Description
Goal:
To familiarize students with the
various elements of the accounting cycle and to use EXCEL in accounting work.
General
Information:
Big Bend Enterprises owns
Toscana Hotel and Big Bear BBQ Restaurant.
The Controller of Big Bend has to leave work abruptly due to a family
emergency and has asked you and a co-worker to finish out some work for both
properties so the month end procedures will be complete. She has started setting tabs on the EXCEL
workbook but did not get to finish the process.
So, she would like your assistance.
Required:
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1.
Set up Page 2 of the General Journal on Sheet 1 of the EXCEL
workbook using the following column headings and set up the column width
accordingly.
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DATE |
ACCOUNT |
REF |
DEBIT |
CREDIT |
2. Using the information
from your completed worksheet, enter the closing entries for Toscana on p.2 of
the general journal
3. Set up and
complete the post-closing trial balance on Sheet 4 of the EXCEL workbook.
For Big Bear BBQ, please use
the information given to prepare the Section for Cash Flow from Operating
activities only. Use Sheet 5 of the
EXCEL workbook to type in the answer; and use formulas to do all the
calculations.
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Additional Information:
1.
Equipment costing $20,000 and fully depreciated (to 0) was
sold for $5,000.
2.
Long-term investments costing $10,000 were sold for $12,000.
3.
Common stock was sold and long-term debt was borrowed during
2012. There were no noncash financing or
investing activities during 2012.
4.
Income before gain on the sale of equipment for 2012 totaled
$15,000. The firm’s average tax rate is
15%.
5.
Assume all current liabilities are paid on a timely basis.
6.
Assume all long-term debt is reclassified as a current
liability on December 31 of the year prior to its payment.
7.
Assume the change in retained earnings is due only to
dividends declared and net income from operations. Dividends declared during 2012
totaled $10,000
To receive full credit:
1.
Set up the EXCEL workbook as described in the previous
pages, i.e.:
a. Sheet 1 –
Worksheet for Toscana
b. Sheet 2 – Closing
Entries for Toscana
c. Sheet 3 – Post
Closing Trial Balance for Toscana
d. Sheet 4 – Cash
Flow Statement: Operating Activities for Big Bear
2.
Use formulas in the worksheet – DO NOT simply type in the
numbers.
3.
Submit the workbook via Blackboard at the designated times.
Extra
Credit: Complete the entire statement of
cash flow. (10 Points)
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