Download - Little - Accounting II (Spring)
SYLLABUS
Howard High School / Small Business Development
Spring 2013 COURSE SYLLABUS PROGRAM CONCENTRATION: Business & Computer Science
CAREER PATHWAY: Financial Management -- Accounting COURSE TITLE: Accounting II
CLASS WEB PAGE: www.edmodo.com
Teacher: Susan Little Email: [email protected] Room Number: 408 Phone Number: 478.779.4934 Semester: Spring 2013 Tutorial Days: Monday - Thursday Textbook: Century 21 Accounting, Multi-column Tutorial Hours: By appointment Textbook Price: n/a Tutorial Location: 408 Department Philosophy: The Career Technology Education Department believes that education’s most important function is to provide all students with the skills needed for post-secondary and careers. This is accomplished by providing interest-based programs that meet industry standards.
Course Description: Anyone who deals with any phase of business can benefit from an understanding of basic accounting principles covered in this course. Students planning to attend college will find a high school introduction to the subject helpful. Students planning to operate their own business will find this course a must. Students will continue to develop the accounting skills learned in Accounting I. Students will assume the role of an accountant for a small fictional business. Students will also do accounting work on a microcomputer. .
Articulation: This course is Bibb County approved and articulated with Central Georgia Technical College’s program. Course Prerequisites: Computer Applications, Business Essentials, Accounting I Career Pathways: Courses must be completed in the order listed below.
Small Business Development
Level 1 *Business Essentials Level 2 *Legal Environment of Business Level 3 *Entrepreneurial Ventures Level 4 (Work-Based Learning) Level 5 (Work-Based Learning)
Financial Management – Accounting Level 1 * Business Essentials Level 2 * Accounting I Level 3 * Accounting II Level 4 (Work-Based Learning) Level 5 (Work-Based Learning)
*Required for Pathway Completion
Certifications: • The Financial Management-Accounting pathway prepares with the skills needed for the following
industry recognized credentials: NOCTI Business Financial Management.
Career Choices:
Occupation Specialties
Level of Education Needed
Average Salary
Accountants and Auditors Bachelor’s Degree $54,330 Bookkeeping/Accounting/ Auditing
Clerks Moderate-Term On-the-Job Training $29,619
Budget Analysts Bachelor’s Degree $58,698 Tax Preparers Moderate-Term On-the-Job Training $30,285
Course Schedule Week 1 Accounting Cycle Week 10 Corporation Adjustments & ValuationsWeek 2 Accounting Cycle Week 11 Corporation Adjustments & ValuationsWeek 3 Accounting Cycle Week 12 Corporation Adjustments & ValuationsWeek 4 Accounting Cycle Week 13 Financial Statements Week 5 Accounting Cycle Week 14 Financial Statements Week 6 Accounting Cycle Week 15 Special Topics Week 7 Accounting Cycle Week 16 Special Topics Week 8 Accounting Cycle Week 17 Special Topics Week 9 Accounting Cycle Week 18 Review-Final
Internet Acceptable Use: Use of the Internet must be in support of education and research and consistent with the educational objectives of the Bibb County School System. The use of the Internet is a privilege, not a right, and inappropriate use will result in cancellation of those privileges. Any student user not complying with the Bibb County School System Internet Acceptable Use Agreement shall lose Internet privileges for a period of not less than one week. Susan Little’s websites that will be used as an integral part of this course are available at: www.edmodo.com FBLA: Future Business Leaders of America is a co-curricular national student organization designed to offer students the opportunity to participate in leadership activities both in an out of the classroom. Members have the opportunity to go on field trips, participate in competitive events, perform community service, interact with the business community, and attend state and national conferences. Grading Scale*
Area Percentage Area Percentage
Daily Assignments & Quizzes 30 Class Grade 85Projects 30 Final Exam 15Tests 30 Writings/Journals 10
Total for Class Grade 100% Final Grade 100% Required Material: Black or blue ink pen AND pencil. You will have a storage folder in class for your work.
