PART 1

PART 2

PART 3

Mr. Forrestal has asked you to prepare a set of financial statements for Forrestal, Inc. using the accounting data and instructions provided here. Problem Data The company issued $50,000 of common stock during the year 2112. Use this list of accounts and account balances as of 12/31/2112. All accounts have normal balances. The note payable of $10,000 is not due until the year 2120. . Account Name Balance A/D - Equipment Accounts Payable Accounts Receivable $15,000 40,000 43,000 Cash 33,000 100,000 Common Stock Deprecation Expense - Equipment Dividends 5,000 12,500 50,000 Equipment Inventory Note Payable Prepaid Rent Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Expense 25,000 10,000 35,000 24,000 16,000 95,000 3,500 145,500 15,000 7,500 Unearned Service Revenue Required Prepare the following items in good form presented in the order shown here: o Trial balance using the Webwork, Inc. example on page 77 of the course text. o Income statement using single-step format following the Apple Inc. example on page 193 of the course text o Statement of stockholders' equity following the Apple Inc. example on page 202 of the course text Classified balance sheet following the Apple Inc. example on page 192 of the course text Other requirements: o Present the statements from across your worksheet with the income statement on the left, statement of stockholders' equity in the middle, and balance sheet on the right o Present single-year statements (i.e., for 2112 only) as opposed to comparative statements (i.e., multiple-year) shown in the textbook. o Place a dollar sign on the first and last figure in a column of numbers using the Accounting style from the number format options and use Decrease Decimal to remove cents. The text example shows the proper presentation. o On the balance sheet, place a dollar sign on the first and last line of the assets section, and a dollar sign on the first and last line of the liabilities and stockholders' equity section. The text example shows the proper presentation. o Be sure to use single and double lines for subtotals and totals as appropriate. Do not use color to shade any cells, place lines or cell borders around your trial balance or statements. Use uniform column widths and row heights. Neatness and presentation will be considered in determining the points you receive. Problem Data Consider the following four transactions for Farragut, LLC as of 6/30/2112: Prepaid rent in the amount of $1,200 has expired o Salaries and wages in the amount of $3,000 are accrued o Dividends in the amount of $1,000 are declared but not paid o Unearned services revenue in the amount of $2,250 has been earned Required Prepare, in good form, the journal entry for each of the four transactions listed above. Use the General Journal format shown on page 75 of the textbook when preparing your journal entries without any lines, color, or shading. Determine the net (i.e., combined) effect of these four transactions on the following four items. Present your answer on four lines immediately below your four journal entries. o Net income o Total assets o Total owners' equity o Working capital Do not use color to shade any cells, place lines or cell borders around your journal entries. Use uniform column widths and row heights. Neatness and presentation will be considered in determining the points you receive. Problem Data Consider the following four transactions for Fitzgerald Co.: o Services provided to a customer on account for $3,500 o Salaries previously accrued in the amount of $2,500 were paid Advertising expense in the amount of $1,500 was paid when incurred (i.e., when the bill was received) o Depreciation expense for the period was $5,000 for the period Required Prepare, in good form, the journal entry for each of the four transactions listed above. Use the General Journal format shown on page 75 of the textbook when preparing your journal entries without any lines, color, or shading. Assume Fitzgerald Co. failed to record the four transactions shown above, determine the net (i.e., combined) error on the following four items, i.e., overstated, understated, or no effect, and the amount. o Net income o Total assets o Total owners' equity o Working capital Do not use color to shade any cells, place lines or cell borders around your journal entries. Use uniform column widths and row heights. Neatness and presentation will be considered in determining the points you receive. . General Instructions Complete Parts 1, 2, and 3 shown above in Excel. Use Arial 10 point font for the entire assignment. Use only black font. Use Excel's functions and formulas (e.g., SUM) where you can; do not manually key subtotal and totals. Present each part on its own Excel worksheet. The file you submit for your assignment should have three