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SYLLABUS


Howard High School / Small Business Development Spring 2013 COURSE SYLLABUS PROGRAM CONCENTRATION: Business & Computer Science CAREER PATHWAY: Financial Management -- Accounting COURSE TITLE: Accounting II CLASS WEB PAGE: www.edmodo.com Teacher: Susan Little Room Number: 408 Semester: Spring 2013 Textbook: Century 21 Accounting, Multi-column Textbook Price: n/a

Email: slittle.howardhs@bibb.k12.ga.us Phone Number: 478.779.4934 Tutorial Days: Monday - Thursday Tutorial Hours: By appointment Tutorial Location: 408

Department Philosophy: The Career Technology Education Department believes that education’s most important function is to provide all students with the skills needed for post-secondary and careers. This is accomplished by providing interest-based programs that meet industry standards. Course Description: Anyone who deals with any phase of business can benefit from an understanding of basic accounting principles covered in this course. Students planning to attend college will find a high school introduction to the subject helpful. Students planning to operate their own business will find this course a must. Students will continue to develop the accounting skills learned in Accounting I. Students will assume the role of an accountant for a small fictional business. Students will also do accounting work on a microcomputer.  . Articulation: This course is Bibb County approved and articulated with Central Georgia Technical College’s program. Course Prerequisites: Computer Applications, Business Essentials, Accounting I Career Pathways: Courses must be completed in the order listed below. Small Business Development Financial Management – Accounting Level 1 Level 2 Level 3

* Business Essentials * Accounting I * Accounting II

Level 4 Level 5

(Work-Based Learning) (Work-Based Learning)

Level 1 Level 2 Level 3 Level 4 Level 5

*Business Essentials *Legal Environment of Business *Entrepreneurial Ventures (Work-Based Learning) (Work-Based Learning)

*Required for Pathway Completion Certifications: • The Financial Management-Accounting pathway prepares with the skills needed for the following industry recognized credentials: NOCTI Business Financial Management.


Career Choices: Occupation Specialties Accountants and Auditors Bookkeeping/Accounting/ Auditing Clerks Budget Analysts Tax Preparers

Level of Education Needed Bachelor’s Degree Moderate-Term On-the-Job Training

Average Salary $54,330 $29,619

Bachelor’s Degree Moderate-Term On-the-Job Training

$58,698 $30,285

Course Schedule Week 1 Accounting Cycle Week 2 Accounting Cycle Week 3 Accounting Cycle Week 4 Accounting Cycle Week 5 Accounting Cycle Week 6 Accounting Cycle Week 7 Accounting Cycle Week 8 Accounting Cycle Week 9 Accounting Cycle

Week 10 Week 11 Week 12 Week 13 Week 14 Week 15 Week 16 Week 17 Week 18

Corporation Adjustments & Valuations Corporation Adjustments & Valuations Corporation Adjustments & Valuations Financial Statements Financial Statements Special Topics Special Topics Special Topics Review-Final

Internet Acceptable Use: Use of the Internet must be in support of education and research and consistent with the educational objectives of the Bibb County School System. The use of the Internet is a privilege, not a right, and inappropriate use will result in cancellation of those privileges. Any student user not complying with the Bibb County School System Internet Acceptable Use Agreement shall lose Internet privileges for a period of not less than one week. Susan Little’s websites that will be used as an integral part of this course are available at: www.edmodo.com FBLA: Future Business Leaders of America is a co-curricular national student organization designed to offer students the opportunity to participate in leadership activities both in an out of the classroom. Members have the opportunity to go on field trips, participate in competitive events, perform community service, interact with the business community, and attend state and national conferences. Grading Scale* Area

Percentage Area

Daily Assignments & Quizzes Projects Tests

Writings/Journals Total for Class Grade

30 30 30

Percentage

Class Grade Final Exam

85 15

10 100%

Final Grade

100%

Required Material: Black or blue ink pen AND pencil. You will have a storage folder in class for your work.


