accounting project

accounting project. accounting project.

ALREADY FINISHED PART 1 AND 2 (HAS FILES WITH ANSWERS). NEED HELP ON PART 3 AND 4
PROJECT INFORMATION
Maya Davis is a landscape designer. She has training in botany and the artistic aspects of designing flower, vegetable, and mixed-use gardens. She has decided to form her own company, Davis Designs. She has hired you as the accountant.
PART 1: TRANSACTIONS AND LEDGERS
Record the following transactions as journal entries in the journal. Post the transactions to the ledger accounts. Find the month end balance for each ledger account.
11/1/2020: Maya Davis forms Davis Designs company by contributing $28,000 cash and $12,000 worth of computer and design software equipment in exchange for Common Stock.
11/1/2020: Davis Designs signs a lease with a lessor for some business office space. The company pays $2,700 for the first 3 months rent.
11/2/2020: Davis Designs buys $540 of supplies for drawing / sketching / printing, etc.
11/2/2020: Davis Designs pays $900 for a 12-month insurance contract covering the company’s legal liability and office asset insurance coverage.
11/3/2020: Davis Designs receives $3,500 from the customer Sketcher Logistics for a design sketch and a plant list that Davis Designs drew up and delivered the same day.
11/6/2020: Davis Designs bills its customer BRX Corporation $1,800 for a sketch performed and submitted that day. The payment terms offered to BRX Corporation are 2/10, Net/45.
11/10/2020: Davis Designs borrows $50,000 from their bank, in order to have money to pay for things. The note payable is for 180 days, at 4% interest, and will be paid back with the interest at the maturity date.
11/15/2020: Davis Designs purchases, on account, a large copy/print machine from Office Worx for $2,600. The payment terms for Davis Designs are 2/10, Net 30.
11/16/2020: Davis Designs bills its customer Epicenter Construction $1,700 for a design and plant list drawn and delivered that day. The payment terms offered to Epicenter Construction are 2/10, Net 45.
11/19/2020: Davis Designs pays $1,460 to Make It Market advertising agency for a website design, business cards, and some other advertising items.
11/21/2020: Davis Designs bills its customer, Hanover Engineering, $2,800 for a design drawn and delivered that day. The terms offered to Hanover Engineering are 2/10, Net 30.
11/29/2020: Davis Designs receives the full payment from BRX Corporation.
11/30/2020: Davis Designs receives and records the bill for the bundled utility services (electric, phone, and internet) for the office; the bill is $380. Davis Designs will pay it next month.
11/30/2020: Davis Designs pays Maya Davis $3,000 in dividend distributions. As of yet, Davis Designs does not have any employees. (You did advise Maya that she needs to be “employed” as an employee of the company, and start receiving a regular paycheck because the IRS always frowns upon privately-owned companies that do not have regular payroll and payroll taxes…. She said she will think about this.)
11/30/2020: You bill Davis Designs for your services, $450. You are not an employee, but instead a business that bills clients by the hour.
PART 2: TRANSACTIONS AND LEDGERS – DECEMBER 2020
Record the transactions below in the journal; post the entries to the ledgers; find the 12/31/2020 ending balances for each account.
12/1/2020: Davis Design receives $2,900 from its customer, Bradley Earl Inc., for work that Davis Designs will perform on December 19th.
12/2/2020: Davis Designs pays the bundled utility bill.
12/3/2020: Davis receives payment from its customer, Epicenter Construction.
12/4/2020: Purchased $630 of office supplies on account, terms 2/10, net 30.
12/10/2020: Invoiced the customer Belt and Boots LLC $650 for a design drawn and delivered that day, terms 2/10, net 30.
12/11/2020: Paid for the office supplies purchased on the 4th of December.
12/12/2020: Invoiced the customer Greer Inc. $1,045 for a design drawn and delivered that day, receiving payment immediately.
12/14/2020: Took a prospective client to lunch, $68.
12/15/2020: Davis Designs pays your accounting invoice.
12/15/2020: Received payment from Hanover Engineering.
12/21/2020: Paid for the copier that was bought on 11/15/2020.
12/30/2020: Received and recorded the bundled utility bill for December, $416.
12/31/2020: Davis Designs pays Maya Davis a salary of $5,000 for the month of December. The federal income withholding tax withheld from Maya’s paycheck was $860. FICA-OASDI is 12.4%, of which half is withheld from Maya’s pay, and the other half is paid by the Employer. Also, FICA-Medicare is 2.9%, and the same rule applies: half comes from Maya’s paycheck and half paid by Davis Designs. FUTA is .6% (decimal form, .006). Ignore SUTA. The payment to the IRS for the payroll taxes will be made 1/20/2021.
PART 3: UNADJUSTED TRIAL BALANCE, ADJUSTING ENTRIES, ADJUSTED TRIAL BALANCE
Prepare the Unadjusted Trial Balance. Make the Adjusting Entries and update ledger accounts. Prepare the Adjusted Trial Balance.
Davis Designs will use the “Percentage of Credit Sales” estimation method for estimating the uncollectible customer accounts. The percentage Davis thinks is appropriate is 2%.
Depreciation: the company will depreciate assets straight-line for 6 years, with NO residual (ie, salvage or trade-in) value. Remember to take into consideration the timing of when the assets were received and adjust for part-year, and part-month. Round to the nearest whole dollar.
Took a count of office supplies; the office supplies on hand at 12/31 were $160.
Look at the Unadjusted trial balance. What other accounts need to be adjusted?
PART 4: FINANCIAL STATEMENTS, CLOSING ENTRIES, POST-CLOSING TRIAL BALANCE
From the Adjusted Trial Balance in Part 3 of this project, prepare the Financial Statements (Multi-step Income Statement, Statement of Retained Earnings, Classified Balance Sheet, Statement of Cash Flows, indirect method). Next, prepare the closing journal entries. Finally, update the Ledgers and prepare the Post-Closing Trial Balance.
Everything that you need for this final part of the project is in chapter 3, and see also chapter 12 for the Statement of Cash Flows.
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Accounting project

