Principles of Accounting Simulation - Student's Answer - Excel File(2)
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LaGuardia Community CollegeBusiness and Technology DepartmentOffroad ATV Company - A Computerized Business SimulationBTA 112: Accounting II
Student's Name: Brandon AyalaLaGuardia Live Student EmaCourse Code: 01/21/00
brandon.ayala@live.lagcc.cuny.edu
Offroad ATV Company Offroad ATV CompanyIncome Statement Owner's Equity Statement
For the Prior Year Ended December 31, 20__ For the Prior Year Ended December 31, 20__
Revenues A. Marks, Capital January 1Sales Revenue $ 845,200.67 Add:Less: Sales Returns & Allowances ###
Sales Discounts 6,509.45 52,709.45Net Sales Revenue 792,491.22 Less:
A. Marks, Capital December 31Service Revenue 17,974.23
Total Revenues 810,465.45
Cost of Goods Sold 543,320.46
Gross Profit 267,144.99
Operating expensesSelling expenses
Store Salaries Expense 53,432.99Delivery Expense 5,178.23Repair & Maintenance Expense 1,683.23Insurance Expense 1,536.00Bad Debt Expense 1,226.43Utilities Expense 975.65Depreciation Expense - Trucks 7,375.00Depreciation Expense - Building 1,640.00
Total selling expenses 73,047.53
Administrative expensesOffice Salaries Expense ###Payroll Tax Expense 21,296.98Office Supplies Expense 7,829.34Insurance Expense 2,304.00Utilities Expense 1,463.47Depreciation Expense - Office Equipment 3,480.00Depreciation Expense - Building 2,460.00Depreciation Expense - Office Furniture 1,465.00
Total administrative expenses ###
Total operating expenses 216,769.97
Income from operations 50,375.02
Non-operating revenue and expensesInterest Expense 12,195.52
Total non-operating revenue and expenses 12,195.52
Net Income $ 38,179.50
Offroad ATV Company Offroad ATV CompanyOwner's Equity Statement Balance Sheet
For the Prior Year Ended December 31, 20__ Prior Year December 31, 20__
A. Marks, Capital January 1 ### AssetsInvestment $ 0.00Net Income 38,179.50 38,179.50 Current assets
303,139.42 CashDrawing 1,000.00 Accounts Receivable
A. Marks, Capital December 31 ### Less:Merchandise InventoryMerchandise Inventory - Accessories & PartsOffice SuppliesPrepaid Insurance
Property, plant, and equipmentLandBuildingLess:
Office EquipmentLess:
Office FurnitureLess:
TrucksLess:
Liabilities and Owner's Equity
Current liabilitiesAccounts PayableMortgage Payable - Current PortionUnearned RevenueSalaries PayableInterest PayableFederal Income Tax Withholding PayableFICA Taxes PayableState Unemployment Tax PayableFederal Unemployment Tax Payable
Long-term liabilitiesMortgage Payable - Long-Term Portion
Owner's equityA. Marks, Capital
Offroad ATV CompanyBalance Sheet
Prior Year December 31, 20__
Assets
Current assets$ 9,080.77
Accounts Receivable ###Allowance For Doubtful Accounts 1,370.30 32,887.20
Merchandise Inventory 95,373.40Merchandise Inventory - Accessories & Parts 3,934.54Office Supplies 2,534.00Prepaid Insurance 3,840.00
Total current assets ###
Property, plant, and equipment120,000.00
Building ###Accumulated Depreciation - Building 4,100.00 210,900.00
Office Equipment 24,376.00Accumulated Depreciation - Office Equipment 3,479.33 20,896.67
Office Furniture 17,654.00Accumulated Depreciation - Office Furniture 1,465.40 16,188.60
Trucks 64,000.00Accumulated Depreciation - Truck 7,375.00 56,625.00
Total property, plant, and equipment 424,610.27
