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					Instructions for the Microsoft Excel Templates by Rex A Schildhouse

   Be advised, the template workbooks and worksheets are not protected.
                     Overtyping any data may remove it.
Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text.

You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be
printed on the top of each page if the template requires more than one page.

Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in
assembly of multiple pages.

If more than one page is required by the template, manual page breaks have been set to provide consistent
presentation.

All of the cells have been correctly formatted for presentation and should not require any adjustment. For
example, if the text requires one, two, or three significant digits in a presentation, the template has been set for
that presentation in the appropriate cells.

In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include
date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions.

And information or data which may be required by the solution will be entered in cells with borders to help identify them.

Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date
format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will
return January 01, 2012, in the format set in the template.

Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the
text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been
provided or previously entered.

Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This
is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts
appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title
without typing it.
Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable,
"A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these
abbreviates may not be acceptable.

Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical
value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is
appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits
(decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by
any password, you may change any of the formatting found in the templates to meet your desires.

Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical
value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the
template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal
sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula.
These are addressed in the tutorial text provided for Microsoft Excel.
Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical
value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the
template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal
sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula.
These are addressed in the tutorial text provided for Microsoft Excel.

Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. This may be a
memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials.
These titles can simply be typed over.

Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number
provided in the template and in the text for that step of the challenge. In general this will appear in instances such as "Record
the following events in General Journal number six."

The print area is defined to fit onto 8 1/2" × 11" sheets in portrait or landscape mode as required. Margins are generally set
to no less than 1/2" so most printers can print them without a problem. If you printer cannot accept margins less than 1" you
may have to reformat the margins through Page Setup.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by
utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes."

When negative values are required, enter them by starting with a minus sign, "-". Negative values may be shown as ($400) or
-$400. Negative values in formulas can be created by putting a minus sign in front of the cell reference - "=E10*-E11" will
return a negative value if both cells E10 and E11 contain positive values.

                         Microsoft Office and Microsoft Excel are products of, and copyrighted by,
                       Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399
Name:                                             Date:
Instructor:                                       Course:
                           th
Intermediate Accounting, 14 Edition by Kieso, Weygandt, and Warfield
Primer on Using Excel in Accounting by Rex A Schildhouse

E8-2 (Inventoriable Costs) In your audit of Garza Company, you find that a physical inventory on
December 31, 2012, showed merchandise with a cost of           $441,000 was on hand at that date.
You also discover the following items were all excluded from the              $441,000
1. Merchandise of                  $61,000     which is held by Garza on consignment. The consignor is
the Bontemps Company.
2. Merchandise costing             $33,000     which was shipped by Garza f.o.b. destination to a
customer on December 31, 2012. The customer was expected to receive the merchandise on
January 6, 2013.
3. Merchandise costing             $46,000     which was shipped by Garza f.o.b. shipping point to a
customer on December 29, 2012. The customer was scheduled to receive the merchandise on
January 2, 2013.
4. Merchandise costing             $73,000     shipped by a vendor f.o.b. destination on
December 30, 2012, and received by Garza on January 4, 2013.
5. Merchandise costing             $51,000     shipped by a vendor f.o.b. seller on December 31, 2012
and received by Garza on January 5, 2013.

Instructions:
Based on the above information, calculate the amount that should appear on Garza’s balance sheet at
December 31, 2012, for inventory.

                  Text Title                                                   Amount
                  Text Title                                                   Amount
                  Text Title                                                   Amount
                  Text Title                                                   Formula

Enter text explain as desire here.




Enter text explain as desire here.




Enter text explain as desire here.




      a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Exercise 8-2, Page 3 of 10, 4/4/2013, 12:12 PM
Name:                                             Date:
Instructor:                                       Course:
                           th
Intermediate Accounting, 14 Edition by Kieso, Weygandt, and Warfield
Primer on Using Excel in Accounting by Rex A Schildhouse

E8-9 (Periodic versus Perpetual Entries) Chippewas Company sells one product. Presented below is
information for January for Chippewas Company.
                      Jan 1     Inventory      100       units at          $6.00 each
                      Jan 4     Sale            80       units at          $8.00 each
                     Jan 11     Purchase       150       units at          $6.50 each
                     Jan 13     Sale           120       units at          $8.75 each
                     Jan 20     Purchase       160       units at          $7.00 each
                     Jan 27     Sale           100       units at          $9.00 each

Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account.

Instructions:
(a) Assume Chippewas uses a periodic system. Prepare all necessary journal entries, including
    the end-of-month closing entry to record cost of goods sold. A physical count indicates that the
  ending inventory for January is                   110         units.

