Southern New Hampshire University ACC 308 – Intermediate Accounting II INSTRUCTIONS FOR MILESTONE 1 (Due Module…
The following solution is suggested to handle the subject “Southern New Hampshire University ACC 308 – Intermediate Accounting II INSTRUCTIONS FOR MILESTONE 1 (Due Module…“. Let’s keep an eye on the content below!
Question “Southern New Hampshire University ACC 308 – Intermediate Accounting II INSTRUCTIONS FOR MILESTONE 1 (Due Module…”
Southern New Hampshire University ACC 308 – Intermediate Accounting II INSTRUCTIONS FOR MILESTONE 1 (Due Module 3) IMPORTANT NOTE: Make sure to completely review the Rubric for Milestone 1 Use the data from this Milestone and begin working on your final presentation due in Final Project (Module ITEMS TO COMPLETE FOR THIS MILESTONE (Blue Tabs): GENERAL You just began a position as a financial accountant at Peyton Approved. In this role, your first task is to prepare 1 for the year-end audit. Additionally, the company is interested in expanding its business within the next year. Th in assessing their ability to meet their goals. TRIAL BALANCE 2017 TAB Using the Peyton Approved financial data (see bottom of page): Create the necessary adjusting journal entries. Use the REF column to reference the entry to each es Complete the adjusted trial balance REVISED FINANCIAL STATEMENTS Using the preliminary financial statements (yellow tabs) and the Trial Balance 2012. prepare the following Balance Sheet(BS 2017 Revised tab) Income Statement (15 2017 Revised tab) Retained Earnings Statement (RE 2017 Revised tabl Statement of Cash Flows CE 2017 Revised tabl RATIO ANALYSIS Using the revised 2017 financial statements, 2016 financial statements (orange tabs), and 2015 financial prepare a ratio analysis with the following ratios: Current Ratio (Working Capital) Quick Ratio AVR Turnover
Clipboard Formatting Table S21 D G H PEYTON APPROVED TRIAL BALANCE As of December 31, 2017 Unadjusted trial balance 67,520.04 68 519.91 Adjusting entries relDr Adjusted trial balance ref 67,520.04 68,519.91 15,506.70 1,238.07 15,506.70 1,238.07 2,114.55 2,114 55 170.49 14,000.00 2,114.55 2.114.55 170 49 14,000.00 1.60644 1,606 44 20,202.11 20,262.11 7 Cash 8 Accounts Receivable 9 Other Receivable – Insurance 10 Baking Supplies 11 Merchandise Inventory 12 Consignment Inventory 13 Prepaid Rent 14 Prepaid Insurance 15 Misc. Supplies 16 Baking Equipment 17 Accumulated Depreciation 18 Customer Deposit 19 Accounts Payable 20 Wages Payable 21 interest Payable 22 Notes Payable 23 Common Stock 24 Beginning Retained earnings 25 Dividends 26 Bakery Sales 27 Merchandise Sales 28 Cost of Goods Sold-Baked 29 Cost of Goods Sold – Merchandise 30 Rent Expense 31 Wages Expense 32 Misc Supplies Expense 33 Business License Expense 34 Misc. Expense 35 Depreciation Expense 36 Insurance Expense 37 Advertising Expense 38 Interest Expense 39 Telephone Expense 40 Gain/ Loss on disposal of equipment 3,383 28 211.46 5,000.00 20,000 00 50,144 B4 327,322.56 1,205,64 211.46 5,000.00 20.000.00 50.144.84 105,000.00 105,000.00 327,322 55 1,205,64 105,834 29 859.77 24,549.19 10 670.72 3.000.46 2.045.77 1,363 84 677.86 1,091.08 1,549.74 818.31 490.98 105,834 29 859.77 24,549.19 10,670.72 3.000 46 2,045.77 1,363 34 67.86 1,031.08 1,51974 818 31 429,136 32 429,136 32 429, 13632
Clipboard Preliminary Peyton Approved Balance Sheet As of December 31, 2017 Assets Current Assets: Cash Accounts Receivable Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Misc Supplies Liabilities and Owners’ Equity Current Liabilities: Accounts Payable 20,262.11 Wages Payable 3,383.28 Interest Payable 211.46 67,520.04 68,519.91 15,506.70 1,238.07 2,114.55 2,114.55 170.49 Total Current Assets 157,184.31 Total Current Liabilities 23,856.85 Long Term/Fixed Assets: Baking Equipment Accumulated Depreciation Net Fixed assets Long Term Liabilities: Notes Payable 5,000.00 Total Long Term Liabilities: 14,000.00 -1,606.44 5,000.00 12,393.56 Total Liabilities: 28,856.85 Common Stock Retained Earning 20,000.00 120,721.02 Total Equity 140,721.02 Total Assets 169,577.87 Total Liabilities & Equity 169,577.87 Instructions Balance Sheet 2017
fx32732235 Preliminary min Peyton Approved Income Statement For Year Ended 12/31/2017 S 327 322.55 1,205.64 Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold-Baked Cost of Goods Sold – Merchandise Total Cost of Goods Sold Gross Profit 328,528.19 105,834 29 859.77 106,69406 221,834.13 Operating Expenses 9 9RRRRRRRRRRR Rent Expense Wages Expense Misc Supplies Expense Business License Expense Misc Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense Total Operating Expenses: 24,549.19 10.670 72 3,000.46 2,045 77 1,363 84 677 86 1,091 08 1,549 74 818.31 490.98 Net Income 46,25795 175,576.18
