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Discussion I
Computers have drastically changed the practice of accounting in the past few decades. In the past,
accountants performed calculations by hand, or perhaps with the help of adding machines. They
entered data into spreadsheets by hand; if they made errors in the entries, they would have to erase the
mistakes with chemicals that dissolved the ink, or they would have to enter the data again from the
beginning. These examples suggest that much of the work accountants did in the past was tedious and
time consuming.
The above paragraph still needs revision. Give your suggestion (rewrite the paragraph).
Past Accounting Procedures
Benefits of Accounting on Computers
Hand calculations/adding machines
Spreadsheets by hand
Excel with formulas to add adding
No ink to spill, easier corrections with
backspace/delete button
Easier communication, faster sending speed
Saves to computers not tons of bulky filing
cabinets
Quick and efficient
File sending
Easy storage
Time consuming, tedious
2. Identify and correct any misspelled words in the following list. Look up any words you are unsure
of.
Incorrect Words
Its (the possessive
pronoun)
receive
occurred
separate
accrual
benefitted
existence
principle (the rule)
Corrections
It’s
received
occurred
separate
accrual
benefited
existence
principle
Incorrect Words
cost (plural)
Corrections
costs
mislead (past tense)
advise (the noun)
effect (the noun)
their
intrest
trail balance
misled
advice
effect
their
interest
Trial balance
3. GRAPHIC ILLUSTRATIONS- Using the information below select a graphic illustration – such as tables,
graphs, or etc to show a comparison of the two years. .
Transaction Comparison
December 31, 2013
50%
A
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
50%
50%
(p) 70,560 (o) 62,640
(m) 5,520 (l) 496,800
(h) 76,800 (f) 6,960
(d) 336,000 (b)
112,320
B
C
D
E
BEETS INDUSTRIES, INC.
Spreadsheet (Work Sheet) for Statement of Cash Flows
For the Year Ended December 31, 2013
Balance
Transactions
Balance
Dec. 31, 2012
Debit
Credit
Dec. 31, 2013
Cash
309,360
(p)
70,560
379,920
Accounts receivable (net)
507,600
(o)
62,640
570,240
Inventories
876,480
(n)
115,440
761,040
Prepaid expenses
21,600
(m)
5,520
27,120
Land
259,200
259,200
Buildings
972,000
(l)
496,800
1,468,800
Accum. depr.—buildings
(355,320)
(k)
44,280
(399,600)
Machinery and equipment
669,600
669,600
Accum. depr.—machinery and
equipment
(164,160)
(j)
19,440
(183,600)
Patents
103,680
(i)
12,000
91,680
Accounts payable
(794,640)
(h)
76,800
(717,840)
Dividends payable
(21,600)
(g)
6,480
(28,080)
6,480
Salaries payable
(74,640)
(f)
6,960
(67,680)
Mortgage note payable
0
(e)
192,000
(192,000)
Bonds payable
(336,000)
(d) 336,000
0
Common stock, $2 par
(43,200)
(c)
56,000
(99,200)
Paid-in capital in excess of
par—common stock
(108,000)
(c)
280,000
(388,000)
Retained earnings
(1,821,960) (b) 112,320 (a)
441,960 (2,151,600)
Totals
0
1,167,600
1,167,600
0