Total assets ###
Liabilities and Owner's Equity
Current liabilitiesAccounts Payable $ 48,913.65Mortgage Payable - Current Portion 13,000.00Unearned Revenue 6,500.00Salaries Payable 1,140.26Interest Payable 657.96Federal Income Tax Withholding Payable 300.82FICA Taxes Payable 284.93State Unemployment Tax Payable 63.29Federal Unemployment Tax Payable 9.37
Total current liabilities $ 70,870.28
Long-term liabilitiesMortgage Payable - Long-Term Portion 199,250.48
Total liabilities 270,120.76
Owner's equityA. Marks, Capital 302,139.42
Total liabilities and owner's equity ###
Offroad ATV CompanyTrial Balance
November 30, 20xx
Debit Credit
Cash $ 8,234.13Accounts Receivable 45,676.76 Allowance For Doubtful Accounts $ 1,370.30Merchandise Inventory 127,599.89 Merchandise Inventory - Accessories & Parts 13,465.34 Office Supplies 5,680.43 Prepaid Insurance 320.00 Prepaid Advertisement 750.00 Land 120,000.00 Building 215,000.00 Accumulated Depreciation - Building 7,858.33 Office Equipment 24,376.00 Accumulated Depreciation - Office Equipment 6,668.72 Office Furniture 17,654.00 Accumulated Depreciation - Office Furniture 2,808.68 Trucks 64,000.00 Accumulated Depreciation - Truck 14,135.42 Notes Payable 0.00 Accounts Payable 47,865.43 Unearned Revenue 1,500.00 Mortgage Payable - Current Portion 13,000.00 Salaries Payable 4,378.00 Federal Income Tax Withholding Payable 2,310.00 FICA Taxes Payable 1,094.00 Interest Payable 643.85 State Unemployment Tax Payable 486.00 Utilities Payable 201.23 Federal Unemployment Tax Payable 72.00 Mortgage Payable - Long-Term Portion 187,333.81 A. Marks, Capital 302,139.42 A. Marks, Drawing 2,000.00 Sales Revenue 804,423.45 Service Revenue 12,786.23 Sales Returns & Allowances 52,500.00 Sales Discounts 9,750.00 Cost of Goods Sold 497,061.29 Office Salaries Expense 97,432.57 Store Salaries Expense 47,714.29 Payroll Tax Expense 19,706.00 Interest Expense 8,382.35 Office Supplies Expense 4,367.93 Repair & Maintenance Expense 2,299.87 Delivery Expense 3,353.84 Insurance Expense 3,520.00 Utilities Expense 2,178.76 Advertisement Expense 1,500.00 Bad Debt Expense 1,500.00 Depreciation Expense - Trucks 6,760.42
Depreciation Expense - Building 3,758.33 Depreciation Expense - Office Equipment 3,189.39 Depreciation Expense - Office Furniture 1,343.28
Total ### ###
Offroad ATV CompanyGeneral Journal
Date Account Titles and Explanation Debit Credit
12/1/20xx Cash $ 50,000.00Notes Payable $ 50,000.00
12/1/20xx Prepaid Insurance 3,840.00Cash 3,840.00
12/1/20xx Office Supplies 1,600.00Cash 1,600.00
12/1/20xx Salaries Payable 4,378.00Cash 4,378.00
12/2/20xx Prepaid Advertisement 4,500.00Advertisement Expense 4,500.00
12/2/20xx Interest Payable 643.85Mortgage Payable 1,083.33
Cash 1,727.18
12/3/20xx Cash 6,500.00Sales Revenue 6,500.00
Cash 6,500.00Sales Revenue 6,500.00
12/3/20xx Accounts Receivable 565.24Service Revenue 565.24
Cost of Goods Sold 367.41Merchandise Inventory- Accessories and Parts 367.41
12/4/20xx Cash 6,242.60Sales Discount 127.40
Accounts Receivable 6,370.00
12/4/20xx Merchandise Inventory- Accessories and Parts 1,365.25Accounts Payable 1,365.25
12/7/20xx Office Equipment 1,765.26Cash 1,765.26
12/7/20xx Accounts Payable 27,300.00Sales Discount 546.00Cash 26,754.00
12/8/20xx Accounts Receivable 19,500.00Sales Revenue 19,500.00
Cost of Goods Sold 12,675.00