Classroom Expectations: Give Respect, Get Respect. Classroom Expectations: 1. When I am talking, you are listening. 2. We will be respectful of each other at all times. 3. Come to class on time and prepared to work. 4. Complete your OWN work! 5. Do not enter my office without my permission. 6. When you enter the room, begin your daily journal. 7. NOTE: All rules in the Bibb County Code of Conduct will be enforced. Classroom Procedures: 1. Print only with permission. When I want you to print, I will instruct you to do so. Upload ALL of your work to Edmodo. No excuses for “I forgot to save/upload…” 2. At the beginning of each class, please check your computer, mouse, book, and desk. If anything is misplaced, broken, or dirty, you must tell me so that you will not get in trouble for something someone else has done. 3. Internet games and Internet use is on an as-needed basis with permission only. Non-negotiable! 4. Clean up your trash and push your chair under the table as you leave each day. Attendance: Due to the nature of this course, it is imperative that you attend class daily. Almost all of the work assigned in this course is completed in class. Attendance has a direct correlation with your grade. The more often you are in class, the more likely you will succeed in the class. The Bibb County Board of Education policy on attendance will be upheld. Make-up Policy: It is your responsibility to get make-up work from me if you are absent. Make-up work must be completed within five school days. Most, if not all work, will be posted on Edmodo. Re-do Policy: Students who score a 69 or lower on a test or project may redo the test within five school days for a maximum score of 70.

* This course does not have an End of Course Test (EOCT) * * All rules included in the Bibb County Code of Conduct book will be enforced * The course syllabus is a general plan for the course; all information contained in the course syllabus/calendar is subject to change. Any changes will be announced in class and a revised syllabus distributed to students to be shared with their parents/guardians. Acknowledgment of Receipt: By signing below, the student and parent/guardian acknowledge that they have read and understood the contents in the 2012-2013 Business Essentials syllabus. Student Name (Print)_________________________________________ Date________________ Student Signature___________________________________________ Date_________________ Parent Name (Print)__________________________________________ Date________________ Parent Signature____________________________________________ Date_________________


Pacing guide


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

1

7‐Jan 8‐Jan

2

9‐Jan 3

10‐Jan 4

11‐Jan 5

14‐Jan 6

15‐Jan 7

16‐Jan 8

17‐Jan 9

18‐Jan 10

22‐Jan 11

Standard Addressed

BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4

Project-Based Instruction

FBLA in the Classroom

Spring 2013

Current Event

Reinforcment Activity Chap  9‐13 Reinforcment Activity Chap  9‐13 Reinforcment Activity Chap  9‐13

Current Event #1 

Reinforcment Activity Chap  9‐14 Reinforcment Activity Chap  Reinforcment Activity Chap 9‐14 Long Term Project  Discussion ‐ Business Plans LTP ‐ Business Plans

FBLA Acct Practice Test  (used as pretest for course) Personal Budget Activity

Current Event #2


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

23‐Jan 12

24‐Jan 13

25‐Jan 14

28‐Jan 15

29‐Jan 16

30‐Jan 17

31‐Jan 18

1‐Feb 19

4‐Feb 20 21 22

5‐Feb 6‐Feb

Standard Addressed

BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐10 BCS‐PAII‐1 BCS‐PAII‐2 BCS‐PAII‐4 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6

Project-Based Instruction

FBLA in the Classroom

Spring 2013

Current Event

Chapter 14 Projects

Current Event #3

Chapter 15 Projects

FBLA Region Competition  Search (Date of Actual  Region Competition) Current Event #4


Accounting II Instructional Focus Calendar Instructional Day # 23 24 25 26 27 28 29 30 31 32 33 34 35

Calendar Date

7‐Feb 8‐Feb 11‐Feb 12‐Feb 13‐Feb 14‐Feb 15‐Feb 19‐Feb 20‐Feb 21‐Feb 22‐Feb 25‐Feb 26‐Feb

27‐Feb 36

28‐Feb 37

Standard Addressed

BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1 BCS‐PAII‐6 BCS‐PAII‐1‐6 BCS‐PAII‐1‐6 BCS‐PAII‐1‐6 BCS‐PAII‐1‐6 BCS‐PAII‐1‐6 BCS‐PAII‐1‐6 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8

