Question Details

(Solved) Continuing Cookie Chronicle ( Note : This is a continuation of


Continuing Cookie Chronicle

(Note: This is a continuation of the Cookie Chronicle from Chapters 1 and 2.)

CCC3 In November 2014, after having incorporated Creations Inc., Natalie operations. She has decided not to pursue the to supply cookies to Biscuits. Instead, she will on offering cooking classes. The following occur.

Nov.    8 Natalie in her U.S. Savings Bonds and receives $520, which she in her personal bank account.

  8 Natalie opens a bank for Cookie Creations Inc.

  8 Natalie purchases $500 of Creations? common stock.

11   Cookie Creations paper other office for $95. (Use Supplies.)

14   Cookie pays $125 to purchase baking, such as flour, sugar, and chocolate chips. (Use Supplies.)

15   Natalie starts to gather some equipment to take with when teaching the cookie classes. She has an excellent top-of-the-line food and mixer that originally cost $550. Natalie decides to start using it only her new business. She estimates the equipment is currently worth $300, and she transfers equipment into the business in for additional common stock.

16   The company needs more cash to sustain its operations. Natalie?s grandmother lends the company $2,000 cash, in exchange for a two-year, 9% note payable. Interest and the principal are repayable at maturity.

17   Cookie Creations pays $900 for additional baking equipment.

18   Natalie schedules her first class for November 29. She will receive $100 on the date of the class.

25   Natalie books a second class for December 5 for $150. She receives a $60 cash down payment, in advance.

29   Natalie teaches her first class, booked on November 18, and collects the $100 cash.

30   Natalie?s brother develops a website for Cookie Creations Inc. that the company will use for advertising. He charges the company $600 for his work, payable at the end of December. (Because the website is expected to have a useful life of two years before upgrades are needed, it should be treated as an asset called Website.)

30   Cookie Creations pays $1,200 for a one-year insurance policy.

30   Natalie teaches a group of elementary school students how to make Santa Claus cookies. At the end of the class, Natalie leaves an invoice for $300 with the school principal. The principal says that he will pass it along to the business office and it will be paid some time in December.

30   Natalie receives a $50 for use of her cell phone. She uses the cell phone exclusively for Cookie Creations Inc.. The invoice is for services provided November, and payment is due on December 15.

Instructions

(b)  Post the journal to the general ledger accounts.

Continuing Cookie Chronicle

(Note: This is a continuation of the Chronicle from Chapters 1 through 3.)

CCC4 Cookie Creations is gearing up for the holiday season. During the month of December 2014, the following transactions occur.

Dec.    1           Natalie hires an assistant an hourly wage of $8 to help with cookie and some administrative duties.

  5 Natalie teaches the class that was on November 25. The balance outstanding is received.

  8 Cookie Creations a check for the amount due from the school for the class given on November 30.

 9   Cookie Creations receives $750 in advance from the local school board for five classes that the company will give during December and January.

15   Pays the cell phone invoice outstanding at November 30.

16   Issues a check to Natalie?s brother for the amount owed for the design of the website.

19   Receives a deposit of $60 on a cookie class scheduled for early January.

23   Additional revenue during the month for cookie-making classes amounts to $4,000. (Natalie has not had time to account for each class individually.) $3,000 in cash has been collected and $1,000 is still outstanding. (This is in addition to the December 5 and December 9 transactions.)

23   Additional baking supplies purchased during the month for sugar, flour, and chocolate chips amount to $1,250 cash.

23   Issues a check to Natalie?s assistant for $800. Her assistant worked approximately 100 hours from the time in which she was hired until December 23.

28   Pays a dividend of $500 to the common shareholder (Natalie).

As of December 31, Cookie Creations? year-end, the following entry data are provided.

1.   A count that $45 of brochures and were used.

2.   Depreciation is recorded on the equipment purchased in November. The equipment has a useful of 5 years. Assume that 2 months? worth of depreciation is required.

3.   Amortization (which is similar to depreciation) is recorded on the website. (Credit the Website account directly for the amount of the amortization.) The website is amortized over a useful life of 2 years and was available for use on December 1.

