Excel Assignment #1
ACCT 60130 Summer 2014
Accounting Cycle
Transactions:
1. Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash
and $5,000 on account. The cost of the goods sold was $5,000.
2. Mike Company purchased $15,000 of inventory. All purchases were on account.
3. Mike Company paid salaries, including $1,000 for this month and $1,500 that was
payable from last month.
4. Mike Company purchased $500 of supplies. All of these purchases were on
account.
5. Mike Company collected $2,500 cash from customers who had been granted
credit. The entire amount collected relates to sales from last month.
6. Mike Company paid utilities of $500.
7. Mike Company paid $3,000 to its suppliers related to previous purchases on
account.
8. Mike Company paid $1,500 for this month’s rent.
9. Mike Company incurred depreciation expense for the month of $2,000
10. After counting its supplies on hand, Mike Company determined that they had
$1,000 in supplies on-hand as of the end of the month.
11. $1,000 of prepaid insurance expired.
12. Mike Company paid $300 of interest on its long-term debt.
13. Mike Company incurred $1,000 of salaries expense, but will pay this amount
next month.
14. Mike Company declared and paid $500 in dividends.
REQUIRED:
1. Prepare journal entries for all of the above transactions.
2. Post the journal entries to T-Accounts and summarize each T-account.
3. Prepare an Adjusted Trial Balance from the T-account balances.
4. Prepare the following financial statements in proper form:
a. Income Statement (Assume income taxes are zero).
b. Statement of Retained Earnings
c. Balance Sheet
5. Identify the following balances from you financial statements
a. Total Assets
b. Total Liabilities
c. Ending Retained Earning
d. Net Income
Beginning Balance Sheet:
Mike Company
Balance Sheet
As of the last day of the month
ASSETS
Current Assets
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Inventory
Total Current Assets
Property, Plant & Equipment
Land
Equipment
Accumulated Depreciation
Total Property, Plant & Equip
TOTAL ASSETS
LIABILITIES & STOCKHOLDERS
EQUITY
Current Liabilities
Accounts Payable
Salaries Payable
Total Current Liabilities
Long Term Debt
Stockholders’ Equity
Retained Earnings
Common Stock
Total Stockholders’ Equity
TOTAL LIAB & STOCK EQUITY
$ 12,000
$ 8,000
$ 10,000
$ 2,000
$ 30,000
$ 62,000
$ 68,000
$ 100,000
$ (30,000)
$ 138,000
$ 200,000
$
$
5,000
1,500
$ 6,500
$ 100,000
$ 38,500
$ 55,000
$ 93,500
$ 200,000
Excel Rules:
1. You must use the Excel Templates provided on the ACCT 60130
website (http://www.msb60130.ndacct.com). Note that each template is
individualized for each student with an ID code for each student. It
will be assumed an Honor Code VIOLATION if you use a template
with someone else’s ID Code.
2. You must use Microsoft EXCEL and not any other spreadsheet
program. Failure to use MS Excel will result in a zero grade.
Completed templates need to be saved as xls or xlsx files. Files that
were not uploaded in MS Excel and saved in the appropriate format
will receive a zero grade.
3. You must work individually on this assignment. Working with
another student is a violation of the Notre Dame Honor code and will
be enforced when discovered.
4. You must use links and formulas where ever possible. Failure to
exploit Excel will result in a zero grade.
5. You must sign your name to the honor code statement (the first sheet
of the Excel template). Failure to sign your name (by typing your
name) will result in a zero grade.
6. You must name your Excel file as: last name first name Excel 1.
Failure to name your file in this exact syntax will result in a zero
grade.
7. Completed templates will need to be uploaded to the ACCT 60130
dropbox BEFORE the date and time due.