Contabilidad Financiera
Manual Fase 1:
Financial Accouting
1
Financial Accounting
Manual
2
Index
The accounting process
Actividad 2.2 Practice 1 …………….
3
Evidencia 2
Practice 2 ………….......
7
Evidencia 2
Practice 3 ………………
17
Evidencia 2
Practice 4 ……………….
26
Financial statements
Actividad 3.1 Practice 1………………
35
Actividad 3.2 Practice 2 ………………
37
Evidencia 3
Practice 3………………...
39
Evidencia 3
Practice 4……………….
42
Evidencia 3
Practice 5……………….
45
Financial Ratios
Actividad 4.1 Practice 1………………
48
Actividad 4.2 Practice 2 ………………
51
Evidencia 4
Practice 3………………...
53
Evidencia 4
Practice 4……………….
54
3
Evidencia 4
Practice 5……………….
Final Project
PIA Final Project
…………..………
55
54
Actividad 2.2
Práctica contable de IVA
I. For the following practices, prepare:
⬧
⬧
Journal entries
Plus VAT
Practice 1. The following are MX Company´s beginning balances in May 2021:
Assets
Cash
Banks
Merchandise Inventory
Computer Equipment
$
Liabilities and Owners´ equity
Accounts payable
$
300,000
Paid-in Capital
458,000
20,000
200,000
438,000
100,000
$ 758,000
$ 758,000
Transactions of MX Company in May 2021:
1. May 1st – MX Company sold merchandise for $290,000, plus VAT, and the customer
guaranteed the payment with a note, including a 10% interest. The cost of goods sold
was $93,000.
2. May 3rd – Purchase of equipment for $40,000, plus VAT,50% was paid with a check
and the rest on account.
3. May 4th – Purchase of merchandise for $100,000, plus VAT, 50% was paid with
checks and for the rest the company issued a note, including a 10% interest.
4. May 5th – Sale of merchandise in cash for $480,000, plus VAT. The cost of this
merchandise was the 30% of the sale.
5. May 5th – From the previous sale, the company paid with a check for shipping costs
a total of $20,000, plus VAT.
6. May 6th – Sale of merchandise on credit for $300,400, plus VAT. The cost of goods
sold was $100,000.
7. May 8th - The company purchased merchandise for inventory on credit. The total was
$40,000, plus VAT.
4
8. May 8th – From the previous purchase, the
company paid in cash shipping costs for $2,000 plus VAT.
th
9. May 10 – The company made a deposit in its bank account for $400,000.
10. May 12th – From the purchase on May 8th, we returned merchandise for $4,200.
11. May 18th –The company purchased merchandise for inventory for $200,000, plus
VAT, and paid with a check. The supplier gave a discount of 10%
12. May 22nd – The company sold merchandise on credit for $30,890, plus VAT and gave
a 10% discount. The cost of this merchandise was $10,293.
13. May 31st - The general expenses accrued in the month were: In the administrative
department $197,000, plus VAT and in the sales department $200,800, plus VAT.
14. May 31st - Depreciation of fixed assets in the month: $3,000.
15. May 31st - Income taxes accrued 30%
5
Entry
no.
Date
Account title and Description
6
Debit
Credit
Evidencia 2
Reporte de prácticas contables del análisis de operaciones, bajo el método
de inventarios perpetuos.
I. For the following practices 2,3,4, prepare:
⬧
⬧
⬧
⬧
Journal entries
Plus VAT
T Accounts
Trial Balance
7
Practice 2. The following are the beginning balances of
Leading Technology Company in March 2021:
Assets
Cash
Banks
Merchandise Inventory
Computer Equipment
$
Liabilities and Owners´ equity
Accounts payable
$
260,000
Sundry Creditors
80,000
Paid-in Capital
214,000
4,000
100,000
370,000
80,000
$ 554,000
$ 554,000
Events in the month:
1. March 3rd - Leading Technology Company sold merchandise on credit for
$122,100, plus VAT. The cost of this merchandise was $40,000.
2. March 4th – The company purchased furniture on credit for $2,000, plus VAT.
3. March 5th – Purchase of merchandise on account for $15,000, plus VAT.
4. March 6th – Purchase of equipment for $20,000, plus VAT, paid with a check.
5. March 7th – From the purchase of merchandise on March 5th the company returned
$3,000.
6. March 10th – The company sold merchandise in cash for $300,000, plus VAT. The
cost was the 35% of the sale.
