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bickley and yancey solution in excel
ACC300 P2-6A AND P13-2A SOLUTION IN EXCEL
P2-6A Condensed balance sheet and income statement data for Sievert Corporation are presented here and on the next page.
SIEVERT CORPORATION
Balance Sheets
December 31
Assets 2012 2011
Cash $ 28,000 $ 20,000
Receivables (net) 70,000 62,000
Other current assets 90,000 73,000
Long-term investments 62,000 60,000
Plant and equipment (net) 510,000 470,000
Total assets $760,000 $685,000
Liabilities and Stockholders’ Equity
Current liabilities $ 75,000 $ 70,000
Long-term debt 80,000 90,000
Common stock 330,000 300,000
Retained earnings 275,000 225,000
Total liabilities and stockholders’ equity $760,000 $685,000
SIEVERT CORPORATION
Income Statements
For the Years Ended December 31
2012 2011
Sales $750,000 $680,000
Cost of goods sold 440,000 400,000
Operating expenses (including income taxes) 240,000 220,000
Net income $ 70,000 $ 60,000
Additional information:
Cash from operating activities $82,000 $56,000
Cash used for capital expenditures $45,000 $38,000
Dividends paid $20,000 $15,000
Average number of shares outstanding 33,000 30,000
Instructions
Compute these values and ratios for 2011 and 2012.
(a) Earnings per share.
(b) Working capital.
(c) Current ratio.
(d) Debt to total assets ratio.
(e) Free cash flow.
(f ) Based on the ratios calculated, discuss briefly the improvement or lack thereof in financial position and operating results from 2011 to 2012 of Sievert Corporation.
P13-2A The comparative statements of Lucille Company are presented here.
LUCILLE COMPANY
Income Statements
For the Years Ended December 31
2012 2011
Net sales $1,890,540 $1,750,500
Cost of goods sold 1,058,540 1,006,000
Gross profit 832,000 744,500
Selling and administrative expenses 500,000 479,000
Income from operations 332,000 265,500
Other expenses and losses
Interest expense 22,000 20,000
Income before income taxes 310,000 245,500
Income tax expense 92,000 73,000
Net income $218,000 $ 172,500
LUCILLE COMPANY
Balance Sheets
December 31
Assets 2012 2011
Current assets
Cash $ 60,100 $ 64,200
Short-term investments 74,000 50,000
Accounts receivable 117,800 102,800
Inventory 126,000 115,500
Total current assets 377,900 332,500
Plant assets (net) 649,000 520,300
Total assets $1,026,900 $852,800
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 160,000 $145,400
Income taxes payable 43,500 42,000
Total current liabilities 203,500 187,400
Bonds payable 220,000 200,000
Total liabilities 423,500 387,400
Stockholders’ equity
Common stock ($5 par) 290,000 300,000
Retained earnings 313,400 165,400
Total stockholders’ equity 603,400 465,400
Total liabilities and stockholders’ equity $1,026,900 $852,800
All sales were on account. Net cash provided by operating activities for 2012 was $220,000.
Capital expenditures were $136,000, and cash dividends were $70,000.
Instructions
Compute the following ratios for 2012.
(a) Earnings per share. (h) Days in inventory.
(b) Return on common stockholders’ equity. (i) Times interest earned.
(c) Return on assets. (j) Asset turnover.
(d) Current ratio. (k) Debt to total assets.
(e) Receivables turnover. (l) Current cash debt coverage.
(f ) Average collection period. (m) Cash debt coverage.
(g) Inventory turnover. (n) Free cash flow.
AirJet Best Parts, Inc.- part 2-step by step workings in excel
You will assume that you still work as a financial analyst for AirJet Best Parts, Inc. The company is considering a capital investment in a new machine and you are in charge of making a recommendation on the purchase based on (1) a given rate of return of 15% (Task 4) and (2) the firm’s cost of capital (Task 5).
Task 4. Capital Budgeting for a New Machine
A few months have now passed and AirJet Best Parts, Inc. is considering the purchase on a new machine that will increase the production of a special component significantly. The anticipated cash flows for the project are as follows:
Year 1 $1,100,000
Year 2 $1,450,000
Year 3 $1,300,000
Year 4 $950,000
You have now been tasked with providing a recommendation for the project based on the results of a Net Present Value Analysis. Assuming that the required rate of return is 15% and the initial cost of the machine is $3,000,000.