worksheets. . Mr. Forrestal has asked you to prepare a set of financial statements for Forrestal, Inc. using the accounting data and instructions provided here. Problem Data The company issued $50,000 of common stock during the year 2112. Use this list of accounts and account balances as of 12/31/2112. All accounts have normal balances. The note payable of $10,000 is not due until the year 2120. . Account Name Balance A/D - Equipment Accounts Payable Accounts Receivable $15,000 40,000 43,000 Cash 33,000 100,000 Common Stock Deprecation Expense - Equipment Dividends 5,000 12,500 50,000 Equipment Inventory Note Payable Prepaid Rent Rent Expense Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Expense 25,000 10,000 35,000 24,000 16,000 95,000 3,500 145,500 15,000 7,500 Unearned Service Revenue Required Prepare the following items in good form presented in the order shown here: o Trial balance using the Webwork, Inc. example on page 77 of the course text. o Income statement using single-step format following the Apple Inc. example on page 193 of the course text o Statement of stockholders' equity following the Apple Inc. example on page 202 of the course text Classified balance sheet following the Apple Inc. example on page 192 of the course text Other requirements: o Present the statements from across your worksheet with the income statement on the left, statement of stockholders' equity in the middle, and balance sheet on the right o Present single-year statements (i.e., for 2112 only) as opposed to comparative statements (i.e., multiple-year) shown in the textbook. o Place a dollar sign on the first and last figure in a column of numbers using the Accounting style from the number format options and use Decrease Decimal to remove cents. The text example shows the proper presentation. o On the balance sheet, place a dollar sign on the first and last line of the assets section, and a dollar sign on the first and last line of the liabilities and stockholders' equity section. The text example shows the proper presentation. o Be sure to use single and double lines for subtotals and totals as appropriate. Do not use color to shade any cells, place lines or cell borders around your trial balance or statements. Use uniform column widths and row heights. Neatness and presentation will be considered in determining the points you receive. Problem Data Consider the following four transactions for Farragut, LLC as of 6/30/2112: Prepaid rent in the amount of $1,200 has expired o Salaries and wages in the amount of $3,000 are accrued o Dividends in the amount of $1,000 are declared but not paid o Unearned services revenue in the amount of $2,250 has been earned Required Prepare, in good form, the journal entry for each of the four transactions listed above. Use the General Journal format shown on page 75 of the textbook when preparing your journal entries without any lines, color, or shading. Determine the net (i.e., combined) effect of these four transactions on the following four items. Present your answer on four lines immediately below your four journal entries. o Net income o Total assets o Total owners' equity o Working capital Do not use color to shade any cells, place lines or cell borders around your journal entries. Use uniform column widths and row heights. Neatness and presentation will be considered in determining the points you receive. Problem Data Consider the following four transactions for Fitzgerald Co.: o Services provided to a customer on account for $3,500 o Salaries previously accrued in the amount of $2,500 were paid Advertising expense in the amount of $1,500 was paid when incurred (i.e., when the bill was received) o Depreciation expense for the period was $5,000 for the period Required Prepare, in good form, the journal entry for each of the four transactions listed above. Use the General Journal format shown on page 75 of the textbook when preparing your journal entries without any lines, color, or shading. Assume Fitzgerald Co. failed to record the four transactions shown above, determine the net (i.e., combined) error on the following four items, i.e., overstated, understated, or no effect, and the amount. o Net income o Total assets o Total owners' equity o Working capital Do not use color to shade any cells, place lines or cell borders around your journal entries. Use uniform column widths and row heights. Neatness and presentation will be considered in determining the points you receive. . General Instructions Complete Parts 1, 2, and 3 shown above in Excel. Use Arial 10 point font for the entire assignment. Use only black font. Use Excel's functions and formulas (e.g., SUM) where you can; do not manually key subtotal and totals. Present each part on its own Excel worksheet. The file you submit for your assignment should have three worksheets