7. March 11th – From the previous sale, the customer returned merchandise for
$10,000 and our company paid the refund with a check. The cost of goods sold was
the 35% of the sale.
8. March 11th – From the previous sale, the company paid shipping costs with a check
for $15,000, plus VAT.
9. March 15th – The company sold merchandise for $100,000, plus VAT; the customer
guaranteed the payment with a note. The cost of this merchandise was $30,500.
10. March 18th – Sale of merchandise for $100,170, plus VAT. The customer promised
to pay with a note, including a 10% interest. The cost of this merchandise was
$30,380.
11. March 20th – Salaries accrued in the month: For the administrative personnel
$180,000 and for the sales manager $40,000.
12. March 22nd – Administrative expenses accrued $20,000, plus VAT.
13. March 25th – The company made a deposit in its bank account for $295,000.
14. March 27th – The company sold merchandise in cash for $20,000, plus VAT and
gave a 10% discount. The cost of goods sold was $5,000.
15. March 28th – The company purchased merchandise for $208,000, plus VAT and
paid 50% with a check and for the rest we issued a note, including a 10% interest.
16. March 28th – The company purchased merchandise for $50,000, plus VAT. We
guaranteed the payment with a note.
17. March 29th – Purchase of merchandise for $30,000, plus VAT, paid with a check.
18. March 30th – Purchase of a computer for $20,000, plus VAT. The payment was
made with a check.
8
19.
March 31st – Depreciation of
fixed assets in the month: $1,500.
st
20. March 31 – Income taxes accrued 30%
9
General Journal
10
Entry
no.
Date
Account title and Description
11
Debit
Credit
Entry
no.
Date
Account title and Description
12
Debit
Credit
Entry
no.
Date
Account title and Description
13
Debit
Credit
Entry
no.
Date
Account title and Description
14
Debit
Credit
T accounts
15
16
17
Trial Balance
Account activity
Debit
Credit
Account title
18
Ending balances
Debit
Credit
Equal amounts
General Manager
Accountant
Practice 3. X Mart Company has the following beginning balances in November
2021:
Assets
Cash
Banks
Merchandise Inventory
Equipment
Computer Equipment
$
20,830
220,687
400,200
200,000
40,000
Liabilities and Owners´ equity
Accounts payable
$ 220,000
Notes payable
100,000
Paid-in Capital
561,717
$ 881,717
$ 881,717
Events in the month:
1. November 1st – X Mart Company purchased merchandise on credit for $10,000,
plus VAT.
2. November 2nd – From the previous purchase, we returned merchandise for $1,000.
3. November 3rd – The company purchased merchandise for $8,000, plus VAT which
was paid with a check. This merchandise had a 10% discount.
4. November 5th – Sale of merchandise for $246,000, plus VAT which was guaranteed
with a note, including a 10% interest. The cost of the merchandise was $98,400.
5. November 6th – The company sold merchandise in cash for $400,000, plus VAT and
gave a 10% discount. The cost of the merchandise was $100,800.
6. November 7th – Sale of merchandise in cash for $220,000, plus VAT. The cost of
goods sold was the 30% of the sale.
19
7. November 10th – Deposit in the bank
account for $550,000.
th
8. November 13 – From the sale on November 7th, the customer returned
merchandise for $40,000. The refund was paid with a check. The cost of this
merchandise was the 30% of the sale.
9. November 18th – The company purchased merchandise for $500,000, plus VAT and
paid the 50% with a check and the rest on account.
10. November 21st – From the sale on November 7th, the company paid shipping costs
with a check, for a total of $10,000, plus VAT.
11. November 23rd – Purchase of equipment for $10,000, plus VAT and furniture for
$20,000 plus VAT, both purchases were on credit.
12. November 24th – Expenses of the administrative department accrued in the month:
$30,000, plus VAT.
13. November 25th – Salaried accrued for the sales personnel: $100,000.
14. November 30th – Depreciation expense in the month: $1,500.
15. November 30th – Income tax expense accrued 30%
General Journal
20
Entry
no.
Date
Account title and Description
21
Debit
Credit
Entry
no.
Date
Account title and Description
22
Debit
Credit
Entry
no.
Date
Account title and Description
23
Debit
Credit
Entry
no.