1. What is the project’s IRR? (10 pts)
2. What is the project’s NPV? (15 pts)
3. Should the company accept this project and why (or why not)? (5 pts)
4. Explain how depreciation will affect the present value of the project. (10 pts)
5. Provide examples of at least one of the following as it relates to the project: (5 pts each)
a. Sunk Cost
b. Opportunity cost
c. Erosion
6. Explain how you would conduct a scenario and sensitivity analysis of the project. What would be some project-specific risks and market risks related to this project? (20 pts)
Task 5: Cost of Capital
AirJet Best Parts Inc. is now considering that the appropriate discount rate for the new machine should be the cost of capital and would like to determine it. You will assist in the process of obtaining this rate.
1. Compute the cost of debt. Assume AirJet Best Parts Inc. is considering issuing new bonds. Select current bonds from one of the main competitors as a benchmark. Key competitors include Raytheon, Boeing, Lockheed Martin, and the Northrop Grumman Corporation.
a. What is the YTM of the competitor’s bond? You may use a number of sources, but we recommend Morningstar. Find the YTM of one 15 or 20 year bond with the highest possible creditworthiness. You may assume that new bonds issued by AirJet Best Parts, Inc. are of similar risk and will require the same return. (5 pts)
b. What is the after-tax cost of debt if the tax rate is 34%? (5 pts)
c. Explain what other methods you could have used to find the cost of debt for AirJet Best Parts Inc.(10 pts)
d. Explain why you should use the YTM and not the coupon rate as the required return for debt. (5 pts)
2. Compute the cost of common equity using the CAPM model. For beta, use the average beta of three selected competitors. You may obtain the betas from Yahoo Finance. Assume the risk free rate to be 3% and the market risk premium to be 4%.
a. What is the cost of common equity? (5 pts)
b. Explain the advantages and disadvantages to use the CAPM model as the method to compute the cost of common equity. Compare and contrast this method with the dividend growth model approach. (10 pts)
3. Compute the cost of preferred equity assuming the dividend paid for preferred stock is $2.93 and the current value of the stock is $50 per share.
a. What is the cost of preferred equity? (5 pts)
b. Is there any other method to compute this cost? Explain. (5 pts)
4. Assuming that the market value weights of these capital sources are 30% bonds, 60% common equity and 10% preferred equity, what is the weighted cost of capital of the firm? (10 pts)
5. Should the firm use this WACC for all projects? Explain and provide examples as appropriate. (10 pts)
6. Recompute the net present value of the project based on the cost of capital you found. Do you still believe that your earlier recommendation for accepting or rejecting the project was adequate? Why or why not? (5 pts)
AirJet Best Parts, Inc.-step by step workings in word
About AirJet Best Parts, Inc.
AirJet Best Parts, Inc. is a company dedicated to the design and manufacturing of aviation and airplane technologies and parts. The company has commercial and military clients worldwide.
Task 1: Assessing loan options for AirJet Best Parts, Inc.
The company needs to finance $8,000,000 for a new factory in Mexico. The funds will be obtained through a commercial loan and by issuing corporate bonds. Here is some of the information regarding the APRs offered by two well-known commercial banks.
Bank APR Number of times compounded
National first prime rate + 6.75% Semi annually
Regions best 13.17 Monthly
1. Assuming that AirJet Parts, Inc. is considering loans from National First and Regions Best, what are the EARs for these two banks? Hint for National Bank: Go to the St. Louis Federal Reserve Board’s website (http://research.stlouisfed.org/fred2/). Select “Interest Rates” and then “Prime Bank Loan Rate”. Use the latest MPRIME. Show your calculations. (15 pts)
2. Based on your calculations above, which of the two banks would you recommend and why? Explain your rationale. (15 pts)
3. AirJet Best Parts, Inc. has decided to take a $6,950,000 loan being offered by Regions Best at 8.6% APR for 5 years. What is the monthly payment amount on this loan? Do you agree with this decision? Explain your rationale. (20 pts)
Task 2: Evaluating Competitor’s Stock
AirJet Best Parts, Inc. is concerned regarding recent changes in its stock prices for the company and would like to determine the stock prices for key competitors. Key competitors include Raytheon, Boeing, Lockheed Martin, and the Northrop Grumman Corporation.
