ACC 101 Financial Accounting
Case 2 - Financial Statement Analysis
Part 2 - 120 Points
Use the information contained in these financial statements and notes to complete this case. All
answers should be for the most current year (September 26
Case 1 Serial Problem SP3, Pages 159-161
Grading Rubric-200 Points Possible
Student Name: _
1. Prepare journal
entries to record
each of the
1.(a)Post all entries to
the accounts in the
Problem 3-8A Part 2 Solution and Explanations
Closing entries (all dated December 31, 2013)
Instructor note: Entries are shown without an account reference column because no posting is required.
Professional Fees Earned .
Rent Earned .
Solution with Explanations
Assignment # PR 3-7A Part 4
This tab will be used to journallize the adjustments for Part 4: April items a-e.
Note the additional tabs at the bottom to complete the posting and the adjusted trial balance.
Problem 7-3A Show all calculations for partial credit.
a. Expense is 1.5% of credit sales
Dec. 31 Bad Debts expense
allowance for doubtful accounts
b. Expense is 1% of total sales (hint: total sal
Problem 8-5A Solution
Cost of machine .
Less estimated salvage value .
Total depreciable cost .
First you will see the calculations for each method, then the table that
summarizes all the depreciation expense amounts for each meth
Note: This working paper is set up like the solution for PR8-5A. You do
not have to use this format. Feel free to set it up however you would
Reporting and Analyzing Long-Term Assets
Chapter 8 discusses the accounting for the companys long-term assets. The long term assets can be long
term investments, plant assets, natural resources, and intangible assets. We will study
Reporting and Analyzing Receivables
Chapter 7 discusses the challenges associated with the companys receivables. This includes the recognition
(how the receivables appear on the books), valuation (at what dollar amount we should re
Reporting and Analyzing Long-Term Liabilities
Chapter 10 discusses the accounting and reporting of the companys long-term liabilities and specifically
LongTerm Liabilities are the companys obligations that are due m
Reporting and Analyzing Cash Flows
Do you remember in Chapter 1 you learned that there are four financial statements? However, you have only
learned how to prepare three of those four Income Statement, Statement of Retained Earnin
Reporting and Analyzing Equity
Corporations are the most dominate form of business organizations in terms of business dollars. In this
chapter we will take an in-depth look at the nature, characteristics and accounting for various
Analyzing and Interpreting Financial Statements
Chapter 13 discusses the analysis of annual reporting of a companys financial statements. No matter what
your major is, this chapter is important to anyone who will either work in bu
U.S. Corporation Income Tax Return
Department of the Treasury
Internal Revenue Service
A Check if:
1a Consolidated return
(attach Form 851)
b Life/nonlife consolidated return .
2 Personal holding co.
(attach Sch. PH) .
For calendar year
Quick Study 1-1
1. f. Technology
2. c. Recording
3. e. Recordkeeping (bookkeeping)
Quick Study 1-2
Quick Study 1-3
a. The choice of an accounting method when more than one alternati