Merchandise Inventory 12,675.00
12/8/20xx Trucks 35,000.00Note Payable 14,000.00~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
12/9/20xx Repair and Maintenance Expense 723.23Cash 723.23
12/9/20xx Cash 6,500.00Sales Revenue 6,500.00
Cost of Goods Sold 4,225.00Merchandise Inventory 4,225.00
12/10/20xx A. Mark Drawings 2,000.00Cash 2,000.00
12/11/20xx Office Furniture 10,000.00Notes Payable 10,000.00
12/11/20xx Accounts Receivable 6,500.00Sales Revenue 65,000.00
Delivery Expense 104.20Cash 104.20
12/11/20xx Utilities Expense 201.23Cash 201.23
12/11/20xx Accounts Payable 1,365.25Cash 1,365.25
12/14/20xx Sales Returns and Allowances 6,500.00Accounts Receivable 6,500.00
Merchandise Inventory 4,225.00Cost Of Goods Sold 4,225.00
12/14/20xx Store Salaries Expense 2,000.00Office Salaries Expense 4,080.00
Fica Taxes Payable 547.00Federal Income Tax Withholding Payable 1,155.00Cash 4,378.00
12/14/20xx Payroll Tax Expense 826.00Fica Taxes Payable 547.00State Unemployment Tax Payable 243.00Federal Unemployment Tax Payable 36.00
12/15/20xx Fica Taxes Payable 1,094.00Federal Income Tax Withholding Payable 2,310.00Federal Unemployment Tax Payable 72.00
State Unemployment Tax Payable 486.00Cash 3,962.00
12/15/20xx Cash 754.54Accounts Receivable 754.54
12/16/20xx Merchandise Inventory 16,900.00Accounts Payable 16,900.00
12/16/20xx Cash 13,000.00Accounts Receivable 13,000.00
12/16/20xx Accounts Payable 12,223.12Sales Discount 122.23Cash 12,100.89
12/17/20xx Delivery Expense 813.74Cash 813.74
12/18/20xx Cash 8,450.00Merchandise Inventory 8,450.00
12/21/20xx Merchandise Inventory- Accessories and Parts 2,500.23Accounts Payable 2,500.23
12/21/20xx Cash 12,740.00Sales Discount 260.00
Accounts Receivable 13,000.00
12/21/20xx Cash 6,370.00Sales Discount 130.00
Accounts Receivable 6,500.00
12/22/20xx Delivery Expense 279.42Cash 279.42
12/23/20xx Accounts Payable 1,125.45Cash 1,125.45
12/23/20xx Office Equipment 4,671.99Cash 4,671.99
12/28/20xx Cash 873.25Service Revenue 873.25
Cost of Goods Sold 567.61Merchandise Inventory- Parts and Accessories 567.61
12/28/20xx Sales Revenue 6,500.00Accounts Receivable 6,500.00
Sales Revenue 6,500.00Accounts Receivable 6,500.00
12/28/20xx Store Salaries Expense 2,000.00Office Salaries Expense 4,080.00
Fica Taxes Payable 547.00Federal Income Tax Withholding Payable 1,155.00Cash 4,378.00
Payroll Taxes Expense 826.00Fica Taxes Payable 547.00Federal Unemployment Tax 36.00State Unemployment Tax 243.00
12/29/20xx Office Supplies 650.00Cash 650.00
12/30/20xx Cash 565.24Accounts Receivable 565.24
12/31/20xx Cash 6,500.00Unearned Revenue 6,500.00
Check 346,445.84 383,945.84
Offroad ATV CompanyGeneral Journal
Date Account Titles and Explanation Debit Credit
Adjusting Entries
12/31/20xx
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
Check 0.00 0.00
Offroad ATV CompanyGeneral Journal
Date Account Titles and Explanation Debit Credit
Closing Entries
12/31/20xx
Check 0.00 0.00
Offroad ATV CompanyGeneral Ledger
Cash Notes PayableDate Debit Credit Date Debit Credit
11/30/20xx 8,234.13 8,234.13 11/30/20xx 0.00 12/1/20xx 50,000.00 58,234.13 12/01/20xx 50,000.00
