Qrb 501 week 5 learning team case studies case 21 -1 and 21 – 2
Week 5 Learning Team Fact Studies
Complete the aftercited fact studies from Ch. 21 of Business Math:
- Case Study 21-1, p. 768
- Case Study 21-2, p. 769
Create your own Microst Excel is-sueprevarication and format it to vindication your questions.
Note. Show all is-sue and calculations. (The use of Microsoft® Excel® software is required.)
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21.1 Contemporary Cope Goods Fact Study 21-1, p. 768 Charles Royston was checking the year-end pits for his cope goods manufacturing and vend office and was solicitous environing the bulk. From what he regarded, his liabilitys and accounts receivable were upper than the antecedent year. Rather than get is-sueed up pit nonentity, he resolute he would append the notice and frame a similarity. For December 31, 2011, the officehad general proceeds of: $1,844 currency, $11,807 accounts receivable, and $9,628 schedule. Plant and equipment completioned $158,700. General liabilities were: accounts payable $13,446; compensation payable $650; and characteristic and taxes payable $4,124. Long-term liability completioned $92,800 and owner’s equity $70,959. By similarity, for December 31, 2010, the office had general proceeds of: $3,278 currency; $6,954 accounts receivable; $17,417 schedule. Plant and equipment completioned $144,500. General liabilitieswere: accounts payable $9,250; compensation payable $1,110; characteristic and taxes payable $3,650. Long-term liability completioned $75,800; and owner’s equity $82,339.
1. Construct a relatively pit prevarication for Contemporary Cope Goods for year-end 2010and 2011, including a perpendicular and tasteless anatomy of the relatively pit prevarication. Express percents to the nearest tenth of a percent.
2. Calculate the general relative and the completion liability to completion proceeds relative for 2010 and 2011.
3. Overall, what does your anatomy adjust? Is Charles emend to be solicitous environing these bulk? Explain.
Case Study 21-2
Jessica and David are acquireer interns at Balanced Books Bookkeeping. They bear admitn several
office math and accounting classes and are now applying what they bear literary to real-life situations.
They relish their internship, but they are sometimes surprised by the assignments they are
given. Luckily, they is-sue contemporaneously, so they distribute the assignments and acquire from each other. Their
most modern assignment is to admit a listing of accounts supposing by one of Balanced Books' clients
and depend them into a pit prevarication and pay assertion. David suggests that their client capacity appreciate
it if they besides produced a perpendicular anatomy of each assertion. Jessica suggests that they
should besides calculate the general relative and the hard-standard relative.
1. Create the financial assertions for December 31, 2011, delineate them in perpendicular format, and
calculate the general and hard standard relatives.
Account address Amount Account address Amount
Cash $4,000 Accounts payable $3,500
Depreciation 2,000 Merchandise schedule 15,000
Carlton, equity 34,500 Accounts receivable 6,000
Cogs 85,000 Net sales 120,000
Rent cost 15,000 Insurance payable 500
Wages payable 1,500 Equipment 15,000
Utilities 6,500 Compensation 8,000
Miscellaneous 1,500
Cogs = Cost of Goods Sold
Miscellaneous = Miscellaneous Expense