Færdiggjort

Acoounting -- 2

General assignment instructions:

1) Prepare your assignment in Microsoft Excel.

2) Name your file as follows: SU22_ACC510_HW1_Lastname

3) Use only Arial 10 font. Use only black font; do not use any font colors other than black anywhere

in your assignment.

4) Prepare Part A on one worksheet and Part B on a second worksheet. Name the worksheet tabs

Part A and Part B.

5) If you are not sure about a requirement or detail for the assignment, ask your professor for

clarification! Failure to follow instructions may result in a loss of points.

6) Neatness, formatting, and presentation of your work will be considered in determining your final

grade for the assignment.

7) This assignment is to be prepared and submitted by each individual student; group efforts are not

permitted. Do not copy, share, or duplicate any part of the assignment. Violations of this direction

may be submitted to the Academic Conduct Committee for review.

Part A – Do You Know Your Accounts?

Consider the following list of accounts for Farragut, LLC:

1) Interest Payable

2) Rent Expense

3) Interest Revenue

4) Accounts Receivable

5) Computer Equipment

6) Prepaid Property Tax Expense

7) Unearned Rent Revenue

8) Retained Earnings

9) Common Stock

10) Copyrights

For the accounts shown above, identify the following for each:

• Account type (i.e., asset, liability, owners' equity, revenue, expense, or dividends)

• Financial statement on which the account appears

• Whether the account is current, noncurrent, or neither (i.e., does not apply)

• Normal balance (i.e., debit or credit)

• Whether or not the account is closed at the end of an accounting period (i.e., Yes or No)

Present your work in a table as follows:

Account

Description Account Type

Financial

Statement

Current,

Noncurrent,

N/A

Normal

Balance

Closed at End

of Period

Interest

Payable

Rent Expense

Etc., etc., etc.,

etc.

(See Part B on next page)

Part B – Trial Balance and Financial Statements

Consider the following list of accounts and their normal balances for Fitzgerald, Inc. as of December 31,

2112:

Account Description Balance

A/D - Equipment 10,000

Accounts Payable 44,500

Accounts Receivable 54,100

Cash 129,700

Common Stock 100,000

Depreciation Expense 12,000

Dividends 7,500

Dividends Payable 5,000

Equipment 28,200

Income Tax Expense 9,120

Insurance Expense 6,000

Inventory 41,280

Miscellaneous Expense 2,500

Miscellaneous Revenue 5,000

Mortgage Payable 29,400

Note Payable 13,800

Payroll Tax Expense 7,500

Prepaid Insurance 29,900

Rent Expense 12,000

Retained Earnings 28,200

Salaries Expense 78,000

Salaries Payable 28,900

Service Revenue 157,500

Utilities Expense 4,500

Instructions for Fitzgerald, Inc.:

1) Prepare the following items in good form:

a. Trial balance

b. Income statement

c. Statement of retained earnings. (Note: Do not prepare a statement of stockholders’ equity

for the statement of retained earnings.)

d. Balance sheet

e. Closing journal entries

f. Post-closing trial balance

2) Show only whole dollars in all six items. Do not show cents.

3) Do not use dollar signs.

4) Use only the Accounting number format in Excel.

5) Use single-underline prior to subtotaling a column of numbers, and use double-underlining to

indicate the final total in a column o

6) “In good form” for items 2 through 5 means the statements should be presented in a neat and

proper fashion. Use examples shown in the textbook but do not use any shading or colors of any kind

Færdigheder: Excel, Research Writing, Word, Powerpoint, Regnskab

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