Date
Account title and Description
24
Debit
Credit
T accounts
25
26
27
Trial Balance
Account activity
Debit
Credit
Account title
28
Ending balances
Debit
Credit
Equal amounts
General Manager
Accountant
Practice 4. ABC Electronics Company has the following beginning balances in
September 2021:
Assets
Cash
Banks
Merchandise Inventory
Equipment
Computer Equipment
$
6,000
500,000
90,000
100,000
120,000
Liabilities and Owners´ equity
Accounts payable
$ 80,000
Notes payable
10,000
Sundry Creditors
110,000
Paid-in Capital
616,000
$816,000
$ 816,000
Events in the month:
1. September 1st. Purchase of merchandise on credit for $200,000, plus VAT.
2. September 2nd. The company sold merchandise for $300,000, plus VAT; 50% of the
sale was made on credit and the rest in cash. The cost of goods sold was the 30% of
the sale.
3. September 3rd. From the previous sale, the customer returned merchandise for
$10,000. The company paid the refund with a check. The cost of the products was
the 30% of the sale.
4. September 6th. From the purchase of merchandise on September 1st, we returned
$20,000 to the supplier.
5. September 10th. The company purchased merchandise inventory for $220,000, plus
VAT; 60% was paid with a check and 40% was guaranteed with a note.
29
6. September 12th. From the sale on
September 2nd, we paid shipping costs with a check for $15,000,
plus VAT.
7. September 15th. The company sold merchandise for $390,000, plus VAT. The
customer guaranteed the payment with a note, including a 10% interest. The cost of
goods sold was $120,000.
8. September 20th. The company purchased new equipment for $60,000, plus VAT and
computer equipment for $40,000. Both purchases were made on account (credit)
9. September 25th. We made a deposit in our bank account for $135,000.
10. September 28th. The total of expenses accrued for the electricity and telephone bill
in the administrative department was $40,000, plus VAT, and the total of salaries
accrued in the sales department was $73,800.
11. September 30th. Depreciation of fixed assets in the month: $2,600.
12. September 30th. Income taxes accrued 30%
General Journal
30
Entry
no.
Date
Account title and Description
31
Debit
Credit
Entry
no.
Date
Account title and Description
32
Debit
Credit
Entry
no.
Date
Account title and Description
33
Debit
Credit
Entry
no.
