ACC307FinalProjectWorkbook.xlsx – Assignment: – EssaysForYou




Asset Accounts

Liability Accounts

Equity Accounts

Acct #

Acct #

Acct #

Cash
101
Notes Payable
201
Common Stock
301

Baking Supplies
102
Accounts Payable
202
Dividends
302

Prepaid Rent
103
Wages Payable
203

Prepaid Insurance
104
Interest Payable
204

Baking Equipment
105
Loans Payable
205

Office Supplies
106

Accounts Receivable
107

Accumulated Depreciation
108

Trademark
109

Leasehold Improvements
110

Accumulated Amortization
111

Revenue Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.

Acct #

Bakery Sales
401

Merchandise Sales
402

Expense Accounts

Acct #

Baking Cost of Goods Sold
501

Merchandise Cost of Goods Sold (FIFO)
502

Rent Expense
503

Insurance Expense
504

Misc. Expense
505

Business License Expense
506

Advertising Expense
507

Wages Expense
508

Telephone Expense
509

Interest Expense
510

Depreciation Expense
511

Amortization Expense
512

Office Supplies Expense
513

Peyton Approved

Trial Balance

2017

Unadjusted trial balance

Adjusting entries

Adjusted trial balance

Account
Debit
Credit
Debit
Credit
Debit
Credit

Cash
64,713.72

64,713.72

Baking Supplies
165,250.00

165,250.00

Merchandise Inventory (FIFO)
25,750.00

25,750.00

Prepaid Rent
7,500.00

7,500.00

Prepaid Insurance
2,400.00

2,400.00

Baking Equipment
17,000.00

17,000.00

Accumulated Depreciation

3,285.72

3,285.72

Leasehold Improvements
10,000.00

10,000.00

Accumulated Amortization

2,000.00

2,000.00

Trademark
2,300.00

2,300.00

Office Supplies
1,600.00

1,600.00

Accounts Receivable
30,401.00

30,401.00

Notes Payable

10,000.00

10,000.00

Interest Payable

– 0

Accounts Payable

27,325.00

27,325.00

Wages Payable

– 0

Loans Payable

21,000.00

21,000.00

Common Stock

30,000.00

30,000.00

Dividends
20,000.00

20,000.00

Bakery Sales

335,675.00

335,675.00

Merchandise Sales

35,200.00

35,200.00

Baking Cost of Goods Sold

– 0

Rent Expense
90,000.00

90,000.00

Interest Expense

– 0

Insurance Expense

– 0

Depreciation Expense

– 0

Amortization Expense

– 0

Misc. Expense
2,780.00

2,780.00

Office Supplies Expense

– 0

Business License Expense
375.00

375.00

Advertising Expense
5,200.00

5,200.00

Wages Expense

– 0

Telephone Expense
3,456.00

3,456.00

Merchandise COGS (FIFO)
15,760.00

15,760.00

Total
464,485.72
464,485.72
– 0
– 0
464,485.72
464,485.72

Peyton Approved

Adjusting Journal Entries

2017

Date
Accounts
Debit
Credit

31-Dec
Depreciation Expense

Accumulated depreciation

31-Dec
Amortization Expense

Accumulated Amortization

31-Dec
Interest Expense

Interest Payable

31-Dec
Insurance Expense

Prepaid Insurance

31-Dec
Baking Cost of Goods Sold

Baking Supplies

31-Dec
Office Supplies Expense

Office Supplies

31-Dec
Wages Expense

Wages Payable

– 0
– 0

Peyton Approved

Income Statement

For Year Ending 12/31/2017

Bakery Sales

Merchandise Sales

Total Revenues

– 0

Merchandise Cost of Goods Sold (FIFO)

Baking Cost of Goods Sold

Gross Profit

– 0

Operating Expenses:

Rent Expense

Interest Expense

Insurance Expense

Depreciation Expense

Amortization Expense

Misc. Expense

Office Supplies Expense

Business License Expense

Advertising Expense

Wages Expense

Telephone Expense

Total Operating Expenses:

– 0

Net Income

– 0

Peyton Approved

Closing Entries

For Year Ending 12/31/2017

Date
Accounts
Debit
Credit

31-Dec
Bakery Sales

Merchandise Sales

Income Summary

– 0

31-Dec
Income Summary
– 0

Baking Cost of Goods Sold

Rent Expense

Interest Expense

Insurance Expense

Depreciation Expense

Amortization Expense

Misc. Expense

Office Supplies Expense

Business License Expense

Advertising Expense

Wages Expense

Telephone Expense

Merchandise Cost of Goods Sold (FIFO)

31-Dec
Income Summary
– 0

Retained Earnings

– 0

31-Dec
Retained Earnings

Dividends

– 0
– 0

Peyton Approved

Statement of Retained Earnings

For Year Ending 12/31/2017

Beginning Balance:

– 0

plus Net Income

less Dividends:

Ending Balance:

– 0

Peyton Approved

Balance Sheet

As of December 31, 2017

Assets

Liabilities and Owners’ Equity

Current Assets:

Current Liabilities:

Cash

Accounts Payable

Baking Supplies

Wages Payable

Merchandise Inventory (FIFO)

Interest Payable

Prepaid Rent

Total Current Liabilities

– 0

Prepaid Insurance

Office Supplies

Long Term Liabilities:

Accounts Receivable

Notes Payable

Total Current Assets

– 0

Loans Payable

Total Long Term Liabilities:

– 0

Total Liabilities:

– 0

Long Term/Fixed Assets:

Baking Equipment

Common Stock

Accumulated Depreciation

Retained Earnings

– 0

Leasehold Improvements

Total Equity

– 0

Accumulated Amortization

– 0

Trademark

Total Assets:

– 0

Total Liabilities & Equity

– 0

2017
2016
2015
Industry Standard

Quick Ratio

2.2
2.8
1.75

Gross Margin

0.55
0.7
0.7

Net Margin

0.22
0.32
0.24

Return on Equity

0.9
0.78
0.8

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