Project-Based Instruction

FBLA in the Classroom

Spring 2013

Current Event

Current Event #5

Closing Projects

Current Event #6

LTP ‐ Group Assignments Rein. Project‐ LTP Grp 1 Rein. Project‐ LTP Grp 1 Rein. Project‐ LTP Grp 1 Rein. Project ‐ LTP Grp 2

Current Event #7

Rein. Project ‐ LTP Grp 2

LTP ‐ Group 2


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

1‐Mar 38

4‐Mar 39

5‐Mar 40

6‐Mar 41

7‐Mar 42

8‐Mar 43

Standard Addressed

BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8

Project-Based Instruction

LTP ‐ Grp 2

FBLA in the Classroom

Spring 2013

Current Event

Current Event #8

LTP ‐ Grp 3

Uncollectibles Projects

LTP ‐ Grp 3

Current Event #9


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

11‐Mar 44

12‐Mar 45

13‐Mar 46

14‐Mar 47

18‐Mar 48

19‐Mar 49

Standard Addressed

BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8

Project-Based Instruction

Asset Projects & LTP Grp 3

Asset Projects & LTP Grp 4

FBLA in the Classroom

Spring 2013

Current Event

Current Event #10


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

20‐Mar 50

21‐Mar 51

22‐Mar 52

1‐Apr 53

2‐Apr 54

3‐Apr 55

Standard Addressed

BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8

Project-Based Instruction

FBLA in the Classroom

Spring 2013

Current Event

Current Event #11

Inventory Projects & LTP Grp  Inventory Projects & LTP Grp 4

Inventory Projects & LTP Grp  4


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

4‐Apr 56

5‐Apr 57

8‐Apr 58

9‐Apr 59

10‐Apr 60

11‐Apr 61

Standard Addressed

BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8

Project-Based Instruction

FBLA in the Classroom

Spring 2013

Current Event

Current Event #12

Notes & Interest Project &  LTP Group 5

Notes & Interest Project &  Notes & Interest Project & LTP Group 5

Reinforcement Activity &  LTP Grp 5


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

12‐Apr 62

15‐Apr 63

16‐Apr 64

17‐Apr 65

18‐Apr 66

19‐Apr 67

Standard Addressed

BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8

Project-Based Instruction

Reinforcement Activity &  LTP Grp 5

FBLA in the Classroom

Spring 2013

Current Event

Current Event #13

Reinforcement Activity &  LTP Grp 6

Revenue & Expenses  Projects & LTP Grp 7

Revenue & Expenses  Projects & LTP Grp 7

Current Event #14


Accounting II Instructional Focus Calendar Instructional Day #

Calendar Date

22‐Apr 68

23‐Apr 69

24‐Apr 70

25‐Apr 71

26‐Apr 72 73 74 75

29‐Apr 30‐Apr 1‐May

Standard Addressed

BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐2 BCS‐PAII‐3 BCS‐PAII‐5 BCS‐PAII‐6 BCS‐PAII‐8 BCS‐PAII‐7 BCS‐PAII‐9 BCS‐PAII‐7 BCS‐PAII‐9 BCS‐PAII‐7 BCS‐PAII‐9

Project-Based Instruction

FBLA in the Classroom

Spring 2013

Current Event

Closing Projects & LTP ‐ All  Closing Projects & LTP ‐ All Groups "Clean Up"

Closing Projects & LTP ‐ All  Groups "Clean Up"

Current Event #15


Accounting II Instructional Focus Calendar Instructional Day # 76 77 78 79 80

Calendar Date

2‐May 3‐May 6‐May 7‐May 8‐May

83 84 85 86 87 88 89

BCS‐PAII‐7 BCS‐PAII‐9 BCS‐PAII‐7 BCS‐PAII‐9 BCS‐PAII‐7 BCS‐PAII‐9 BCS‐PAII‐7 BCS‐PAII‐9 BCS‐PAII‐7 BCS‐PAII‐9

Project-Based Instruction

FBLA in the Classroom

Current Event

Partnership Projects  Partnership Projects 

Current Event #16

9‐May

BCS‐PAII‐7 BCS‐PAII‐9

International Sales Projects

10‐May

BCS‐PAII‐all

International Sales Projects

Current Event #17

13‐May 14‐May 15‐May 16‐May 17‐May 20‐May 21‐May

BCS‐PAII‐all BCS‐PAII‐all BCS‐PAII‐all BCS‐PAII‐all BCS‐PAII‐all BCS‐PAII‐all BCS‐PAII‐all