Date
Account title and Description
34
Debit
Credit
T accounts
35
36
37
Trial Balance
Account activity
Debit
Credit
Account title
38
Ending balances
Debit
Credit
Equal amounts
General Manager
Accountant
Actividad 3.1
Ejercicio práctico de Balance general
With Trial balance prepare Balance sheet
39
Account
Cash
Banks
Accounts receivable
Notes receivable
Merchandise Inventory
Equipment
Computer equipment
Furniture
Office Supplies Inventory
Prepaid Rent
Accounts payable
Sundry creditors
Notes payable
Expenses payable
Salaries payable
Interest payable
Long-term debt
Paid-in Capital
Cost of goods sold
Administrative expenses
Selling expenses
Interest expense
Sales revenue
Interest income
Accumulated depreciation
Equal amounts
Garry Company
Trial balance
For the month of March 2021
Account Activity
Debit
Credit
$247,420
$201,000
1,200,000
151,200
377,220
322,300
605,400
310,008
50,000
30,400
18,000
1,000
80,000
20,000
3,000
192,600
38,000
131,000
27,000
143,400
50,000
500,000
780,000
306,388
4,200
131,000
60,400
61,000
20,000
914,020
29,300
21,800
$3,513,528
$3,513,528
40
Ending balances
Debit
Credit
$46,420
1,048,800
377,220
322,300
295,392
50,000
30,400
18,000
1,000
60,000
$189,600
38,000
131,000
27,000
143,400
50,000
500,000
780,000
302,188
131,000
60,400
61,000
894,020
29,300
21,800
$2,804,120
$2,804,120
41
General Manager
Accountant
Actividad 3.2
Ejercicio práctico de Estado de resultado
With trial balance prepare Income Satement
Account
Cash
Banks
Accounts receivable
Notes receivable
Merchandise Inventory
Equipment
Computer equipment
Furniture
Office Supplies Inventory
Prepaid Rent
Accounts payable
Sundry creditors
Notes payable
Expenses payable
Salaries payable
Interest payable
Long-term debt
Paid-in Capital
Cost of goods sold
Administrative expenses
Selling expenses
Interest expense
Sales revenue
Interest income
Accumulated depreciation
Equal amounts
Garry Company
Trial balance
For the month of March 2021
Account Activity
Debit
Credit
$247,420
$201,000
1,200,000
151,200
377,220
322,300
605,400
310,008
50,000
30,400
18,000
1,000
80,000
20,000
3,000
192,600
38,000
131,000
27,000
143,400
50,000
500,000
780,000
306,388
4,200
131,000
60,400
61,000
20,000
914,020
29,300
21,800
$3,513,528
$3,513,528
42
Ending balances
Debit
Credit
$46,420
1,048,800
377,220
322,300
295,392
50,000
30,400
18,000
1,000
60,000
$189,600
38,000
131,000
27,000
143,400
50,000
500,000
780,000
302,188
131,000
60,400
61,000
894,020
29,300
21,800
$2,804,120
$2,804,120
Income Statement
General Manager
Accountant
43
Evidencia 3
Reporte de Estados financieros: Balance General y Estado de Resultados
I. With the Trial Balance 1,2,3, prepare practice 3, 4, 5.
⬧
⬧
Income Statement
Balance Sheet
Practice 3
1. Trial Balance
Account
Cash
Banks
Accounts receivable
Notes receivable
Merchandise Inventory
Equipment
Computer Equipment
Accounts payable
Notes payable
Sundry creditors
Expenses payable
Paid-in Capital
Cost of goods sold
Administrative expenses
Selling expenses
Interest expense
Sales revenue
Interest income
Accumulated depreciation
Equal amounts
MX Company
Trial balance
For the month of May 2021
Account Activity
Debit
Credit
$500,000
$402,000
600,000
270,000
328,201
319,000
780,000
371,493
40,000
100,000
4,200
340,000
55,000
20,000
397,800
458,000
347,293
200,000
220,800
5,000
3,089
1,101,290
29,000
3,000
$3,447,583
$3,447,583
44
Ending balances
Debit
Credit
$98,000
330,000
328,201
319,000
408,507
40,000
100,000
335,800
55,000
20,000
397,800
458,000
347,293
200,000
220,800
5,000
1,098,201
29,000
3,000
$2,396,801
$2,396,801
Income Statement
General Manager
Accountant
45
46
General Manager
Accountant
Evidencia 3
Practice 4
2. Trial Balance
Prepare
⬧
⬧
Income Statement
Balance Sheet
Account
Cash
Banks
Accounts receivable
Notes receivable
Merchandise Inventory
Equipment
Computer Equipment
Accounts payable
Notes payable
Sundry creditors
Expenses payable
Salaries payable
Paid-in Capital
Cost of goods sold
Administrative expenses
Selling expenses
Sales revenue
Interest income
Accumulated depreciation
Equal amounts
ABC Electronics Company
Trial balance
For the month of September 2021
Account Activity
Ending balances
Debit
Credit
Debit
Credit
$156,000
$135,000
$21,000
635,000
157,000
478,000
150,000
150,000
429,000
429,000
513,000
230,000
283,000
160,000
160,000
160,000
160,000
20,000
280,000
260,000
98,000
98,000
210,000
210,000
40,000
40,000
73,800
73,800
616,000
616,000
210,000
3,000
207,000
42,600
42,600
88,800
88,800
10,000
690,000
680,000
39,000
39,000
2,600
2,600
$2,574,400
$2,574,400
$2,019,400
$2,019,400
47
Income Statement
General Manager
Accountant
48
49
General Manager
Accountant
Evidencia 3
Practice 5
3. Trial Balance
Prepare
⬧
⬧
Income Statement
Balance Sheet
Account
Cash
Banks
Accounts Receivable
Merchandise Inventory
Notes Receivable
Equipment
Computer Equipment
Furniture
Accounts Payable
Notes Payable
Salaries Payable
Sundry Creditors
Expenses Payable
Paid-in Capital
Cost of goods sold
Administrative expenses
Selling expenses
Interest Expense
Sales Revenue
Interest Income
Accumulated depreciation
Equal amounts
Leading Technology Company
Trial balance
For the month of March 2021
Account Activity
Debit
Credit
$322,000
$295,000
395,000
199,000
122,100
676,500
213,880
210,187
20,000
100,000
2,000
3,000
275,000
164,400
220,000
82,000
20,000
214,000
210,880
3,500
201,500
55,000
10,400
12,000
642,270
10,017
1,500
$2,340,567
$2,340,567
50
Ending balances
Debit
Credit
$27,000
196,000
122,100
462,620
210,187
20,000
100,000
2,000
$272,000
164,400
220,000
82,000
20,000
214,000
207,380
201,500
55,000
10,400
630,270
10,017
1,500
$1,614,187
$1,614,187
Income Statement
General Manager
Accountant
51
52
General Manager
Accountant
Actividad 4.1
Reporte práctico de razones financieras
Practice 1
Calculate the financial ratios of profitability, liquidity and leverage for ABQ Company;
Financial ratios required:
⬧
⬧
⬧
⬧
⬧
⬧
⬧
Return on Investment
Return on Equity
Working Capital
Current Ratio
Acid-test Ratio
Debt Ratio
Debt/Equity Ratio
53
ABQ Company
Comparative Balance Sheets
At April 30th. and March 31st. 2021
April 30th.
