Excel Templates_Module 5
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American Military University *
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280
Subject
Accounting
Date
May 2, 2024
Type
xlsx
Pages
27
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52 Weeks Ended 53 Weeks Ended
Revenue
2006
2005
Net Sales
$58,963 $51,879 Membership fees
1,188
1,073
Total revenue
$60,151 $52,952 Current Liabilities
2006
2005
Short-term borrowings
$41 $54 Accounts payable
4,581
4,225
Accrued salaries and benefit
1,080
1,025
Accrued sales and other tax
324
264
Deferred membership fees
584
501
Current potion of long-term 309
3
Other current liabilities
899
689
Total revenue
$7,818 $6,761 (a) Which of the following statements best explains in la
When it receives cash, the company records it as a curre
Total cash received (in $ millions) = $
$ 1,271.00 (c) Use the financial statement effects template to show
Use negative signs with your answers, when appropriate
Transaction ($ millions)
Cash Asset
Noncash Asset
Cash received for membership
1,271 Membership fees earned
(b) Use the balance sheet information on Costco's Defer
54 Weeks Ended
2004
$47,149 961
$48,110 ayman terms how Costco accounts for the cash received for its membe
ent liability. Then, it recognizes revenue evenly over the year.
w the effect of the cash Costco received during 2006 for membership f
e.
Balance Sheet
Income Statement
Liabilities Contributed CapitalEarned CapitalRevenue
Expenses
Net Income
1,271 (1,188)
1,188 1,188 1,188 rred Membership Fees liability account and its income statement reve
ership fees?
fees and the recognition of membership fees revenue for 2006.
nues related to Membership Fees earned during 2006 to compute th
he cash that Costco received during 2006 for membership fees.
Age Group
Accounts ReceivablEstimated Loss %
0-30 days past due
$80,000 1%
31-60 days past due
20,000
2%
61-120 days past due
14,000
5%
121-180 days past due
6,000
10%
Over 180 days past du
4,000
25%
Total accounts receivab
$124,000 The balance of the allowance for uncollectible accoun
450
$3,050 Balance Shee
Transaction Cash Asset
Noncash Asset
Liabilities Record bad debts expense
($3,050)
C) What is the balance of accounts receivable on it December
$120,500 (a) What amount of bad debts expense will LaFond report in
Required allowance
$800 $400 $700 $600 $1,000 $3,500 on December 31, before any adjustments.
et
Income Statement
Contributed CapitalEarned CapitalRevenue
Expenses
Net Income
($3,050)
$3,050 ($3,050)
r 31 balance sheet?
its income statement for the year?
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Related Questions
Balance on April 1, 2020Debtors control Dr. $65, 145Debtors control Cr. 600Creditors control Dr. 950Creditors control Cr. 75, 500Totals for the month of April 2020Cash purchases 35, 600Credit purchases 62, 600Cash Sales 47, 000Credit Sales 75, 000Contra entry: Set off 1, 800Refund to cash customers 2, 800Bad debt written off 3, 300Discount Allowed 3, 750Total payments to suppliers 87, 000Total receipt from customers 98, 800Discount received 5, 500Dishonoured cheques: customers 2, 900Increase in the allowance for bad debts 2, 100Return Inwards 2, 400Return Outwards 15, 200Balances at 30 April 2020Debtors control: Dr. ? Cr: $8 300Creditors control: Dr. $7 500 Cr: ?Required: Prepare the Sales ledger control account Prepare the Purchases control account
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Given the following:
Number of Units 170
Vacancy Rate 5%
Monthly Rent $1,000
Operating Expenses $750,000
Collection Loss 3 %
Debt Service $360,000
Calculate on an Annual Basis: (There are no negative numbers in this answer)
a. What is the Potential Gross Income (PGI)?
b. What is the Effective Gross Income (EGI)?
c. What is the Net Operating Income (NOI)?
d. What is the Before Tax Cash Flow (BTCF)?
e. Utilizing a capitalization rate of 8.5%, what is the estimated value of the property?
Please provide the proper keystrokes for the BAII Plus Professional and Qualifier Plus IIIfx calculators. Thank you!
