Instructions

AC2760
Week 4 Assignment
Wizard Services Co. offers security services to business clients.
To Do:
1. Complete the following end of period spreadsheet (work sheet) for Wizard Services Co.
Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.
2. Prepare the following:
a. an income statement for July
b. a retained earnings statement for July
c. a balance sheet as of July 31.

Week4 Worksheet

Name:
Section (if applicable):
Enter the appropriate amount or item in the shaded cells.
An asterisk (*) will appear next to an incorrect entry in the outlined cells.
Please use the drop-down list (right of the cell) to enter the account description box on the worksheet in part 2a-2c.
1. WIZARD SERVICES CO. 2. a WIZARD SERVICES CO.
End-of-Period Spreadsheet (Work Sheet) Income Statement July 31, 2012
For the Year Ended July 31, 2012 For the Month Ended July 31, 2012
Account Title Adjusted Trial Balance Income Statement Balance Sheet Rent Revenue
Dr. Cr. Dr. Cr. Dr. Cr. Service Revenue
Cash 26,750 Total revenues
Accounts Receivable 11,900 Expenses: Depreciation Expense - Building
Supplies 3,900 Depreciation Expense - Equipment
Prepaid Insurance 3,700 Insurance Expense
Land 50,000 Miscellaneous Expense
Building 57,500 Rent Expense
Accum. Depr. - Building 24,800 Supplies Expense
Equipment 32,000 Utilities Expense
Accum. Depr. - Equip. 11,100 Wages Expense
Accounts Payable 3,350
Wages Payable 100 Total expenses
Unearned Rent 700 Net income
Capital Stock 30,000
Retained Earnings 95,350 b.
Dividends 2,000 WIZARD SERVICES CO.
Service Revenue 36,000 Retained Earnings Statement
Rent Revenue 2,000
Wages Expense 5,100
Rent Expense 2,500 Retained earnings, July 1, 2012 Decrease in retained earnings
Utilities Expense 1,650 Increase in retained earnings
Supplies Expense 1,500 Less dividends
Depreciation Expense - Building 1,400 Net Income for July
Insurance Expense 1,100 Retained earnings, capital, July 31, 2012
Depreciation Expense - Equipment 900
Miscellaneous Expense 1,500 c.
Totals 203,400 203,400 WIZARD SERVICES CO.
Net income (loss) Balance Sheet
0
Peggy Hussey: Enter the new total for the debits. (It should be equal to the new total for the credits.)		 0
Peggy Hussey: Enter the new total for the credits. (It should be equal to the new total for the debits.)		 0
Peggy Hussey: Enter the new total for the debits. (It should be equal to the new total for the credits.)		 0
Peggy Hussey: Enter the new total for the credits. (It should be equal to the new total for the debits.)
Assets Liabilities
Current Assets: Current Liabilities: Accounts Receivable Accounts Payable
Cash Unearned Rent

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.		 Prepaid Insurance Wages Payable

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.		 Supplies

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Craig Pence: List the current asset accounts in the same order as they are shown in the table from part 1.		 Total Liabilities
Total current assets
Property, plant, and equipment: Building Capital Stock

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.		 Stockholders' Equity Equipment Retained Earnings

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.		 Land

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.		 Less Accum. Deprec. - Building

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Peggy Hussey: List the expenses in order of size, largest to smallest. Enter these amounts as positive values.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Peggy Hussey: List the property, plant, and equipment in the same order as they are shown in the table from part 1.		 Total stockholders' equity Less Accum. Deprec. - Equipment

UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
mmoreland: Hint: This amount can be found on one of the financial statements.
Total property, plant, and equipment
Total assets
Peggy Hussey: This amount should be equal to total liabilities shareholder's equity		 Total liabilities and stockholders' equity
Peggy Hussey: This amount should be equal to total assets.
Peggy Hussey: Enter the period of time covered by this statement.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Peggy Hussey: List the expenses in order of size, largest to smallest. Enter these amounts as positive values.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Peggy Hussey: Enter the period of time covered by this statement.
Peggy Hussey: Enter the sum of the debits.
Peggy Hussey: Enter the difference between the income statement total debits and total credits.
Peggy Hussey: Enter the sum of the credits .
Peggy Hussey: Enter the new total for the debits. (It should be equal to the new total for the credits.)
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Peggy Hussey: Enter the sum of the debits.
Peggy Hussey: Enter the new total for the credits. (It should be equal to the new total for the debits.)
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Craig Pence: Enter the item that increases retained earnings on this line.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Peggy Hussey: Enter the sum of the credits.
Peggy Hussey: Enter the new total for the debits. (It should be equal to the new total for the credits.)
Peggy Hussey: Enter the difference between the balance sheet total debits and total credits.
Peggy Hussey: Enter the new total for the credits. (It should be equal to the new total for the debits.)
Peggy Hussey: Enter the period of time covered by this statement.
UMA Computer: UMA Computer: Use the drop-down menu to enter an account description.
Previous Next

Get help from top-rated tutors in any subject.

Efficiently complete your homework and academic assignments by getting help from the experts at homeworkarchive.com