     Jan 4        Account Title                                                   Amount
                   Account Title                                                                       Amount

     Jan 11       Account Title                                                   Amount
                   Account Title                                                                       Amount

     Jan 13       Account Title                                                   Amount
                   Account Title                                                                       Amount

     Jan 20       Account Title                                                   Amount
                   Account Title                                                                       Amount

     Jan 27       Account Title                                                   Amount
                   Account Title                                                                       Amount

     Jan 31       Text Title                                                                           Amount
                  Text Title
                                                                                                       Amount
                  Text Title                                                                           Amount
                  Text Title                                                                           Amount

(b) Compute the gross profit using the periodic system.

                  Text Title
                                                                                                       Amount
                  Text Title                                                                           Amount
                  Text Title                                                                           Formula




      a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Exercise 8-9, Page 4 of 10, 4/4/2013, 12:12 PM
Name:                                                    Date:
Instructor:                                              Course:
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield
(c) Assume Chippewas uses a perpetual system. Prepare all necessary journal entries.
     Jan 4       Account Title                                               Amount
                  Account Title                                                            Amount
                 Account Title                                               Amount
                  Account Title                                                            Amount

    Jan 11       Account Title                                               Amount
                  Account Title                                                            Amount

    Jan 13       Account Title                                               Amount
                  Account Title                                                            Amount
                 Account Title                                               Amount
                  Account Title                                                            Amount

    Jan 20       Account Title                                               Amount
                  Account Title                                                            Amount

    Jan 27       Account Title                                               Amount
                  Account Title                                                            Amount
                 Account Title                                               Amount
                  Account Title                                                            Amount

(d) Compute the gross profit using the perpetual system.

                 Text Title
                                                                                           Amount
                 Text Title                                                                Amount
                 Text Title                                                                Formula




     a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Exercise 8-9, Page 5 of 10, 4/4/2013, 12:12 PM
Name:                                             Date:
Instructor:                                       Course:
                           th
Intermediate Accounting, 14 Edition by Kieso, Weygandt, and Warfield
Primer on Using Excel in Accounting by Rex A Schildhouse

P8-3 (Purchases Recorded Gross and Net) Some of the transactions of Torres Company during August
are listed below. Torres uses the periodic inventory method.

    Aug 10       Purchased merchandise on account, terms 2/10, n/30                         $12,000
    Aug 13       Returned part of the purchase of Aug 10, and received credit on acct        $1,200
    Aug 15       Purchased merchandise on account, terms 1/10, n/60                         $16,000
    Aug 25       Purchased merchandise on account, terms 2/10, n/30                         $20,000
    Aug 28       Paid invoice of August 15 in full.

Instructions:
(a) Assuming that purchases are recorded at gross amounts and that discounts are to be recorded
    when taken:
  (1) Prepare general journal entries to record the transactions.
  Aug 10         Account Title                                                Amount
                   Account Title                                                               Amount

 Aug 13          Account Title                                                 Amount
                  Account Title                                                              Amount

 Aug 15          Account Title                                                 Amount
                  Account Title                                                              Amount

 Aug 25          Account Title                                                 Amount
                  Account Title                                                              Amount

 Aug 28          Account Title                                                 Amount
                  Account Title                                                              Amount

 (2) Describe how the various items would be shown in the financial statements.
Enter text answer here.


Enter text answer here.


Enter text answer here.




     a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Problem 8-3, Page 6 of 10, 4/4/2013, 12:12 PM
Name:                                                    Date:
Instructor:                                              Course:
                                  th
(b) Assuming that purchases are 14 Edition by Kieso, Weygandt, and Warfield are treated as
Intermediate Accounting, recorded at net amounts and that discounts lost
  finance expenses:
 (1) Prepare general journal entries to record the transactions.

 Aug 10          Account Title                                                 Amount
                  Account Title                                                                  Amount

 Aug 13          Account Title                                                 Amount
                  Account Title                                                                  Amount

 Aug 15          Account Title                                                 Amount
                  Account Title                                                                  Amount

 Aug 25          Account Title                                                 Amount
                  Account Title                                                                  Amount

 Aug 28          Account Title                                                 Amount
                 Account Title                                                 Amount
                  Account Title                                                                  Amount

 (2) Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared
    at that time.

 Aug 31          Account Title                                                 Amount
                  Account Title                                                                  Amount

 (3) Describe how the various items would be shown in the financial statements.
Enter text answer here.




(c) Which of the two methods do you prefer and why?

Enter text answer here.




     a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Problem 8-3, Page 7 of 10, 4/4/2013, 12:12 PM
Name:                                                           Date:
Instructor:                                                     Course:
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield
Primer on Using Excel in Accounting by Rex A Schildhouse

P8-4 (Compute FIFO, LIFO, and Average Cost) Hull Company’s record of transactions concerning part X for the month of April
was as follows.
                                    Purchases                                     Sales
                                            Quantity:   Unit Cost:                     Quantity:
     Apr 1      (Balance on hand)                 100         $5.00       Apr 5                300
     Apr 4                                        400          5.10      Apr 12                200
    Apr 11                                        300          5.30      Apr 27                800
    Apr 18                                        200          5.35      Apr 28                150
    Apr 26                                        600          5.60
    Apr 30                                        200          5.80

Instructions:
(a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units
only. Carry unit costs to the nearest cent.

