continuing cookie chronicle chapter 4, writing homework help

Aug 1st, 2017
Anonymous
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Question description

Kimmel, D., Kieso, D., & Weygandt J. (2013). Financial accounting: Tools for business decision making. (7th ED.). Hoboken, NJ: John Wiley & Sons, Inc.

I'm looking for assistance with the Continuing Cookie Chronicle Chaper 4. I completed half of the problems but I know my answers are way off and do not have time to redo the entire work.


Tutor Answer

(Top Tutor) anamae12
School: Purdue University
PREMIUM TUTOR

Here you go, I got it :). Check it out.

Final Project Instructions and Templates
Name: ___________________________________
Final Project
Due by Day 7 of Week 6

This project is worth _20_ points

MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.
It is recommended that you complete the non-graded requirements for additional practice
All of the templates you need for the project are located in this Workbook.
The instructions and data for the problem is in your Textbook (the "Continuing Cookie Chronicle" at the end of the chapter).
Use the arrow buttons (lower left corner of the window) to navigate through the tabs.
Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project

Requirements
Week One
Chapter 1 and 2 "Continuing Cookie Chronicle" - Review the problem and make notes of your answers.
Week Two
Chapter 3, Part A, prepare journal entries to record the November transactions
Chapter 3, Part B, post the journal entries to the general ledger accounts
Chapter 3, Part C, prepare a trial balance at November 30, 2014
Week Three
Chapter 4, Part A, journalize the transactions
Chapter 4, Part B, post the December transactions to the general ledger accounts
Chapter 4, Part C, prepare a trial balance at December 31, 2014
Chapter 4, Part D, prepare and post adjusting journal entries for December
Chapter 4, Part E, prepare adjusted trial balance at December 31, 2014
Chapter 4, Part F, prepare an income statement, retained earning statement and balance sheet
Chapter 4, Part G, prepare and post closing entires as of December 31, 2014
Chapter 4, Part H, prepare a post-closing trial balance
Week Six
Chapter 13 - Part A, prepare a horizontal and vertical analysis
Chapter 13 - Part B, Calculate several financial ratios as indicated

es

__

e end of the chapter).

Sheet in Workbook

Chapter 1 & 2 Notes

(PRACTICE)

Journal Entries
General Ledger
Trial Balance

(PRACTICE)
(PRACTICE)
(PRACTICE)

Journal Entries
General Ledger
Trial Balance
Adjusting Entries
Adjusted Trial Balance
Financial Statements
Closing Entries
Post Closing TB

(GRADED)
(GRADED)
(GRADED)
(GRADED)
(GRADED)
(GRADED)
(GRADED)
(GRADED)

Horiz. & Vert. Analysis
Financial Ratios

(GRADED)
(GRADED)

Make any notes from Chapters 1 or 2 here.
NOTE: These notes will NOT be included in your grade for the project. They are for your own reference.

(a) What form of business organization—proprietorship, partnership, or corporation— do you recommend that Natalie use for h
benefits and weak- nesses of each form that Natalie might consider.
(b) Will Natalie need accounting information? If yes, what information will she need and why? How often will she need this infor
(c) Identify specific asset, liability, revenue, and expense accounts that Cookie Creations will likely use to record its business tra
(d) Should Natalie open a separate bank account for the business? Why or why not?
(e) She wonders what she should do for accounting purposes. What do you recommend?
(Kimmel 38)

(f) Natalie expects she will have to use her car to drive to people’s homes and to pick up sup- plies, but she also needs to use h
She recalls from her first- year accounting course something about keeping business and personal assets separate.

Kimmel, Paul D. Financial Accounting: Tools for Business Decision Making, 7th Edition, 7th Edition. Wiley, 09/2012. V

Natalie Koebel - Owner
Company Name: Cookie Creations

Sole Proprietorship: Easy to setup, easy to manage. Owner has total control over business and decisions affecting the busine

Patnership: Similar to sole propietorship however ownership is devided up by partners. Partners have joint control of the busine

Corporation: A business organized as a separate legal entity. Owner is not held personally responsible for the corporation. Ea

Will need accounting information such as monthly income statements, retained earnings statement, balance sheet, statement o
Assets: Equipment

e for your own reference.

o you recommend that Natalie use for her business? Discuss the

why? How often will she need this information?
s will likely use to record its business transactions.

p sup- plies, but she also needs to use her car for personal reasons.
nd personal assets separate.

Edition, 7th Edition. Wiley, 09/2012. VitalBook file.

ness and decisions affecting the business. Downside is that as a sole proprietor you are personally responsible for the company and as such

Partners have joint control of the business and decisions affecting the business. As in the sole proprietorship, all partners are personally res

nally responsible for the corporation. Easier to generate funds by selling stock or ownership in the company. Small amounts of money go fa

s statement, balance sheet, statement of cash flows. Some of this is computed monthly, quarterly, and annually.

esponsible for the company and as such could be personally held liable if the company fails. Tax rate is lower than corporations.

rietorship, all partners are personally responsible for the business and thus can be held personally liable for the business as well. Tax rate is

mpany. Small amounts of money go far when purchasing company stock. Tax liability falls soley on the corporation but is taxed at a higher

ble for the business as well. Tax rate is lower than corporations.

REQUIREMENT #1:
Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle.
NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions").

a) Prepare journal entries to record the November transactions

Date
8-Nov
11...

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