Excel Applications for Accounting Principles

Business

Quiz 2 :

Service Company Worksheet F1work

Quiz 2 :

Service Company Worksheet F1work

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PROBLEM DATA The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: img Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, $18,750. b. Insurance premiums expired during the year, $1,800. c. Depreciation on equipment during the year, $21,600. d. Wages accrued but not paid at December 31, 2012, $1,830. REQUIREMENT As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called F1WORK has been provided to assist you in this assignment. As you review this file, it should be noted that columns H and I will automatically change when you enter values in columns E or G.
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The required financial statements are shown in the worksheet below:
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PROBLEM DATA The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: img Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, $18,750. b. Insurance premiums expired during the year, $1,800. c. Depreciation on equipment during the year, $21,600. d. Wages accrued but not paid at December 31, 2012, $1,830. REQUIREMENT Open the file F1WORK from the website for the book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then enter the adjusting amounts in columns E and G. Also, in column D or F, insert the letter corresponding to the adjusting entry (a-d). Column A is "frozen" on the screen to assist you in completing requirement 3.
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In the worksheet, record the following transactions for adjusting entries:
a. The cleaning supplies on hand at the end of the year are $18,750. The balance in trial balance for cleaning supplies is $22,000. This means that $3,250 in supplies was used and needs to be adjusted. Debit supplies expense and credit cleaning supplies for $3,250.
b. Insurance premiums used during the year are $1,800. Debit insurance expense and credit prepaid insurance.
c. Depreciation on the company's equipment is $21,600. Debit depreciation expense and credit accumulated depreciation.
d. Wages earned by employees but not yet paid are $1,830. Debit wages expense and credit wages payable.
In adjusted trial balance, the total of debits should be equal to the total of credits. In order to determine this, a formula will be entered to add all the numbers in all columns. The spreadsheet after recording all the transactions and entering all the formulas is shown below:
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PROBLEM DATA The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: img Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, $18,750. b. Insurance premiums expired during the year, $1,800. c. Depreciation on equipment during the year, $21,600. d. Wages accrued but not paid at December 31, 2012, $1,830. REQUIREMENT Complete the income statement and balance sheet columns by entering formulas in columns J, K, L, and M that reference the appropriate cells in columns H or I. Net income will be automatically calculated for the income statement and balance sheet. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as F1WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J30), $71,320.
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In the worksheet, the information will be transferred in the appropriate column of adjusted trial balance, income statement, or balance sheet using cell references. A formula will be used at the end of both columns to calculate the totals of each column. The complete spreadsheet is shown below:
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WHAT-IF ANALYSIS Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with the wrong information on two of the adjusting entries. Cleaning supplies consumed during the year should have been $18,750, and insurance premiums unexpired at year-end were $1,800. Make the corrections on your worksheet and save the corrected file as F1WORK4. Reprint the worksheet.
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WHAT-IF ANALYSIS Use the space below to prepare an income statement, a statement of retained earnings, and a balance sheet, using the corrected worksheet (F1WORK4).
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CHART ANALYSIS With the F1WORK4 file open, click the Chart sheet tab. On the screen, a pie chart shows the percentage composition of the total expenses of Wikki Cleaners. Enter the percentages in the space provided. Compare the percentages of Wikki Cleaners with the national statistics provided. img Comment on the differences noted. Why might depreciation, utilities, and rent be so far off from the national percentages When the assignment is complete, close the file without saving it again.
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