Hello,

Would you please review the attached assignment? I know I have errors in and this assignment carries into the rest of the course so I need to get it corrected to move forward. I have attached both the instructions and my work.

Thank you so much for your help!!

Type: Individual Project Due Date: Wed, 04/12/17 Points Possible: 100 Deliverable Length: 1-2 pages; journal entries, trial balances, financial statements, and ratio calculations Description: This company is an American multinational information technology company. In this assignment, you are going to complete the entire accounting cycle for the last month of the physical year ending May 31, 2015: The company uses the following accounts: Cash Capital Stock Accounts Receivable Inventory Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Sales Rental Equipment Salaries Expense Accumulated Depreciation: Computer Equipment Repair Expense Cable Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Sales The company performs adjusting entries monthly. Closing entries are performed annually on May 31. During May, the corporation entered into the following transactions: May 1: Issued 40,000 shares of capital stock in exchange for a total of $400,000 cash. May 1: Purchased a piece of equipment to be used in the operations of the business for $300,000 that will assist with a more efficient production. Paid $100,000 cash and issued a two-year note payable for $200,000. The note plus all 24 months of accrued interest are due April 30, 2017. The interest rate on the note is 5%. May 1: Paid $15,000 to SSR as three months' advance rent on the warehouse used in daily manufacturing. May 4: Paid salaries in May totaling $27,000. (Ignore payroll taxes.) May 8: Purchased office supplies (e.g., copy paper, ink toner, pens, etc.) on account from Office Depot, $4,200. Payment due in 30 days. May 15: Excluding the Wilmington General advance, fees earned during the first 15 days of May amounted to $95,100, of which $47,000 was received in cash. The remaining amount will be customer purchases on account. May 18: Purchased on account from Parts Plus, Inc., $1,700 in parts needed to repair a server for a local law firm. (Debit an expense account.) Payment is due in 10 days. May 23: Collected $22,000 of the accounts receivable recorded on May 15. May 26: Paid salaries in May totaling $27,000. (Ignore payroll taxes.) May 27: Paid the account payable to Parts Plus., $1,700. May 28: Declared a dividend of 10 cents per share, payable on June 15, 2015. May 29: Paid the May utilities in the amount of $985. May 31: Purchased a 24-month warranty insurance policy for $24,000. This policy protects the company against liability for defects and warranties for the computer equipment that is sold and leased. The policy goes into effect on June 1, 2015. May 31: Paid monthly cable bill of 684 to Suddenlink. May 31: Collected Sales earned during the second half of May, which amounted to $120,700 and of which $86,300 was received in cash. The remaining amount is customer purchases on account. Data for Adjusting Entries 1 . The advance payment of rent on May 1 covered a period of three months. 2. The annual interest rate on the note payable is 5 percent. 3. The machine purchased May 1, 2015 is being depreciated by the straight-line method over a period of five years. 4. Office supplies on hand at May 31 are estimated at $440. 5. Employee salaries earned by employees since the last payroll date (May 26) amounted to $9,642 at the month end. Instructions Complete the following for this assignment: Journalize the May transactions. Prepare an unadjusted trial balance. Prepare the necessary adjusting entries for May. Prepare an adjusted trial balance. Prepare a balance sheet, an income statement, and a statement of retained earnings for the year ended May 31, 2015. Prepare closing entries. Prepare a post-closing trial balance. The post-closing trial balance should reveal only permanent accounts that remain open for the next accounting period. Prepare 3 profitability ratios, 3 liquidity ratios, and 2 solvency ratios (be sure to show your calculations). After completing the accounting cycle and financial analysis, summarize the results in a double-spaced paper of 1-2 pages. The paper should be properly developed and formatted according to APA formatting guidelines. Please submit your assignment. Reference HP. (n.d.). Retrieved from http://www.hp.com/ Objectives: Apply critical thinking and relevant concepts to the final project Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Prepare a formal technical report of the in-depth research and application of prior course concepts Research current trends and utilize program concepts to support the project solution Unit 2: Identifying Contributing Factors Description: Identifying Contributing Factors Reading Assignments: Weirich, Chapter 9 Unit 2 - Intellipath Type: Intellipath Due Date: Tue, 04/18/17 Points Possible: 100 Deliverable Length: See assignment details Description: There are 3 steps to complete this task. Step 1: Determine Knowledge (Complete this step by Friday) Have you completed your Determine Knowledge yet? Click on the intellipath icon link on your classroom Home page. A landing page will appear. Select the current unit. If you are just starting a unit, you will find the Determine Knowledge link icon under the What to do first heading. Step 2: Learning Path After completing the Determine Knowledge, follow the instructions to begin working on your Learning Path. Your path is personalized to you; it only includes lessons that will help you learn the material for the unit. Make note of the color coding as you move through your Learning Path. One tip as you work through your lessons: To save your work in the system when you are finished with a lesson, you will click the Exit button and select Save for next time to save your work for the unit. Step 3: Practice and Revision Want to improve your score? Try the Practice and Revise features. To learn more about intellipath features, click here. How do you make the most out of the intellipath experience? Understand the following key system features for your best experience: The personalized learning system is designed to adjust to your strengths and determine your areas of opportunity based on your Determine Knowledge. Completing the Determine Knowledge prior to working on your path allows the system to create your Learning Path. Do not forget to do this step at the beginning of each unit. Select the Learn command when you are ready to begin an available lesson. Lessons are where the learning occurs for each unit. Everything you need to know for the unit can be found in the lesson. The lessons are connected throughout the entire course. Working on one lesson influences learning on other lessons in the course. Learning is a continuum throughout the course, assessment is constant, and by revising lessons, you can continually improve. Mastery level is a moment in time that describes your current knowledge level. Mastery level is real-time information and changes as you work in the system. Improving your mastery level for each unit should be your goal. Mastery level is one aspect of your score, but it is not the same as your score. Progress indicates the amount of knowledge that you have covered based on the lessons assigned to you for each unit. Completing 100% of the lessons should be your goal for each unit. There are three ways to use the Practice feature, as follows: 1 . Practice exercises can be assigned by your instructor. 