4.   Interest on the note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) Round to nearest dollar.

5.   One month?s worth of insurance has expired.

6.   Natalie is unexpectedly telephoned on December 28 to give a cookie class at the neighborhood community center on December 31. In early January Cookie Creations sends an invoice for $450 to the community center.

7.   A count reveals that $1,025 of baking supplies were used.

8.   A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15.

9.   Because the cookie-making class occurred unexpectedly on December 31 and is for such a large group of children, Natalie?s assistant helps out. Her assistant worked 7 hours at a rate of $8 per hour.

10.  An analysis of the unearned revenue account reveals that two of the five classes paid for by the local school board on December 9 still have not been taught by the end of December. The $60 deposit received on December 19 for another class also remains unearned.

Instructions

Using the information that you have and the general ledger accounts that you prepared through Chapter 3, plus the new above, do the following.

                                           

(a)  Journalize the above transactions.

(b)  Post the transactions. (Use the general ledger accounts prepared in Chapter 3.)

(c)   Totals $8,160

(c)  Prepare a trial at December 31, 2014.

(d)  Prepare and post journal entries for the month of December.

(e)  Prepare an adjusted trial as of December 31, 2014.

(f )  Prepare an income and a retained statement for the 2-month period ending December 31, 2014, a classified balance sheet as of December 31, 2014.

(g)  Prepare and post closing entries as of December 31, 2014.

(h)  Prepare a post-closing trial balance.

(c)  Totals                         $8,160

(e)  Totals                         $8,804

(f)   Net income                 $3,211

(h)  Totals                         $6,065

Next Part

Continuing Cookie Chronicle

(Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 12.)

CCC13 The comparative sheet of Cookie & Coffee Inc. at October 31, 2018 for the years 2018 and 2017, and the income for the years ended October 31, and 2018, are presented below.

COOKIE & COFFEE CREATIONS INC.

Balance Sheet

October 31

Assets

2018

2017

Cash

$  22,324

$  5,550

Accounts receivable

3,250

2,710

Inventory

7,897

7,450

Prepaid expenses

5,800

6,050

Equipment

102,000

75,500

Accumulated depreciation

  (25,200)

  (9,100)

Total assets

$116,071

$88,160

Liabilities and Stockholders? Equity

Accounts payable

$    1,150

$  2,450

Income taxes payable

9,251

7,200

Dividends payable

27,000

27,000

Salaries and wages payable

7,250

1,280

Interest payable

188

0

Note payable?current portion

4,000

0

Note payable?long-term portion

6,000

0

Preferred stock, no par, $6 cumulative?

   3,000 and 2,800 shares issued,

   respectively

15,000

14,000

Common stock, $1 par?25,180

   shares issued

25,180

25,180

Additional paid in capital?treasury stock

250

250

Retained earnings

   20,802

  10,800

Total liabilities and stockholders? equity

$116,071

$88,160


COOKIE & COFFEE CREATIONS INC.

Income Statement

Year Ended October 31

2018

2017

Sales

$485,625

$462,500

Cost of goods sold

   222,694

   208,125

Gross profit

   262,931

  254,375

Operating expenses

   Salaries and wages expense

147,979

146,350

   Depreciation expense

17,600

9,100

   Other operating expenses

48,186

42,925

     Total operating expenses

  213,765

  198,375

Income from operations

    49,166

    56,000

Other expenses

   Interest expense

413

0

   Loss on disposal of plant assets

2,500

0

     Total other expenses

2,913

0

Income before income tax

46,253

56,000

Income tax expense

     9,251

    14,000

Net income

$  37,002

$  42,000


Additional information:

Natalie and Curtis are thinking about borrowing an additional $20,000 to buy more kitchen equipment. The loan would be repaid over a 4-year period. The terms of the loan provide for equal semi-annual payments of $2,500 on May 1 and November 1 of each year, plus interest of 5% on the outstanding balance.

Instructions

(a)  Calculate the following ratios for 2017 and 2018.

1.    Current ratio

2.    Debt to total assets

3.    Gross profit rate

4.    Profit margin

5.    Return on assets (Total assets at November 1, 2016, were $33,180.)

6.    Return on common stockholders? equity (Total common stockholders? equity at November 1, 2016, was $23,180. Dividends on preferred stock were $16,800 in 2017 and $18,000 in 2018).