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Problem 13. LL Incorporated which began operating on January 2008 appropriately uses the installment
method of accounting. The following information pertains to LL's operations in 2008.
Installment sales
P600,000
Regular sales
800,000
Cost of Installment sales
270,000
Cost of Regular sales
Operating expenses
440,000
200,000
Collections on installment sales
150,000
Collections on regular sales
200,000
How much is the Realized Gross Profit in 2008?
a. P690,000
b. P242,500
c. P82,500
d. P442,500
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Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss2,625,000
Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Bothpartners worked in the business during the year.3. The annual allowance was $450,000.4. The partners agreed to dispose of an old pick-up truck with a net book value of $350,000for $400,000. The pick-up had a tax written down value of $300,000.5. Donations of $60,000 were made to a local political party to fund its campaign. Theremainder was donated to an approved local children’s home.6. The partners could not determine if all…
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Company C had the following investment. Help them determine the financial statement implications of the investment.
Tax rate
Estimated tax payment
21%
21,000
Investment cost and ending fair values for 20X1 and 20X2:
20X1
20X2
Cost
Fair value
Total gain
100,000
110,000
10,000
100,000
134,000
34,000
20X1 income statement information:
Sales
Expenses
1,670,200
1,536,600
Assuming the investement is short-term, what is the deferred taxes payable on the 20X1 balance sheet?
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Problem 5-18 (PHILCPA Adapted)
P80,000.
Recoveries
Credit sales
Writeoffs
260,000
295,000
300,000
310,000
22,000
37,000
36,000
40,000
2017
11,100,000
12,250,000
14,650,000
15,000,000
2018
2019
2020
The collections from customers during 2020 totaled
P14,000,000, excluding recoveries.
Doubtful accounts are provided for as a percentage of
credit sales.
The entity calculated the percentage annually by using
the experience of the three years prior to the current year.
1. What amount should be reported as doubtful accounts
expense for 2020?
a. 310,000
b. 300,000
c. 222,000
d. 378,000
2. What amount should be reported as allowance for
doubtful accounts on December 31, 2020?
a. 110,000
b. 378,000
c. 300,000
d. 478,000
im
3. What is the net realizable value of accounts receivable
on December 31, 2020?
a. 2,650,000
b. 2,690,000
c. 2,760,000
d. 2,800,000
158
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Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of
goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO
is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $
640 $472 $590
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Use the following to answer questions 22 – 29
GHT Corporation reports the following amounts in its
December 31, 20XD income statement:
Cost of goods sold $525,000 Net sales
Sales discounts
Salaries expense 221,000 Utilities expense
$950,000
125,000
20,000 Advertising expense
32,500
Interest revenue
5,000 Effective income tax rate
20%
22. $
Determine Sales
23.
$
Determine gross profit
24. $
Determine operating expenses
25. $
Determine Income before income taxes
(IBT)
26. $
Determine Income tax expense
27. $
Determine net income
28.
Calculate gross profit ratio (round to
one decimal place).
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Calculate the net income after corporate income
tax is paid for Quarter 1 from the following income
statement. Use a corporate income tax rate of 21%.
Q1 (x1000)
Q2(x1000)
Net Sales
115
125
COGS
(30)
(31)
Gross Profit
85
94
Overhead
(32)
(41)
Pre-tax Income 53
53
Net Income = $[?]
Multiply your result by 1000 before entering.
For example: 1.23 (x1000) = $1,230.
%3D
Enter
Copyright 2003 - 2021 Acellus Corporation. All Rights Reserved,
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Locker Rent 3500
Income from Government securities 2274
Interest on deposits 473
Transfer fees received 576
Rent and Lighting 767
From the above information Total Non-Interest income will be:
a.
OMR 5790
b.
OMR 6350
c.
OMR 6530
d.
OMR 7590
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Income Statement
Balance Sheet
Current
Current
Sales
$9,300
$ 4,050
$ 2,625
assets
liabilities
Long-term
debt
Costs
6,550
Fixed assets 9,300
4,190
Taxable
$2,750
Equity
6,535
income
Taxes (22%)
605
Total
$13,350
Total
$13,350
Net income $ 2,145
Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity
are not. The company maintains a constant 44 percent dividend payout ratio. As with
every other firm in its industry, next year's sales are projected to increase by exactly 17
percent.