Required #1
Using Be Prepared, Inc.’s adjusted trial balance and prior period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2020 (see page 180/181 in your textbook for guidance). Check figure: $1,312 net income.
Statement of Retained Earnings for the month of January 2020 (see page 479/480 in your textbook for guidance). Note: There are no prior period adjustments and all dividends declared are cash dividends in the amount of $31,060.
Comparative Balance Sheet for the months of December 2019 and January 2020 (See page 617/618 in your textbook for guidance). Check figure: Total liabilities $1,013,378 (2020).
Common–Size Comparative Balance Sheet for the months of December 2019 and January 2020 (See page 619 in your textbook for guidance).
Required #2
Use the Income Statement and Comparative Balance Sheet you prepared in Required #1 and the following additional information to prepare the Statement of Cash Flows (Indirect Method) for the month of January 2020 (see page 581 for an example).
Check figure: net cash provided by operating activities $55,050.
Issued 10,000 new shares of common stock in exchange for a piece of land. The stock was selling on the market at an average price of $10 per share on the date of sale and the par value of the stock was 50 cents.
Purchased land with a cost $250,000. A down payment was made in the amount of $50,000 cash and a 10% 5-year note payable was signed for the difference.
Purchased additional store equipment for $50,000 paying cash.
The $10,000 notes receivable was related to the sale of merchandise inventory to a credit customer this period. Hint: The increase in notes receivable should be reported as an addition to the operating activities section of the statement of cash flows.
Issued bonds with a face amount of $800,000 at 97. Hint: The amortization of the bond discount in the amount of $100 should be reported as an addition to the operating activities section.
Used the cash proceeds from the bond issue to pay off the mortgage payable of $200,000.
The company repurchased 20,000 shares of its common stock on the open market for $9 per share.
The company reissued 9,125 of the treasury shares at a price of $20 per share.
Issued 1,500 shares of preferred stock at $105 per share.
Paid cash dividends of $31,060 to preferred and common stockholders.
Required #3
Prepare the following Ratios
for January 2020 and include formula and calculation:
1. Current Ratio
2. Acid-Test Ratio
3. Working Capital
4. Days’ sales in inventory
5. Day’s sales uncollected
6. Debt Ratio
7. Equity Ratio
8. Debt-to-equity
9. Profit Margin Ratio
10. Gross Margin Ratio
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Assigment acct 321

accounting project Accounting Assignment Help all answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
The Assignment must be submitted in (WORD format only).
Use 2 to 4 References and write it on the last page by APA style.
I want new words, No plagiarism “Please make it 0% percentage”.
Requirements: Mentioned in the file
Requirements: when I need to customize the answer length to your needs
[supanova_question]

Accounting Question

all answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
The Assignment must be submitted in (WORD format only).
Use 2 to 4 References and write it on the last page by APA style.
I want new words, No plagiarism “Please make it 0% percentage”.
Requirements: Mentioned in the file
Requirements: when I need to customize the answer length to your needs
[supanova_question]

accounting project

accounting project