Simulation & LTP Wrapup Simulation & LTP Wrapup Simulation & LTP Wrapup Simulation & LTP Wrapup Simulation & LTP Wrapup REVIEW FOR FINAL REVIEW FOR FINAL FINALS FINALS

Current Event #18

81 82

Standard Addressed

Spring 2013

FBLA Acct Practice Test  (used as posttest for course)


Class Projects


Class Project #1


Name _______________________ Osborn Corporation Project – Completing Worksheets BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and explain the purpose of each step. h) Use manual and computerized accounting systems. BCS-PAII-2. Students will use GAAP to determine value of assets. a) Differentiate current and long-term assets and analyze their effect on financial statements. BCS-PAII-3. Students will use GAAP to determine value of liabilities. a) Differentiate current and long-term liabilities and analyze their effect on financial statements. BCS-PAII-4. Students will use GAAP to determine the value of owner’s equity. b) Analyze and record investments by stockholders and the declaration and payment of dividends for a corporation. BCS-PAII-5. Students will use GAAP to determine the value of revenues and expenses. a) Analyze the effects of revenue on financial statements. BCS-PAI-9. Students will interpret and analyze financial statements. a) Explain how GAAP provide guidance and structure for preparing financial statements. b) Prepare and analyze the income statement and balance sheet of a business using vertical analysis. c) Prepare and analyze a statement of stockholders’ equity. d) Determine the cost of goods sold and gross profit for a merchandising business. e) Prepare and income statement for a merchandising business.

Directions: Complete the worksheet for Osborn Corporation. The steps are as follows: a. Complete the trial balance using current ledger accounts. b. Complete the adjustments a-h using the provided information. c. Extend the balances to the income statement and balance sheet columns. d. Calculate the Federal Income Tax adjustment. e. Calculate Net Income or Loss. Rubric Activity

Points Possible Trial Balance 26 Adjustments A-H 32 Extending Amounts 26 Net Income/Loss 16 Project Totals 100 Grade

Points Earned


Student Work #1


Osborn Corporation Income Statement For Year Ended December 31, 2012 (Working 1)

(Working 2)

(Almost Done)

(Totals)

% OF NET SALES

Revenue: Sales

$704,809.54

Less: Sales Discount Sales Returns and Allowances

$615.25 $4,789.84

$5,405.09

Net Sales

$699,404.45

100.0%

$370,049.30

52.9%

$329,355.15

47.1%

$243,204.59

34.8%

Net Income before Federal Income Tax Less Federal Income Tax Expense

$86,150.56 $17,541.19

12.3% 2.5%

Net Income after Federal Income Tax

$68,609.37

9.8%

Cost of Merchandise Sold: Merchandise Inventory, Jan 1, 2012

$228,189.80

Purchases Less: Purchases Discount Purchases Returns and Allowances

$369,485.04 $3,058.89 $4,800.85

$7,859.74

Net Purchases

$361,625.30

Total Cost of Merch. Available for Sale Less Mdse. Inventory, Dec. 31, 2012

$589,815.10 $219,765.80

Cost of Merchandise Sold: Gross Profit on Sales Expenses: Advertising Expense

$8,500.00

Cash Short and Over

$9.33

Credit Card Fee Expense

$12,458.22

Depr. Exp. - Office Equipment

$4,580.00

Depr. Exp. - Store Equipment

$4,890.00

Insurance Expense

$7,200.00

Miscellaneous Expense

$7,480.00

Payroll Taxes Expense

$13,130.64

Rent Expense

$24,000.00

Salary Expense

$145,896.00

Supplies Expense - Office

$2,749.00

Supplies Expense - Store

$3,043.35

Uncollectible Accounts Expense

$1,720.00

Utiltiies Expense

$7,548.05

Total Expenses


Analyzing an Income Statement Actual Acceptable Result Acceptable Percentage Percentage Yes No