58,234.13 58,234.13 58,234.13 58,234.13 Accounts Payable58,234.13 Date Debit Credit58,234.13 11/30/20xx 47,865.43 58,234.13 58,234.13 58,234.13 58,234.13 58,234.13 58,234.13 58,234.13 58,234.13 58,234.13 58,234.13 Unearned Revenue58,234.13 Date Debit Credit58,234.13 11/30/20xx 1,500.00 58,234.13 58,234.13 58,234.13 Mortgage Payable - Current Portion58,234.13 Date Debit Credit58,234.13 11/30/20xx 13,000.00 58,234.13 58,234.13 58,234.13 58,234.13 Salaries Payable58,234.13 Date Debit Credit58,234.13 11/30/20xx 4,378.00 58,234.13
Accounts ReceivableDate Debit Credit Federal Income Tax Withholding Payable
11/30/20xx 45,676.76 45,676.76 Date Debit Credit45,676.76 11/30/20xx 2,310.00 45,676.76 45,676.76 45,676.76 45,676.76 45,676.76 45,676.76 FICA Taxes Payable45,676.76 Date Debit Credit45,676.76 11/30/20xx 1,094.00 45,676.76 45,676.76
Allowance For Doubtful Accounts
Bal. Dr (Cr)
Bal. Dr (Cr)
Date Debit Credit11/30/20xx 1,370.30 (1,370.30)
(1,370.30)
Merchandise Inventory Interest PayableDate Debit Credit Date Debit Credit
11/30/20xx 127,599.89 127,599.89 11/30/20xx 643.85 127,599.89 127,599.89 127,599.89 127,599.89 127,599.89 127,599.89 127,599.89 State Unemployment Tax Payable127,599.89 Date Debit Credit127,599.89 11/30/20xx 486.00 127,599.89 127,599.89 127,599.89
Merchandise Inventory - Accessories & PartsDate Debit Credit Utilities Payable
11/30/20xx 13,465.34 13,465.34 Date Debit Credit13,465.34 11/30/20xx 201.23 13,465.34 13,465.34 13,465.34 13,465.34 Federal Unemployment Tax Payable
Date Debit CreditOffice Supplies 11/30/20xx 72.00
Date Debit Credit11/30/20xx 5,680.43 5,680.43
5,680.43 5,680.43 5,680.43
Mortgage Payable - Long-Term PortionPrepaid Insurance Date Debit Credit
Date Debit Credit 11/30/20xx 187,333.81 11/30/20xx 320.00 320.00
320.00 320.00
Prepaid AdvertisementDate Debit Credit
11/30/20xx 750.00 750.00 750.00 750.00
LandDate Debit Credit
11/30/20 120,000.00 120,000.00
BuildingDate Debit Credit
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
11/30/20xx 215,000.00 215,000.00
Accumulated Depreciation - BuildingDate Debit Credit
11/30/20xx 7,858.33 (7,858.33)(7,858.33)
Office EquipmentDate Debit Credit
11/30/20xx 24,376.00 24,376.00 24,376.00 24,376.00
Accumulated Depreciation - Office EquipmentDate Debit Credit
11/30/20xx 6,668.72 (6,668.72)(6,668.72)
Office FurnitureDate Debit Credit
11/30/20xx 17,654.00 17,654.00 17,654.00
Accumulated Depreciation - Office FurnitureDate Debit Credit
11/30/20xx 2,808.68 (2,808.68)(2,808.68)
TrucksDate Debit Credit
11/30/20xx 64,000.00 64,000.00 64,000.00 64,000.00
Accumulated Depreciation - TruckDate Debit Credit
11/30/20xx 14,135.42 (14,135.42)(14,135.42)(14,135.42)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Offroad ATV CompanyGeneral Ledger
Notes Payable Sales Revenue Income SummaryDate Debit Credit Date Debit
0.00 11/30/20xx 804,423.45 (804,423.45) 12/31/20xx(50,000.00) (804,423.45)(50,000.00) (804,423.45)(50,000.00) (804,423.45)
(804,423.45) A. Marks, CapitalAccounts Payable (804,423.45) Date Debit
(804,423.45) 11/30/20xx(47,865.43)(47,865.43) Service Revenue(47,865.43) Date Debit Credit(47,865.43) 11/30/20xx 12,786.23 (12,786.23) A. Marks, Drawing(47,865.43) (12,786.23) Date Debit(47,865.43) (12,786.23) 11/30/20xx 2,000.00 (47,865.43) (12,786.23)(47,865.43)(47,865.43) Sales Returns & Allowances
Date Debit CreditUnearned Revenue 11/30/20xx 52,500.00 52,500.00
52,500.00 (1,500.00) 52,500.00 (1,500.00)
Sales DiscountsMortgage Payable - Current Portion Date Debit Credit
11/30/20xx 9,750.00 9,750.00 (13,000.00) 9,750.00 (13,000.00) 9,750.00 (13,000.00) 9,750.00