March 31st.
Assets
Current Assets
Cash
Accounts receivable
Notes receivable
Merchandise Inventory
Total of current assets
Fixed Assets
Equipment
Furniture
Computer equipment
Less: Accumulated depreciation
Total of fixed assets
Deferred charges
Office supplies
Prepaid Rent
Total of deferred charges
Total of Assets
Liabilities
Current Liabilities
Accounts payable
Bank loan
Salaries payable
Expenses payable
Interest payable
Taxes payable
Total of current liabilities
Long-term debt
Total of Liabilities
Owners´equity
Common stock
Retained Earnings
Total of Owners´equity
Total of Liabilities plus Owners´equity
$
$
20,000
100,800
40,000
300,000
460,800
$
16,000
120,000
30,000
200,000
366,000
$
80,000
20,000
90,000
80,000
110,000 $
60,000
30,000
84,000
74,000
100,000
$
$
$
$
3,200
226,000
229,200
800,000
$
$
$
$
2,000
200,000
202,000
668,000
$
20,000
100,000
26,000
3,000
2,000
23,000
174,000
300,000
474,000
$
4,000
80,000
96,000
2,000
10,000
26,000
218,000
200,000
418,000
236,000
90,000
326,000
800,000
$
$
$
$
$
$
$
Manager´s signature
$
$
$
$
$
$
180,000
70,000
250,000
668,000
Accountant´s signature
Income Statement Information
Net Income
$
54
200,000
55
4.2 Práctica de análisis de razones
Practice 2
Hartford, Inc.
Comparative Balance Sheets
At December 31st, 2021 and 2020
2021
2020
Assets
Current Assets
Cash
Accounts receivable
Merchandise Inventory
Total of current assets
Fixed Assets
Land
Buildings
Equipment
Less: Accumulated depreciation
Total of fixed assets
Total of Assets
Liabilities
Current Liabilities
Accounts payable
Bank loan
Notes payable
Total of current liabilities
Long-term debt
Total of Liabilities
Owners´equity
Common stock
Retained Earnings
Total of Owners´equity
Total of Liabilities plus Owners´equity
$
$
$
$
$
$
$
$
$
$
$
$
53,000
50,000
56,000
159,000
$
88,000
73,000
49,000
$ 210,000
40,000 $ 40,000
200,000
140,000
60,000
22,000
168,000
123,000
132,000 $ 79,000
291,000 $ 289,000
23,000
32,000
48,000
103,000
85,000
188,000
$
40,000
63,000
103,000
291,000
$
Manager´s signature
29,000
27,000
36,000
$ 92,000
$ 110,000
$ 202,000
30,000
57,000
$ 87,000
$ 289,000
Accountant´s signature
Income statement information
Net Income
$
56
9,000
Evidencia 4
Evidencia 4 Reporte escrito de razones financieras
Practice 3,4,5
With Comparative Balance Sheet
Calculate the financial ratios of profitability, liquidity and leverage for Hoeman, Inc; Millco,
Inc; Harris, Inc.
Write down the formula, calculation and answer for each ratio.
Financial ratios required:
⬧
⬧
⬧
⬧
⬧
⬧
⬧
Return on Investment
Return on Equity
Working Capital
Current Ratio
Acid-test Ratio
Debt Ratio
Debt/Equity Ratio
57
Practice 3
Hoeman, Inc.