What is the external financing needed?
External financing needed
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10.
Nu Company reported the following pretax data for its first year of operations.
Net sales
2,800
Cost of goods available for sale
2,500
Operating expenses
880
Effective tax rate
25
%
Ending inventories:
If LIFO is elected
820
If FIFO is elected
1,060
What is Nu's net income if it elects FIFO?
a. 480
b. 360
c. 1360
d. 180
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Extra Credit Problem
These items are taken from the 2020 trial balance of Suarez Inc. (Assume no taxes):
70,000
Accounts payable
Sales Revenue
535,000
Unearned Revenue
15,000
75,000
Salaries expense
Common Stock
Land
239,000
260,000
Inventory
75,000
Cost of goods sold
420,000
Retained earnings (beginning)
113,000
Advertising expense
15,000
Accounts receivable
90,000
Prepaid insurance expense
5,000
Notes payable (due 2024)
20,000
Insurance expense
5,000
Cash
45,000
Interest expense
2,000
Other revenue from Investments
8,000
Dividends
8,000
Required:
In an excel spreadsheet:
a.
Use an excel spreadsheet and prepare a multi-step income statement (Exhibit 3.1 in
book an example), statement of stockholders' equity (Exhibit 1-4 an example), and a
classified balance sheet (Exhibit 2.8 in book as an example) for December 31, 2020
for Suarez Inc. (Points will be awarded for neatness and format).
[Hint: First prepare the income statement because the net income carries to the
statement of…
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Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1.
Statement of Income and Retained Earnings for the Year Ended December 31, 20X1
($ in 000)
Net sales
$5,281,954
Costs and expenses
Cost of products sold
Marketing, administrative, and other expenses
Interest expense
4,765,505
193,147
17,143
54,529
Other, net
Total expenses before taxes
Earnings before income taxes
5,030,324
251,630
(52,842)
198,788
3,046,660
(100,000)
Provision for income taxes
Net income
Retained earnings at 1/1/20X1
Dividends on common stock
Retained earnings at 12/31/20X1
$3,145,448
Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands):
a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations.
The remainder of the category is composed of investment losses.
b. Marketing, administrative, and other expenses for 20X1 included a…
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s Co. has a pretax profit of P2,000,000. The income tax rate
20% There were no temporary differences at the start of the
vear. The only temporary differences at year-end relate to the
following:
Carrying amount
Таx base
Trade receivables
1,000,000
Equipment, net.
Accrued expenses
2,000,000
1,200,000
400,000
Requirements: Compute for the following:
a. Deferred tax liability and deferred tax asset
b. Income tax expense and current tax expense
c. Deferred tax expense/benefit
d. Provide the journal entry.
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The most recent financial statements for Assouad, Incorporated, are shown here:
Income Statement
Sales
Costs
Taxable income
Taxes (24%)
Net income
$ 3,500
2,500
$1,000
240
$760
Multiple Choice
What is the external financing needed
$1,730.00
$905.00
Current assets
Fixed assets
$1,472.50
Total
$1,522.50
Balance Sheet
Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity
are not. The company maintains a constant 40 percent dividend payout ratio. As with
every other firm in its industry, next year's sales are projected to increase by exactly 25
percent.
$ 3,900
5,300
$ 9,200
Current
liabilities
Long-term debt
Equity
Total
$ 830
3,620
4,750
$ 9,200
X
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ACCY
6833
FALL
2015
QUESTION
# 1:
Eastern and Western Universities offer
executive training courses to corporate clients. Eastern pays its instructors
$5,985 per course taught. Western pays its instructors $285 per student
enrolled in the class. Both universities charge executives a $370 tuition fee
per course attended.
Part A.
Prepare income statements for Eastern
and Western, assuming that 21 students
attend a course.
University
Eastern
Western
Tuition revenue
$
$
Total cost of instruction
Net income (loss)
$
$
Part B
Eastern University embarks on a strategy
to entice students from Western University by lowering its tuition to $200 per
course. Prepare an income statement for Eastern, assuming that the university
is successful and enrolls 42 students in its course.