Component Total Expenses Net income before federal income tax

Earnings Per Share Net Income after Federal Income Tax $68,609.37

Recommended Action if Needed

No more than 30.0%

34.80%

x

cut down expenses

No less than 15.0%

12.30%

x

reducing expenses or increasing expense

÷ ÷

Number of Shares Outstanding $8,000.00

Earnings Per Share

$8.58

Price-Earnings Ratio Market Price Per Share $104.50

÷ ÷

Earnings Per Share $8.58

₌ ₌

Price-Earnings Ratio 12.1


Interstate Tires, Inc. Statement of Stockholders' Equity For Year Ended December 31, 2012

Capital Stock: $25.00 Per Share January 1, 2012, 100,000 Shares Issued Issued during current Year, 10,000 Shares

$187,500.00 $12,500.00

Balance, Dec 31, 2012, 110,000 Shares Issued

$200,000.00

Retained Earnings: Balance, January 1, 2012 Net Income after Federal Income Tax for 2012 Less Dividends declared during 2012 Net Increase during 2012 Balance, December 31, 2012 Total Stockholders' Equity, December 31, 2012

$19,735.06 $68,609.37 $30,000.00 $38,609.37 $58,344.43 $258,344.43


Interstate Tires, Inc. Balance Sheet 31-Dec-12

Assets Current Assets: Cash

$15,218.25

Petty Cash

$250.00

Accounts Receivable Less Allowance for Uncollectible Accounts

$22,485.28 $2,772.05

Merchandise inventory

$19,713.23 $219,765.80

Supplies - Office

$409.15

Supplies - Store Prepaid Insurance

$776.39 $800.00

Total Current Assets

$256,932.82

Plant Assets: Office Equipment Less Acc. Depr. - Office Equipment

$22,183.08 $13,063.00

$9,120.08

Store Equipment Less Acc. Depr. - Store Equipment

$45,184.98 $16,140.00

$29,044.98

Total Plant Assets Total Assets

$38,165.06 $295,097.88 Liabliities

Current Liabilities: Accounts Payable

$22,154.17

Federal Income Tax Payable

$1,541.19

Employee Income Tax Payable

$1,025.00

Social Security Tax Payable

$753.80

Mediare Tax Payable

$176.29

Sales Tax Payable Unemployment Tax Payable - Federal

$2,487.00 $24.00

Unemployment Tax Payable - State

$162.00

Health Insurance Premiums Payable

$800.00

US Savings Bonds Payable U\nited Way Donations Payable Dividends Payable

$60.00 $70.00 $7,500.00

Total Liabilities

$36,753.45 Stockholders' Equity

Capital Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

$200,000.00 $58,344.43

Comes from Statement of $258,344.43 Stockholder's Equity $295,097.88


Class Project #2


Name _______________________ Carol’s Closet Project – Completing Financial Statements BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and explain the purpose of each step. d) Prepare and use an 8- and/or 10-column worksheet. e) Analyze and prepare adjusting entries, including accruals and referrals. h) Use manual and computerized accounting systems. BCS-PAII-2. Students will use GAAP to determine value of assets. d) Apply appropriate accounting techniques for uncollectible accounts. h) Explain, compare, and analyze depreciation methods and their effect on the value of assets. BCS-PAII-4. Students will use GAAP to determine the value of owner’s equity. b) Analyze and record investments by stockholders and the declaration and payment of dividends for a corporation.

