Assignment Task - Need manual solution for question 7, 8, 10, 15 of Assignment.
Q7. PALER
Spreadsheet - check the assignment and spreadsheet requirements.
A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.
B. Create a spreadsheet solution.
Data -
The assets, liabilities and owner's equity revenues and expenses of Trump Design Studio have the following balance at 30-Nov-17 the end of its first year of operation. During the year, the owner invested $15,000
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$
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$
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Loan payable
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5,900
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Office furniture
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17,600
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Rent expense
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12,400
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Electricity and gas expense
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5,500
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Cash
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26,450
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Accounts payable
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12,300
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Office supplies
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5,600
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Trump Capital
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40,000
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Salary expense
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34,000
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Service revenue
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134,500
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Salaries accrued
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2,450
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Accounts receivable
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1,900
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Property tax expense
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1,200
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Supplies expense
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3,480
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Prepaid expenses
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7,600
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Investments
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1,500
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Requirements -
1. What type of account is each of the above accounts? See the Topic notes in interact.
2. Prepare the income statement for the year ended 30-Noc-17.
3. What was the amount of owner drawings for the year?
4. Prepare a balance sheet as at 30-Nov-17. Include an IF function to tests that it balances.
Q8. Balance Sheet Equation
A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.
B. Spreadsheet required. Note that Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question.
In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example =D8. The yellow highlighted cells will contain the answers.
C. For each number calculated, briefly explain how you derived the answer.
For each of the following independent cases, computes the amounts (in thousands) for the items indicated by letters. Check figure: the answer in Case 3 M is 10,220.
For each number calculated, briefly explain how you derived the answer.
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DATA
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Case 1
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Case 2
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Case 3
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Revenue
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800
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K
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4,800
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Expenses
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400
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800
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1,250
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Dividends declared
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0
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200
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Q
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Additional Investment by stockholders
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0
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190
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450
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Net income
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E
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660
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P
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Retained earnings
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Beginning of year
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300
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225
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2,350
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End of year
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D
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J
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2,750
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Paid-in-capital
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Beginning of year
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190
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445
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N
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End of year
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C
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H
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Total assets
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Beginning of year
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640
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F
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L
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End of year
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900
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1,500
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M
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Total liabilities
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Beginning og year
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A
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370
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1,500
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End of year
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B
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G
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870
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REPORT
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Case 1
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Case 2
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Case 3
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Revenue
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800
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K
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1,460
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4,800
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Q10. Trial balance
A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.
B. Create a spreadsheet solution. Paste normal and formula views.
C. Change 2 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 2 changes yourself. Highlight the data changes with the yellow highlighter in Excel.
Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.
Data -
The accounts of Trogir Deliveries follow with their balances at 30 June 2017.
The accounts are listed in no particular order.
Required - Prepare the trial balance.
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$
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$
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Capital
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1,088,036
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Trucks
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404,000
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Insurance expense
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5,900
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Truck expenses
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158,000
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Accounts payable
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46,700
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Drawings
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27,500
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Service revenue
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234,560
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Electricity expense
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8,760
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Building
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567,000
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Accounts receivable
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38,700
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Supplies expense
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2,780
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Notes payable
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34,900
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Cash
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35,600
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Supplies
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13,456
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Salary expense
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14,500
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Equipment
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128,000
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Q15. Worksheet and financial reports
Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.
A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.
B. Spreadsheet. Add a ten column worksheet beneath the following data. Below that report, create the three financial reports. Paste the normal and formula view.
B. In a second version, make four changes to the data such that a loss is reported. Paste the second normal view.
Data section -
Gravel Motors Trial Balance at 30 June 2017
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Account
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Debit $
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Credit $
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Cash
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44,500
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Accounts Receivable
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132,000
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Supplies
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24,500
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Prepaid Insurance
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3,456
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Equipment
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447,000
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Accumulated Depreciation
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107,890
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Accounts Payable
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145,890
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Wages Accrued
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16,789
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Unearned Service Revenue
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12,345
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Capital
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308,012
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Drawings
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28,900
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Service Revenue
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267,890
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Depreciation Expense
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Wages Expense
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165,900
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Insurance Expense
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Utilities Expense
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12,560
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Supplies Expense
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Total
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858,816
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858,816
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Additional Data -
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$
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Depreciation on equipment
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1,290
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Accrued wage expense
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600
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Supplies on hand
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780
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Prepaid insurance expired during June
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780
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Unearned service revenue earned in June
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6,754
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Accrued service revenue
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800
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Required -
1. Spreadsheet a ten column worksheet.
2. Also spreadsheet the Financial Reports.
3. Make three changes to the data such that a loss occurs.
Attachment:- Assignment File.rar