Acc 225 Week 4 Checkpoint
Week 4 Checkpoint – Part 1 (5 points)
The following are common categories on a classified Balance Sheet: Current Assets Long-term Investments Plant Assets Intangible Assets Current Liabilities Long-term Liabilities
For each of the following items, select a category from above that identifies the Balance Sheet category where the item typically would appear.
Category on Balance Sheet Account Title
Long-term Investments Notes Receivable
Current Assets Merchandise Inventory
Current Liabilities Accounts Payable
Plant Assets Land
Intangible Assets Trademarks
Week 4 Checkpoint – Part 2 (5 points)
List the steps in preparing a work sheet in their proper order by writing numbers 1 – 5 in the blank spaces provided.
4 Extend adjusted balances to appropriate financial statement columns.
1 Prepare an adjusted trial balance on the work sheet.
5 Total the statement columns, compute net income (or loss) and complete work sheet.
3 Prepare an unadjusted trial balance on the work sheet.
2 Enter adjustments data on the work sheet.
Week 4 Checkpoint – Part 3 (25 points)
The Unadjusted Trial Balance for Richmond Floral Supply is provided in the following work sheet. This information is current as of December 31, 2010, Richmond’s first year of operations.
Use the following information about the company’s adjustments to complete the 10-column work sheet. a. Unrecorded depreciation on the trucks at the end of the year is $24,000 b. The total amount of accrued interest at year end should be $8,000 c. The value (cost) of office supplies still available at year-end is $250
Richmond Floral Supply
Work Sheet
For Year Ended December 31, 2010 Unadjusted
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement Balance Sheet
& Statement of
Owner’s Equity
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,000 13,000 13,000
Accounts Receivable 34,000 34,000 34,000
The following are common categories on a classified Balance Sheet: Current Assets Long-term Investments Plant Assets Intangible Assets Current Liabilities Long-term Liabilities
For each of the following items, select a category from above that identifies the Balance Sheet category where the item typically would appear.
Category on Balance Sheet Account Title
Long-term Investments Notes Receivable
Current Assets Merchandise Inventory
Current Liabilities Accounts Payable
Plant Assets Land
Intangible Assets Trademarks
Week 4 Checkpoint – Part 2 (5 points)
List the steps in preparing a work sheet in their proper order by writing numbers 1 – 5 in the blank spaces provided.
4 Extend adjusted balances to appropriate financial statement columns.
1 Prepare an adjusted trial balance on the work sheet.
5 Total the statement columns, compute net income (or loss) and complete work sheet.
3 Prepare an unadjusted trial balance on the work sheet.
2 Enter adjustments data on the work sheet.
Week 4 Checkpoint – Part 3 (25 points)
The Unadjusted Trial Balance for Richmond Floral Supply is provided in the following work sheet. This information is current as of December 31, 2010, Richmond’s first year of operations.
Use the following information about the company’s adjustments to complete the 10-column work sheet. a. Unrecorded depreciation on the trucks at the end of the year is $24,000 b. The total amount of accrued interest at year end should be $8,000 c. The value (cost) of office supplies still available at year-end is $250
Richmond Floral Supply
Work Sheet
For Year Ended December 31, 2010 Unadjusted
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement Balance Sheet
& Statement of
Owner’s Equity
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,000 13,000 13,000
Accounts Receivable 34,000 34,000 34,000