Directions: Using the worksheet given, complete the financial statements for Carol’s Closet. The steps are as follows: a. Complete the income statement using the worksheet provided. b. Complete the statement of stockholders’ equity. c. Complete the balance sheet. d. Analyze your results and make recommendations as needed. Rubric Activity Income Statement Statement of SE Balance Sheet Analysis Project Totals

Points Possible 35 20 35 10 100 Grade

Points Earned


Student Work #2


APPLICATION PROBLEM 14-7

Name: Class:

You have successfully completed this problem. Carol's Closet Work Sheet For Year Ended December 31, 20-1

ACCOUNT TITLE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

Cash Petty Cash Accounts Receivable Allow. for Uncoll. Accts. Merchandise Inventory Supplies--Office Supplies--Store Prepaid Insurance Office Equipment Acc. Depr.--Office Equipment Store Equipment Acc. Depr.--Store Equipment Accounts Payable Federal Income Tax Payable Employee Income Tax Payable Social Security Tax Payable Medicare Tax Payable Sales Tax Payable Unemployment Tax Payable--Federal Unemployment Tax Payable--State Health Insurance Premiums Payable U.S. Savings Bonds Payable United Way Donations Payable Dividends Payable Capital Stock Retained Earnings Dividends Income Summary Sales Sales Discount Sales Returns and Allowances Purchases Purchases Discount Purch. Returns and Allowances Advertising Expense Credit Card Fee Expense Depr. Exp.--Office Equipment Depr. Exp.--Store Equipment Insurance Expense Miscellaneous Expense Payroll Taxes Expense Rent Expense Salary Expense Supplies Expense--Office Supplies Expense--Store Uncollectible Accounts Expense Utilities Expense Federal Income Tax Expense

49 50 51

Net Income after Federal Income Tax

2

TRIAL BALANCE DEBIT CREDIT 28,548.25 500.00 32,518.28 155.25 229,282.36 6,128.25 4,218.36 12,000.00 28,187.25 5,158.25 42,841.05 12,483.25 21,543.20

3

4

ADJUSTMENTS DEBIT CREDIT

(c)

(d)

5,498.40

(a) (b) (e)

4,721.25 3,648.25 10,000.00

(f)

5,216.00

(g)

4,820.00

(h)

3,005.22

5

6

INCOME STATEMENT DEBIT CREDIT

9,548.25

1,248.25 822.00 192.24 2,415.25 33.60 226.80 960.00 75.00 100.00 11,000.00 55,000.00 172,980.13 44,000.00 (c)

9,548.25

(f) (g) (e)

5,216.00 4,820.00 10,000.00

5,105.25 18,152.25 28,000.00 193,971.80

1,244,950.77

(a) (b) (d)

4,721.25 3,648.25 5,498.40

(h)

3,005.22 46,457.37

46,457.37

16,025.00 7,015.95 5,216.00 4,820.00 10,000.00 5,105.25 18,152.25 28,000.00 193,971.80 4,721.25 3,648.25 5,498.40 4,818.88 47,005.22 853,636.09 116,469.71 970,105.80

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

29 30 31 32

5,015.25 7,058.05

16,025.00 7,015.95

1

28

3,154.15 7,148.15 489,335.54 5,015.25 7,058.05

4,818.88 44,000.00 1,244,950.77

8

9,548.25 948,484.25

948,484.25 3,154.15 7,148.15 489,335.54

7

BALANCE SHEET DEBIT CREDIT 28,548.25 500.00 32,518.28 5,653.65 238,830.61 1,407.00 570.11 2,000.00 28,187.25 10,374.25 42,841.05 17,303.25 21,543.20 3,005.22 1,248.25 822.00 192.24 2,415.25 33.60 226.80 960.00 75.00 100.00 11,000.00 55,000.00 172,980.13 44,000.00

33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

970,105.80 970,105.80

419,402.55

302,932.84

49 50

419,402.55

116,469.71 419,402.55

51


Class Project #3


Name _______________________

Dealing with Plant Assets Project BCS-PAII-2. Students will use GAAP to determine the value of assets. f) Apply appropriate accounting concepts and techniques for acquisitions, depreciation, depletion, and disposal of assets. g) Explain, compare, and analyze various depreciation methods and their effect on the value of assets. i) Use manual and computerized accounting systems for assets.