Comparative Balance Sheets
At December 31st, 2014 and 2021
2021
2020
Assets
Current Assets
Cash
Accounts receivable
Merchandise Inventory
Total of current assets
Fixed Assets
Land
Buildings
Less: Accumulated depreciation
Total of fixed assets
Total of Assets
Liabilities
Current Liabilities
Accounts payable
Notes payable
Total of current liabilities
Long-term debt
Total of Liabilities
Owners´equity
Common stock
Retained Earnings
Total of Owners´equity
Total of Liabilities plus Owners´equity
$
$
$
$
$
$
$
$
$
$
$
$
52,000
124,000
156,000
332,000
$
46,000
134,000
176,000
$ 356,000
140,000 $ 140,000
415,000
290,000
120,000
105,000
435,000 $ 325,000
767,000 $ 681,000
167,000
155,000
322,000
192,000
514,000
$ 197,000
124,000
$ 321,000
$ 139,000
$ 460,000
50,000
203,000
253,000
767,000
$
Manager´s signature
45,000
176,000
$ 221,000
$ 681,000
Accountant´s signature
Income statement information
Net Income
$
58
94,000
Practice 4
59
Millco, Inc.
Comparative Balance Sheets
At February 28th and January 31st. 2021
February 28th January 31st.
Assets
Current Assets
Cash
Accounts receivable
Notes receivable
Merchandise Inventory
Total of current assets
Fixed Assets
Machinery
Less: Accumulated depreciation
Total of fixed assets
Deferred charges
Office supplies
Prepaid Rent
Total of deferred charges
Total of Assets
Liabilities
Current Liabilities
Accounts payable
Short-term debt
Salaries payable
Expenses payable
Interest payable
Taxes payable
Total of current liabilities
Long-term debt
Total of Liabilities
Owners´equity
Common stock
Retained Earnings:
Beginning balance
Net Income for the month
Dividends
Ending balance
Total of Owners´equity
Total of Liabilities plus Owners´equity
$
$
42,000
64,000
30,000
81,000
217,000
$
37,000
53,000
32,000
98,000
220,000
$
166,000
24,000
142,000
$
152,000
21,000
131,000
$
$
$
$
1,000
20,000
21,000
380,000
$
$
$
$
800
10,000
10,800
361,800
$
$
$
$
$
37,000
44,000
21,000
38,000
4,000
9,000
153,000
33,000
186,000
$
$
$
41,000
44,000
26,000
40,000
8,000
5,200
164,200
46,000
210,200
$
104,000
$
87,600
$
$
$
64,000
36,000
10,000
90,000
194,000
380,000
$
$
$
43,000
29,000
8,000
64,000
151,600
361,800
Manager´s signature
$
Accountant´s signature
Income statement information
Net Income
$
60
36,000
Practice 5
Harris, Inc.
Comparative Balance Sheet
At December 31st, 2021 and 2020
2021
2020
Assets
Current Assets
Cash
Accounts receivable
Merchandise Inventory
Total of current assets
Fixed Assets
Land
Buildings
Less: Accumulated depreciation
Total of fixed assets
Total of Assets
Liabilities
Current Liabilities
Accounts payable
Short-term debt
Notes payable
Total of current liabilities
Long-term debt
Total of Liabilities
Owners´equity
Common stock
Retained Earnings
Total of Owners´equity
Total of Liabilities plus Owners´equity
$
$
$
$
$
$
$
$
$
$
$
$
6,000
67,000
46,000
119,000
$
27,000
208,000
101,000
134,000
253,000
$
61,000
12,000
24,000
97,000
65,000
162,000
$
28,000
63,000
91,000
253,000
$
Manager´s signature
15,000
61,000
76,000
$ 152,000
34,000
118,000
72,000
$ 80,000
$ 232,000
58,000
16,000
33,000
$ 107,000
$ 50,000
$ 157,000
20,000
55,000
$ 75,000
$ 232,000
Accountant´s signature
Income statement information
Net Income
$
61
13,000
Accounting
Final Project
62
FINAL PROJECT
Requirement
Value
Some of the transactions have missing amounts. Write down an amount of
1
your choice for each of them, based on the list that will be provided by the
-
professor.
2
Write down the journal entries for each of the 58 transactions.
5 points
3
Prepare the T Accounts for each of the accounts used in the journal entries.
3 points
4
Prepare the Trial Balance for April 2021.
3 points
5
Prepare the Income Statement for the month.
3 points
6
Prepare a Balance Sheet at April 30th 2021.
