An introduction to bookkeeping worksheet

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The document lists accounting journals and accounts for the years 2010-2013. For each year it shows the general journal, a control account, a ledger account, and a day book, along with the type of transactions recorded in each (e.g. purchases, sales). The control account balances the general journal, the ledger account contains individual customer/supplier accounts, and the day book records daily transactions.

Technology Economy & Finance

2013

2012

2011

2010

General Journal

General Journal

General Journal

General Journal

Control Account

Control Account

Control Account

Control Account

(Creditors)

(Creditors )

(Debtors)

(Creditors)

Ledger Account

Ledger Account

Ledger Account

Ledger Account

(Sales)

(Purchases)

(Purchases)

(Sales)

Day Book

Day Book

Day Book

Day Book

(Purchases)

(Sales)

(Purchases)

(Sales Returns)

General Journals

An introduction to bookkeeping worksheet

Bank reconciliation statement is a report which compares the bank balance as per company's accounting records with the balance stated in the bank statement. It is normal for a company's bank balance as per accounting records to differ from the balance as per bank statement due to timing differences. Certain transactions are recorded by the entity that are updated in the bank's system after a certain time lag. Likewise, some transactions are accounted for in the bank's financial system before the company incorporates them into its own accounting system. Such timing differences appear as reconciling items in the Bank Reconciliation Statement. The purpose of preparing a Bank Reconciliation Statement is to detect any discrepancies between the accounting records of the entity and the bank besides those due to normal timing differences. Such discrepancies might exist due to an error on the part of the company or the bank.

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550 words Library Research Assignment Locate a publicly traded U.S. company of your choice. Then, calculate the following ratios for the company for 2012 and 2013: Liquidity Ratios Current ratio [current assets / current liabilities] Quick ratio [(current assets – inventory) / current liabilities] Asset Turnover Ratios Collection period [accounts receivable / average daily sales] Inventory turnover [cost of goods sold / ending inventory] Fixed asset turnover [sales / net fixed assets] Financial Leverage Ratios Debt-to-asset ratio [total liabilities / total assets] Debt-to-equity ratio [total liabilities / total stockholders’ equity] Times-interest-earned (TIE) ratio [EBIT / interest] Profitability Ratios Net profit margin [net income / sales] Return on assets (ROA) [net income / total assets] Return on equity (ROE) [net income / total stockholders’ equity] Market-Based Ratios Price-to-earnings (P/E) ratio [stock price / earnings per share] Price-to-book (P/B) ratio [market value of common stock / total stockholders’ equity] You are now ready to interpret the ratios that you have calculated. If a ratio increased from 2012 to 2013, why do you think that it increased? Is it a good or bad sign that the ratio increased? Please explain. If a ratio decreased from 2012 to 2013, why do you think that it decreased? Is it a good or bad sign that the ratio decreased? Please explain. If a ratio was unchanged from 2012 to 2013, why do you think that it was unchanged? Is it a good or bad sign that the ratio was unchanged? Please explain. .

Sheet1BMGT 495 - Financial Analysis Activity3 Year TREND ANALYSIS2.docx

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Sheet1BMGT 495 - Financial Analysis Activity3 Year TREND ANALYSIS201320122011Balance Sheet DataAssetsCurrent AssetsCashAccounts ReceivableInventoryTotal Current Assets0.000.000.00plusFixed AssetsMachinery & EquipmentBuildingsLandTotal Fixed Assets0.000.000.00plusOther AssetsPatentsGoodwillTotal Other Assets0.000.000.00equalsTotal Assets0.000.000.00equalsLiabilities (Debt) & Owners' Equity (Net Worth)DebtCurrent (Short-term) LiabilitiesAccounts PayableAccrued ExpensesShort-term Notes PayableTotal Current Liabilities0.000.000.00plusLong-term LiabilitiesLong-term Notes PayableBonds PayableTotal Long-term Liabilities0.000.000.00Total Liabilities0.000.000.00plusOwners' EquityCommon StockRetained EarningsTotal Owners' Equity0.000.000.00equalsTotal Liabilities & Owners' Equity0.000.000.00Income Statement DataRevenues/Gross SaleslessCost of Goods Sold (Cost of producing or acquiring product/service to be sold)equalsGross Profit0.000.000.00lessOperating Expenses:Marketing & Selling ExpensesGeneral & Administrative ExpensesDepreciation ExpenseTotal Operating Expenses0.000.000.00equalsOperating Profits (earnings before interest & taxes)0.000.000.00lessInterest ExpenseequalsProfits before Taxes0.000.000.00lessIncome TaxequalsNet Profits0.000.000.00 .