Complete the following activities concerning plant assets for Meyer’s Home Furnishings. Activity Plant Asset Record #1 a. Fill in the top part of the record. b. Calculate depreciation through 20x3. c. Fill in the disposal section in 20x4. Plant Asset Record #2 a. Fill in the top part of the record. b. Calculate depreciation through 20x4. c. Fill in the disposal section in 20x5. Cash Payments Journal a. Calculate the purchase of both plant assets. b. Calculate the payment of propery taxes. Cash Receipts Journal a. Record the sale of Plant Asset #1 b. Record the sale of Plant Asset #2 General Journal a. Record the partial year’s accumulated depreciation for Plant Asset #1. Daily Totals

Notes Double-declining method Straight-line method

Points Possible 30

30

10 20 10 100 Grade

Points Earned


Student Work #3


PLANT ASSET RECORD No. Description

892 Dining Table

Date Bought

Jan. 5 20X1Serial No.

Estimated Useful Life

5 Years

Disposed of: Date Year 20X1 20X2 20X3 20X4

Estimated Salvage Value

Estimated Useful Life

$2,200.00

$200.00

Depreciation Method

Double Decline

Sold P Disposal Amount

Disposed of: Date Year 20X1 20X2 20X3 20X4 20X5

Annual Depr. Expense 40.00% 40.00% 40.00% 40.00%

893 Air Purifier

6 Years

Estimated Salvage Value

Room Furnishings

Original Cost

Beginning Book Value $2,200.00 $1,320.00 $792.00 $475.20

5-Apr Serial No.

1205

903452

PLANT ASSET RECORD No.

Date Bought

Gen. Led. Acct.

Discarded 6-Jan

Description

General Ledger Acct. No.

BE35CC

$100.00

Discarded 2-Jul Beginning Book Value $1,300.00 $1,150.00 $950.00 $750.00 $550.00

Traded 300 Acc. Depr. $880.00 $528.00 $316.80 $190.08

General Ledger Acct. No. Gen. Led. Acct.

Equipment

Original Cost

$1,300.00

Depreciation Method

Striaght Line

Sold P Disposal Amount Annual Depr. Expense $150.00 $200.00 $200.00 $200.00 $100.00

Ending Book Value $1,320.00 $792.00 $475.20 $285.12

1215

Traded 200 Acc. Depreciation $150.00 $350.00 $550.00 $750.00 $850.00

Ending Book Value $1,150.00 $950.00 $750.00 $550.00 $450.00


CASH RECEIPTS JOURNAL 1

2

3

4

ACCOUNTS DATE

ACCOUNT TITLE

DOC.

POST.

NO.

REF.

GENERAL DEBIT

CREDIT

6

PAGE

2

7

8

SALES TAX

SALES

RECEIVABLE

SALES

PAYABLE

DISCOUNT

CASH

CREDIT

CREDIT

CREDIT

DEBIT

DEBIT

2012 1

Jan

2 3 4 5 6

July

6 Accum. Depr. - Room Furnishings Room Furnishings Gain on Plant Assets 2 Accum. Depr. - Equipment Loss on Plan Assets Equipment

R4

$1,724.80

$300.00 $2,200.00 $175.20

R77

$550.00 $250.00

1 2 3

$200.00

4 5

$450.00

6


GENERAL JOURNAL

PAGE 1

DATE

ACCOUNT TITLE

DOC. NO.

POST. REF.

18 2

GENERAL DEBIT CREDIT

2012 1

July

2 3 4 5

Dec.

2 Depreciation Expense - Equipment Accumulated Depreciation - Equipment Adjusting Entries 31 Depreciation Expense - Room Furnishings Accumulated Depreciation - Room Furnishings

M31

$200.00

1

$200.00

2 3

$38,520.00

4

$38,520.00

5


CASH PAYMENTS JOURNAL 1

DATE

ACCOUNT TITLE

CK. NO.

POST. REF.

2

GENERAL DEBIT CREDIT

3

PAGE

23

4

5

ACCOUNTS PURCHASES PAYABLE DISCOUNT DEBIT CREDIT

CASH CREDIT

2012 1 2 3

Jan Feb Apr

5 Room Furnishings 26 Property Tax Expense 5 Equipment

435 534 577

$2,200.00 $12,800.00 $1,300.00

$2,200.00 $12,800.00 $1,300.00

1 2 3


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Little - Accounting II (Spring)