2. The system will assess how you are doing and assign practice activities. 3. You select your practice activities. Choose Practice once you have completed the lesson and when you have a good understanding of the material but want to improve. Choose Quick practice when you want to practice a completed lesson but you want a limited number of questions. Choose Revise once you have completed the lesson and when you feel like you need to learn more on a topic; choosing the Revise button will begin a new lesson providing you an opportunity to improve your lesson mastery. Objectives: Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Unit 2 - Individual Project Type: Individual Project Due Date: Wed, 04/19/17 Points Possible: 100 Deliverable Length: 1,750-2,000 words Description: Using the analysis of the financial statements for a this well-known information technology company from the Unit 1 Individual Project, complete the following: Further analyze the financial ratios and trend analysis to evaluate and make management decisions. Develop a business decision that evaluates a growth or improvement opportunity for the company. Using analysis, determine whether it should be accepted or rejected by the organization. Prepare a strategic plan to the board of directors of the company that includes analysis of financial information and recommendations for increased profitability. As part of your analysis, be sure to evaluate risks and opportunities as well as alternatives to the proposed plan. Note: Some content may be included from your Week 1 ratio analysis. Please submit your assignment. Reference HP. (n.d.). Retrieved from http://www.hp.com/ Objectives: Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Research current trends and utilize program concepts to support the project solution Unit 3: Data Collection. Ethical Concerns Description: Data Collection. Ethical Concerns Reading Assignments: Weirich, Chapter 7 Unit 3 - Discussion Board Type: Discussion Board Due Date: Tue, 04/25/17 Points Possible: 75 Deliverable Length: 500-750 words Description: Primary Discussion Response is due by Friday (11:59:59pm Central), Peer Responses are due by Tuesday (11:59:59pm Central). Primary Task Response: Within the Discussion Board area, write 400- 600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas: Click here to read an article that discusses transfer pricing and what manufacturers need to know. Write a memo to management that addresses the following questions: What are the major potential ethical issues that the company could encounter when using a negotiated transfer pricing model instead of a market-based transfer pricing model? How can company management avoid these ethical issues in the future? Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions: What did you learn from your classmate's posting? What additional questions do you have after reading the posting? What clarification do you need regarding the posting? What differences or similarities do you see between your posting and other classmates' postings? In response to the input of your classmates, you should to address the following: Whether or not the selected data will support proving the workability of the solution How the data may be better presented For assistance with your assignment, please use your text, Web resources, and all course materials. Reference Bowen, D., O'Meara, J., & Thornton, G. (2011, February 24). What pricing manufacturers need to know about transfer pricing. Retrieved from the IndustryWeek Web site: http://www.industryweek.com/articles/what_manufacturers_need_to_know_about _transfer_pricing_23980.aspx?page=1 Objectives: Research current trends and utilize program concepts to support the project solution Unit 3 - Individual Project Type: Individual Project Due Date: Wed, 04/26/17 Points Possible: 100 Deliverable Length: 3,000-5,000 words Description: Assignment Details Since the 1950s, companies have seen the advantage of operating in various countries as multinational corporations (MNCs), and today, almost all large companies are considered to be an MNC. Once again, the MNC is under scrutiny by authorities for trying to avoid income taxes and for keeping money offshore. This information technology company is an MNC that claims to do business in over 100 countries, and management has concerns that the company might run afoul of the treasury regulations in computing income between subsidiaries that require your input. For this assignment, you will prepare a report to management: Utilizing the five steps for conducting tax research, complete the following: Give an overview of the history of Internal Revenue Service (IRS) regulations concerning the allocation of income and deductions. Be sure to pay particular attention to the MNC. Prepare a report on at least 2 companies that have been accused of illegal price transfer or allocation of income. Provide guidance to management on how to avoid issues with the IRS in conducting business with overseas subsidiaries. Be sure to include a title page and references for this assignment. Please submit your assignment. Reference HP. (n.d.). Retrieved from http://www.hp.com/ Objectives: Apply critical thinking and relevant concepts to the final project Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Unit 4: Recommendations for Improvement Description: Recommendations for Improvement Reading Assignments: Weirich, Chapters 3, 4, and 8 Unit 4 - Discussion Board Type: Discussion Board Due Date: Tue, 05/02/17 Points Possible: 50 Deliverable Length: See assignment details Description: Primary Discussion Response is due by Friday (11:59:59pm Central), Peer Responses are due by Tuesday (11:59:59pm Central). Primary Task Response: Within the Discussion Board area, write 750- 1,000 words that respond to the following questions with your thoughts, ideas, an d comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas. In every integrated audit, the auditor is tasked with understanding the internal control environment and assessing that environment as it relates to management assertions. This assessment process is performed throughout all stages of the audit. Complete the following for this assignment: Discuss the Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control framework and financial management assertions. How are the COSO internal control framework and management assertions related? Why is conducting this process important? Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions: What did you learn from your classmate's posting? What additional questions do you have after reading the posting? What clarification do you need regarding the posting? What differences or similarities do you see between your posting and other classmates' postings? In response, to the input from your classmates, you will need to address the following: Will the selected data support proving the workability of the solution? Explain your response. How may the data be better presented? For assistance with your assignment, please use your text, Web resources, and all course materials. Objectives: Apply critical thinking and relevant concepts to the final project Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Prepare a formal technical report of the in-depth research and application of prior course concepts Research current trends and utilize program concepts to support the project solution Unit 4 - Individual Project Type: Individual Project Due Date: Wed, 05/03/17 Points Possible: 100 Deliverable Length: 4-6 slides with speaker notes Description: Using the integrated audit framework, develop an audit program presentation using relevant financial and operational information provided in the case. For this assignment, be sure to identify relevant areas that will be audited, objectives, control tests, substantive tests, documentation, and sampling procedures. The audit program should be developed based one of the following business cycles: Review process Purchasing process Human resource management process Inventory management process Financing and investing process The relevant assertions to be used as audit objectives are as follows: Existence Completeness Accuracy or valuation Rights and obligations Presentation and disclosure The audit program should be designed for a well-known information technology company. You should review relevant information from the case as well as perform further research regarding the company. Consider past and present issues that could be relevant or that could impact the audit. Include the methodology that was developed to design the audit program. Your audit program should be developed in the form of a PowerPoint presentatio n with 4-6 slides and speaker notes for each slide. Please submit your assignment. Objectives: Apply critical thinking and relevant concepts to the final project Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Prepare a formal technical report of the in-depth research and application of prior course concepts Research current trends and utilize program concepts to support the project solution Unit 5: Prevention Strategy Description: Prevention Strategy Reading Assignments: Weirich, Chapters 3, 4, and 7-9 (revisit) Unit 5 - Discussion Board Type: Discussion Board Due Date: Tue, 05/09/17 Points Possible: 40 Deliverable Length: At least 300 words Description: Summative Discussion Board Review and reflect on the knowledge you have gained from this course. Based on your review and reflection, write at least 3 paragraphs on the following: What were the most compelling topics learned in this course? How did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified? What approaches could have yielded additional valuable information? Responses to Other Students: Respond to at least 1 of your fellow classmates with at least a 100-word reply about his or her Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions: What did you learn from your classmate's posting? What additional questions do you have after reading the posting? What clarification do you need regarding the posting? What differences or similarities do you see between your posting and other classmates' postings? Primary Discussion Response is due by Friday (11:59:59pm Central), Peer Responses are due by Tuesday (11:59:59pm Central). For assistance with your assignment, please use your text, Web resources, and all course materials. Objectives: Apply critical thinking and relevant concepts to the final project Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Prepare a formal technical report of the in-depth research and application of prior course concepts Research current trends and utilize program concepts to support the project solution Unit 5 - Individual Project Type: Individual Project Due Date: Wed, 05/10/17 Points Possible: 250 Deliverable Length: 7,500-13,500 total words; new content of 1,000- 2,000 words Description: Analyze your previous submissions, and make changes as necessary to the final paper to be prepared this week. Continue development of the project or research with an abstract and a proposed implementation strategy. This is the final section of the Key Assignment and should bring together all of the aspects of the project and research in one cohesive paper. Revise previous sections so that the entire document flows and has a strong introduction and conclusion. For this assignment, you will add an abstract and proposed implementation to your research paper, which will include a detailed description of your prevention strategy. Finally, you will further refine the report and produce the final draft version. Updates may be based on peer and instructor feedback. The project deliverables are as follows: Update the research document's title page with a new date. Update previously completed sections based on your instructor's feedback. Complete the following for your Management Research Document: Review the entire document for any changes and improvements you would like to make. Ensure that this final version of the document is sufficiently detailed to fully meet the assignment requirements for each part of the course. Add the following new content: Compilation of Findings, Conclusions, and Recommendations Develop and incorporate an abstract into the final draft of the research paper. Produce a final proposed plan for implementation of the solution. Include a detailed prevention strategy. Be sure to update your table of contents before submission. Name the document "yourname_ACCT650_IP5.doc." Please submit your assignment. Objectives: Apply critical thinking and relevant concepts to the final project Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Prepare a formal technical report of the in-depth research and application of prior course concepts Research current trends and utilize program concepts to support the project solution Course Policies Academic Honesty and Integrity All CTU Online students are expected to conform to the accepted standards of Academic Honesty. Students agree that by taking courses through Colorado Tech Online all required papers may be subject to submission for textual similarity review for the detection of plagiarism. All submitted papers will be included as source documents in the reference database solely for the purpose of detecting plagiarism of such papers. Any clear violations of these standards, such as cheating, violating copyright laws, or plagiarism are handled promptly, firmly, privately, and fairly by the Professor. The Professor will promptly notify the Academic Department of the discovery of the incident. First-time violations may result in an "F" being assigned for the course in which the violation occurs and the placement of a letter in the student's file. A second violation may result in dismissal from the University. The student may appeal any decision according to the appeals process listed in the course catalog. Cheating Cheating shall be defined as: Copying to any extent the work of another student Intentionally assisting another student during an examination Having access to material related to an examination during an examination Possessing or having access to unauthorized copies