Classroom Expectations: Give Respect, Get Respect. Classroom Expectations:
1. When I am talking, you are listening. 2. We will be respectful of each other at all times. 3. Come to class on time and prepared to work. 4. Complete your OWN work! 5. Do not enter my office without my permission. 6. When you enter the room, begin your daily journal. 7. NOTE: All rules in the Bibb County Code of Conduct will be enforced.
Classroom Procedures:
1. Print only with permission. When I want you to print, I will instruct you to do so. Upload ALL of your work to Edmodo. No excuses for “I forgot to save/upload…”
2. At the beginning of each class, please check your computer, mouse, book, and desk. If anything is misplaced, broken, or dirty, you must tell me so that you will not get in trouble for something someone else has done.
3. Internet games and Internet use is on an as-needed basis with permission only. Non-negotiable! 4. Clean up your trash and push your chair under the table as you leave each day.
Attendance: Due to the nature of this course, it is imperative that you attend class daily. Almost all of the work assigned in this course is completed in class. Attendance has a direct correlation with your grade. The more often you are in class, the more likely you will succeed in the class. The Bibb County Board of Education policy on attendance will be upheld. Make-up Policy: It is your responsibility to get make-up work from me if you are absent. Make-up work must be completed within five school days. Most, if not all work, will be posted on Edmodo. Re-do Policy: Students who score a 69 or lower on a test or project may redo the test within five school days for a maximum score of 70.
* This course does not have an End of Course Test (EOCT) *
* All rules included in the Bibb County Code of Conduct book will be enforced * The course syllabus is a general plan for the course; all information contained in the course syllabus/calendar is subject to change. Any changes will be announced in class and a revised syllabus distributed to students to be shared with their parents/guardians. Acknowledgment of Receipt: By signing below, the student and parent/guardian acknowledge that they have read and understood the contents in the 2012-2013 Business Essentials syllabus. Student Name (Print)_________________________________________ Date________________ Student Signature___________________________________________ Date_________________ Parent Name (Print)__________________________________________ Date________________ Parent Signature____________________________________________ Date_________________
Pacing guide
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
1 7‐Jan
28‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
39‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Reinforcment Activity Chap 9‐13
410‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Reinforcment Activity Chap 9‐13
511‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Reinforcment Activity Chap 9‐13
Current Event #1
614‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Reinforcment Activity Chap 9‐14
BCS‐PAII‐1Reinforcment Activity Chap
715‐Jan BCS‐PAII‐2
BCS‐PAII‐4
Reinforcment Activity Chap 9‐14
816‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Long Term Project Discussion ‐ Business Plans
917‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
LTP ‐ Business PlansFBLA Acct Practice Test
(used as pretest for course)
1018‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Personal Budget Activity Current Event #2
1122‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
1223‐Jan
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Chapter 14 Projects
1324‐Jan
BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐10
1425‐Jan
BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐10
Current Event #3
1528‐Jan
BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐10
1629‐Jan
BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐10
30‐JanBCS‐PAII‐5BCS‐PAII‐6
17 BCS‐PAII‐10
1831‐Jan
BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐10
191‐Feb
BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐10
Chapter 15 ProjectsFBLA Region Competition Search (Date of Actual Region Competition)
204‐Feb
BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4
Current Event #4
215‐Feb
BCS‐PAII‐1BCS‐PAII‐6
226‐Feb
BCS‐PAII‐1BCS‐PAII‐6
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
237‐Feb
BCS‐PAII‐1BCS‐PAII‐6
248‐Feb
BCS‐PAII‐1BCS‐PAII‐6
Current Event #5
2511‐Feb
BCS‐PAII‐1BCS‐PAII‐6
2612‐Feb
BCS‐PAII‐1BCS‐PAII‐6
2713‐Feb
BCS‐PAII‐1BCS‐PAII‐6
2814‐Feb
BCS‐PAII‐1BCS‐PAII‐6
2915‐Feb
BCS‐PAII‐1BCS‐PAII‐6
Closing Projects Current Event #6