(b)  Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2017 as a base year.


Final Project Instructions and Templates

 

Name: ___________________________________

 

Final Project

 

Due by Day 7 of Week 6

 


 

This project is worth _20_ points

 


 

MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.

 

It is recommended that you complete the non-graded requirements for additional practice

 

All of the templates you need for the project are located in this Workbook.

 

The instructions and data for the problem is in your Textbook (the "Continuing Cookie Chronicle" at the end of the chapter).

 

Use the arrow buttons (lower left corner of the window) to navigate through the tabs.

 

Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project

 


 

Requirements

 

Week One

 

Chapter 1 and 2 "Continuing Cookie Chronicle" - Review the problem and make notes of your answers.

 

Week Two

 

Chapter 3, Part A, prepare journal entries to record the November transactions

 

Chapter 3, Part B, post the journal entries to the general ledger accounts

 

Chapter 3, Part C, prepare a trial balance at November 30, 2014

 

Week Three

 

Chapter 4, Part A, journalize the transactions

 

Chapter 4, Part B, post the December transactions to the general ledger accounts

 

Chapter 4, Part C, prepare a trial balance at December 31, 2014

 

Chapter 4, Part D, prepare and post adjusting journal entries for December

 

Chapter 4, Part E, prepare adjusted trial balance at December 31, 2014

 

Chapter 4, Part F, prepare an income statement, retained earning statement and balance sheet

 

Chapter 4, Part G, prepare and post closing entires as of December 31, 2014

 

Chapter 4, Part H, prepare a post-closing trial balance

 

Week Six

 

Chapter 13 - Part A, prepare a horizontal and vertical analysis

 

Chapter 13 - Part B, Calculate several financial ratios as indicated

 


 

Sheet in Workbook

 


 

Chapter 1 & 2 Notes

 


 

(PRACTICE)

 


 

Journal Entries

 

General Ledger

 

Trial Balance

 


 

(PRACTICE)

 

(PRACTICE)

 

(PRACTICE)

 


 

Journal Entries

 

General Ledger

 

Trial Balance

 

Adjusting Entries

 

Adjusted Trial Balance

 

Financial Statements

 

Closing Entries

 

Post Closing TB

 


 

(GRADED)

 

(GRADED)

 

(GRADED)

 

(GRADED)

 

(GRADED)

 

(GRADED)

 

(GRADED)

 

(GRADED)

 


 

Horiz. & Vert. Analysis

 

Financial Ratios

 


 

(GRADED)

 

(GRADED)

 


 

Make any notes from Chapters 1 or 2 here.

 

NOTE: These notes will NOT be included in your grade for the project. They are for your own reference.

 


 

Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle.

 

NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions").

 


 

a) Prepare journal entries to record the November transactions

 


 

Date

 


 

General Journal

 

Description(Account Name)

 


 

Debit

 


 

Credit

 


 

This sheet will be used for Part B of Chapter 3.

 

NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions")

 

b) Post the journal entries to the following general ledger accounts and compute the account balances

 


 

Cash

 


 

Equipment

 


 

Accounts Receivable

 


 

Website

 


 

Accounts Payable

 


 

Supplies

 


 

Unearned Service Revenue

 


 

Prepaid Insurance

 


 

Notes Payable

 


 

Common Stock

 


 

Servcice Revenue

 


 

Utilities Expense

 


 

Part C (Chapter 3)

 

c) Prepare a trial balance for November 30, 2014

 

NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions")

 

Cookie Creations, Inc.

 

Trial Balance

 

November 30, 2014

 


 

Debit

 


 

Total

 


 

Credit

 


 

0

 


 

0

 


 

*Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calculations and entries.

 


 

Use the following template for the journal entries from Chapter 4: Continuing Cookie Chronicle.

 

a) Prepare journal entries to record the December transactions.

 

NOTE: This sheet WILL be graded when you submit your assignment.

 


 

Date

 


 

General Journal

 

Description (Account Name)

 


 

Debit

 


 

Credit

 


 

This sheet will be used for Part B of Chapter 3.

 

REQUIREMENT #2:

 

Post the journal entries to the following general ledger accounts and compute the account balances.

 

NOTE: This sheet WILL be graded when you submit your assignment.

