Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 2R
The following information is for Bonnieʼs Buds, a nursery and floral shop, for the month ended May 31, 2012:
Open the file FMERCH from the website for this book at cengagebrain.com. Enter all formulas and titles where indicated on the worksheet. For example, FORMULA2 is =G29 and TITLE A is Sales Discount. When you are finished, make sure that your balance sheet balances. Enter your name in cell A1. Save your completed file as FMERCH2. Print the worksheet. Also print your formulas. Check figure: Total assets (cell G101), $545,880.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
For the transaction below, determine which QuickBooks Online task is the most appropriate to record it.
Select a task from the drop down list.
Apr. 4: Purchase office supplies from The Office Store, for cash, $900. Review the source documents before answering.
The most appropriate QuickBooks task is
You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).
Download the attached Excel file (First Q Profits Report W Goal Seek_Ver2.xlsx).
Instructions:
. There are 3 Worksheet Tabs in this Excel file; First Q, First Q Goal Seek, and Minivan Loan.
• The First Q (First Quarter) tab shows the first quarter revenue and expenses of the Downtown Internet Cafe. For this tab,
• Complete the Proportion column, cells G7 through G11 Each proportion value shows the % of the quarterly sale of that item over the entire sale.
Calculate the Net Income row, cells B24 through F24.
o Compute the Profit Margin row, Cells B25 through E25.
o Add Net Income Sparkline for January through March in Cell H24.
in For this tab
Chapter 4 Solutions
Excel Applications for Accounting Principles
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.arrow_forwardOpen the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.arrow_forwardInstructions 1. Download the Chart workbook from Google Classroom. 2. Insert a Line chart into our practice Word document. 3. Open our Chart workbook in Excel. Copy the data and paste it into the chart's spreadsheet.4. Change the chart title to Monthly Sales. 5. Change the chart type to Stacked Column.6. Double-click the axis title, then rename it Sale Profits.arrow_forward
- A CengageNOWv2 | Online teaching and learning resource from Cengage. eBook Revenue Recognition Principle Heartstrings Gift Shoppe sells an assortment of gifts for any occaslon. During October, Heartstrings started a Gift-of-the-Month program. Under the terms of this program, beginning in the month of the sale, Heartstrings would select and deliver a random gift each month, over the next 12 months, to the person the customer selects as a recipient. During October, Heartstrings sold 20 of these packages for a total of $10,956 in cash. Required: For the month of October, calculate the amount of revenue that Heartstrings will recognize. 10,956 X Feedback Check My Work Apply the revenue recognition principle, which states that revenue is recognized when earned and the collection of cash is reasonably assured. Previous Next Check My Work Suhmit Assignment for Grading Couo and Exitarrow_forwardSolve the problem with complete solution. 6. Your statement date is every 4th day of the month. You made a purchase on April 3. When is the statement statement date for the said purchase?arrow_forwardThe general ledger of Jay Consulting shows the following balances at July 31: Jay has asked you to develop a worksheet that will serve as a trial balance (file name PTB). Use the data provided as input for your model. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, 17,731. To test your model, use the following balances at August 31: Print the worksheet when done. Check figure: Total debits, 18,810. CHART (optional) Using the test data worksheet, prepare a pie chart showing the percentage of each asset to total assets. Print the chart when done.arrow_forward
- Fill up the table below with your bookkeeping skills. The first one is already done for you. Copy the table 2: Mae's Bookkeeper and answer on a separate sheet of paper. income than before! She needs your help to monitor the day-to-day transactions and record them to her books. Help Mae monitor and record the transactions for the week. Monday: Bought 20 dresses at P500.00 each in account. voday: Borrowed cash loan from the bank for P9.000.00, Paid half of the dresses bought in account yesterday, Monday. Wednesday: Sold 15 dresses for P750.00 each in cash. Thursday: Bought store supplies for P5,000.00 in account. Friday: Sold five dresses for P800.00 each in account. Paid the remaining balance of the dresses bought in account last Monday. Saturday: Paid in full the store supplies bought in account. Sunday: Collected cash for the five dresses sold in account. Debit Credit Description Inventory Account payable Date P10,000.00 P10,000.00 Mondayarrow_forward! Required information [The following information applies to the questions displayed below.] Start your QuickBooks Online company. Complete all the hands-on work, step-by-step activities presented on pages 53- 94, and Exercises 2-1, 2-2 and 2-3 on pages 94-96. To answer the questions below, use the information in QuickBooks from your Chapter 2 work. Required: 1. On the Chart of Accounts, why are the account type and detail type selections important? 2. To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account type, detail type, account number, and corresponding financial statement for each account. Complete this question by entering your answers in the tabs below. Required A Required B To explain the account and detail types, three accounts have been given in the table below. Select the appropriate answers for account number, and corresponding financial statement for each account. Account Accounts Payable…arrow_forwardPB&J Cafe has the following transactions that need to be recorded: On April 7, 2019, $250 for peanuts the cafe purchased from The Peanut Gallery to make its patented peanut butter On April 30, 2019 $375 For Rover's Sake paid for catering a corporate event How would Reha record these transactions in the general journals for these accounts? Why does she need to keep separate general journals for each account? Your answer should be at least 100 words.arrow_forward
- Solar Solutions began operations on January 1, 2015, and is now in its sixth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2020 appears below, along with prior year balance sheet data and some additional transaction data for 2020. SOLAR SOLUTIONS Adjusted Trial Balance 12/31/2020 2020 2019 Account Title Adjusted Trial Balance Post-Closing Trial Balance Debit Credit Debit Credit Cash $ 122,200 55,000 125,600 Accounts Receivable 35,000 Prepaid Insurance 5,000 6,000 |Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable-Long Term Common Stock, $10 par 46,000 15,600 63,000 47,000 59,000 21,000 21,000 16,000 11,200 16,800 2,600 2,700 2,000 4,000 31,000 22,100 240,000 160,000 Retained Earnings 28,600 28,600 Dividends 10,000 Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense 235,000 127,600 20,000 36,000 Insurance…arrow_forwardThe following information is for Bonnies Buds, a nursery and floral shop, for the month ended May 31, 2012: Click the Chart sheet tab on the FMERCH3 file. You will see a chart depicting the five-month trend in sales, gross profit, and net income. What favorable and unfavorable trends do you see in this month-to-month comparison? Comment on any unusual changes. When the assignment is complete, close the file without saving it again. Worksheet. Your boss would prefer to have the balance sheet shown before the income statement and the statement of retained earnings. Please make this change on the FMERCH3 file. Preview the printout to make sure that the worksheet will print neatly on two or three pages, and then print the worksheet. Save the completed file as FMERCHT. Chart. Using the FMERCH3 file, prepare a 3-D pie chart that shows the amount of each of the selling expenses in June. No Chart Data Table is needed. Select A57 to A62 as one range on the worksheet to be charted and then hold down the CTRL key and select E57 to E62 as the second range. Enter your name somewhere on the chart. Save the file again as FMERCH3. Select the chart and then print it out.arrow_forwardNew Store has the following information at August 31: attached in ss below thanks for help hwrphwtphtowh warrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License