30 19‐Feb BCS‐PAII‐1‐631 20‐Feb BCS‐PAII‐1‐6 LTP ‐ Group Assignments32 21‐Feb BCS‐PAII‐1‐6 Rein. Project‐ LTP Grp 133 22‐Feb BCS‐PAII‐1‐6 Rein. Project‐ LTP Grp 1 Current Event #734 25‐Feb BCS‐PAII‐1‐6 Rein. Project‐ LTP Grp 135 26‐Feb BCS‐PAII‐1‐6 Rein. Project ‐ LTP Grp 2
36
27‐Feb
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Rein. Project ‐ LTP Grp 2
37
28‐Feb
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
LTP ‐ Group 2
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
38
1‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
LTP ‐ Grp 2 Current Event #8
39
4‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
LTP ‐ Grp 3
40
5‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8BCS‐PAII‐2BCS‐PAII‐3
41
6‐Mar BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Uncollectibles Projects
42
7‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
LTP ‐ Grp 3
43
8‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Current Event #9
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
44
11‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
45
12‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
46
13‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8BCS‐PAII‐2BCS‐PAII‐3
47
14‐Mar BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Asset Projects & LTP Grp 3 Current Event #10
48
18‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Asset Projects & LTP Grp 4
49
19‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
50
20‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
51
21‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
52
22‐Mar
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Current Event #11
BCS‐PAII‐2BCS‐PAII‐3
Inventory Projects & LTP Grp
53
1‐Apr BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Inventory Projects & LTP Grp 4
54
2‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Inventory Projects & LTP Grp 4
55
3‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
56
4‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
57
5‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Current Event #12
58
8‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Notes & Interest Project & LTP Group 5
BCS‐PAII‐2BCS‐PAII‐3
Notes & Interest Project &
59
9‐Apr BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Notes & Interest Project & LTP Group 5
60
10‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
61
11‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Reinforcement Activity & LTP Grp 5
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
62
12‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Reinforcement Activity & LTP Grp 5
Current Event #13
63
15‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Reinforcement Activity & LTP Grp 6
64
16‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8BCS‐PAII‐2BCS‐PAII‐3
65
17‐Apr BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
66
18‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Revenue & Expenses Projects & LTP Grp 7
67
19‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Revenue & Expenses Projects & LTP Grp 7
Current Event #14
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
68
22‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
69
23‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
70
24‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8BCS‐PAII‐2BCS‐PAII‐3
Closing Projects & LTP ‐ All
71
25‐Apr BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Closing Projects & LTP ‐ All Groups "Clean Up"
72
26‐Apr
BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8
Closing Projects & LTP ‐ All Groups "Clean Up"
Current Event #15
7329‐Apr
BCS‐PAII‐7BCS‐PAII‐9
7430‐Apr
BCS‐PAII‐7BCS‐PAII‐9
751‐May
BCS‐PAII‐7BCS‐PAII‐9
Accounting IIInstructional Focus Calendar
Spring 2013
Instructional Day #
Calendar Date
Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event
762‐May
BCS‐PAII‐7BCS‐PAII‐9
Partnership Projects
773‐May
BCS‐PAII‐7BCS‐PAII‐9
Partnership Projects Current Event #16
786‐May
BCS‐PAII‐7BCS‐PAII‐9
797‐May
BCS‐PAII‐7BCS‐PAII‐9
808‐May
BCS‐PAII‐7BCS‐PAII‐9
819‐May
BCS‐PAII‐7BCS‐PAII‐9
International Sales ProjectsFBLA Acct Practice Test
(used as posttest for course)
8210‐May BCS‐PAII‐all International Sales Projects Current Event #17
83 13‐May BCS‐PAII‐all Simulation & LTP Wrapup84 14‐May BCS‐PAII‐all Simulation & LTP Wrapup85 15‐May BCS‐PAII‐all Simulation & LTP Wrapup86 16‐May BCS‐PAII‐all Simulation & LTP Wrapup87 17‐May BCS‐PAII‐all Simulation & LTP Wrapup Current Event #1888 20‐May BCS‐PAII‐all REVIEW FOR FINAL89 21‐May BCS‐PAII‐all REVIEW FOR FINAL
FINALSFINALS
Class Projects
Class Project
#1
Name _______________________
Osborn Corporation Project – Completing Worksheets
BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and
explain the purpose of each step.
h) Use manual and computerized accounting systems.