                                 Purchases                                                              Sales
Dates and Units                                                Unit Cost                    Dates and Units
April 1 (balance on hand)                           Quantity   Amount                       Apr 5               Quantity
Apr 4                                               Quantity   Amount                       Apr 12              Quantity
Apr 11                                              Quantity   Amount                       Apr 27              Quantity
Apr 18                                              Quantity   Amount                       Apr 28              Quantity
Apr 26                                              Quantity   Amount                       Total units         Formula
Apr 30                                              Quantity   Amount
Total units                                         Formula
Total units sold                                    Quantity
Total units (ending inventory)                      Formula

(1) First-in, First-out, (FIFO). (Assuming costs are not computed for each withdrawal - Perpetual.)

Date of Invoice                    No. Units                   Unit Cost                       Total Cost
   Apr 30                            Quantity                      Amount                           Formula
   Apr 26                            Quantity                      Amount                           Formula
                                     Value of ending inventory, FIFO, Periodic valuation:           Formula

(2) Last-in, First-out, (LIFO). (Assuming costs are not computed for each withdrawal - Perpetual.)

Date of Invoice                    No. Units                   Unit Cost                       Total Cost
    Apr 1                            Quantity                      Amount                           Formula
    Apr 4                            Quantity                      Amount                           Formula
                                     Value of ending inventory, LIFO, Periodic valuation:           Formula

(3) Average cost.

 Date of Invoice                   No. Units                   Unit Cost                       Total Cost
      Apr 1                          Quantity                     Amount                            Formula
      Apr 4                          Quantity                     Amount                            Formula
     Apr 11                          Quantity                     Amount                            Formula
     Apr 18                          Quantity                     Amount                            Formula
     Apr 26                          Quantity                     Amount                            Formula
     Apr 30                          Quantity                     Amount                            Formula
Total Available                      Formula                                                        Formula

Average cost per unit:                                            Amount
Units in ending inventory:                                        Quantity
Ending valuation of inventory, average cost method                Formula

(b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would
    be shown as ending inventory in 1, 2, and 3 above? Carry average unit costs to four decimal places.
(1) First-in, First-out, (FIFO). (Assuming costs are computed for each withdrawal - Perpetual.)



                    a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Problem 8-4, Page 8 of 10, 4/4/2013, 12:12 PM
Name:                                                           Date:
Instructor:                                                     Course:
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield
Enter text answer here as required.

(2) Last-in, First-out, (LIFO). (Assuming costs are computed for each withdrawal - Perpetual.)
The area within gray highlighting should contain sales details.

                  Purchased                        Sold           Event                      Balance*
      Date                         Unit cost                                 Unit cost                      Unit cost   Amount
                  No. of units                  No. of units      Detail                    No. of units
     Apr 1                100           $5.00                                                         100      $5.00    $500.00

     Apr 4

                                                                                                             Balance

     Apr 5


                                                                                                             Balance

     Apr 11


                                                                                                             Balance

     Apr 12




                                                                                                             Balance

     Apr 18




                                                                                                             Balance

     Apr 26




                                                                                                             Balance

     Apr 27




                                                                                                             Balance
     Apr 28


                                                                                                             Balance
     Apr 30


                                                                                                             Balance

Enter text answer here as appropriate

(3) Average Cost. (Perpetual.)

The area within gray highlighting should contain sales details.




                  a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Problem 8-4, Page 9 of 10, 4/4/2013, 12:12 PM
Name:                                                           Date:
Instructor:                                                     Course:
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield
     Date
              Purchased
                          Unit cost
                                           Sold
                                                      Unit cost
                                                                    Balance
                                                                                              Unit cost*
                                                                                                                Ext'd Inv
                  No. of units                  No. of units                 No. of units                       Valuation
     Apr 1                100        $5.0000                                         100              $5.0000    $500.00
     Apr 4
                                                                   Balance
     Apr 5
                                                                   Balance
     Apr 11
                                                                   Balance
     Apr 12
                                                                   Balance
     Apr 18
                                                                   Balance
     Apr 26
                                                                   Balance
     Apr 27
                                                                   Balance
     Apr 28
                                                                   Balance
     Apr 30
                                                                  Balance
                                Slight differences in values are due to significant digit rounding.
Enter text answer here as appropriate.




                  a58ede3d-cb77-4cd5-8552-f3f3cd44ceda.xlsx, Problem 8-4, Page 10 of 10, 4/4/2013, 12:12 PM

				
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