ACCT 3001 Lecture Notes - Lecture 4: Deferral, Retained Earnings, Current Liability
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Account Tracking form provided:
Account Title -> copy the name of the accounts from the listbelow
Account Major Classification -> Asset (A), Liability (L),Ownerâs Equity (OE), Revenue (R) or Expense (E) or Not Applicable(NA)
Contra account -> place a check mark in this column if theitem is a contra account
Account Sub Classification -> only to be used with Asset andLiability accounts; Current Asset (CA); Property, Plant &Equipment (PPE); Current Liability (CL), Long-term Liability (LTL)or Not Applicable (NA)
Normal Balance -> debit (DR), credit (CR) or Not Applicable(NA)
Financial Statement-> Income Statement (IS), Statement ofOwnerâs Equity (SOE), Balance Sheet (BS) or Not Applicable (NA)
Temporary or Permanent -> T for temporary (nominal) accountsand P for permanent (real) accounts
Accounts Payable |
Accounts Receivable |
Accumulated Depreciation |
Advertising Expense |
Buildings |
Cash |
Depreciation Expense |
Fees Earned |
Income Summary |
Insurance Expense |
Interest Payable (due in 1 month) |
Interest Receivable (due in 2 months) |
Joey Bee, Capital |
Joey Bee, Drawing |
Land |
Notes Payable (due in 3 years) |
Notes Receivable (due in 2 months) |
Office Equipment |
Prepaid Insurance |
Prepaid Rent |
Rent Expense |
Notes Payable (due in 2 months) |
Store Equipment |
Supplies |
Supplies Expense |
Taxes Payable (due in 4 months) |
Unearned Fees |
Unearned Rent |
Unearned Revenue |
Wages Payable |
1. Produce a balance sheet for a company that distinguishesbetween current and non-current assets and liabilities.
2. Create a balance sheet from a trial balance.
3. Create a comparison of net income based on different methods ofinventory accounting.
4. Analyze a statement of cash flows and show where each line itemcan be found or calculated from the other financialstatements.
5. Prepare a full analysis of key financial ratios for a companyand state conclusions about the financial strength of the companycompared to industry ratios.
Create a BalanceSheet from the trial balance: | ||||
Debits | Credits | Classification | ||
Cash | 300,000.00 | Current asset | ||
Sales | (10,000,000.00) | Income statement | ||
Cost of Goods Sold | 7,000,000.00 | Income statement | ||
Selling Expenses | 500,000.00 | Income statement | ||
Other income | (50,000.00) | Income statement | ||
Administrative expenses | 350,000.00 | Income statement | ||
Interest Expenses | 12,500.00 | Income statement | ||
Land | 300,000.00 | non-current asset | ||
Building | 2,000,000.00 | non-current asset | ||
Long Term bond payable | (550,000.00) | non-current liability | ||
Accrued Liabilities | (50,000.00) | current- liability | ||
Accumulated Depreciation Buildings | (250,000.00) | non-current asset | ||
Equipment | 750,000.00 | non-current asset | ||
Receivables | 100,000.00 | current asset | ||
Allowance for doubtful accounts | (7,500.00) | current asset | ||
Accumulated depreciation equipment | (125,000.00) | non-current asset | ||
Common Stock | (200,000.00) | equity | ||
Payables | (115,000.00) | current Liability | ||
Inventories | 200,000.00 | current asset | ||
Prepaid Expenses | 50,000.00 | current asset | ||
Retained Earnings | (215,000.00) | equity | ||
11,562,500.00 | (11,562,500.00) |
Assets | Equity and Liabilities | |||||||||
Current Assets | Current Liabilities | |||||||||
Total Current Assets | - | Total Current Liabilities | - | |||||||
Total long term Liabilities | - | |||||||||
Total property plant and equipment | - | |||||||||
Total Equity | - | |||||||||
Total Assets | - | Total Equity and liabilities | - | |||||||