9,750.00 Salaries Payable
Cost of Goods Sold(4,378.00) Date Debit Credit(4,378.00) 11/30/20xx 497,061.29 497,061.29 (4,378.00) 497,061.29
497,061.29 Federal Income Tax Withholding Payable 497,061.29
497,061.29 (2,310.00) 497,061.29 (2,310.00) 497,061.29 (2,310.00) 497,061.29 (2,310.00) 497,061.29 (2,310.00) 497,061.29
497,061.29 FICA Taxes Payable
Office Salaries Expense(1,094.00) Date Debit Credit(1,094.00) 11/30/20xx 97,432.57 97,432.57 (1,094.00) 97,432.57 (1,094.00) 97,432.57 (1,094.00) 97,432.57
Bal. Dr (Cr) Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)Bal. Dr (Cr)
Bal. Dr (Cr)Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)Bal. Dr (Cr)
(1,094.00) 97,432.57 (1,094.00)(1,094.00) Store Salaries Expense
Date Debit CreditInterest Payable 11/30/20xx 47,714.29 47,714.29
47,714.29 (643.85) 47,714.29 (643.85) 47,714.29 (643.85) 47,714.29 (643.85)(643.85) Payroll Tax Expense(643.85) Date Debit Credit
11/30/20xx 19,706.00 19,706.00 State Unemployment Tax Payable 19,706.00
19,706.00 (486.00) 19,706.00 (486.00) 19,706.00 (486.00)(486.00) Interest Expense(486.00) Date Debit Credit
11/30/20xx 8,382.35 8,382.35 Utilities Payable 8,382.35
8,382.35 (201.23) 8,382.35 (201.23) 8,382.35 (201.23) 8,382.35
Federal Unemployment Tax Payable Office Supplies ExpenseDate Debit Credit
(72.00) 11/30/20xx 4,367.93 4,367.93 (72.00) 4,367.93 (72.00) 4,367.93 (72.00)(72.00) Insurance Expense
Date Debit CreditMortgage Payable - Long-Term Portion 11/30/20xx 3,520.00 3,520.00
3,520.00 (187,333.81) 3,520.00 (187,333.81)
Utilities ExpenseDate Debit Credit
11/30/20xx 2,178.76 2,178.76 2,178.76 2,178.76
Repair & Maintenance ExpenseDate Debit Credit
11/30/20xx 2,299.87 2,299.87 2,299.87 2,299.87
Advertisement ExpenseDate Debit Credit
11/30/20xx 1,500.00 1,500.00
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr) Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
1,500.00 1,500.00
Bad Debt ExpenseDate Debit Credit
11/30/20xx 1,500.00 1,500.00 1,500.00 1,500.00
Delivery ExpenseDate Debit Credit
11/30/20xx 3,353.84 3,353.84 3,353.84 3,353.84
Depreciation Expense - BuildingDate Debit Credit
11/30/20xx 3,758.33 3,758.33 3,758.33 3,758.33
Depreciation Expense - Office EquipmentDate Debit Credit
11/30/20xx 3,189.39 3,189.39 3,189.39 3,189.39
Depreciation Expense - Office FurnitureDate Debit Credit
11/30/20xx 1,343.28 1,343.28 1,343.28 1,343.28
Depreciation Expense - TrucksDate Debit Credit
11/30/20xx 6,760.42 6,760.42 6,760.42 6,760.42
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Offroad ATV CompanyGeneral Ledger
Income SummaryCredit
0.00 0.00 0.00
A. Marks, CapitalCredit
302,139.42 (302,139.42)(302,139.42)(302,139.42)
A. Marks, DrawingCredit
2,000.00 2,000.00 2,000.00
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Offroad ATV CompanySubsidiary Ledgers
Accounts Receivable Subsidiary Ledger Accounts Payable Subsidiary Ledger
A/R - E. Alvarez A/P - A & R ATVsDate Debit Credit Date Debit Credit
10/26/20xx 6,500.00 6,500.00 11/23/20xx 4,347.63
A/R - A. Bennetch A/P - ATV Supply CompanyDate Debit Credit Date Debit Credit
11/30/20xx 13,000.00 13,000.00 11/23/20xx 1,125.45
A/R - R. BhikaDate Debit Credit
11/19/20xx 765.23 765.23 A/P - Dirty Trail ATVsDate Debit Credit
A/R - C. Diaz 11/30/20xx 12,346.59 Date Debit Credit
11/26/20xx 6,500.00 6,500.00 6,500.00 A/P - Dust Quest ATV Supply Company