 

Cash

 


 

Dividends

 


 

Unearned Service Revenue

 


 

Retained Earnings

 


 

Accounts Receivable

 


 

Income Summary

 


 

Supplies Expense

 


 

Amortization Expense

 


 

Service Revenue

 


 

Supplies

 


 

Utilities Expense

 


 

Prepaid Insurance

 


 

Salaries & Wages Expense

 


 

Equipment

 


 

Accumulated Depreciation Equipment

 


 

Website

 


 

Insurance Expense

 


 

Interest Expense

 


 

Accounts Payable

 


 

Depreciation Expense

 


 

Interest Payable

 


 

Notes Payable

 


 

Common Stock

 


 

Salaries & Wages Payable

 


 

Part C (Chapter 4)

 

NOTE: This sheet WILL be graded when you submit your assignment.

 

c) Prepare a trial balance for December 31, 2014.

 


 

Cookie Creations, Inc.

 

Trial Balance

 

December 31, 2014

 


 

Debit

 


 

Total

 


 

Credit

 


 

0

 


 

0

 


 

*Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calculations and entries.

 


 

Chapter 4, Part D: Prepare and post adjusting entries for December.

 

NOTE: This part WILL be graded when you submit your assignment to the instructor.

 


 

Date

 


 

General Journal

 

Description (Account Name)

 

Debit

 


 

Credit

 


 

Chapter 4, Part E: Prepare an adjusted trial balance.

 

Note: This part WILL be graded when you submit your assignment to the instructor.

 


 

Cookie Creations Inc

 

Adjusted Trial Balance

 

December 31, 2014

 


 

0

 


 

0

 


 

*Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calculations and entries.

 


 

Chapter 4, Part F: Prepare financial statement.

 

Note: This part WILL be graded when you submit your assignment to the instructor.

 

You will only be preparing the income statement, statement of retained earning and the balance sheet.

 


 

Cookie Creations, Inc.

 

Income Statement

 

For the Month Ending December 31, 2014

 

Revenues:

 


 

Cookie Creations

 

Statement of Retained Earnings

 

For the Month Ending December 31, 2014

 

Retained Earnings, December 1

 

Add: Net Income

 

Subtotal

 

Less: Dividends

 

Retained Earnings, December 31

 


 

Operating Expenses:

 


 

Cookie Creations

 

Balance Sheet

 

December 31, 2014

 

Current Assets

 


 

Total Current Assets

 

Property, Plant & Equipment

 


 

0

 


 

Intangible Assets

 

Total Operating Expenses

 

Net Income

 


 

0

 

$

 


 

-

 


 

Total Assets

 


 

0

 


 

Liabilities & Stockholder's Equity

 


 

Total Current Liabilities

 

Long- Term Liabilities

 


 

0

 


 

Total Liabilities

 

Stockholder's Equity

 


 

0

 


 

Total Stockholder's Equity

 

Total Liabilities & Stockholder's Equity

 


 

0

 

-

 


 

*Remember, assets and liabilities MUST be the same amount. If they are different, then there is an error somewhere. Double-check your calculations and entries.

 


 

$

 


 

Chapter 4 - Part G: Prepare closing entries.

 

Note: This part WILL be graded when you submit your assignment to the instructor.

 

Hint: Use the balances for each account which appear on the adjusted trial balance for your closing entries.

 


 

Date

 


 

General Journal

 

Description (Account Name)

 


 

Debit

 


 

Credit

 


 

Chapter 4 - Part H: Prepare post-closing trial balance.

 

Note: This part WILL be graded when you submit your assignment to the instructor.

 


 

Cookie Creations, Inc.

 

Post-Closing Trial Balance

 

December 31, 2014

 


 

Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis

 

Note: This part WILL be graded when you submit your assignment to the instructor

 


 

Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2013 as a base year (which is a continuation of the Co

 

Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 1

 


 

COOKIE & COFFEE CREATIONS INC.