Given the following list of accounts with normal balance, prepare a .pdf

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Given the following list of accounts with normal balance, prepare a Multi-Step Income Statement for CRN Corporation for 2012 and 2013.AccountsPayableAccountsReceivableAccruedExpensesPayableAccumulatedDepreciationB adDebtExpenseCashContributedCapitalCostofGoodsSoldCurrentMaturityofLongtermDebtDepre ciationExpenseEquipmentFuelExpenseG&AExpensesIncomeTaxExpenseIncomeTaxesPayableIn suranceExpenseIntangiblesInterestExpenseInventoriesLandLongTermNotesPayableNotesReceiv ableOtherAssetsOtherCurrentAssetsOtherCurrentLiabilitiesOtherLongTermLiabilitiesOtherReve nuePrepaidExpensesRentExpenseRetainedEarnings(beforeclosingentries)Salaries&BenefitsExpe nseSalesShort- TermInvestmentsUnearnedCompensationUnearnedRevenuesUtilitiesExpense201340091075016 60140600014700280016006606700600245017503750800650050022003750370062005000600 38002800950080015005000390015000400022001100600201250015350250100030045008500 87501200100030004002200850275090065003501950375016000450050002503500500039005 0018005000395017000505028503800400 Additional information: Dividends Declared and Paid Market price of the stock 760040040.

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StatementsWidgit Corporation's December 31 Balance SheetsAssets20122011Cash$ 72,000$ 65,000Accounts receivable439,000328,000Inventories894,000813,000 Total current assets$ 1,405,000$ 1,206,000Land and building238,000271,000Machinery132,000133,000Other fixed assets61,00057,000Total assets$ 1,836,000$ 1,667,000Liabilities and equityAccounts payable$ 432,000$ 409,500Accrued liabilities170,000162,000 Total current liabilities$ 602,000$ 571,500Long-term debt404,290258,898Common stock575,000575,000Retained earnings254,710261,602Total liabilities and equity$ 1,836,000$ 1,667,000Widgit Corporation's December 31 Income Statements20122011Sales$ 4,240,000$ 3,635,000Cost of goods sold3,680,0002,980,000Gross profit$ 560,000$ 655,000General admin. and selling expenses236,320213,550Depreciation159,000154,500Miscellaneous134,000127,000 EBT$ 30,680$ 159,950Taxes (40%)12,27263,980 Net income$ 18,408$ 95,970 HorizontalWidgit Corporation's December 31 Balance SheetsAssets20122011 Dr. Letsch: Dr. Letsch: Step 1: Set up your financial statements in this format.Dollar Change Dr. Letsch: Dr. Letsch: Determine the dollar amount of change between periods.Percentage Change Dr. Letsch: Dr. Letsch: Determine the percentage change by dividing the Dollar Change by the initial year data.Cash$ 72,000$ 65,0007,00010.8%Accounts receivable439,000328,000111,00033.8%Inventories894,000813,00081,00010.0% Total current assets$ 1,405,000$ 1,206,000199,00016.5%Land and building238,000271,000(33,000)-12.2%Machinery132,000133,000(1,000)-0.8%Other fixed assets61,00057,0004,0007.0%Total assets$ 1,836,000$ 1,667,000169,00010.1%Liabilities and equityAccounts payable$ 432,000$ 409,50022,5005.5%Accrued liabilities170,000162,0008,0004.9% Total current liabilities$ 602,000$ 571,50030,5005.3%Long-term debt404,290258,898145,39256.2%Common stock575,000575,00000.0%Retained earnings254,710261,602(6,892)-2.6%Total liabilities and equity$ 1,836,000$ 1,667,000169,00010.1%Widgit Corporation's December 31 Income Statements20122011Sales$ 4,240,000$ 3,635,000605,00016.6%Cost of goods sold3,680,0002,980,000700,00023.5%Gross profit$ 560,000$ 655,000(95,000)-14.5%General admin. and selling expenses236,320213,55022,77010.7%Depreciation159,000154,5004,5002.9%Miscellaneous134,000127,0007,0005.5% EBT$ 30,680$ 159,950(129,270)-80.8%Taxes (40%)12,27263,980(51,708)-80.8% Net income$ 18,408$ 95,970(77,562)-80.8% VerticalWidgit Corporation's December 31 Balance SheetsAssets2012Percent2011Percent Dr. Letsch: Dr. Letsch: Separate columns; add percent columns; calculate percentages based on total assets, total L&E, and total sales depending on the statement or part of statement analyzed.Cash$ 72,0003.9%$ 65,0003.9%Accounts receivable439,00023.9%328,00019.7%Inventories894,00048.7%813,00048.8% Total current assets$ 1,405,00076.5%$ 1,206,00072.3%Land and building238,00013.0%271,00016.3%Machinery132,0007.2%133,0008.0%Other fi.

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