1. Using the dividend growth model and assuming a dividend growth rate of 5%, what is the rate of return for one of three key competitors? Use Yahoo Finance to obtain the latest dividend amount and price for one selected company. (15 pts)
2. Using the rate of return above, what should be the current share price of AirJet Best Parts, Inc. if the company maintains a constant 1% growth rate in dividends and the most recent dividend per share paid on the stock was $1.50? Show your calculations. (10 pts)
3. Assume AirJet Best Parts has also a preferred stock issue. The most recent dividend per share paid on the stock was also $1.50, the same as the common stock. Which one would you think has a higher price, the preferred stock or the current stock? Explain your rationale. (5 pts)
4. What would happen with the price you computed above if AirJet Best Parts, Inc. announces that dividends at the end of the year will increase? What if the required rate of return increases? What changes in dividends will affect the stock price and how? (10 pts)
Task 3: Bond Evaluation
AirJet Best Parts, Inc. would like to issue 20-year bonds to obtain remaining funds for the new Mexico plant. The company currently has 7.5% semiannual coupon bonds in the market that sell for $1,062 and mature in 20 years.
1. What coupon rate should AirJet Best Parts set on its new bonds to sell them at par value? (10 pts)
2. What is the difference between the coupon rate and the YTM of bonds? (10 pts)
3. What factors will contribute to the riskiness of these bonds? Explain in detail your rationale. (20 pts)
4. What type of positive and negative covenants may AirJet Best Parts, Inc. use in future bond issues?
Fin486 week 2 solution in excel
P2-14 LIQUIDITY RATIO
Josh smith has compiled some of his personal financial data in order to determine his liquidity position. The data are as follows:
Cash - $3,200
Marketable securities – 1,000
So on….
P2-21 RATIO PROFICIENCY
McDougal printing inc had sales totaling $40,000,000 in fiscal year 2009. Some ratios for the company are listed below use this information to determine the dollar values of various income statement and balance sheet accounts as requested.
So on….
P3-15 PRO FORMA INCOME STATEMENT
The marketing department of Metroline manufacturing estimates that its sales in 2010 will be $1.5 million. Interest expense is expected to remain unchanged at $35,000 and the firm plans to pay
So on…
P3-21 ETHICS PROBLEM
The SEC is trying to get companies to notify the investment community more quickly when a “material change” will affect their forthcoming financial results. In what sense might a financial manager be seen as “more ethical” if he or she follows this directive and issues a press release indicating that sales will not be as high as previously anticipated?
Microsoft wacc solution in excel
Microsoft is considering changing its capital structure, in light of the tough business environment.
Currently, MSFT’s total capital consists of:
$950 million in debt
$20 million in leased assets
$500 million of preferred stock
$900 million in common stock
$750 million in retained earnings
The debt coupon is 8% and tax rate is 40% while the current preferred share price is $96.20 and the dividends per share is $9.
The company's common stock is trading at $25.50, it's dividend payout this year is $1.15 the growth rate of the dividend is 8.5%.
Leases are at an average cost of 8%.
a. Find the weighted average cost of capital given the data above
b. If Microsoft wants to change its capital structure (i.e., lower their WACC), what should it do?
Waegelein consulting solution in excel
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.
WAEGELEIN CONSULTING
Trial Balance
June 30, 2010
Debit Credit
Cash 6,850
Accounts Receivable 7,000
Prepaid Insurance 2,640
Supplies 2,000
Office Equipment 15,000
Accounts Payable 4,540
Unearned Service Revenue 5,200
Common Stock 21,750
Service Revenue 8,000
Salaries Expense 4,000
Rent Expense 2,000
39,490 39,490
In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts:
Accumulated Depreciation - Office Equipment, Utilities Payable, Salaries Payable, Depreciation Expense, Insurance Expense, Utilities Expense, Supplies Expense
Other data:
1 Supplies on hand at June 30 total $980.
2. A utility bill for $180 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $3,900 of unearned service revenue has been earned at the end of the month.