 

Income Statement

 

For the Year Ended October 31

 


 

Sales

 

Cost of goods sold

 

Gross profit

 

Operating expenses

 

Salaries & wages expense

 

Depreciation expense

 

Other operating expenses

 

Total operating expenses

 

Income from operations

 

Other expenses

 

Interest expense

 

Loss on sale of computer

 

equipment

 

Total other expenses

 

Income before income tax

 

Income tax expense

 

Net income

 


 

2014

 

$485,625

 

222,694

 

262,931

 


 

2013

 

$462,500

 

208,125

 

254,375

 


 

147,979

 

17,600

 

48,186

 

213,765

 

49,166

 


 

146,350

 

9,100

 

42,925

 

198,375

 

56,000

 


 

413

 


 

0

 


 

2,500

 

2,913

 

46,253

 

9,251

 

$37,002

 


 

Horizontal

 

Difference Analysis

 


 

0

 

0

 

56,000

 

14,000

 

$42,000

 


 

Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2014 and 2013

 

COOKIE & COFFEE CREATIONS INC.

 

Income Statement

 

For the Year Ended October 31

 

Vertical

 

2014

 

Analysis

 

$485,625

 

222,694

 

262,931

 


 

Sales

 

Cost of goods sold

 

Gross profit

 

Operating expenses

 

Salaries & wages expense

 

Depreciation expense

 

Other operating expenses

 

Total operating expenses

 

Income from operations

 

Other expenses

 

Interest expense

 

Loss on sale of computer

 

equipment

 

Total other expenses

 

Income before income tax

 

Income tax expense

 

Net income

 


 

2013

 

$462,500

 

208,125

 

254,375

 


 

147,979

 

17,600

 

48,186

 

213,765

 

49,166

 


 

146,350

 

9,100

 

42,925

 

198,375

 

56,000

 


 

413

 


 

0

 


 

2,250

 

2,663

 

46,253

 

9,251

 

$37,002

 


 

0

 

0

 

56,000

 

14,000

 

$42,000

 


 

Vertical

 

Analysis

 


 

e Continuing Cookie Chronicle)

 

r 13 (week 6) for assistance in completing this tab.

 


 

Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the information from the financial statements below.

 


 

Note: This part WILL be graded when you submit your assignment to the instructor

 

Note: Do not use the information presented on the Textbook website, it is different from what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completi

 

Instructions: Using the financial statements below, compute the following ratios for 2014 only: Current Ratio, Debt

 

to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder's Equity.

 

Enter your computations in the yellow boxes following the format in the example.

 

COOKIE & COFFEE CREATIONS INC.

 

Income Statement

 

For the Year Ended October 31

 


 

EXAMPLE:

 

Name of Ratio

 

Ratio

 

2014

 

$485,625

 

222,694

 

262,931

 


 

Sales

 

Cost of goods sold

 

Gross profit

 

Operating expenses

 

Salaries & wages expense

 

Depreciation expense

 

Other operating expenses

 

Total operating expenses

 

Income from operations

 

Other expenses

 

Interest expense

 

Loss on sale of computer

 

equipment

 

Total other expenses

 

Income before income tax

 

Income tax expense

 

Net income

 


 

147,979

 

17,600

 

48,186

 

213,765

 

49,166

 


 

2013

 

$462,500

 

208,125

 

254,375

 

146,350

 

9,100

 

42,925

 

198,375

 

56,000

 


 

413

 


 

0

 


 

2,500

 

2,913

 

46,253

 

9,251

 

$37,002

 


 

0

 

0

 

56,000

 

14,000

 

$42,000

 


 

COOKIE & COFFEE CREATIONS INC.

 

Balance Sheet

 

October 31, 2012

 

Assets

 

Cash

 

Accounts Receivable

 

Inventory

 

Prepaid Expenses

 

Equipment

 

Accumulated depreciation

 

Total assets

 

Liabilities and Stockholders' Equity

 

Accounts Payable

 

Income taxes payable

 

Salaries payable

 

Interest payable

 

Note payable - current portion

 

Note payable - long-term portion

 

Preferred stock, no par, $6 cumulative - 3,000 and 2,800

 

shares issued, respectively

 

Common stock, $1 par - 25,180 shares issued

 

Additional paid-in capital - treasury stock

 

Retained earnings

 

Total liabilities and stockholders' equity

 


 

=

 


 

Your Answers (2014):

 

Current

 

Ratio

 


 

=

 


 

=

 


 

Debt to

 

Total Assets

 


 

=

 


 

=

 


 

