Question Details

[answered] BA 211 Financial Accounting Comprehensive Assignment Phase


i need help with this project its part 2 but i thought you might need to look at some of part 1 for numbers?


BA 211 Financial Accounting

 

Comprehensive Assignment

 

Phase II

 

Name # 1

 

Name # 2

 

Name # 3

 

Name # 4 Account

 

No. Normal Trial Balance Adjusted Balances Closing Closing Balances Balance December 31, 2014 December 31, 2015 Journal Entries December 31, 2015 Name (DR or CR) Debits ($) 101 Petty Cash Debit 1000 0 0 102 Cash - Savings Account Debit 50000 52,500 52,500 103 Cash - Checking Account Debit 340000 1,528,249 1,528,249 107 Investments - ABC Corp. Debit 132,000 132,000 108 Investments - XYZ Corp. Debit 87,500 87,500 110 Accounts Receivable Debit 2,246,400 2,246,400 115 Allowance for Bad Debts Credit 120 Inventory Debit 125 Supplies Debit 130 Prepaid Rent Debit 150 Land 466400 Credits ($) Debits ($) Credits ($) Debits ($) Credits ($) 150,000 50000 150,000 337,500 337,500 1,000 1,000 12000 14,400 14,400 Debit 240000 77,143 77,143 160 Buildings Debit 245000 60,000 60,000 169 Accumulated Depreciation - Buildings Credit 170 Equipment Debit 179 Accumulated Depreciation - Equipment Credit 26,548 26,548 200 Notes Payable - Current Credit 200,000 200,000 210 Accounts Payable Credit 0 0 220 Accrued Interest Payable Credit 17,333 17,333 221 Unearned Revenue Credit 28,000 28,000 222 Salaries & Wages Payable Credit 52000 125,000 125,000 230 Accrued Warranty Payable Credit 46000 91,000 91,000 231 Dividends Payable - Preferred Stock Credit 16,000 16,000 232 Dividends Payable - Common Stock Credit 234,000 234,000 233 Accrued Income Taxes Payable Credit 65,000 65,000 238 Accrued Litigation Payable Credit 97,500 97,500 240 Notes Payable - Noncurrent Credit 700,000 700,000 250 Bonds Payable - Noncurrent Credit 100,000 100,000 687500 3,667 200000

 

292,857 520000 3,667

 

292,857 0 260 Bonds Payable - Premium Credit 265 Bonds Payable - Discount Debit 300 Preferred Stock - Par Credit 200,000 200,000 301 Preferred Stock - Additional Paid-in Capital Credit 300,000 300,000 310 Common Stock Credit 500000 545,000 545,000 350 Retained Earnings Credit 673900 673,900 380 Dividends Debit 400 Service Revenue Credit 372,000 372,000 0 405 Sales Revenue Credit 3,000,000 3,000,000 0 500 Cost of Goods Sold Debit 1,212,000 1,212,000 0 600 Rent Expense Debit 45,600 45,600 0 601 Sanitation Expense Debit 35,000 35,000 0 602 Salaries & Wages Expense Debit 400,000 400,000 0 603 Warranty Expense Debit 75,000 75,000 0 605 Office Supplies Expense Debit 0 0 610 Bad Debt Expense Debit 120,000 120,000 0 669 Depreciation Expense - Buildings Debit 3,667 3,667 0 679 Depreciation Expense - Equipment Debit 26,548 26,548 0 700 Litigation Expense Debit 97,500 97,500 0 710 Miscellaneous Expense Debit 5,000 5,000 0 720 Interest Revenue Credit 730 Interest Expense Debit 740 Gain on Sale of Property Credit 750 Loss on Sale of Property Debit 760 Realized Gain - Investments Credit 770 Realized Loss - Investments Debit 780 Unrealized Gain - Investments Credit 790 Unrealized Loss - Investments Debit 37,500 37,500 0 900 Income Tax Expense Debit 65,000 65,000 0 6,084,855 4,833,093 Balance totals 3,544 3,544 2,412,355 250,000 250,000 2,500 7,245,448 0

 

17,400 7,245,448 0 0 17,400 2,041,900 0

 

0 33,000 0 265,000 0

 

0 0 0

 

22,140 265,000 1,934,045 2,500 22,140 2,041,900 3,672,500 0 33,000 6,084,855 0 4,833,093 Beavers Entertainment Inc.

 

Income Statement

 

For the Period Ended December 31, 2015 Revenue

 

Service Revenue

 

Sales Revenue

 

Cost of Goods Sold

 

Gross Profit on Sales

 

Selling, General, & Administrative

 

Rent Expense

 

Sanitation Expense

 

Salaries & Wages Expense

 

Warranty Expense

 

Office Supplies Expense

 

Bad Debts Expense

 

Depreciation - Buildings & Equipment

 

Other Operating Expenses & Revenue (include interest)

 

Income From Continuing Operations

 

Other Revenue & Gains

 

Gain (Loss) on the Sale of Property

 

Realized Gain (Loss) - Investments

 

Unrealized Gain (Loss) - Investments

 

Income from Operations Before Tax

 

Federal Income Tax

 

Net Income

 

EPS

 

Beavers Entertainment Inc.