3 points
7
Calculate the following financial ratios: Return on Investment, Return on
3 points
Equity, Working Capital, Current Ratio, Acid-test Ratio, Debt Ratio and
Debt/Equity Ratio
8
Write down, in 1 page, your interpretation of the financial ratios and a
3 points
report of the financial situation of the company.
Prepare Word, Pdf of Word, Excel
5 points
9
Prepare Presentation Power Point
10
2 points
63
Total
30 points
Information to fill in the spaces in the list of transactions for a Merchandising
Company:
64
Transaction number
Range of amounts
1
$30,800 - $40,800
$30,000 - $40,000
2
$85,000 - $90,000
3
$40,000 - $42,100
5
$200,000 - $215,000
6
$350,000 - $380,000
7
$38,000 - $40,000
9
$450,000 - $480,000
10
$28,000 - $30,000
12
$295,000 - $300,000
22
$430,000 – 450,000
34
$800 - $1,000
40
$930,000 – $950,000
50
$200,000 - $210,000
53
Merchandising
$300,000 - $320,000
54
Company
Name of the Company: _____________________________________________
65
Beginning balances in April 2021:
Assets
Cash
Banks
Merchandise Inventory
Equipment
$
50,000
300,000
800,000
200,000
$ 1,350,000
Liabilities and Owners´ equity
Accounts payable
$
500,000
Paid-in Capital
850,000
$ 1,350,000
1. April 1st – The company sold merchandise in cash for $__________, plus VAT. The
cost was $10,000.
2. April 2nd - The company purchased new equipment for $__________; plus VAT, the
payment was made with a check.
3. April 2nd - The company purchased merchandise for $__________, plus VAT, and
paid with a check.
4. April 2nd. From the previous purchase, the company paid for shipping costs with a
check a total of $5,000, plus VAT.
5. April 3rd - The company bought 2 new computers for a total of $__________, plus
VAT, the payment was made with a check.
6. April 3rd – Sale of merchandise in cash for a total of $__________, plus VAT
The cost of the products was $60,000.
7. April 4th – Sale of merchandise on credit for a total of $__________, plus VAT. The
cost was $180,000.
8. April 5th - The company purchase8d new furniture on credit for $10,000, plus VAT.
9. April 6th - Purchase of merchandise for inventory on credit for a total of
$__________, plus VAT.
10. April 7th - The company sold merchandise on credit for a total of $__________, plus
VAT. The cost of the products was $210,000.
11. April 8th – From the sale on April 1st, the customer returned merchandise for $3,000.
The amount was refunded with a check. The cost of this merchandise was $900.
12. April 9th - The company purchased equipment on account and the total was
$__________, plus VAT.
13. April 10th - Purchase of office supplies for inventory, paid with a check. The total
was $3,500, plus VAT.
April 10th – Sale of merchandise in cash for $100,000, plus VAT. The cost of goods sold
was $30,000.
14. April 11th - Purchase of equipment for a total of $10,000, the payment was made with
a check, plus VAT.
15. April 12th – The company made a deposit in its bank account for $200,000.
66
16.
April 13th - The company
purchased merchandise for inventory for a total of $51,340 plus
VAT, and paid with checks.
17. April 13th - Sale of merchandise for a total of $388,000, plus VAT. The sale was
made 50% in cash and 50% on account =credit. Cost of goods sold $160,000.
18. April 14th - Sale of merchandise in cash for a total of $300,500, plus VAT. The cost
of this merchandise was $100,000.
19. April 14th - Sale of merchandise on credit for a total of $200,350, plus VAT. Cost of
goods sold $100,800.
20. April 15th – The company sold products in cash for $100,610, plus VAT, and gave a
10% discount. The cost of those products was $30,600.
21. April 16th - Purchase of merchandise for $__________, 50% was paid in cash and
50% of the purchase was on account =credit, plus VAT.
22. April 16th - Administrative expenses accrued in the month (Electricity and water):
$90,000, plus VAT.
23. April 16th - The company must pay the wages of 4 employees who work in the
administrative department. The total is $120,000. Salaries
24. April 16th – The total amount of wages accrued of the sales department is $40,000.
Salaries
25. April 16th – Total amount of commissions that must be paid to sales personnel:
$100,000. Salaries
26. April 17th – The company purchased merchandise for $20,200 and paid with a check,
plus VAT. The supplier gave a 10% discount.
27. April 17th - Payment in advance of the rent of a warehouse for $60,000 in cash, plus
VAT
28. April 17th – From the sale on April 10th, the customer returned merchandise for a total
of $20,000. The cost of this merchandise was $6,000.