of an examination Departing from any stated examination conditions Plagiarism The American Heritage Dictionary defines plagiarism as "To appropriate passages or ideas from another and use them as one's own." Plagiarism involves: Submitting another person's work as one's own Submitting work from any source that is not properly acknowledged by footnote, bibliography, or reference within a paper Submitting work pieced together from phrases and/or sentences from various sources without acknowledgement Submitting work with another person's phrase(s) rearranged without acknowledgement Submitting work that uses any phrase, sentence, or stylistic mannerism without acknowledgement Omitting quotation marks from any directly quoted material Failure to use three dots (...) to indicate omission of one or more words Any other actions deemed to be plagiarism by the faculty Originality Policy We at Colorado Technical University (CTU) value integrity, honesty, and originalit y. In order to uphold these values in the classroom, CTU utilizes the TurnitIn Originality Verification Tool. This tool assists Faculty, students, & staff by ensuring that all student work adheres to the University's Academic Integrity policy. Students are encouraged to utilize this tool prior to their official submission to ens ure that the work they are producing is in fact their own. While the TurnitIn Originality Verification Tool does not detect plagiarism, it does assist in the investigation and verification of overall integrity of the material provided by the student. The University places emphasis on the following originality guidelines: 1 . Students are expected to produce work that displays proper use of the most up-to-date version of APA. This includes, but is not limited to, the use of in-text citations, quotation marks, and references to ensure proper acknowledgment is given to any external source(s) used in the creation of academic material. 2. Since academic integrity concerns come in many forms (i.e. plagiarism, cheating, purchasing of work, lack of original content, etc.), a specific similarity percentage (%) rendered by the TurnitIn tool does not necessarily result in the same outcomes for all content. Each student assignment should be thoroughly reviewed no matter the score provided by TurnitIn in order for the Faculty to det ermine the most appropriate action (see Academic Integrity Policy). Note: Exclusive use of the similarity score % as criteria for identifying possible violations of academic integrity is prohibited. All students are to be assessed based on the content and contextual use of sources. Repurposing and Re-Use of Student Work At Colorado Technical University, students are given the opportunity to re-use and/or repurpose work that was previously submitted to past courses. It is important for every student to understand the difference between the two and recognize their responsibility as a student. Re-use: Students who are retaking the same course may use previously submitted work in its entirety without penalty. As with every task, students must uphold academic integrity, therefore they can only re-use work that is original to them (see Academic Integrity and Originality Policies). Repurposing: Students have the opportunity to use previously submitted ideas as a foundation for future courses. No more than 50% of a paper, excluding references, may be repurposed from another Colorado Technical University class. As with every task, students must uphold academic integrity, therefore students must still follow the guidelines for remaining academically honest (see Academic Integrity and Originality Policies). Exceptions to the 50% may be made when a student is building a body of work at the discretion of the Faculty member. Student Responsibility 1 . It is a student's responsibility to prove that the work that is being repurposed or re-used is his/her own by labeling any repurposed or re-used work with the following verbiage: Re-use: "This task was originally submitted during the [previous session] in [previous course & section] with [previous instructor name]." Repurposed: "This task contains portions of material that were originally submitted during the [previous session] in [previous course & section] with [previous instructor name]." If an instructor is not made aware of work being repurposed or re-used, an instructor will treat the assignment as a plagiarized task and reserves the right to post an F grade and submit a task for review to Administration until proof of originality is provided. 2. An instructor is under no obligation to consider the grade that was originally received in a previous course on repurposed or re-used work. Therefore, there is no guarantee the same grade will be awarded since each instructor has different grading styles. If a student is awarded a lower grade for repurposed or re-used work, this is not considered grounds for a grade appeal. 3. Students are expected to participate fully in every course, therefore if there are multiple assignments being re-used, students should avoid submitting tasks all at once and should keep pace with assignment due dates. In order to update attendance, students must complete a Knowledge Check or submit an assignment to the Discussion Board, Submitted Assignments, or Small Groups areas. Any student that does not update their attendance after 15 days will be withdrawn for lack of participation. With each new session it is possible for the curriculum of a course to change. Therefore, students who choose to utilize the re-use policy are responsible for updating their assignments as a result of those changes. Instructors are under no obligation to allow students to resubmit re-used work in order to make corrections if the work does not meet the requirements of the new session. Late Submissions of Assignments by Students A key characteristic of successful working professionals is the ability to meet project and assignment deadlines. Colorado Technical University (CTU) fosters and supports this responsibility, as each student is expected to submit the course assignments on or before the relevant due dates. A student may experience certain life events and other pressing commitments that result in the submission of late work. In all instances, CTU encourages the student to work closely with his/her faculty member to meet the course requirements while balancing professional and personal obligations. CTU approaches these situations through a consistent application of late work deductions for assignments submitted beyond the due date: 1-3 days beyond the due date: 10% penalty of total assignment points. 4-5 days beyond the due date: 15% penalty of total assignment points. 6-7 days beyond the due date: 20% penalty of total assignment points. 