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Bus650 Final project




Question;Controllership;BUS 650-(01&02);Final Project ? Part 1;Due before class final (Part2);Please download the Excel file labeled;?Final Project? and follow the steps below.;1);Notice that some of the Balance;Sheet and Income Statement lines and are not on the first tab of the excel;sheet. The second tab shows the missing;lines. Copy and paste the lines into the;proper place on the balance sheet or income statement. If done properly, the X0 Balance Sheet column;will balance.;2);Calculate and place the missing;numbers for X1 in the proper place on the Balance Sheet and/or Income Statement;using the following information. If done;properly, the Balance Sheet and Cash Flow Statements will balance for X1.;a.;The company paid out $100 in;dividends in year X1.;b.;During X1, the company;purchased and paid for $1,350 in Advertising of which $750 will be used next;year.;c.;The company assembled the;following information regarding Accounts Receivable and Bad Debts at the end of;year X1. Use this information to increase;the allowance account and record bad debt expense.;Balance;Balance;Historical Bad;Debt rate;Bad Debt Estimate;Current Amount;5,000;1.5%;30-60 Days Past Due;2,000;10%;Over 60 Days Past Due;700;25%;d.;Interest Expense during X1 was;$1,000.;e.;In X1, the company purchased a;new machine for $5,000. No other;equipment was purchased or sold.;f.;The company depreciates some of;its assets using the straight line method and others using the double declining;balance method. Depreciation should be;calculated using the following information.;As a rule, the company does not use a residual value for any of its;assets. Assume a full year of;depreciation on the new equipment item.;Item;Cost;Current;Book Value;Method;Life;Current;Depreciation;Land;1,000;1,000;None;N/A;Building;4,000;3,000;SL;40 yrs;Existing Equipment;17,000;13,500;DDB;15 yrs;New Equipment;5,000;5,000;DDB;10 yrs;Office Equipment;1,000;900;SL;20 yrs;Autos;2,000;1,800;SL;5 yrs;g.;Inventory at the end of X1 had;increased by $1,500.;h.;Office wages paid during the;year totaled $3,700. An additional $300;of office wages were earned during X1 but were paid in the following year.;i.;During X1, the company paid off;$1,000 of debt to the bank. However the;company borrowed $4,000 to buy the new piece of equipment.;3);Calculate the ratios to the;right of the Statement of Cash Flows.;For all items except ?Working Capital?, if you place the numerator and;denominator in the first column the second column will calculate the;answer. The second column will calculate;an answer no matter what values you use so careful to use the correct values.


Paper#42921 | Written in 18-Jul-2015

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