AP10.01 – Great Adventures
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Record each transaction, and prepare the shareholders’ equity section of the balance sheet.
Record each transaction, and prepare the shareholders’ equity section of the balance sheet.
Prepare the statement of cash flows using the indirect method.
Calculate risk ratios and profitability ratios for Year 2.
Record each of 11 transactions in July for Great Adventures.(stock, prepaid insurance, prepaid insurance, legal fees, supplies, advertising, inventory, revenue)
NOTE: FOR THE FULL ENTIRE CYCLE PROJECT, CLICK HERE. THIS IS NOT THE FULL BIG END OF THE CHAPTER 4 CYCLE PROJECT!
Record TEAM adventure transactions and prepare the adjusting entry for uncollectable accounts.
Calculate sales revenue, cost of goods sold, ending inventory. Prepare the gross profit section of a partial income statement, and record any necessary adjustment on December 31st.
Record the expenditures related to the vehicle, prepare a depreciation schedule (straight-line method), record the expenditures related to the vehicle maintenance, and record the depreciation expense and any other adjustments.
Asks you to find the accumulated investment by the end of year 3 for Options 1, 2, and 3.
Saving for a boat. Asks how much is in the account after several years.
Prepare journal entries, partial balance sheets, evaluate the allowance of uncollectables, create a partial income statement with sales revenues, cost of goods sold, and gross profit. Calculate cost of goods sold and ending inventory using FIFO.
Then, using information about the net realizable value, reestimate the partial income statement and balance sheets. Finally, create a depreciation schedule showing depreciation and book values and record adjusting entries for depreciation and insurance.