Pace Copy Format Painter Wrap Textil Merge & Center General Clipboard % 6898 Alignment Cona Forma for Number Preliminary Peyton Approved Statement of Retained Earnings For Year Ended 12/31/2017 U BEOOD Beginning Balance plus Net Income $ 50,14484 175,576.18 less Dividends: Ending Balance 105,000.00 ####### UONE
clipboard % Alignment Conditional Format as Check Cell Formatting Table E xplanatory- Number A DEF Statement of cash Flow For Year Ended 12/31/2017 M N O Net Income Depreciation Expense # # # 677.86 176,254.04 Increase in Accounts Receivable Increase in Baking Supplies Increase in Merchandise inventory Increase in Prepaid Rent Increase in Prepaid Insurance Increase in Misc. Supplies Increase in Accounts Payable Increase in Wages Payable Increase in Interest Payable (25,886.91) (8,187.84) (443. 10) (449.55) (1,004.55) (114.99) 3,292 11 1,850.48 44.96 Operating Cash Flow 145,354.65 Cash Flow from Investments Equipment Purchases (6,000 00) Cash Flow from Investments (6,000 00) MORRRRRR Cash Flow from Financing Repayment of Note Payable Dividends Paid (10,000.00) (105,000 00) Cash Flow from Financing (115,000.00) Net Cash Flow 24,354.65 43.165.39 Beginning Cash 67,520.04 Ending Cash
PEYTON APPROVED FINANCIAL DATA Preliminary Financial Statements have already been prepared (2017 statements in the Final Project entries have not yet been made. See table for possible adjustments that indicate what will be record end). Use the following to complete year-to-vear documentation and notes for managing depreciatic term debt. 1. A supplier shipped $3,000 of ingredients on 12/29/17. Peyton receives an invoice for $3,175 for ti $175, all dated 12/29/17. Goods were shipped FOB supplier’s warehouse. 2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon. 3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Pex January 4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed insurance company has agreed to pay $700 in January, 2018, for accidental destruction
Answer
PEYTON APPROVED TIAL BALANCE Dec 31, 2017 Adjusting entries Dr. Unadjusted. TB 15,506.70 1,238.07 200.00 20,0.00 1,200.00 1,606.44 14,000.00 1,000.00 -1,000.00 Other receivable – Insurance Baking Supplies Merchandise inventory Consignment Inventory Prepaid Rent Prepaid Insurance Misc. Materials Baking Equipment Accumulated depreciation Customer deposit Accounts Payable Wages Paymentable Interest Payable Notes Common Stock Beginning Retained Earnings Dividends Bakery sales Merchandise Sales COGS–Merchandise Rent expense Wages expenses Misc. Supplies ex Business license expenses Supplies exp Business license expenses Mis.
PEYTON APPROVED Balance Sheet as of Dec 31, 2017. Liabilities and Owners Equity Current Liabilities: Accounts payable Wages Payable interest Customer Deposit 19,383.28 211.46 1,000.00 Current Assets: Cash Cash Accounts Receivable Baking Supplies Merchandise Stock Prepaid rent Prepaid insurance Misc. Supply Other receivables – Insurance consignment inventory Total Current Assets 67.520.04 68.519.91 15,506.70 2,114.55 2114.55 170.49 7000.00 200.00 1,57.884.31 Current Liabilities: Cash Accounts Receivable Baking Supplies Merchandise Inventory Prepaid rent Prepaid insurance Misc. Total Liabilities 28,856.85 Total Equity 1,40.621.02 Total Assets 1,69.477.87 Total Liabilities –169,477.87 Equity 1,69477.87 Total Assets 1,69477.87 Equity 1,69477.87 Total Assets 1,69477.87 Equity 1,69477.87 Total Liabilities,477.87
PEYTON APPROVED income statement for the year ended 12/31/2017 at 3,27,322.55 1.205.64 3.28,528.19 Bakery sales Merchandise sales Total Revenue COGS-Baked COGS-Merchandise Total COGS 1,05834.29 859.77 1,06 694.06 Gross profit 2,21,834.13 Operating expenses Rent expenses Wages expenses Misc. Supplies ex Business license expenses Mis. Expenses Insurance exp Business license expenses Mis.
PEYTON APPROVED Summary of Retained Earnings for the year ended 12/31/2017. Beginning Balance (+) Net Income 50.144.84 (-) Dividends 10.05,000.00 Ending balance 1,20,621.02
Conclusion
Above is the solution for “Southern New Hampshire University ACC 308 – Intermediate Accounting II INSTRUCTIONS FOR MILESTONE 1 (Due Module…“. We hope that you find a good answer and gain the knowledge about this topic of business.