 

Balance Sheet

 

For the Period Ended December 31, 2015

 

Assets

 

Current Assets

 

Cash - Petty Cash, Savings, Checking

 

Investment in Securities - Trading

 

Accounts Receivable (less allowance for bad debts: $?)

 

Inventory

 

Supplies

 

Prepaid Rent

 

Noncurrent Assets Land

 

Buildings (net of accumulated depreciation: $?)

 

Equipment (net of accumulated depreciation: $?)

 

Total Assets Liabilities

 

Current Liabilities

 

Notes Payable - Current

 

Accounts Payable

 

Accrued Interest Payable

 

Unearned Revenue

 

Salaries & Wages Payable

 

Accrued Warranty Payable

 

Dividends Payable - Preferred Stock

 

Dividends Payable - Common Stock

 

Accrued Income Taxes Payable

 

Accrued Litigation Payable

 

Noncurrent Liabilities

 

Notes Payable - Noncurrent

 

Bonds Payable - Noncurrent (? $?)

 

Total Liabilities

 

Shareholders' Equity

 

Preferred Stock - Par

 

Preferred Stock - Additional Paid-in Capital

 

Common Stock

 

Retained Earnings, net of Dividends

 

Total Liabilities & Stockholders' Equity Beavers Entertainment Inc

 

Statement of Changes in Stockholde

 

For the Period Ended December 3 - Beginning Balance

 

Issuance Stock

 

Net Income

 

Dividends

 

Ending Balance Pref. Stock - Par

 

- - - - - Beavers Entertainment Inc

 

Statement of Cash Flows

 

For the Period Ended December 3 - Cash from Operating Activities

 

Net Income

 

Adjustments to Net Income

 

Depreciation Expense

 

Loss (Gain) on Sale of Property

 

Realized Loss (Gain) - Investments

 

Unrealized Loss (Gain) - Investments

 

Change in Net Accounts Receivable

 

Change in Inventory - - - - Change in Supplies

 

Change in Prepaid Rent

 

Change in A/P

 

Change in Accrued Interest Payable

 

Change in Unearned Revenue

 

Change in Salaries & Wages Payable

 

Change in Accrued Warranty Payable

 

Change in Income Taxes Payable

 

Change in Litigation Payable

 

Change in Discount (Premium)

 

Net Cash from Operating Activities

 

Cash from Investing Activities

 

Purchase of Trading Securities

 

Proceeds from Sale of Investments

 

Proceeds from Sale of Long-term Assets

 

Purchase of Long-term Assets

 

Net Cash from Investing Activities

 

Cash from Financing Activities

 

Change in N/P - Current

 

Change in Notes Payable - Noncurrent

 

Change in Bonds Payable - Noncurrent

 

Change in Preferred Stock - Par

 

Change in Preferred Stock - APIC

 

Change in Common Stock

 

Net Cash from Investing Activities

 

Net Change in Cash

 

Beginning Cash

 

Ending Cash

 

Significant non-cash transactions:

 

?? Beavers Entertainment Inc.

 

Statement of Changes in Stockholders' Equity

 

For the Period Ended December 31, 2015 Pref. Stock - APIC Common Stock

 

500,000 - 500,000 Retained

 

Earnings

 

673,900 673,900 Total

 

1,173,900

 

1,173,900 Beavers Entertainment Inc.

 

Statement of Cash Flows

 

For the Period Ended December 31, 2015 - GIVEN 307 307

 

307 - GIVEN 96,149 96,149

 

96,456

 

391,000

 

487,456 The amount of dividends declared related to preffered stock:

 

Total par value

 

Preferred dividend yield

 

Total preferred dividend $ 8.00%

 

- The amount of dividends declared related to common stock:

 

Total dividends declared

 

Less preferred dividend

 

Dividends related to common stock $

 

$

 

$ 250,000

 

250,000 Computed ratios:

 

Working Capital

 

Explanation

 

Formula

 

Final Answer

 

Current Ratio:

 

Explanation

 

Formula

 

Final Answer

 

Quick Ratio:

 

Explanation

 

Formula

 

Final Answer Debt Ratio:

 

Explanation

 

Formula

 

Final Answer Times interest earned ratio:

 

Explanation

 

Formula

 

Final Answer

 

Gross Profit Percentage:

 

Explanation

 

Formula

 

Final Answer

 

Inventory Turnover Ratio:

 

Explanation

 

Formula

 

Final Answer Return on Assets:

 

Explanation

 

Formula

 

Final Answer Earnings per share:

 

Explanation

 

Formula

 

Final Answer

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 18, 2020

PRICE: $15

Solution~0001005418.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy from our tutoring website www.aceyourhomework.com (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 18, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now