5. Salaries of $1,250 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.
7. Invoices representing $3,500 of services performed during the month have not been recorded as of June 30.
Instructions:
a. Prepare the adjusting entries for the month of June.
b. Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
c. Prepare an adjusted trial balance at June 30, 2010.Click here for solution
ACC291 Week 5 E13-1 E13-8 E14-1 P13-9A P13-10A P14-2A
(a) Issued $50,000 par value common stock for cash.
(b) Purchased a machine for $30,000, giving a long-term note in exchange
and so on ...
E13-8 Here are comparative balance sheets for Taguchi Company
and so on ...
E14-1 Financial information for Blevins Inc. is presented below.
and so on ...
P13-9A Condensed financial data of Arma Inc. follow.
*P13-10A Data for Arma Inc. are presented in P13-9A. Further analysis reveals that accounts
payable pertain to merchandise creditors.
P14-2 The comparative statements of Villa Tool Company are presented below
Click here for solution
ACC291 Week 4 Do it 11-1 E11-15 E11-16 P11-6A P11-8A
_____ 1. The corporation is an entity separate and distinct from its owners.
_____ 2. The liability of stockholders is normally limited to their investment in the corporation.
_____ 3. The relative lack of government regulation is an advantage of the corporate form of
business.
_____ 4. There is no journal entry to record the authorization of capital stock.
_____ 5. No-par value stock is quite rare today
E11-15 On October 31, the stockholders’ equity section of Omar Company consists of common
stock $600,000 and retained earnings $900,000. Omar is considering the following two
courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding,
or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current
market price is $14 per share.
so on ...
E11-6 AI Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock
on January 1, 2009, for $2,100,000. In December 2011, AI declared its first dividend of $500,000.
P11-6A Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%,
noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation
assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the
following balances pertaining to stockholders’ equity
*P11-8A The following stockholders’ equity accounts arranged alphabetically are in the ledger
of McGrath Corporation at December 31, 2011.
and so on ...
Click here for solution
ACC291 Week 3 E9-7 E10-5 E10-10 E10-11 E10-15 E10-18 P10-5A P10-9A
E9-7 Brainiac Company purchased a delivery truck for $30,000 on January 1, 2011.The truck
has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated
useful life of 8 years.Actual miles driven were 15,000 in 2011 and 12,000 in 2012.
so on ...
E10-5 Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding
was $301.63, and his FICA total was $135.73.
E10-10 On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is
payable semiannually on July 1 and January 1.
so on ...
E10-11 On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value.
Interest is payable semiannually on July 1 and January 1
E10-15 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to
finance the construction of a building at December 31, 2011. The terms provide for semiannual
installment payments of $20,000 on June 30 and December 31
*E10-18 Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for
$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable
semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize
bond premium or discount.
P10-5A Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31,
2010. The proceeds from the note are to be used in financing a new research laboratory. The
terms of the note provide for semiannual installment payments, exclusive of real estate taxes and
insurance, of $29,433. Payments are due June 30 and December 31.
so on ...
*P10-9A Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011.The bonds were
dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line
method to amortize bond premium or discount. Assume no interest is accrued on June 30.
so on ...
Click here for solution
finance bond value solution with working in excel
Problem 1
Suppose a corporation’s bonds have 8 years remaining to maturity. In addition, suppose the bonds have a $1000 face value, and the coupon interest rate is 7%. The bonds have a yield to maturity of 10%. Complete parts (a) and (b) below.
a) Compute the market price of the bonds if interest is paid annually.
b) Compute the market price of the bonds if interest is paid semiannually.
Problem 2
Suppose a corporation’s bonds have a current market price of $1400. The bonds have a 13% annual coupon rate, a $1000 face value, and 10 years left until maturity. The bonds may be called in 5 years at 107% of face value. Complete parts (a) through (c) below.
a) Compute the bonds’ current yield.
b) Compute the yield to maturity.
c) Find the yield to call, if the bonds are called in 5 years.