University
Eastern
Tuition revenue
$
Total cost of instruction
(fixed)
Net income (loss)
$
Part C.
Western
University embarks on a strategy to entice students from Eastern University
by lowering its tuition…
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Saunderstown Company reported the following pretax data for its first year of operations.
Net sales
Cost of goods available for sale
Operating expenses
Effective tax rate
Ending inventories:
If LIFO is elected
If FIFO is elected
Gross profit ratio
$2,950
$2,480
$ 700
%
30%
What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole
percentage.)
990
$
$1,250
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revenue
$878,412.00
general & administrative expense
$352,666.00
depreciation expense
$131,455.00
leasing expense
$108,195.00
interest expense
$78,122.00
if average tax rate is 3.4%, what is its net income after taxes?
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Calculate the net commission from the following information:
Particulars
OMR
Particulars
OMR
Salary
12,000
Commission on
30,000
reinsurance ceded
Commission on direct
85,000
Commission on
15,000
business
reinsurance business
Net Commission
OMR 82,000
OMR 70,000
OMR 112,000
OMR 100,000
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Revenues 800,000Income from continuing operations 100,000Comprehensive income 120,000Net income 90,000 Income from operations 220,000Selling and administrative expenses 500,000Income before income tax 200,000Required: Calculate the following: i. Other income and expenses ii. Financing costs iii. Income tax iv. Discontinued operations v. Other comprehensive income
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REVIEW: Use the following to answer questions 28 – 32
T&JR Corp reports the following income statement results:
Gross profit
$338,000
Interest expense
6,000
15,000
Sales discounts
Net Sales
789,000
Operating expense 214,300|
Effective tax rate
20%
28.
$
Calculate Sales.
29.
$
Calculate Income before Income
tax (IBT).
30.
$
Calculate net income.
31.
% Calculate the gross profit margin
(one decimal place)
32.
% Calculate the profit margin (two
decimal places)
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The following extracts of the financial statements of Wiggo have been obtained:
Revenue
$980,000
($530,000)
($210,000)
Cost of sales
Operating expenses
Equity
$600,000
Loan
$300,000
Deferred tax
$44,000
Payables
$46,000
What is the return on capital employed of Wiggo?
A
24.2%
В
25.4%
C
26.7%
D
50%
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4. Non-Profit Conceras:
The following is the receipts and payments account of Insanint Welfare Society for the year ended on December 31, 2020.
Rs.
Rs.
9,000
20,000
Receipts
Payments
Utilities Expenses
Free Supply of ration
General Expenses
Opening Balance
10,000
Rent Revenue
50,000
Donations
40,000
12,000
10,000
Salary Expenses
Other Revenues
18,000
Furniture
10,000
Additional information.
) Prepaid Salaries Rs. 3,000
lI) Unearned Rent Rs. 5,000
ili) Utilities Payable Rs. 4,000
iv) Depreciation on furniture Rs. 1,000
Required: Prepare an Income and Expenditure account for the year ended on December 31, 2020.