8+ days beyond the due date: no points awarded for assignment unless faculty member agrees to an adjusted due date. If a student desires his/her faculty member to consider a new due date for an assignment, the student needs to communicate to his/her faculty the circumstances that prevents the submission of the assignment on the due date. The explanation ought to be communicated to his or her faculty member prior to or within 1-3 days following an assignment due date. The faculty member discusses the situation with the student and sets a realistic new due date (i.e., per the length of time to the new due date and relative to the original due date) for the assignment. If an instructor accepts a discussion board assignment late, the student may only earn credit for the main post. If the assignment is submitted on or before the new due date, no late work deductions will be made. If the assignment is submitted after the new due date, the above late work deductions would be applied. All late assignments will be graded within seven days of a student's submission o r prior to the end of session grading deadline for the course, whichever is earlier. In all instances, no late work will be accepted from a student beyond the timeframe of the course end date, unless an Incomplete has been granted. While an assignment may be submitted after its due date or a new due date may be agreed on with the faculty member, each student must adhere to CTU's attendance standards in accordance with the administrative withdrawal policy. For courses that include IntelliPath technology for graded assignments, students are encouraged to participate often to improve their knowledge; therefore the late assignment policy does not apply. ADA Accommodations If you would like more information regarding accommodations for students with disabilities, students attending a physical campus should contact their ADA Coordinator and students enrolled through CTU's Virtual Campus can send an email to ctu_special_needs_accommodation@ctuonline.edu. Legend Extra Credit Course Title: MBA Accounting Capstone Course Code: ACCT650 Section: 01 Prerequisites: LQ - Last Quarter Course Description: The MBA Accounting Capstone uses the functional skills students have developed in previous core and concentration courses in this program - including accounting, business management and business strategy - to complete an in-depth project. The course requires the student to perform comprehensive research, analysis, and study on either a desired area of interest or a major business problem or issue that impacts the student's own company or organization. The student will utilize research methodologies to prepare a formal research report. Credit Hours: 4 credit hours Contact Hours: 40 hours Instructor Information Name: Uzell Williams * Email: UWilliams@coloradotech.edu Instructor Office Hours Day Time Tuesday 10:00 AM - 11:00 AM (Email, IM, Cell) Wednesday 10:00 AM - 12:00 PM (Email, IM, Cell) Thursday 11:00 AM - 1:00 PM (Email, IM, Cell) Course Materials Title Edition Author Publisher ISBN Accounting and Auditing Research: Tools and Strategies 8 Weirich Wiley 9781118806494 Library: The link to the online library can be found in your toolbar under the 'Resources' section. It can also be found directly in the main navigation of the site. Start of Course: Tue, 04/04/17 End of Course: Thu, 05/11/17 Live Chat Schedule Date Time Thu, 4/13/17 9:00 AM - 10:00 AM Thu, 4/6/17 9:00 AM - 10:00 AM Thu, 4/20/17 9:00 AM - 10:00 AM Thu, 4/27/17 9:00 AM - 10:00 AM Thu, 5/4/17 9:00 AM - 10:00 AM Chats: The real-time chats focus on the unit topic for each week of the session. You can attend live if your schedule permits. For your convenience the chats are archived so you can review them at a later date. 3:47 PM (CDT) Privacy Statement Terms and Conditions Contact Us 2017 Colorado Technical University. All Rights Reserved. Authorized Users Only. Course Information Course Overview Class Meeting Times Course Assignments Breakdown and Weighting Section During the course students will complete assignments and activities related to the course learning objectives. In each course, the assignments and activities may vary and they may be completed individually or in a group. Assignments Assignment Name Due Date Assignment Type Points Possible Unit 1 - Discussion Board Fri, 04/07/17 Discussion Board 10 Unit 1 - Discussion Board 2 Tue, 04/11/17 Discussion Board 75 Unit 1 - Individual Project Wed, 04/12/17 Individual Project 100 Unit 2 - Intellipath Tue, 04/18/17 Intellipath 100 Unit 2 - Individual Project Wed, 04/19/17 Individual Project 100 Unit 3 - Discussion Board Tue, 04/25/17 Discussion Board 75 Unit 3 - Individual Project Wed, 04/26/17 Individual Project 100 Unit 4 - Discussion Board Tue, 05/02/17 Discussion Board 50 Unit 4 - Individual Project Wed, 05/03/17 Individual Project 100 Unit 5 - Discussion Board Tue, 05/09/17 Discussion Board 40 Unit 5 - Individual Project Wed, 05/10/17 Individual Project 250 Total 1000 Assignments Categories & Weights Assignment Type Points Possible % of Course Grade Discussion Board 250 25.00 Individual Project 650 65.00 Intellipath 100 10.00 Total 100 Discussion Boards: Discussion Board topics are tied to specific course Tasks for each week of the session. Discussion board participation and active student engagement in course work is required and evaluated quantitatively and qualitatively by the Instructor. Each week students will be expected to post their initial discussion posting to the discussion board by Friday. In turn, students will post responses to their colleagues (as specified in the course room) by the following Tuesday. Discussion posts will be graded according to the late policy. Grading Scale Letter Grade Percentage A 100.000000 - 94.000000 A- 93.990000 - 90.000000 B+ 89.990000 - 86.000000 B 85.990000 - 83.000000 B- 82.990000 - 80.000000 C+ 79.990000 - 76.000000 C 75.990000 - 73.000000 F Below 72.990000 Scenario We grade Discussion Boards and Individual Projects using three project criteria: Task Requirements, Demonstration and Application of Knowledge, and Academic Writing and Format. We score each project criterion using four performance values: Unsatisfactory, Developing, Effective, and Proficient. Please see the following tables for the details. Unit 1: Identifying a Business Issue Description: Identifying a Business Issue Reading Assignments: Weirich, Chapters 3 and 4 Unit 1 - Discussion Board Type: Discussion Board Due Date: Fri, 04/07/17 Points Possible: 10 Deliverable Length: 200-250 words Description: This is a terrific time to meet your fellow classmates, to learn a little bit about them, and for them to learn about you. Please introduce yourself in the Introductory Discussion Board, which can be accessed via the Discussion Board link to the left. If you are not sure how to get started, begin by discussing your background and why you are in school. Feel free to mention your proudest accomplishments, and offer advice to others. Say something unique or fun about yourself. You may upload a picture by clicking "Post File" when you respond to the Discussion Board. Images in JPEG form work well, but the Discussion Board will accept other formats, too. Get started today. For purposes of your attendance, please post your introduction into this discussion by Friday. You are encouraged to participate in this thread throughout the term. Unit 1 - Discussion Board 2 Type: Discussion Board Due Date: Tue, 04/11/17 Points Possible: 75 Deliverable Length: 500-750 words Description: Primary Discussion Response is due by Friday (11:59:59pm Central), Peer Responses are due by Tuesday (11:59:59pm Central). Primary Task Response: Within the Discussion Board area, write 500- 750 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas. This company is a well-known publicly traded company that manufactures computers and electronic devices. As a potential investor, there are many financial measurements available to assist in making a sound decision about a company or organization. Research current trends, pick 2 that you would want to review as an investor, and explain their importance as your initial post. Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 200-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions: What did you learn from your classmate's posting? What additional questions do you have after reading the posting? What clarification do you need regarding the posting? What differences or similarities do you see between your posting and other classmates' postings? For assistance with your assignment, please use your text, Web resources, and all course materials. Reference HP. (n.d.). Retrieved from http://www.hp.com/ Objectives: Demonstrate the integration and utilization of key concepts and knowledge from prior courses to solve the selected problem Research current trends and utilize program concepts to support the project solution Unit 1 - Individual Project Type: Individual Project Due Date: Wed, 04/12/17 Points Possible: 100 Deliverable Length: 1-2 pages; journal entries, trial balances, financial statements, and ratio calculations Description: This company is an American multinational information technology company. In this assignment, you are going to complete the entire accounting cycle for the last month of the physical year ending May 31, 2015: The company uses the following accounts: Cash Capital Stock Accounts Receivable Inventory Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Sales Rental Equipment Salaries Expense Accumulated Depreciation: Computer Equipment Repair Expense Cable Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Sales The company performs adjusting entries monthly. Closing entries are performed annually on May 31. During May, the corporation entered into the following transactions: May 1: Issued 40,000 shares of capital stock in exchange for a total of $400,000 cash. May 1: Purchased a piece of equipment to be used in the operations of the business for $300,000 that will assist with a more efficient production. Paid $100,000 cash and issued a two-year note payable for $200,000. The note plus all 24 months of accrued interest are due April 30, 2017. The interest rate on the note is 5%. May 1: Paid $15,000 to SSR as three months' advance rent on the warehouse used in daily manufacturing. May 4: Paid salaries in May totaling $27,000. (Ignore payroll taxes.) May 8: Purchased office supplies (e.g., copy paper, ink toner, pens, etc.) on account from Office Depot, $4,200. Payment due in 30 days. May 15: Excluding the Wilmington General advance, fees earned during the first 15 days of May amounted to $95,100, of which $47,000 was received in cash. The remaining amount will be customer purchases on account. May 18: Purchased on account from Parts Plus, Inc., $1,700 in parts needed to repair a server for a local law firm. (Debit an expense account.) Payment is due in 10 days. May 23: Collected $22,000 of the accounts receivable recorded on May 15. May 26: Paid salaries in May totaling $27,000. (Ignore payroll taxes.) May 27: Paid the account payable to Parts Plus., $1,700. May 28: Declared a dividend of 10 cents per share, payable on June 15, 2015. May 29: Paid the May utilities in the amount of $985. May 31: Purchased a 24-month warranty insurance policy for $24,000. This policy protects the company against liability for defects and warranties for the computer equipment that is sold and leased. The policy goes into effect on June 1, 2015. May 31: Paid monthly cable bill of 684 to Suddenlink. May 31: Collected Sales earned during the second half of May, which amounted to $120,700 and of which $86,300 was received in cash. The remaining amount is customer purchases on account. Data for Adjusting Entries 1 . The advance payment of rent on May 1 covered a period of three months. 2. The annual interest rate on the note payable is 5 percent. 3. The machine purchased May 1, 2015 is being depreciated by the straight-line method over a period of five years. 4. Office supplies on hand at May 31 are estimated at $440. 5. Employee salaries earned by employees since the last payroll date (May 26) amounted to $9,642 at the month end. Instructions Complete the following for this assignment: Journalize the May transactions. Prepare an unadjusted trial balance. Prepare the necessary adjusting entries for May. Prepare an adjusted trial balance. Prepare a balance sheet, an income statement, and a statement of retained earnings for the year ended May 31, 2015. Prepare closing entries. Prepare a post-closing trial balance. The post-closing trial balance should reveal only permanent accounts that remain open for the next accounting period. Prepare 3 profitability ratios, 3 liquidity ratios, and 2 solvency ratios (be sure to show your calculations). After completing the accounting cycle and financial analysis, summarize the results in a double-spaced paper of 1-2 pages. The paper should be properly developed and formatted according to APA formatting guidelines. Running Head: Unit 1 Individual Project 1 Unit 1 Individual Project Kristin Holland Colorado Technical University Unit 1 Individual Project The year-end statements have been prepared and analyzed by using profitability, liquid, and solvency ratios. Profitability ratios help measure the bottom line and the return to its investors [Ros17]. Below you will find the calculations for profit margin, return on assets and earnings per share which will allow you to see a quick overview of the company's performance this past fiscal year. Profit Margin (Net Income/ Revenue) 130,740/215,800 = 60% Return on Assets (Net Income/Assets /2). 130,740/ (300,000/2) = 0.87 Earnings per Share (Net Income/Outstanding Shares) 130,740/400,000 = 0.32 Liquid Ratios measure the ability of a company to pay its debt obligations. The three margins prepared below are the quick ratio, current ratio and interest ratio. All of these help to provide an overview of the ability the company has to pay its debt. Acid Test Quick Ratio ((Cash - Inventory and Pre-paid) / Current Liabilities (358,931 + 60,500) /223,591 = 1.87 Quick Ratio (Cash+ Marketable Securities + A/R/ Current Liabilities) (358,931 + 60,500) /223,591 = 1.87 2 Unit 1 Individual Project 3 Current Ratio (Current Assets/Current Liabilities) 455,331/223,591 = 2.04 Solvency ratios measure the company's ability to meet its long-term obligations [Ros171]. Below are two solvency ratios that help to evaluate a company's ability to meet their long-term obligations. Debt to Equity Ratio (Total Liabilities / Shareholders Equity) 223,591 / 526,740 = 0.42 Debt Ratio (Total Liabilities / Total Assets) 223,591 / 455,331 = 0.49 Based on these results we are able to see that the company is currently running efficiently based on the profitability ratios and a high profit margin. The liquid ratios indicate that since the ratios are higher than 1 the results are positive [Aci17]. The findings of