In addition to the trial balance, he has provided you with the following information (Round all items to nearest whole dollar.):
a. Annual liability insurance premium of $9,600 was paid April 2, 2021. Record appropriate insurance expense for the period ending December 31.
b. Katie, the only employee, worked 16 hours on December 30 and 31 for which she has not been paid. She earns $15/hour.
c. A physical count shows $165 of supplies on hand at December 31.
d. CBKR purchased land/building on April 1, 2021, for $330,000. He has not separated the value of the land from the building. The appraisal performed at the time of purchased assessed the land at $270,000 and the building at $90,000. Properly allocated the purchase price between the land and the building with an adjusting entry.
e. Building purchased on April 1, 2021, is expected to have a useful life of 40 years with no salvage value. Matt has chosen to use the straight-line method of depreciation based on number of months in service. Round expense to nearest whole dollar.
f. CBKR financed 100% of the cost of the land/building with a 30 year note payable with monthly payments of $1,482, and an interest rate of 3.5%. His first payment was made May 1, 2021. Matt tells you he posted the entire amount of each payment (8) against the note payable account. You will need to prepare an AJE to reclassify interest portion of payments to Interest expense. (Note: Prepare an amortization schedule using an excel template. Loan amount: $330,000, annual interest rate:3.5%, loan period in years: 30, number of payments per year: 12, start date of loan: 5/1/21, optional extra payments: $0; scheduled payment should equal $1,481.85. Matt rounded up and is paying $1,482/month.) Save amortization schedule as part of workbook (file).
g. December interest on the note payable is due on January 1, 2022, with the January 1 payment. Accrue December interest expense
h. Kayaks, paddle boards, and life vests (equipment) were purchased on April2, 2021, at a cost of $17,300. This equipment is expected to have a service life of five years and a salvage value of $2,300. The straight-line depreciation method is used.
i. Computer equipment with a value of $2,800 was acquired April 1, 2021 and is expected to have a seven year life with no salvage value. Straight-line method of depreciation is used.
1. Create an Excel file to complete this assignment.
a. File name should use the following naming convention: lastname, firstname ACCT 307 Excel Assignment
b. File should include four worksheets: trial balance, adjusting entries, amortization schedule, and financial statements.
c. Using the trial balance worksheet prepare the unadjusted trial balance and include columns for the adjusting entries and adjusted trial balance.
2. Use the information provided to prepare adjusting journal entries in the Adjusting entries worksheet and then post these to the trial balance worksheet.
a. Column totals should be calculated using SUM formula
b. Calculate adjusted balances using IF formulas. Net income should equal $29,367.
3. Copy the amortization schedule you created above to the Amortization worksheet or move to your assignment file and rename tab.
4. Prepare the following statements:
a. Single step income statement – use formula to calculate total expenses and net income
b. Statement of retained earnings – use formula to create ending retained earning balance, use cell reference for net income
c. Classified balance sheet – use formulas for all subtotals and totals. Note: determine current portion of note payable from amortization schedule and include in current liability section. Remember to subtract this from NP balance for non-current portion.
5. Completed Excel file should be uploaded in Canvas.
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CB Kayak Rental Excel Assignment RUBRIC |
Possible Pts. |
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Part 1, a. |
Follow naming convention: lastname, firstname ACCT 307 Excel Assignment |
1 |
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Part 1, b. |
File should include four worksheets: Trial balance, Adjusting entries, Amortization schedule, and financial statements. |
1 |
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Part 1, c. |
Set up workbook (file) in Excel with unadjusted TB, and include columns for AJEs and adjusted TB |
1 |
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Part 2 |
Using information provided prepare AJEs in AJE worksheet, then post to TB worksheet. 9 entries 1 pt. each (1/2 pt. entry, 1/2 pt. calculation) |
9 |
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Part 2, a. |
Trial balance worksheet: Column totals should be calculated using SUM formula |
3 |
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Part 2, b. |
Balances in adjusted columns should be calculated using IF formulas. Note: should be formula in each debit and credit cell. |
6 |
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Part 3 |
Amortization schedule, create using excel template, move to amortization worksheet if necessary |
5 |
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Part 4, a. |
Prepare a single step income statement – Use formula to calculate total expenses and net income |
2 |
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Part 4, b. |
Prepare a statement of retained earnings – use formula to create ending retained earning balance, use cell reference for net income |
2 |
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Part 4, c. |
Prepare a classified balance sheet – Use formulas for all subtotals and totals. |
5 |
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Part 4, c. |
Determine current portion of note payable from amortization schedule and include in current liability section. Remember to subtract this from NP balance for non-current portion. |
5 |
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