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SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Related Questions
- Balance on April 1, 2020Debtors control Dr. $65, 145Debtors control Cr. 600Creditors control Dr. 950Creditors control Cr. 75, 500Totals for the month of April 2020Cash purchases 35, 600Credit purchases 62, 600Cash Sales 47, 000Credit Sales 75, 000Contra entry: Set off 1, 800Refund to cash customers 2, 800Bad debt written off 3, 300Discount Allowed 3, 750Total payments to suppliers 87, 000Total receipt from customers 98, 800Discount received 5, 500Dishonoured cheques: customers 2, 900Increase in the allowance for bad debts 2, 100Return Inwards 2, 400Return Outwards 15, 200Balances at 30 April 2020Debtors control: Dr. ? Cr: $8 300Creditors control: Dr. $7 500 Cr: ?Required: Prepare the Sales ledger control account Prepare the Purchases control accountarrow_forwardGiven the following: Number of Units 170 Vacancy Rate 5% Monthly Rent $1,000 Operating Expenses $750,000 Collection Loss 3 % Debt Service $360,000 Calculate on an Annual Basis: (There are no negative numbers in this answer) a. What is the Potential Gross Income (PGI)? b. What is the Effective Gross Income (EGI)? c. What is the Net Operating Income (NOI)? d. What is the Before Tax Cash Flow (BTCF)? e. Utilizing a capitalization rate of 8.5%, what is the estimated value of the property? Please provide the proper keystrokes for the BAII Plus Professional and Qualifier Plus IIIfx calculators. Thank you!arrow_forwardProblem 13. LL Incorporated which began operating on January 2008 appropriately uses the installment method of accounting. The following information pertains to LL's operations in 2008. Installment sales P600,000 Regular sales 800,000 Cost of Installment sales 270,000 Cost of Regular sales Operating expenses 440,000 200,000 Collections on installment sales 150,000 Collections on regular sales 200,000 How much is the Realized Gross Profit in 2008? a. P690,000 b. P242,500 c. P82,500 d. P442,500arrow_forward
- Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Bothpartners worked in the business during the year.3. The annual allowance was $450,000.4. The partners agreed to dispose of an old pick-up truck with a net book value of $350,000for $400,000. The pick-up had a tax written down value of $300,000.5. Donations of $60,000 were made to a local political party to fund its campaign. Theremainder was donated to an approved local children’s home.6. The partners could not determine if all…arrow_forwardCompany C had the following investment. Help them determine the financial statement implications of the investment. Tax rate Estimated tax payment 21% 21,000 Investment cost and ending fair values for 20X1 and 20X2: 20X1 20X2 Cost Fair value Total gain 100,000 110,000 10,000 100,000 134,000 34,000 20X1 income statement information: Sales Expenses 1,670,200 1,536,600 Assuming the investement is short-term, what is the deferred taxes payable on the 20X1 balance sheet?arrow_forwardProblem 5-18 (PHILCPA Adapted) P80,000. Recoveries Credit sales Writeoffs 260,000 295,000 300,000 310,000 22,000 37,000 36,000 40,000 2017 11,100,000 12,250,000 14,650,000 15,000,000 2018 2019 2020 The collections from customers during 2020 totaled P14,000,000, excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. 1. What amount should be reported as doubtful accounts expense for 2020? a. 310,000 b. 300,000 c. 222,000 d. 378,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2020? a. 110,000 b. 378,000 c. 300,000 d. 478,000 im 3. What is the net realizable value of accounts receivable on December 31, 2020? a. 2,650,000 b. 2,690,000 c. 2,760,000 d. 2,800,000 158arrow_forward
- Nu Company reported the following pretax data for its first year of operations. Net sales 2,960 Cost of goods available for sale 2, 480 Operating expenses 830 Effective tax rate 20% Ending inventories: If LIFO is elected 940 If FIFO is elected 1, 150 What is Nu's net income if it elects LIFO? Multiple Choice $800 $ 640 $472 $590arrow_forwardUse the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place).arrow_forwardCalculate the net income after corporate income tax is paid for Quarter 1 from the following income statement. Use a corporate income tax rate of 21%. Q1 (x1000) Q2(x1000) Net Sales 115 125 COGS (30) (31) Gross Profit 85 94 Overhead (32) (41) Pre-tax Income 53 53 Net Income = $[?] Multiply your result by 1000 before entering. For example: 1.23 (x1000) = $1,230. %3D Enter Copyright 2003 - 2021 Acellus Corporation. All Rights Reserved,arrow_forward
- Locker Rent 3500 Income from Government securities 2274 Interest on deposits 473 Transfer fees received 576 Rent and Lighting 767 From the above information Total Non-Interest income will be: a. OMR 5790 b. OMR 6350 c. OMR 6530 d. OMR 7590arrow_forwardIncome Statement Balance Sheet Current Current Sales $9,300 $ 4,050 $ 2,625 assets liabilities Long-term debt Costs 6,550 Fixed assets 9,300 4,190 Taxable $2,750 Equity 6,535 income Taxes (22%) 605 Total $13,350 Total $13,350 Net income $ 2,145 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 44 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 17 percent. What is the external financing needed? External financing neededarrow_forward10. Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 25 % Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's net income if it elects FIFO? a. 480 b. 360 c. 1360 d. 180arrow_forward
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Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,