BCS-PAII-2. Students will use GAAP to determine value of assets.
a) Differentiate current and long-term assets and analyze their effect on financial statements.
BCS-PAII-3. Students will use GAAP to determine value of liabilities.
a) Differentiate current and long-term liabilities and analyze their effect on financial statements.
BCS-PAII-4. Students will use GAAP to determine the value of owner’s equity.
b) Analyze and record investments by stockholders and the declaration and payment of dividends for a corporation.
BCS-PAII-5. Students will use GAAP to determine the value of revenues and expenses.
a) Analyze the effects of revenue on financial statements.
BCS-PAI-9. Students will interpret and analyze financial statements.
a) Explain how GAAP provide guidance and structure for preparing financial statements.
b) Prepare and analyze the income statement and balance sheet of a business using vertical analysis.
c) Prepare and analyze a statement of stockholders’ equity.
d) Determine the cost of goods sold and gross profit for a merchandising business.
e) Prepare and income statement for a merchandising business.
Directions:
Complete the worksheet for Osborn Corporation. The steps are as follows:
a. Complete the trial balance using current ledger accounts.
b. Complete the adjustments a-h using the provided information.
c. Extend the balances to the income statement and balance sheet columns.
d. Calculate the Federal Income Tax adjustment.
e. Calculate Net Income or Loss.
Rubric
Activity Points
Possible
Points
Earned
Trial Balance 26
Adjustments A-H 32
Extending Amounts 26
Net Income/Loss 16
Project Totals 100
Grade
Student Work
#1
Income Statement
For Year Ended December 31, 2012
% OF NET(Working 1) (Working 2) (Almost Done) (Totals) SALES
Revenue:
Sales $704,809.54
Less: Sales Discount $615.25
Sales Returns and Allowances $4,789.84 $5,405.09
Net Sales $699,404.45 100.0%
Cost of Merchandise Sold:
Merchandise Inventory, Jan 1, 2012 $228,189.80
Purchases $369,485.04
Less: Purchases Discount $3,058.89
Purchases Returns and Allowances $4,800.85 $7,859.74
Net Purchases $361,625.30
Total Cost of Merch. Available for Sale $589,815.10
Less Mdse. Inventory, Dec. 31, 2012 $219,765.80
Cost of Merchandise Sold: $370,049.30 52.9%
Gross Profit on Sales $329,355.15 47.1%
Expenses:
Advertising Expense $8,500.00
Cash Short and Over $9.33
Credit Card Fee Expense $12,458.22
Depr. Exp. - Office Equipment $4,580.00
Depr. Exp. - Store Equipment $4,890.00
Insurance Expense $7,200.00
Miscellaneous Expense $7,480.00
Payroll Taxes Expense $13,130.64
Rent Expense $24,000.00
Salary Expense $145,896.00
Supplies Expense - Office $2,749.00
Supplies Expense - Store $3,043.35
Uncollectible Accounts Expense $1,720.00
Utiltiies Expense $7,548.05
Total Expenses $243,204.59 34.8%
Net Income before Federal Income Tax $86,150.56 12.3%
Less Federal Income Tax Expense $17,541.19 2.5%
Net Income after Federal Income Tax $68,609.37 9.8%
Osborn Corporation
Analyzing an Income Statement
Yes No
Total Expenses No more than 30.0% 34.80% x cut down expenses
Net income before federal
income tax No less than 15.0% 12.30% x reducing expenses or increasing expense
Earnings Per Share
Net Income after Federal
Income Tax÷ ₌ Earnings Per Share
$68,609.37÷ ₌
$8.58
Price-Earnings Ratio
Market Price Per Share ÷ ₌ Price-Earnings Ratio
$104.50÷ ₌
12.1
Component Acceptable Percentage
Actual
Percentage Recommended Action if Needed
Acceptable Result
Number of Shares
Outstanding
$8,000.00
$8.58
Earnings Per Share
Interstate Tires, Inc.
