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Big Bend Enterprises owns Toscana Hotel and Big Bear BBQ Restaurant.




Question;Goal;To familiarize students with the;various elements of the accounting cycle and to use EXCEL in accounting work.;General;Information;Big Bend Enterprises owns;Toscana Hotel and Big Bear BBQ Restaurant.;The Controller of Big Bend has to leave work abruptly due to a family;emergency and has asked you and a co-worker to finish out some work for both;properties so the month end procedures will be complete. She has started setting tabs on the EXCEL;workbook but did not get to finish the process.;So, she would like your assistance.;Required;1.;Set up Page 2 of the General Journal on Sheet 1 of the EXCEL;workbook using the following column headings and set up the column width;accordingly.;DATE;ACCOUNT;DESCRIPTION;REF;DEBIT;CREDIT;2. Using the information;from your completed worksheet, enter the closing entries for Toscana on p.2 of;the general journal;3. Set up and;complete the post-closing trial balance on Sheet 4 of the EXCEL workbook.;For Big Bear BBQ, please use;the information given to prepare the Section for Cash Flow from Operating;activities only. Use Sheet 5 of the;EXCEL workbook to type in the answer, and use formulas to do all the;calculations.;Additional Information;1.;Equipment costing $20,000 and fully depreciated (to 0) was;sold for $5,000.;2.;Long-term investments costing $10,000 were sold for $12,000.;3.;Common stock was sold and long-term debt was borrowed during;2012. There were no noncash financing or;investing activities during 2012.;4.;Income before gain on the sale of equipment for 2012 totaled;$15,000. The firm?s average tax rate is;15%.;5.;Assume all current liabilities are paid on a timely basis.;6.;Assume all long-term debt is reclassified as a current;liability on December 31 of the year prior to its payment.;7.;Assume the change in retained earnings is due only to;dividends declared and net income from operations. Dividends declared during 2012;totaled $10,000;To receive full credit;1.;Set up the EXCEL workbook as described in the previous;pages, i.e.;a. Sheet 1 ?;Worksheet for Toscana;b. Sheet 2 ? Closing;Entries for Toscana;c. Sheet 3 ? Post;Closing Trial Balance for Toscana;d. Sheet 4 ? Cash;Flow Statement: Operating Activities for Big Bear;2.;Use formulas in the worksheet ? DO NOT simply type in the;numbers.;3.;Submit the workbook via Blackboard at the designated times.;Extra;Credit: Complete the entire statement of;cash flow. (10 Points)


Paper#42955 | Written in 18-Jul-2015

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