Problem 3
A company has a bond issue outstanding that pays $150 annual interest plus $1000 at maturity. The bond has a maturity of 10 years. Compute the value of the bond when the interest rate is 5%, 9%, and 13%.
Santiago, gabon, cyril fedako solution with working in excel
PROBLEM 1-1: Budgets in Managerial Accounting
Santiago’s Salsa is in the process of preparing a production cost budget for May. Actual costs in April were:
Santiago’s Salsa Production Costs April 2011
Production 25,000 Jars of Salsa
Ingredient cost (variable) $20,000
Labor cost (variable) 12,000
Rent (fixed) 5,000
Depreciation (fixed) 6,000
Other (fixed) 1,000
Total $44,000
Required
A. Using this information, prepare a budget for May. Assume that production will increase to 30,000 jars of salsa, reflecting an anticipated sales increase related to a new marketing campaign.
B. Does the budget suggest that additional workers are needed? Suppose the wage rate is $20 per hour. How many additional labor hours are needed in May? What would happen if management did not anticipate the need for additional labor in May?
C. Calculate the actual cost per unit in April and the budgeted cost per unit in May. Explain why the cost per unit is expected to decrease.
Problem P1-3 Budgets in Managerial Accounting
Matthew Gabon, the sales manager Office Furniture Solutions, prepared the following budget for 2011:
Sales Department Budgeted Costs, 2011 (Assuming Sales of $10,000,000)
Salaries (fixed) 400,000
Commissions (variable) 150,000
Advertising 75,000
Charge for Office Space (fixed) 3,000
Office Supplied & Forms (variable) 2,000
Total $630,000
After he submitted his budget, the president of Office Furniture Solutions reviewed it and recommended that advertising be increased to $100,000. Further she wanted Matthew to assume a sales level of $11,000,000. The level of sales is to be achieved without adding to the sales force.
Matthew's sales group occupies approximately 250 square feet of office space out of total administrative office space of 20,000 square feet. The $3,000 space charge in Matthew's budget is his share (allocated based on relative square feet) of the company's total cost of rent, utilities, and janitorial costs for the administrative office building.
Required:
Provide a revised budget consistent with the president's recommendation.
Problem 1.5 Performance Reports
At the end of 2011, Cyril Fedako Products, received a report comparing budgeted and actual production costs for the company’s plant in Forest Lake, Minnesota.
Manufacturing Costs
Forest Lake Plant
Budget versus Actual 2011
Budget Actual Difference(Actual Minus Budget)
Materials $3,200,000 $3,500,000 $300,000
Direct Labor 2,300,000 2,500,000 200,000
Supervisory salaries 475,000 500,000 25,000
Utilities 125,000 135,000 10,000
Machine maintence 350,000 380,000 30,000
Depreciation of building 90,000 90,000 -0-
Depreciation of equipment 250,000 255,000 5,000
Janitorial 220,000 235,000 15,000
Total $7,010,000 $7,595,00 $585,000
His first thought was that costs must be out of control since actual costs exceed the budget by $585,000. However, he quickly recalled that the budget was set assuming a production level of 60,000 units. The Forest Lake plant actually produced 65,000 units in 2011.
1. Give that production was greater than planned, should Cyril expect that all actual costs will be greater than budgeted? Which costs would you expect to increase, and which costs would you expect to remain relatively constant?
2. Cyril is extremely busy – the company has six other plants. Therefore, he cannot spend time investigating every departure from the budget. With this in mind, which cost(s) should Cyril concentrate on in his investigation of budget differences?
ACC206 WEEK 2 E14-13 P14-25A E15-18 P15-26A IN EXCEL
E14-13
Classifying items on the indirect statement of cash flows
The cash flow statement categorizes like transactions for optimal reporting.
Requirement:
1. Identify each of the following transactions as one of the following:
• Operating activity (0)
• Investing activity (I)
• Financing activity (F)
• Noncash investing and financing activity (NIF)
• Transaction that is not reported on the statement of cash flows (N)
For each cash flow, indicate whether the item increases (+) or decreases (-) cash.
The indirect method is used to report cash flows from operating activities.