29. April 17th – Purchase of merchandise for $40,000, plus VAT, guaranteed with notes.
30. April 17th – From the previous purchase, the company paid for shipping costs a total
of $2,600 plus VAT, in cash.
31. April 18th – The company made a deposit in its bank account for $400,000.
32. April 18th - The company lent $3,000 to an employee. loan
33. April 18th - Sale of merchandise for $__________. plus VAT. The customer
guaranteed the payment with notes. The cost of goods sold was$200,700.
34. April 19th – The company borrowed $40,000 from the bank and has to pay back in 8
months.
35. April 19th – Purchases of merchandise for inventory on credit for a total of $20,800.
plus VAT.
36. April 19th - The company sold merchandise for $234,000, plus VAT, and the customer
issued notes for this amount, including a 12% interest. The cost of the merchandise
was $95,800.
67
37.
April 20th – From the purchase on
credit yesterday, we returned merchandise for $3,500.
th
38. April 20 – Purchase of merchandise for $200,000, plus VAT. The 50% of this
amount was paid with a check and for the other 50% we issued a note, including a
10% interest.
39. April 20th - Telephone service expense accrued in the administrative department for
a total of $__________, plus VAT and in the sales department $2,000, plus VAT.
40. April 20th – Sale of merchandise for $88,000, 80% in cash and 20% on account, plus
VAT. The cost of goods sold was the 40% of the sale.
41. April 21st – Purchase of computer equipment for $40,300, plus VAT. which was paid
with a check.
42. April 21st – Purchase of furniture for $180,300, plus VAT. The payment was made
with a check.
43. April 21st – The company returned merchandise to the supplier for $20,000 and for
this amount we received a check.
44. April 22nd - The company borrowed $800,000 from a bank, which was deposited in
the company´s bank account. The debt matures in 2 years. Interest payable $80,000.
45. April 23rd – Equipment was purchased for $300,450; plus VAT, 50% was paid with
a check, and for the rest we issued a note.
46. April 24th – Equipment was purchased on credit for a total of $50,000, plus VAT.
47. April 24th – The company sold merchandise in cash for a total of $900,000, plus VAT.
The cost of this merchandise was the 30% of the sale.
48. April 24th – The company paid shipping costs from the previous sale. The amount
was $40,000 plus VAT, and was paid with a check.
49. April 25th – The company collected accounts receivable for $__________. This
amount was deposited in the company´s bank account.
50. April 25th – The company made a deposit in its bank account for $940,000.
51. April 26th – Purchase of equipment for $1,000,000 and furniture for $290,000; plus
VAT, the company paid with checks.
52. April 27th – Advertising expense for $__________ plus VAT, was paid with a check.
53. April 27th – From the sale on April 24th, the customer returned $__________; this
amount was refunded with a check.
54. April 28th – Purchases of merchandise for inventory for $700,000; plus VAT, 30%
was paid with a check and the rest on account. =credit
55. April 29th – Payment of accounts payable for $320,890; $120,890 in cash and the rest
with a check.
56. April 30th - Depreciation of fixed assets in the month: $133,596.
57. April 30th - Income taxes accrued 30%
General Journal
68
Entry
no.
Date
Account title and Description
69
Debit
Credit
Entry
no.
Date
Account title and Description
70
Debit
Credit
Entry
no.
Date
Account title and Description
71
Debit
Credit
Entry
no.
Date
Account title and Description
72
Debit
Credit
Entry
no.
Date
Account title and Description
73
Debit
Credit
Entry
no.
Date
Account title and Description
74
Debit
Credit
Entry
no.
Date
Account title and Description
75
Debit
Credit
Entry
no.
Date
Account title and Description
76
Debit
Credit
Entry
no.
Date
Account title and Description
77
Debit
Credit
Entry
no.
Date
Account title and Description
78
Debit
Credit
Entry
no.
Date
Account title and Description
79
Debit
Credit
Entry
no.
Date
Account title and Description
80
Debit
Credit
T accounts
81
82
83
84
85
86
87
88
89
90
91
Account title
Trial Balance
Account activity
92
Ending balances
Debit
Credit
Debit
Equal amounts
General Manager
Accountant
93
Credit
Income Statement
General Manager
Accountant
94
95
Financial Ratios
96
Financial Report of ________________________________
97
98