Statement of Stockholders' Equity
For Year Ended December 31, 2012
Capital Stock:
$25.00 Per Share
January 1, 2012, 100,000 Shares Issued $187,500.00
Issued during current Year, 10,000 Shares $12,500.00
Balance, Dec 31, 2012, 110,000 Shares Issued $200,000.00
Retained Earnings:
Balance, January 1, 2012 $19,735.06
Net Income after Federal Income Tax for 2012 $68,609.37
Less Dividends declared during 2012 $30,000.00
Net Increase during 2012 $38,609.37
Balance, December 31, 2012 $58,344.43
Total Stockholders' Equity, December 31, 2012 $258,344.43
Interstate Tires, Inc.
Balance Sheet
31-Dec-12
Assets
Current Assets:
Cash $15,218.25
Petty Cash $250.00
Accounts Receivable $22,485.28
Less Allowance for Uncollectible Accounts $2,772.05 $19,713.23
Merchandise inventory $219,765.80
Supplies - Office $409.15
Supplies - Store $776.39
Prepaid Insurance $800.00
Total Current Assets $256,932.82
Plant Assets:
Office Equipment $22,183.08
Less Acc. Depr. - Office Equipment $13,063.00 $9,120.08
Store Equipment $45,184.98
Less Acc. Depr. - Store Equipment $16,140.00 $29,044.98
Total Plant Assets $38,165.06
Total Assets $295,097.88
Liabliities
Current Liabilities:
Accounts Payable $22,154.17
Federal Income Tax Payable $1,541.19
Employee Income Tax Payable $1,025.00
Social Security Tax Payable $753.80
Mediare Tax Payable $176.29
Sales Tax Payable $2,487.00
Unemployment Tax Payable - Federal $24.00
Unemployment Tax Payable - State $162.00
Health Insurance Premiums Payable $800.00
US Savings Bonds Payable $60.00
U\nited Way Donations Payable $70.00
Dividends Payable $7,500.00
Total Liabilities $36,753.45
Stockholders' Equity
Capital Stock $200,000.00
Retained Earnings $58,344.43
Total Stockholders' Equity $258,344.43
Total Liabilities and Stockholders' Equity $295,097.88
Comes from
Statement of
Stockholder's Equity
Class Project
#2
Name _______________________
Carol’s Closet Project – Completing Financial Statements
BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and explain the purpose of each step.
d) Prepare and use an 8- and/or 10-column worksheet. e) Analyze and prepare adjusting entries, including accruals and referrals. h) Use manual and computerized accounting systems.
BCS-PAII-2. Students will use GAAP to determine value of assets. d) Apply appropriate accounting techniques for uncollectible accounts. h) Explain, compare, and analyze depreciation methods and their effect on the value of assets.
BCS-PAII-4. Students will use GAAP to determine the value of owner’s equity. b) Analyze and record investments by stockholders and the declaration and payment of dividends
for a corporation.
Directions:
Using the worksheet given, complete the financial statements for Carol’s Closet. The steps are
as follows:
a. Complete the income statement using the worksheet provided.
b. Complete the statement of stockholders’ equity.
c. Complete the balance sheet.
d. Analyze your results and make recommendations as needed.
Rubric
Activity Points Possible
Points Earned
Income Statement 35 Statement of SE 20 Balance Sheet 35 Analysis 10
Project Totals 100 Grade
Student Work
#2
APPLICATION PROBLEM 14-7 Name:
Class:
You have successfully completed this problem.
