating an automobile dealership (except for parts inventory, as noted). Turn in for your chart of accounts a paper copy and the data file. Attach a cover sheet to your paper copy that includes your name, date, course, section number, and the name and version of the spreadsheet or word processing program you used. Write your name and the filename on a label and attach it to CD (or submit the data file electronically, if available). Dolly and Madison Ford is a partnership that sells automobiles. The company has two dealerships. Baytown Ford and Liberty Ford. Each dealership sells two makes of automobiles. Mustang and Taurus. Additional information: Neither dealership maintains a parts inventory. Each dealership owns its equipment, furniture, and fixtures, but rents its location. Each dealership has a manager, a bookkeeper, and four salespeople, all of whom are paid a salary. Each dealership collects state sales tax on automobile sales. The accounting system uses accrual-basis accounting. The accounting system uses a perpetual inventory system for automobiles Required: Prepare an appropriate chart of accounts for the company's computerized accounting system using either a spreadsheet or word processing program. The chart of accounts should enable the accounting system to report the following: a. For both dealerships combined: 1. Report operating profit. 2. Report automobile inventory accounts for each make of automobile and for both makes combined. 2. Report automobile inventory accounts for each make of automobile and for both makes combined. b. For each dealership 1. Report operating profit. 2. Report sales and cost of sales for each make of automobile. 3. Report inventory' accounts for each make of automobile. Use die appropriate block codes given in the chapter in the "Coding Schemes section. Include not only the accounts needed to accomplish the above reporting requirements, but also include all other accounts that are needed for recording typical day-to-day transactions involved in operating an automobile dealership (except for parts inventory, as noted). Turn in for your chart of accounts a paper copy and the data file. Attach a cover sheet to your paper copy that includes your name, date, course, section number, and the name and version of the spreadsheet or word processing program you used. Write your name and the filename on a label and attach it to CD (or submit the data file electronically, if available)