our solvency ratios are also an indicator of being ok. Debt to equity should be .4 or lower[Jan08] and the results indicate a .4 for this closing year. Debt to equity and the company's solvency should be a focus on the next year to ensure we do not exceed the .4 and work to decrease it. References Unit 1 Individual Project Acid Test Ratios. (2017, April). Retrieved from Investopedia: http://www.investopedia.com/terms/a/acidtest.asp Jan R. Williams, S. F. (2008). Financial & Managerial Accounting. New York : McGraw Hill Irwin. Peavler, R. (2017, April). What Are Solvency Ratios and What Do They Measure? Retrieved from The Balance Business Finance: https://www.thebalance.com/what-are-solvencyratios-and-what-do-they-measure-393211 Peavler, R. (2017, April). What Is a Profitability Ratio Analysis? Retrieved from The Balance Business Finance: https://www.thebalance.com/profitability-ratio-analysis-393185 4 MAY TRANSACTIONS JE01 DR. CASH 400,000.00 CR. CAPITAL STOCK JE02 DR. EQUIPMENT 400,000.00 300,000.00 CR. CASH CR. A/P JE03 JE04 100,000.00 200,000.00 DR. PREPAID ASSETS CR. PAYABLES DR. PAYABLES CR. CASH 15,000.00 DR. PAYROLL 27,000.00 15,000.00 15,000.00 15,000.00 CR. CASH JE05 JE06 DR. OFFICE SUPPLIES CR. PAYABLES DR. CASH 27,000.00 4,200.00 4,200.00 47,000.00 CR. REVENUE DR. A/R 47,000.00 48,100.00 CR. REVENUE JE07 JE08 DR. OFFICE SALES EXP CR. A/P DR. CASH 48,100.00 1,700.00 1,700.00 22,000.00 CR. A/R JE09 DR. PAYROLL 22,000.00 27,000.00 CR. CASH JE10 DR. A/P 27,000.00 1,700.00 CR. CASH JE11 JE12 JE13 1,700.00 DR. RETAINED EARNINGS 4,000.00 CR. DIVIDENDS PAYABLE DR. NOTES PAYABLE UTILITIES CR. CASH DR. PREPAID INSURANCE CR. CASH 4,000.00 985.00 985.00 24,000.00 24,000.00 JE14 DR. CABLE EXP 684.00 CR.CASH JE15 DR. CASH 684.00 86,300.00 CR. REVENUE DR. A/R 86,300.00 34,400.00 CR. REVENUE 34,400.00 ADJ ENTRIES FOR MAY JE16 DR. RENT EXP 5,000.00 CR. PREPAID JE17 JE18 DR. INTEREST EXP CR INTEREST PAYABLE DR. DEPREC EXP 5,000.00 9,749.00 9,749.00 60,000.00 CR. ACCUM DEPREC JE19R DR. EXP SUPPLIES 60,000.00 440.00 CR. SUPPLIES ACT JE20R DR. SALARIES EXP 440.00 9,642.00 CR. SALES PAYABLE 9,642.00 UNADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT DIVIDENDS UNEXPIRED INSURANCE INCOME RENTAL EQUIPMENT SALARIES EXP ACCUM DEPRECIATION CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST PAYABLE OFFICE SUPPLY EXP SALARIES PAYABLE DEPRECIATION EXP DIVIDENDS PAYABLE INTEREST EXP UNEARNED SALES (REVENUE) EQUIPMENT INTERST EXPENSE DEBITS 555,300 16,700 82,500 4,000 15,000 24,000 54,000 CREDITS (196,369) 400,000 220,900 22,000 684 985 4,200 9,749 4,000 215,800 300,000 9,749 BALANCE 358,931 (400,000) (204,200) 60,500 4,000 15,000 24,000 54,000 684 985 (5,549) (4,000) (215,800) 300,000 9,749 ADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT DIVIDENDS UNEXPIRED INSURANCE INCOME OFFICE SUPPLY SALES ACCUM DEPRECIATION INTERST PAYABLE OFFICE SUPPLY EXP DIVIDENDS PAYABLE INTEREST EXP EQUIPMENT (FA) INTEREST PAYABLE SUPPLIES ACCRUED SALARIES EQUIPMENT LOAN RENTAL EQUIPMENT SALARIES EXP CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST EXPENSE REVENUE DEPREICATION EXP ACCOUNT DEBITS 555,300 16,700 82,500 4,000 15,000 24,000 4,200 1,700 CREDITS 196,369 400,000 20,900 22,000 5,000 5,000 440 4,000 300,000 9,749 440 9,642 200,000 63,642 684 985 5,000 9,749 215,800 5,000 1,088,900 1,088,900 0 BALANCE 358,931 (400,000) (4,200) 60,500 4,000 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (9,749) 440 (9,642) (200,000) 63,642 684 985 5,000 9,749 (215,800) 5,000 B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S I/S I/S I/S I/S I/S I/S I/S INCOME STATEMENT 5/31/2015 INCOME SERVICES RENDERED EXPENSES SALARIES UTILITIES EXP CABLE EXP RENT EXP INTEREST EXP DEPRECIATION EXP NET INCOME 215,800 215,800 (85,060) 63,642 985 684 5,000 9,749 5,000 130,740 BALANCE SHEET 5/31/2015 CURRENT ASSETS CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE INVENTORY PREPAID RENT TOTAL ASSETS 358,931 60,500 440 24,000 1,460 10,000 455,331 NON CURRENT ASSETS EQUIPMENT ACCUM DEPRECIATION NET NON-CURRENT ASSETS 300,000 (5,000) 295,000 TOTAL ASSETS 750,331 LIABILITIES AND EQUITY ACCOUNTS PAYABLE ACCRUED SALARIES EQUIPMENT LOAN INTEREST PAYABLE TOTAL LIABILITIES CAPITAL STOCK RETAINED EARNINGS 4,200 9,642 200,000 9,749 223,591 400,000 126,740 TOTAL LIABILITIES & EQUITY 750,331 - STATEMENT OF RETAINED EARNINGS 5/31/2015 RETATINED EARNINGS 5/31/2015 NET INCOME FOR YEAR ENDING 5/31/2016 130,740 DIVIDENDS PAID TO SHAREHOLDERS RETAINED EARNINGS AS OF 5/31/2015 (4,000) 126,740 PERIOD CLOSING ENTRIES INCOME SUMMARY SALARIES EXP UTILITIES EXP CABLE EXP RENT EXP INT EXP DEPRE 215,800 63,642 985 684 5,000 9,749 5,000 130,740 NET INCOME INCOME SUMMARY RETAINED EARNINGS 130,740 130,740 ADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT DIVIDENDS UNEXPIRED INSURANCE INCOME OFFICE SUPPLY SALES ACCUM DEPRECIATION INTERST PAYABLE OFFICE SUPPLY EXP DIVIDENDS PAYABLE INTEREST EXP EQUIPMENT (FA) INTEREST PAYABLE SUPPLIES ACCRUED SALARIES EQUIPMENT LOAN RENTAL EQUIPMENT SALARIES EXP CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST EXPENSE REVENUE DEPREICATION EXP ACCOUNT DEBITS 358,931 (400,000) (4,200) 60,500 4,000 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (9,749) 440 (9,642) (200,000) 63,642 684 985 5,000 9,749 (215,800) 5,000 130,740 - 63,642 ### ### 5,000 9,749 215,800 215,800 0 CREDITS 5,000 215,800 BALANCE 358,931 (400,000) (4,200) 60,500 (126,740) 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (9,749) 440 (9,642) (200,000) 0 0 MAY TRANSACTIONS JE01 DR. CASH 400,000.00 CR. CAPITAL STOCK JE02 DR. EQUIPMENT 400,000.00 300,000.00 CR. CASH CR. A/P JE03 JE04 100,000.00 200,000.00 DR. PREPAID RENT CR. CASH 15,000.00 DR. SALARIES 27,000.00 15,000.00 CR. CASH JE05 JE06 DR. OFFICE SUPPLIES CR. PAYABLES DR. CASH 27,000.00 4,200.00 4,200.00 47,000.00 CR. REVENUE DR. A/R 47,000.00 48,100.00 CR. REVENUE JE07 JE08 DR. OFFICE SALES EXP CR. A/P DR. CASH 48,100.00 1,700.00 1,700.00 22,000.00 CR. A/R JE09 DR. SALARIES 22,000.00 27,000.00 CR. CASH JE10 DR. A/P 27,000.00 1,700.00 CR. CASH JE11 JE12 1,700.00 DR. RETAINED EARNINGS 4,000.00 CR. DIVIDENDS PAYABLE DR. UTILITIES EXP 985.00 CR. CASH JE13 4,000.00 DR. PREPAID INSURANCE CR. CASH 985.00 24,000.00 24,000.00 JE14 DR. CABLE EXP 684.00 CR.CASH JE15 DR. CASH 684.00 86,300.00 CR. REVENUE DR. A/R 86,300.00 34,400.00 CR. REVENUE 34,400.00 ADJ ENTRIES FOR MAY JE16 DR. RENT EXP 5,000.00 CR. PREPAID JE17 JE18 DR. INTEREST EXP CR A/P DR. DEPREC EXP 5,000.00 833.33 833.33 60,000.00 CR. ACCUM DEPREC JE19R DR. EXP SUPPLIES 60,000.00 3,760.00 CR. SUPPLIES ACT JE20R DR. SALARIES EXP 3,760.00 9,642.00 CR. ACCRUED SALARIES 9,642.00 UNADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT UNEXPIRED INSURANCE INCOME RENTAL EQUIPMENT SALARIES EXP ACCUM DEPRECIATION CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST PAYABLE OFFICE SUPPLY EXP DEPRECIATION EXP DIVIDENDS PAYABLE UNEARNED SALES (REVENUE) EQUIPMENT INTERST EXPENSE DEBITS 555,300 16,700 82,500 4,000 15,000 24,000 54,000 CREDITS (196,369) 400,000 220,900 22,000 684 985 4,200 833 4,000 215,800 300,000 833 BALANCE 358,931 (400,000) (204,200) 60,500 4,000 15,000 24,000 54,000 684 985 3,367 (4,000) (215,800) 300,000 833 ADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT