{"id":51193,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/only-for-lady-taylor-phd"},"modified":"2017-08-16T12:33:33","modified_gmt":"2017-08-16T12:33:33","slug":"only-for-lady-taylor-phd","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/only-for-lady-taylor-phd\/","title":{"rendered":"Only for Lady Taylor PhD"},"content":{"rendered":"<p>The submission is to be&nbsp;<b>one Excel file<\/b>&nbsp;including text submission on current ratio and a memo.&nbsp; You can type your text submission in Word and copy it into your Excel spreadsheet or type the text submission directly into a text box in Excel. &nbsp;<b>All parts should be included on one sheet<\/b>. &nbsp;<\/p>\n<ul>\n<li>If any calculations are required, they must be shown. &nbsp;I will be able to review the Excel formulas in your worksheet.<\/li>\n<li>Utilize Excel formulas to the fullest extent possible.<\/li>\n<li>Formatting counts. &nbsp;Use the examples provided in Chapters 1 through 4 for correct formats.<\/li>\n<li>The case study answers must be clearly marked and easy to follow.<\/li>\n<li>Please title your excel file with your<b> last name &amp; &#8220;Case Study 1&#8221;<\/b>.<\/li>\n<\/ul>\n<p>MBA 5850 \u2013 Spring 2017 Block 2<\/p>\n<p>Case Study 1<\/p>\n<p>You have been hired by a company that offers design services and sells household goods, My Best<\/p>\n<p>Friend\u2019s House. The company has been in business for several years but does not have a good<\/p>\n<p>accounting system in place. The owner of the company, Mr. Erie, has provided you with the following<\/p>\n<p>account balances as of January 31, 2017. Income and expense amounts are for the month of January<\/p>\n<p>2017.<\/p>\n<p>Cash 8,350<\/p>\n<p>Accounts payable 900<\/p>\n<p>Accounts receivable 3,500<\/p>\n<p>Accumulation depreciation 2,700<\/p>\n<p>Additional paid-in capital 6,000<\/p>\n<p>Common stock 1,200<\/p>\n<p>Depreciation expense 900<\/p>\n<p>Income tax expense 700<\/p>\n<p>Income tax payable 250<\/p>\n<p>Insurance expense 1,800<\/p>\n<p>Interest expense 600<\/p>\n<p>Interest payable 700<\/p>\n<p>Inventory 12,000<\/p>\n<p>Land 17,000<\/p>\n<p>Note payable &#8211; current portion 3,000<\/p>\n<p>Note payable &#8211; long-term 8,000<\/p>\n<p>Office equipment 4,500<\/p>\n<p>Rent expense 6,000<\/p>\n<p>Retained earnings 7,875<\/p>\n<p>Salary expense 12,000<\/p>\n<p>Salaries payable 800<\/p>\n<p>Service revenue 35,000<\/p>\n<p>Travel expense 1,275<\/p>\n<p>Unearned revenue 2,200<\/p>\n<p>The president has told you that although the accounts are shown with a positive balance, they have the<\/p>\n<p>normal debit or credit balance that accounts in their account type have (e.g. \u2013 assets have a debit<\/p>\n<p>balance, liabilities have a credit balance).<\/p>\n<p>There are six shareholders and Mr. Erie reports financial information to them on a monthly basis.<\/p>\n<p>Required:<\/p>\n<p>(1) Prepare a trial balance, income statement and balance sheet using the account balances<\/p>\n<p>provided to you. Set up your financial statements so that going forward, the president can enter<\/p>\n<p>the account balances in the trial balance and the amounts flow to the correct financial<\/p>\n<p>statements.<\/p>\n<p>(2) Calculate the current ratio for My Best Friend\u2019s House. What does this tell you about the<\/p>\n<p>company?<\/p>\n<p>(3) After you have completed your financial statements, Mr. Erie tells you that he believes a couple<\/p>\n<p>of mistakes have been made but he is not certain and doesn\u2019t want to change any amounts on<\/p>\n<p>the trial balance because \u201ceventually it will all wash out.\u201d $500 of the $1,275 travel expenses<\/p>\n<p>are for a sales trip that he has planned for March 2017. A utility bill in the amount of $650 was<\/p>\n<p>received on February 10th for January usage. Mr. Erie received a deposit of $5,000 in January<\/p>\n<p>2017 for an engagement scheduled for February 2017. He recorded this amount as Service<\/p>\n<p>Revenue when he received the deposit.<\/p>\n<p>Prepare a memo to Mr. Erie detailing what journal entries, if any, need to be recorded for these<\/p>\n<p>items and include the total effect of any adjustments on the income statement. Include a brief<\/p>\n<p>explanation of why it is important to report accurate financial amounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The submission is to be&nbsp;one Excel file&nbsp;including text submission on current ratio and a memo.&nbsp; You can type your text submission in Word and copy it into your Excel spreadsheet or type the text submission directly into a text box <a href=\"https:\/\/www.benedictsol.com\/blogs\/only-for-lady-taylor-phd\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51193","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/51193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=51193"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/51193\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=51193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=51193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=51193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}