P14-25A
Preparing the statement of cash flows-indirect method
Accountants for Johnson, Inc., have assembled the following data for the year ended
December 31, 2012:
Requirement:
Prepare Johnson's statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financing activities.
E15-18
Analyzing the ability to pay liabilities
Large Land Photo Shop has asked you to determine whether the company's ability to
Pay current liabilities and total liabilities improved or deteriorated during 2012. To
Answer this question, you gather the following data:
2012 2011
Cash ……………………………………………………………………………………………… $ 58,000 $ 57,000
Short-term investments ……………………………………………………………... 31,000 ---
Net receivables ……………………………………………………………………………. 110,000 132,000
Inventory …………………………………………………………………………………….. 247,000 297,000
Total assets ………………………………………………………………………………….. 585,000 535,000
Total current liabilities ………………………………………………………………... 255,000 222,000
Long-term note payable ………………………………………………………………. 46,000 48,000
Income from operations ……………………………………………………………... 180,000 153,000
Interest expense …………………………………………………………………………. 52,000 39,000
Requirements:
Compute the following ratios for 2012 and 2011:
a. Current ratio
b. Acid-test ratio
c. Debt ratio
d. Debt to equity ratio
P15-26A
Using ratios to evaluate a stock investment
Comparative financial statement data of Danfield, Inc., follow:
DANFIELD, INC.
Comparative Income Statement
Years Ended December 31, 2012 and 2011
2012 2011
Requirements:
1. Compute the following ratios for 2012 and 2011:
a. Current ratio
b. Times-interest-earned ratio
c. Inventory turnover
d. Gross profit percentage
e. Debt to equity ratio
f. Rate of return on common stockholders' equity
g. Earnings per share of common stock
h. Price/earnings ratio
Decide (a) whether of Danfield's ability to pay debts and to sell inventory improved or deteriorated during 2012 and (b) whether the investment attractiveness of its common stock appears to have increased or decreased.
Dustbuster solution in excel
Appendix Q Comprehensive Problem Dustbusters Cleaning Company
Louise Dreyton opened Dustbusters Cleaning Company on February 1, 2010. During the first month of operation the following transactions occurred:
Feb 1 Dreyton invested $20,000 cash in exchange for common stock
1 Purchased used truck for $9000, paying $4,000 cash and the balance on account
2 Purchased cleaning supplies for $2,100 on account
7 Paid $1,800 cash for a one-year insurance policy effective February 1
11 Billed customers $5,100 for cleaning services
16 Paid $2,900 cash on Accounts Payable due
19 Paid $2,800 cash for employee salaries
21 Collected $3,400 cash from customers billed on account
25 Billed customers $9,000 for cleaning services
28 Paid gas & oil for the month on truck $350
28 Declared and paid a $1,600 cash dividend
Instructions
(a) Journalize the February transactions on the tab labeled General Journal
(b) Post the February transactions on the tab labeled Ledger Accounts
---------Be sure to calculate the balance in the account after each posted transaction
(c) Prepare a trial balance at February 28 on the tab labeled Trial Balance
(d) Journalize the adjusting entries on the tab labeled Adjusting Entries
(1) Services provided but unbilled and uncollected at February 28 are $2,700
(2) Depreciation on equipment for the month is $500
(3) One month of the insurance expired
(4) An inventory count shows $700 of cleaning supplies on hand at February 28
(5) Accrued but unpaid employee salaries are $1,000
(e) Post the adjusting entries on the tab labeled Ledger Accounts
Be sure to calculate the balance in the account after each posted transaction
(f) Prepare an adjusted trial balance at February 28 on the tab labeled Adjusted Trial Balance
(g) Prepare the income statement and retained earnings statement for February and a classified balance sheet at February 28 on the tab labeled Financial Statements
(h) Journalize the closing entries on the tab labeled Closing Entries
(i) Post the closing entries on the tab labeled Ledger Accounts
Be sure to calculate the balance in the account after each posted transaction
(j) Prepare a post-closing trial balance at February 28 on the tab labeled Post-Closing Trial Balance
(k) Bonus (Optional) - Complete the 10-column worksheet for Dustbusters Cleaning Company on the tab labeled Worksheet
lind blye solution in excel
Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.