UNEXPIRED INSURANCE INCOME OFFICE SUPPLY SALES ACCUM DEPRECIATION OFFICE SUPPLY EXP DIVIDENDS PAYABLE EQUIPMENT (FA) INTEREST PAYABLE SUPPLIES EXPENSE ACCRUED SALARIES EQUIPMENT LOAN SALARIES EXP CABLE EXPENSE UTILITIES EXP RENT EXP INTERST EXPENSE REVENUE DEPREICATION EXP ACCOUNT DEBITS 555,300 16,700 82,500 4,000 15,000 24,000 4,200 CREDITS 196,369 400,000 20,900 22,000 5,000 3,760 5,000 1,700 4,000 300,000 833 3,760 9,642 200,000 63,642 684 985 5,000 833 215,800 5,000 1,083,304 1,083,304 BALANCE 358,931 (400,000) (4,200) 60,500 4,000 10,000 24,000 440 (5,000) 1,700 (4,000) 300,000 (833) 3,760 (9,642) (200,000) 63,642 684 985 5,000 833 (215,800) 5,000 B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S I/S B/S B/S I/S I/S I/S I/S I/S I/S I/S INCOME STATEMENT 5/31/2015 INCOME SERVICES RENDERED EXPENSES SALARIES UTILITIES EXP CABLE EXP RENT EXP INTEREST EXP DEPRECIATION EXP SUPPLIES EXPENSE NET INCOME 215,800 215,800 (76,144) 63,642 985 684 5,000 833 5,000 3,760 139,656 BALANCE SHEET 5/31/2015 CURRENT ASSETS CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE INVENTORY PREPAID RENT TOTAL ASSETS 358,931 60,500 440 24,000 1,460 10,000 455,331 NON CURRENT ASSETS EQUIPMENT ACCUM DEPRECIATION NET NON-CURRENT ASSETS 300,000 (5,000) 295,000 TOTAL ASSETS 750,331 LIABILITIES AND EQUITY ACCOUNTS PAYABLE ACCRUED SALARIES EQUIPMENT LOAN INTEREST PAYABLE TOTAL LIABILITIES CAPITAL STOCK RETAINED EARNINGS 4,200 9,642 200,000 833 214,675 400,000 135,656 - TOTAL LIABILITIES & EQUITY 750,331 STATEMENT OF RETAINED EARNINGS 5/31/2015 RETATINED EARNINGS 5/31/2015 NET INCOME FOR YEAR ENDING 5/31/2016 139,656 DIVIDENDS PAID TO SHAREHOLDERS RETAINED EARNINGS AS OF 5/31/2015 (4,000) 135,656 PERIOD CLOSING ENTRIES INCOME SUMMARY SALARIES EXP UTILITIES EXP CABLE EXP RENT EXP INT EXP DEPRE 215,800 63,642 985 684 5,000 833 5,000 139,656 NET INCOME INCOME SUMMARY RETAINED EARNINGS 139,656 139,656 ADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT DIVIDENDS UNEXPIRED INSURANCE INCOME OFFICE SUPPLY SALES ACCUM DEPRECIATION INTERST PAYABLE OFFICE SUPPLY EXP DIVIDENDS PAYABLE INTEREST EXP EQUIPMENT (FA) INTEREST PAYABLE SUPPLIES ACCRUED SALARIES EQUIPMENT LOAN RENTAL EQUIPMENT SALARIES EXP CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST EXPENSE REVENUE DEPREICATION EXP ACCOUNT DEBITS 358,931 (400,000) (4,200) 60,500 4,000 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (833) 440 (9,642) (200,000) 63,642 684 985 5,000 833 (215,800) 5,000 130,740 - 63,642 ### ### 5,000 ### 215,800 215,800 - CREDITS 5,000 206,884 BALANCE 358,931 (400,000) (4,200) 60,500 (126,740) 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (833) 440 (9,642) (200,000) 8,916 MAY TRANSACTIONS JE01 DR. CASH 400,000.00 CR. CAPITAL STOCK JE02 DR. EQUIPMENT 400,000.00 300,000.00 CR. CASH CR. A/P JE03 JE04 100,000.00 200,000.00 DR. PREPAID RENT CR. CASH 15,000.00 DR. SALARIES 27,000.00 15,000.00 CR. CASH JE05 JE06 DR. OFFICE SUPPLIES CR. PAYABLES DR. CASH 27,000.00 4,200.00 4,200.00 47,000.00 CR. REVENUE DR. A/R 47,000.00 48,100.00 CR. REVENUE JE07 JE08 DR. OFFICE SALES EXP CR. A/P DR. CASH 48,100.00 1,700.00 1,700.00 22,000.00 CR. A/R JE09 DR. SALARIES 22,000.00 27,000.00 CR. CASH JE10 DR. A/P 27,000.00 1,700.00 CR. CASH JE11 JE12 1,700.00 DR. RETAINED EARNINGS 4,000.00 CR. DIVIDENDS PAYABLE DR. UTILITIES EXP 985.00 CR. CASH JE13 4,000.00 DR. PREPAID INSURANCE CR. CASH 985.00 24,000.00 24,000.00 JE14 DR. CABLE EXP 684.00 CR.CASH JE15 DR. CASH 684.00 86,300.00 CR. REVENUE DR. A/R 86,300.00 34,400.00 CR. REVENUE 34,400.00 ADJ ENTRIES FOR MAY JE16 DR. RENT EXP 5,000.00 CR. PREPAID JE17 JE18 DR. INTEREST EXP CR A/P DR. DEPREC EXP 5,000.00 833.33 833.33 60,000.00 CR. ACCUM DEPREC JE19R DR. EXP SUPPLIES 60,000.00 3,760.00 CR. SUPPLIES ACT JE20R DR. SALARIES EXP 3,760.00 9,642.00 CR. ACCRUED SALARIES 9,642.00 UNADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT UNEXPIRED INSURANCE INCOME RENTAL EQUIPMENT SALARIES EXP ACCUM DEPRECIATION CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST PAYABLE OFFICE SUPPLY EXP DEPRECIATION EXP DIVIDENDS PAYABLE UNEARNED SALES (REVENUE) EQUIPMENT INTERST EXPENSE DEBITS 555,300 16,700 82,500 4,000 15,000 24,000 54,000 CREDITS (196,369) 400,000 220,900 22,000 684 985 4,200 833 4,000 215,800 300,000 833 BALANCE 358,931 (400,000) (204,200) 60,500 4,000 15,000 24,000 54,000 684 985 3,367 (4,000) (215,800) 300,000 833 ADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT UNEXPIRED INSURANCE INCOME OFFICE SUPPLY SALES ACCUM DEPRECIATION OFFICE SUPPLY EXP DIVIDENDS PAYABLE EQUIPMENT (FA) INTEREST PAYABLE SUPPLIES EXPENSE ACCRUED SALARIES EQUIPMENT LOAN SALARIES EXP CABLE EXPENSE UTILITIES EXP RENT EXP INTERST EXPENSE REVENUE DEPREICATION EXP ACCOUNT DEBITS 555,300 16,700 82,500 4,000 15,000 24,000 4,200 CREDITS 196,369 400,000 20,900 22,000 5,000 3,760 5,000 1,700 4,000 300,000 833 3,760 9,642 200,000 63,642 684 985 5,000 833 215,800 5,000 1,083,304 1,083,304 BALANCE 358,931 (400,000) (4,200) 60,500 4,000 10,000 24,000 440 (5,000) 1,700 (4,000) 300,000 (833) 3,760 (9,642) (200,000) 63,642 684 985 5,000 833 (215,800) 5,000 B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S B/S I/S B/S B/S I/S I/S I/S I/S I/S I/S I/S INCOME STATEMENT 5/31/2015 INCOME SERVICES RENDERED EXPENSES SALARIES UTILITIES EXP CABLE EXP RENT EXP INTEREST EXP DEPRECIATION EXP SUPPLIES EXPENSE NET INCOME 215,800 215,800 (76,144) 63,642 985 684 5,000 833 5,000 3,760 139,656 BALANCE SHEET 5/31/2015 CURRENT ASSETS CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE INVENTORY PREPAID RENT TOTAL ASSETS 358,931 60,500 440 24,000 1,460 10,000 455,331 NON CURRENT ASSETS EQUIPMENT ACCUM DEPRECIATION NET NON-CURRENT ASSETS 300,000 (5,000) 295,000 TOTAL ASSETS 750,331 LIABILITIES AND EQUITY ACCOUNTS PAYABLE ACCRUED SALARIES EQUIPMENT LOAN INTEREST PAYABLE TOTAL LIABILITIES CAPITAL STOCK RETAINED EARNINGS 4,200 9,642 200,000 833 214,675 400,000 135,656 - TOTAL LIABILITIES & EQUITY 750,331 STATEMENT OF RETAINED EARNINGS 5/31/2015 RETATINED EARNINGS 5/31/2015 NET INCOME FOR YEAR ENDING 5/31/2016 139,656 DIVIDENDS PAID TO SHAREHOLDERS RETAINED EARNINGS AS OF 5/31/2015 (4,000) 135,656 PERIOD CLOSING ENTRIES INCOME SUMMARY SALARIES EXP UTILITIES EXP CABLE EXP RENT EXP INT EXP DEPRE 215,800 63,642 985 684 5,000 833 5,000 139,656 NET INCOME INCOME SUMMARY RETAINED EARNINGS 139,656 139,656 ADJUSTED TRIAL BALANCE 5/31/2016 ACCOUNT NAME CASH CAPITAL STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE INVENTORY RETAINED EARNINGS PREPAID RENT DIVIDENDS UNEXPIRED INSURANCE INCOME OFFICE SUPPLY SALES ACCUM DEPRECIATION INTERST PAYABLE OFFICE SUPPLY EXP DIVIDENDS PAYABLE INTEREST EXP EQUIPMENT (FA) INTEREST PAYABLE SUPPLIES ACCRUED SALARIES EQUIPMENT LOAN RENTAL EQUIPMENT SALARIES EXP CABLE EXPENSE NOTES PAYABLE UTILITIES EXP ACCOUNTS PAYABLE RENT EXP INTERST EXPENSE REVENUE DEPREICATION EXP ACCOUNT DEBITS 358,931 (400,000) (4,200) 60,500 4,000 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (833) 440 (9,642) (200,000) 63,642 684 985 5,000 833 (215,800) 5,000 130,740 - 63,642 ### ### 5,000 ### 215,800 215,800 - CREDITS 5,000 206,884 BALANCE 358,931 (400,000) (4,200) 60,500 (126,740) 10,000 24,000 4,200 (5,000) 1,260 (4,000) 300,000 (833) 440 (9,642) (200,000) 8,916