BUS-FP3061 Assessment 2, Part 4 Template BUS-FP3061 – Fundamentals of Accounting Instructions In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount. Smith Industries ($) Jones Chips, Inc. ($) Beginning of year: Total assets 110,000 129,000 85,000 ? ? 80,000 Total assets 160,000 180,000 Total liabilities 120,000 50,000 Total equities 40,000 130,000 ? 25,000 29,000 ? Total revenues 215,000 100,000 Total expenses 175,000 60,000 Total liabilities Total equities End of year: Changes during the year in equities: Additional owner investment Owner's withdrawals Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:08 PM 1 BUS-FP3061 Assessment 2, Part 4 Template BUS-FP3061 – Fundamentals of Accounting Instructions In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount. Smith Industries ($) Jones Chips, Inc. ($) Beginning of year: Total assets 110,000 129,000 85,000 ? ? 80,000 Total assets 160,000 180,000 Total liabilities 120,000 50,000 Total equities 40,000 130,000 ? 25,000 29,000 ? Total revenues 215,000 100,000 Total expenses 175,000 60,000 Total liabilities Total equities End of year: Changes during the year in equities: Additional owner investment Owner's withdrawals Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:08 PM 1 BUS-FP3061 – Fundamental Accounting Principles Assessment 2, Part 1 Template Instructions: Using the following designations for balance sheet categories, place the designator in the column next to the account title. • (CA) - Current Asset • (LTA) - Long-term Asset • (CL) - Current Liability • (LTL) - Long-term Liability • (EQ) - Equity Account Title Accounts Payable Equipment Prepaid rent Short-term investments Accounts receivable Land Common stock Cash Accumulated depreciation Goodwill Bonds payable Retained earnings Preferred stock Mortgage payable Salaries payable Allowance for uncollectibles Inventories Patent Income tax payable Short-term security deposits Balance Sheet Category BUS-FP3061 Assessment 2, Part 2 Template BUS-FP3061 Fundamentals of Accounting Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format. If you need to research the format for balance sheets, you may wish to start with the suggested materials in Resources. • • • • • • • • • • • • Wages payable - $880.00. Supplies - $80.00. Common stock - $10,000.00. Equipment - $217,200.00. Interest payable - $3,600.00. Retained earnings - $27,520.00. Accounts receivable - $400.00. Long-term bonds payable - $150,000.00. Cash - $3,050.00. Advances from customers - $460.00. Prepaid insurance - $830.00. Accumulated depreciation - $29,100.00. Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:07 PM 1 BUS-FP3061 Assessment 2, Part 2 Template Blaze Industries Balance Sheet, as of December 31, 2011 Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:07 PM 2 BUS-FP3061 Assessment 2, Part 3 Template BUS-FP3061 – Fundamentals of Accounting Southwest Business School Adjusted Trial Balance December 31 20XX Debit ($) Cash ........................................................................................... 26,000 Accounts receivable .................................................................... 7,500 Teaching supplies ....................................................................... 2,600 Prepaid insurance ....................................................................... 12,000 Prepaid rent ................................................................................ 0 Professional library ..................................................................... 30,000 Accumulated depreciation—Professional library ......................... Equipment................................................................................... Credit ($) 15,000 70,000 Accumulated depreciation—Equipment ...................................... 28,000 Accounts payable........................................................................ 36,000 Salaries payable ......................................................................... 400 Unearned training fees ................................................................ 6,600 Common stock ............................................................................ 10,000 Retained earnings ....................................................................... 53,600 Dividends .................................................................................... 40,000 Tuition fees earned ..................................................................... 109,500 Training fees earned ................................................................... 42,400 Depreciation expense—Professional library ................................ 6,000 Depreciation expense—Equipment ............................................. 12,000 Salaries expense ........................................................................ 48,400 Insurance expense...................................................................... 3,000 Rent expense.............................................................................. 24,000 Teaching supplies expense ......................................................... 7,400 Advertising expense .................................................................... 7,000 Utilities expense .......................................................................... 5,600 _______ Totals ......................................................................................... $301,500 $301,500 Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:07 PM 1 Southwest Business School Income Statement For Year Ended December 31, 20XX Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:07 PM 2 BUS-FP3061 Assessment 2, Part 4 Template BUS-FP3061 – Fundamentals of Accounting Instructions In each of the two sets of organization financial statement information, two items have been omitted. Replace the question marks with the missing amounts. Use the area below the table to show any calculations used to arrive at the final answer for each missing amount. Smith Industries ($) Jones Chips, Inc. ($) Beginning of year: Total assets 110,000 129,000 85,000 ? ? 80,000 Total assets 160,000 180,000 Total liabilities 120,000 50,000 Total equities 40,000 130,000 ? 25,000 29,000 ? Total revenues 215,000 100,000 Total expenses 175,000 60,000 Total liabilities Total equities End of year: Changes during the year in equities: Additional owner investment Owner's withdrawals Capella Proprietary and Confidential ShortDoc_Internal.doc Last updated: 12/11/2020 5:07 PM 1 
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