1 2 3 4 5 6 7 8
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1 Cash 28,548.25 28,548.25 1
2 Petty Cash 500.00 500.00 2
3 Accounts Receivable 32,518.28 32,518.28 3
4 Allow. for Uncoll. Accts. 155.25 (d) 5,498.40 5,653.65 4
5 Merchandise Inventory 229,282.36 (c) 9,548.25 238,830.61 5
6 Supplies--Office 6,128.25 (a) 4,721.25 1,407.00 6
7 Supplies--Store 4,218.36 (b) 3,648.25 570.11 7
8 Prepaid Insurance 12,000.00 (e) 10,000.00 2,000.00 8
9 Office Equipment 28,187.25 28,187.25 9
10 Acc. Depr.--Office Equipment 5,158.25 (f) 5,216.00 10,374.25 10
11 Store Equipment 42,841.05 42,841.05 11
12 Acc. Depr.--Store Equipment 12,483.25 (g) 4,820.00 17,303.25 12
13 Accounts Payable 21,543.20 21,543.20 13
14 Federal Income Tax Payable (h) 3,005.22 3,005.22 14
15 Employee Income Tax Payable 1,248.25 1,248.25 15
16 Social Security Tax Payable 822.00 822.00 16
17 Medicare Tax Payable 192.24 192.24 17
18 Sales Tax Payable 2,415.25 2,415.25 18
19 Unemployment Tax Payable--Federal 33.60 33.60 19
20 Unemployment Tax Payable--State 226.80 226.80 20
21 Health Insurance Premiums Payable 960.00 960.00 21
22 U.S. Savings Bonds Payable 75.00 75.00 22
23 United Way Donations Payable 100.00 100.00 23
24 Dividends Payable 11,000.00 11,000.00 24
25 Capital Stock 55,000.00 55,000.00 25
26 Retained Earnings 172,980.13 172,980.13 26
27 Dividends 44,000.00 44,000.00 27
28 Income Summary (c) 9,548.25 9,548.25 28
29 Sales 948,484.25 948,484.25 29
30 Sales Discount 3,154.15 3,154.15 30
31 Sales Returns and Allowances 7,148.15 7,148.15 31
32 Purchases 489,335.54 489,335.54 32
33 Purchases Discount 5,015.25 5,015.25 33
34 Purch. Returns and Allowances 7,058.05 7,058.05 34
35 Advertising Expense 16,025.00 16,025.00 35
36 Credit Card Fee Expense 7,015.95 7,015.95 36
37 Depr. Exp.--Office Equipment (f) 5,216.00 5,216.00 37
38 Depr. Exp.--Store Equipment (g) 4,820.00 4,820.00 38
39 Insurance Expense (e) 10,000.00 10,000.00 39
40 Miscellaneous Expense 5,105.25 5,105.25 40
41 Payroll Taxes Expense 18,152.25 18,152.25 41
42 Rent Expense 28,000.00 28,000.00 42
43 Salary Expense 193,971.80 193,971.80 43
44 Supplies Expense--Office (a) 4,721.25 4,721.25 44
45 Supplies Expense--Store (b) 3,648.25 3,648.25 45
46 Uncollectible Accounts Expense (d) 5,498.40 5,498.40 46
47 Utilities Expense 4,818.88 4,818.88 47
48 Federal Income Tax Expense 44,000.00 (h) 3,005.22 47,005.22 48
49 1,244,950.77 1,244,950.77 46,457.37 46,457.37 853,636.09 970,105.80 419,402.55 302,932.84 49
50 Net Income after Federal Income Tax 116,469.71 116,469.71 50
51 970,105.80 970,105.80 419,402.55 419,402.55 51
BALANCE SHEET
Carol's Closet
Work Sheet
For Year Ended December 31, 20--
ACCOUNT TITLEINCOME STATEMENTADJUSTMENTSTRIAL BALANCE
DEBIT CREDIT
Class Project
#3
Name _______________________
Dealing with Plant Assets Project
BCS-PAII-2. Students will use GAAP to determine the value of assets. f) Apply appropriate accounting concepts and techniques for acquisitions, depreciation, depletion, and
disposal of assets. g) Explain, compare, and analyze various depreciation methods and their effect on the value of assets. i) Use manual and computerized accounting systems for assets.
Complete the following activities concerning plant assets for Meyer’s Home Furnishings.
Activity Notes Points Possible
Points Earned
Plant Asset Record #1 a. Fill in the top part of the record. b. Calculate depreciation through 20x3. c. Fill in the disposal section in 20x4.
Double-declining method
30
Plant Asset Record #2 a. Fill in the top part of the record. b. Calculate depreciation through 20x4. c. Fill in the disposal section in 20x5.