Gross Profit

 

Rate

 


 

=

 


 

=

 


 

Profit

 

Margin

 


 

=

 


 

=

 


 

Return on

 

Assets

 


 

=

 


 

=

 


 

Return on common

 

Stockholder's Equity

 


 

=

 


 

=

 


 

1,234

 

1,234

 


 

=

 


 

NOTE: Dividends on preferred stock were $18,000 in 2014

 


 

$

 


 

2014

 

2013

 

22,324 $

 

5,550

 

3,250

 

2,710

 

7,897

 

7,450

 

5,800

 

6,050

 

102,000

 

75,500

 

(25,200)

 

(9,100)

 

116,071 $ 88,160

 


 

$

 


 

9,251

 

27,000

 

7,250

 

188

 

4,000

 

6,000

 

15,000

 

25,180

 

250

 

20,802

 

116,071 $

 


 

$

 


 

7,200

 

27,000

 

1,280

 

0

 

0

 

0

 

14,000

 

25,180

 

250

 

10,800

 

88,160

 


 

1.00

 


 

ting this tab.

 


 

Final Project Grading Rubric - 20 points total (20% of overall course grade)

 

Criteria

 

Parts:

 


 

Excellent

 

90% to 100%

 


 

Good

 

70% to 89%

 


 

Part A & B - Journal

 

Entries (4pts)

 


 

Journal Entries use accurate

 

accounts and amounts; and

 

debits and credits are used

 

correctly.

 


 

Chapter 4

 


 

Part C - Unadjusted

 

Trial Balance. (1pt)

 


 

Posting is correct leading to Posting is mostly correct

 

an accurate trial balance.

 

leading to a mostly correct

 

trial balance.

 


 

Posting has several errors

 

Posting is done poorly or not at all,

 

leading to a trial balance with leading to inaccurate or no trial

 

several errors.

 

balance.

 


 

Chapter 4

 


 

Part D - Adjusting

 

Journal Entries (2pts)

 


 

Journal Entries use accurate

 

accounts and amounts; and

 

debits and credits are used

 

correctly.

 


 

Journal Entries have some

 

errors in use of accounts and

 

amounts; and debits and

 

credits are only somewhat

 

used correctly.

 


 

Chapter 4

 


 

Part E - Posted Adjusted Posting is correct leading to Posting is mostly correct

 

Trial Balance. (2pts)

 

an accurate trial balance.

 

leading to a mostly correct

 

trial balance.

 


 

Posting has several errors

 

Posting is done poorly or not at all,

 

leading to a trial balance with leading to inaccurate or no trial

 

several errors.

 

balance.

 


 

Chapter 4

 


 

Part F - Financial

 

Statements (4pts)

 


 

Two of three Financial

 

Statements are prepared

 

accurately and mostly in an

 

appropriate format, one

 

statement has some errors.

 


 

One of three Financial

 

One or fewer of three Financial

 

Statements are prepared

 

Statements are prepared accurately

 

accurately and mostly in an and mostly in an appropriate format,

 

appropriate format, two

 

three or all statements have some

 

statements have some errors. errors.

 


 

Chapter 4

 


 

Part G - Closing Journal Journal Entries use accurate

 

Entries (2pts)

 

accounts and amounts; and

 

debits and credits are used

 

correctly.

 


 

Journal Entries mostly use

 

accurate accounts and

 

amounts; and debits and

 

credits are used correctly.

 


 

Journal Entries have some

 

errors in use of accounts and

 

amounts; and debits and

 

credits are only somewhat

 

used correctly.

 


 

Chapter 4

 


 

Part H- Posted and

 

Post-closingTrial

 

Balance. (1pt)

 


 

Chapter 13 Horizontal & Vertical

 

Analysis (2pts)

 


 

Journal Entries mostly use

 

accurate accounts and

 

amounts; and debits and

 

credits are used correctly.

 


 

Posting is correct leading to Posting is mostly correct

 

an accurate trial balance.

 

leading to a mostly correct

 

trial balance.

 

Horizontal and Vertical

 

analysis is 90% to 100%

 

correct

 


 

Journal Entries have some

 

errors in use of accounts and

 

amounts; and debits and

 

credits are only somewhat

 

used

 


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