Application Assignment #1

This first Application Assignment is to help you review and complete the Worksheet used by Accountants every day
order to complete a period end/closing process. Please see Appendix 3C in the text for information on using a wo
you need to review the purpose and presentation of a completed Worksheet.

The purpose of this assignment is also to make sure you are building/developing good Excel skills, which are critical
in a successful accounting career. Excel is a powerful tool to organize, calculate, verify, and present financial data

PROBLEM INFORMATION
Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet is prov
The gray shaded columns are already completed. You will complete the unshaded columns. BE SURE to use Exce
(That is, do not hard enter totals or calculated cells - use calculation functions provided for in Excel)

Instructions
(a)

(b1)

(b2)

(b3)

(c)

(d)

(e)

Note that all worksheet templates for each instruction have been provided in this Excel workbook under the appropri

When you complete the assignment, rename your file as "Last name.First name_App1_Ch3" and submit the
Application Assignment #1

This first Application Assignment is to help you review and complete the Worksheet used by Accountants every day in
order to complete a period end/closing process. Please see Appendix 3C in the text for information on using a worksheet if
you need to review the purpose and presentation of a completed Worksheet.

The purpose of this assignment is also to make sure you are building/developing good Excel skills, which are critical
in a successful accounting career. Excel is a powerful tool to organize, calculate, verify, and present financial data.

PROBLEM INFORMATION
Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet is provided in th
The gray shaded columns are already completed. You will complete the unshaded columns. BE SURE to use Excel formulas
(That is, do not hard enter totals or calculated cells - use calculation functions provided for in Excel)

Instructions

Prepare a completed worksheet. That includes all of the unshaded columns in the worksheet and the totals for each
will be calculating them from the data provided. For any account that has a different balance from the Trial Balance
column, calculate the difference and determine if the effect was a debit or credit. All total debits and credits will be e

Prepare an income statement from the Adjusted Trial Balance.

Prepare a statement of retained earnings.

Prepare a classified balance sheet. (Hint: $10,000 of the mortgage payable is due for payment in the next fiscal yea

Journalize the adjusting entries using the Worksheet as a basis. Provide descriptions of the entries.

Journalize the closing entries using the Worksheet as a basis.

Prepare a post-closing trial balance. Remember, this will only contain Permanent or Real accounts.

Note that all worksheet templates for each instruction have been provided in this Excel workbook under the appropriate tab titl

When you complete the assignment, rename your file as "Last name.First name_App1_Ch3" and submit the file throu
ed in the Worksheet tab.
rmulas where appropriate.

or each column. For the Adjustments column you

alance column to the Adjusted Trial Balance
will be equal.

e through the assignment in Blackboard.

 (a)
Cooke Company
Worksheet
For the Year Ended September 30, 2016
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 48,600 48,600 48,600
Supplies 18,600 15,000 3,600 3,600
Prepaid Insurance 31,900 26,000 5,900 5,900
Land 75,000 75,000 75,000
Equipment 115,000 115,000 115,000
Accum. Depreciation-Equip. 36,200 3,800 40,000 40,000
Accounts Payable 15,200 15,200 15,200
Unearned Admissions Revenue 3,500 3,000 500 500
Mortgage Payable 50,000 50,000 50,000
Interest Payable 5,000 5,000 5,000
Property Taxes Payable 2,500 2,500 2,500
Common Stock 107,700 107,700 107,700
Dividends 15,000 15,000 15,000
Retained Earnings 4,000 ### 4,000
Admissions Revenue 272,000 3,000 275,000 275,000
Salaries and Wages Expense 105,000 105,000 105,000
Maint. and Repairs Expense 31,500 31,500 31,500
Advertising Expense 8,500 ### 8,500
Utilities Expense 15,100 15,100 15,100
Property Tax Expense 18,400 2,500 20,900 20,900
Depreciation Expense 3,800 3,800 3,800
Insurance Expense 26,000 26,000 26,000
Supplies Expense 15,000 15,000 15,000
Interest Expense 6,000 5,000 11,000 11,000
Totals 55,300 55,300 236,800 275,500 263,100 224,400
Net Income 38,700 38,700
Totals 488,600 488,600 55,300 55,300 499,900 499,900 275,500 275,500 263,100 263,100
(b1)
Cooke Company
Income Statement
For the year Ended 9/30/2016

Revenues Debits

Admissions Revenue

Unearned Admissions Revenue

Expenses

Salaries and Wages expense 105,000.00

Maintance and Repairs expense 31,500.00

Advertisng Expense 8,500.00

Utilities Expense 15,100.00

Property Tax Expense 20,900.00

Depreciations Expense 3,800.00

Insurance Expense 26,000.00

Supplies Expense 15,000.00

Interest Expense 11,000.00

Totals Expenses

Net Income
Credits

275,000.00

500.00

275,500.00

236,800.00

38,700.00
(b1)
Cooke Company
Statement of Retained Earnings
For the year Ended 9/30/2016

Retained earnings , October 1

Add: Net Income

Less: Dividends

Retained earnings, September 30

 4,000.00

38,700.00

42,700.00

15,000.00

27,700.00
 (b)
Cooke Company
Balance Sheet
September 30, 2016
Assets
Cash
Supplies
Prepaid Insurance
Land
Equipment 115,000.00
Less Accumalted Equipment Depreciation 40,000.00

Total Assets

Liabilities and Owner's Equity

Liabilities
Accounts Payable 15,200.00
Mortgage Payable 50,000.00
Intrest Payable 5,000.00
Property Taxes Payable 2,500.00
Total Current Liabilities
Owners Equity
Common Stock 107,700.00
Dividends
Retained Earnings 42,700.00
Total lialbilties and owners equity
Net Income
Earnings per share
 48,600.00
3,600.00
5,900.00
75,000.00

75,000.00
208,100.00

72,700.00

150,400.00
223,100.00
(c) and (d)

Date Account Titles Debit

(c) Adjusting Entries
Sept. 30

30

30

30

30

30

(d) Closing Entries

Sept. 30

30

30

30
 **Provide descriptions of each entry
Credit
(e)
Cooke Company
Post-Closing Trial Balance
September 30, 2016
Account Titles Debit
Credit