Straight-line method
30
Cash Payments Journal a. Calculate the purchase of both plant assets. b. Calculate the payment of propery taxes.
10
Cash Receipts Journal a. Record the sale of Plant Asset #1 b. Record the sale of Plant Asset #2
20
General Journal a. Record the partial year’s accumulated
depreciation for Plant Asset #1.
10
Daily Totals 100 Grade
Student Work
#3
PLANT ASSET RECORD No. 892 1205
Description Gen. Led. Acct.
Date
BoughtJan. 5 20X1Serial No.
903452 Original Cost
Estimated
Useful Life5 Years
Estimated
Salvage
Value $200.00
Depreciation
Method
Disposed of: Discarded Sold P Traded
Date Disposal Amount
Year
20X1
20X2
20X3
20X4
PLANT ASSET RECORD No. 893 1215
Description Gen. Led. Acct.
Date
Bought5-Apr Serial No.
BE35CC Original Cost
Estimated
Useful Life6 Years
Estimated
Salvage
Value $100.00
Depreciation
Method
Disposed of: Discarded Sold P Traded
Date Disposal Amount
Year
20X1
20X2
20X3
20X4
20X5
Dining Table
Double Decline
$2,200.00
General Ledger Acct. No.
Room Furnishings
300
Beginning Book Value Annual Depr. Expense Acc. Depr.
$2,200.00 40.00% $880.00
$475.20
6-Jan
2-Jul 200
$528.00
$316.80
$190.08
40.00%
40.00%
40.00%
$1,320.00
$792.00
General Ledger Acct. No.
Air Purifier Equipment
$1,300.00
Striaght Line
Beginning Book Value Annual Depr. Expense Acc. Depreciation
$1,300.00 $150.00 $150.00
$1,150.00 $200.00 $350.00
$950.00 $200.00 $550.00
$750.00 $200.00 $750.00
$550.00 $100.00 $850.00
$1,150.00
$950.00
$750.00
$550.00
$450.00
Ending Book Value
Ending Book Value
$1,320.00
$792.00
$475.20
$285.12
CASH RECEIPTS JOURNAL PAGE 21 2 3 4 6 7 8
ACCOUNTS SALES TAX SALES
DOC. POST. GENERAL RECEIVABLE SALES PAYABLE DISCOUNT CASH
DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT CREDIT CREDIT CREDIT DEBIT DEBIT
2012
1 Jan 6 Accum. Depr. - Room Furnishings R4 $1,724.80 $300.00 1
2 Room Furnishings $2,200.00 2
3 Gain on Plant Assets $175.20 3
4 July 2 Accum. Depr. - Equipment R77 $550.00 $200.00 4
5 Loss on Plan Assets $250.00 5
6 Equipment $450.00 6
GENERAL JOURNAL PAGE 181 2
DOC. POST. GENERAL
DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT
2012
1 July 2 Depreciation Expense - Equipment M31 $200.00 1
2 Accumulated Depreciation - Equipment $200.00 2
3 Adjusting Entries 3
4 Dec. 31 Depreciation Expense - Room Furnishings $38,520.00 4
5 Accumulated Depreciation - Room Furnishings $38,520.00 5
CASH PAYMENTS JOURNAL PAGE 231 2 3 4 5
ACCOUNTS PURCHASES
CK. POST. GENERAL PAYABLE DISCOUNT CASH
DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT DEBIT CREDIT CREDIT
2012
1 Jan 5 Room Furnishings 435 $2,200.00 $2,200.00 1
2 Feb 26 Property Tax Expense 534 $12,800.00 $12,800.00 2
3 Apr 5 Equipment 577 $1,300.00 $1,300.00 3
Long-term Project
Current Event Work
Current Event
Activity
FBLA Activity
FBLA Work
Student
presentations
career
development
Teacher Class Assignment Date Little Business Essentials Career Portfolio Spring Business Essentials Guest Speaker Spring Business Essentials Mock Interview Spring Accounting I Guest Speaker Fall Accounting II Career Portfolio Spring Accounting II Guest Speaker Spring Accounting II Mock Interview Spring