Date Debit CreditA/R - A. Francis
Date Debit Credit11/09/20xx 1,224.65 1,224.65
A/P - Dust Trail ATVsA/R - E. Goodman Date Debit Credit
Date Debit Credit 11/20/20xx 1,465.43 10/30/20xx 1,174.39 1,174.39
A/P - Offroad VehiclesA/R - H. Lincoln Date Debit Credit
Date Debit Credit 11/12/20xx 723.19 11/20/20xx 13,000.00 13,000.00
13,000.00 A/P - Quest ATVsDate Debit Credit
A/R - T. NapolitanoDate Debit Credit
10/01/20xx 1,392.72 1,392.72 A/P - Winding Trail ATVs
A/R - S. Paulson Date Debit CreditDate Debit Credit 11/27/20xx 27,857.14
0.00 0.00 0.00
A/R - A. ReeceDate Debit Credit
0.00 0.00
A/R - V. SandovalDate Debit Credit
9/30/20xx 1,365.23 1,365.23
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
A/R - P. SimonDate Debit Credit
0.00
A/R - S. ThompsonDate Debit Credit
0.00 0.00
A/R - L. Walker Date Debit Credit
11/18/20xx 754.54 754.54 754.54
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Offroad ATV CompanySubsidiary Ledgers
Accounts Payable Subsidiary Ledger
A/P - A & R ATVs
(4,347.63)
A/P - ATV Supply Company
(1,125.45)(1,125.45)(1,125.45)
A/P - Dirty Trail ATVs
(12,346.59)(12,346.59)
A/P - Dust Quest ATV Supply Company
0.00 0.00
A/P - Dust Trail ATVs
(1,465.43)
A/P - Offroad Vehicles
(723.19)
A/P - Quest ATVs
0.00 0.00
A/P - Winding Trail ATVs
(27,857.14)(27,857.14)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Bal. Dr (Cr)
Offroad ATV CompanyWork Sheet
For the Year Ended December 31, 20xx
Trial Balance AdjustmentDebit Credit Debit Credit
Cash $ 43,025.29Accounts Receivable 38,422.22Allowance For Doubtful Accounts $ 1,370.30Merchandise Inventory 101,848.70Merchandise Inventory - Accessories & Parts 16,395.80Office Supplies 7,930.43Prepaid Insurance 4,160.00Prepaid Advertisement 5,250.00Land 120,000.00Building 215,000.00Accumulated Depreciation - Building 7,858.33Office Equipment 30,813.25Accumulated Depreciation - Office Equipment 6,668.72Office Furniture 27,654.00Accumulated Depreciation - Office Furniture 2,808.68Trucks 67,000.00Accumulated Depreciation - Truck 3,135.42Notes Payable 74,000.00Accounts Payable 17,486.48Unearned Revenue 8,000.00Mortgage Payable - Current Portion 11,916.67Federal Income Tax Withholding Payable 2,310.00FICA Taxes Payable 2,188.00State Unemployment Tax Payable 486.00Federal Unemployment Tax Payable 72.00Interest PayableSalaries PayableUtilities PayableMortgage Payable - Long-Term Portion 187,333.81A. Marks, Capital 302,139.42A. Marks, Drawing 4,000.00Sales Revenue 862,923.45Service Revenue 14,224.72Sales Returns & Allowances 59,000.00Sales Discounts 10,270.00Cost of Goods Sold 531,796.31Office Salaries Expense 105,592.57Store Salaries Expense 51,714.29Payroll Tax Expense 21,358.00Interest Expense 8,382.35Office Supplies Expense 4,367.93Repair & Maintenance Expense 3,023.10Insurance Expense 3,520.00Delivery Expense 4,167.58Utilities Expense 2,178.76Advertisement Expense 1,500.00Bad Debt Expense 1,500.00
Depreciation Expense - Trucks 6,760.42Depreciation Expense - Building 3,758.33Depreciation Expense - Office Equipment 3,189.39Depreciation Expense - Office Furniture 1,343.28
Total
Net Income Total
Offroad ATV CompanyWork Sheet
For the Year Ended December 31, 20xx
Adjusted Trial Balance Income Statement Balance SheetDebit Credit Debit Credit Debit Credit
$ 43,025.2938,422.22
$ 1,536.8999,425.3015,754.606,527.453,840.004,500.00
120,000.00215,000.00
82,000.0030,813.25
7,020.2927,654.00
3,001.6367,000.00
3,770.8474,000.0017,486.488,000.00
13,000.002,557.502,422.42
538.0779.71
984.85938.15198.07
186,250.48302,139.42
4,000.00862,923.45
14,224.7259,000.0010,270.00
534,860.91106,466.86
52,142.8621,534.999,367.205,770.913,023.103,840.004,167.582,376.832,250.001,666.59
7,395.844,100.003,540.961,536.23
Offroad ATV CompanyTrial Balance
December 31, 20xx
Debit Credit
Total
Offroad ATV CompanyAdjusted Trial Balance
December 31, 20xx
Debit Credit
Total
Offroad ATV CompanyIncome Statement
For the Year Ended December 31, 20xx
Revenues
Cost of Goods Sold
Gross Profit
Operating expensesSelling expenses
Total selling expenses
Administrative expenses
Total administrative expenses
Total operating expenses
Income from operations
Non-operating revenue and expensesInterest Expense
Total non-operating revenue and expenses
Net Income
Offroad ATV CompanyOwner's Equity Statement
For the Month Ended December 31, 20xx
A. Marks, Capital January 1
A. Marks, Capital December 31
Offroad ATV CompanyBalance Sheet
December 31, 20xx
Assets
Current assets
Total current assets
Property, plant, and equipment
Total property, plant, and equipment
Total assets
Liabilities and Owner's Equity
Current liabilities
Total current liabilities
Long-term liabilities
Total liabilities
Owner's equity
Total liabilities and owner's equity
Offroad ATV CompanyPost-Closing Trial Balance
December 31, 20xx
Debit Credit
Total
LaGuardia Community CollegeBusiness and Technology DepartmentOffroad ATV Company - A Computerized Business SimulationBTA 112: Accounting II
Student's Name: Brandon AyalaLaGuardia Live Student Email: brandon.ayala@live.lagcc.cuny.eduCourse Code: 01/21/00
General Journal
BalanceIncorrectIncorrect
IncorrectIncorrect
IncorrectIncorrect
General Ledger
BalanceCash IncorrectAccounts Receivable IncorrectAllowance For Doubtful Accounts IncorrectMerchandise Inventory IncorrectMerchandise Inventory - Accessories & Parts IncorrectOffice Supplies IncorrectPrepaid Insurance IncorrectPrepaid Advertisement IncorrectLand CorrectBuilding CorrectAccumulated Depreciation - Building IncorrectOffice Equipment IncorrectAccumulated Depreciation - Office Equipment IncorrectOffice Furniture IncorrectAccumulated Depreciation - Office Furniture IncorrectTrucks IncorrectAccumulated Depreciation - Truck IncorrectNotes Payable IncorrectAccounts Payable IncorrectUnearned Revenue IncorrectMortgage Payable - Current Portion CorrectSalaries Payable IncorrectFederal Income Tax Withholding Payable IncorrectFICA Taxes Payable IncorrectInterest Payable IncorrectState Unemployment Tax Payable IncorrectUtilities Payable IncorrectFederal Unemployment Tax Payable IncorrectMortgage Payable - Long-Term Portion IncorrectSales Revenue IncorrectService Revenue IncorrectSales Returns & Allowances Incorrect
Regular Entries - Total Debit AmountRegular Entries - Total Credit Amount
Adjusting Entries - Total Debit AmountAdjusting Entries - Total Credit Amount
Closing Entries - Total Debit AmountClosing Entries - Total Credit Amount
Sales Discounts IncorrectCost of Goods Sold IncorrectOffice Salaries Expense IncorrectStore Salaries Expense IncorrectPayroll Tax Expense IncorrectInterest Expense IncorrectOffice Supplies Expense IncorrectInsurance Expense IncorrectUtilities Expense IncorrectRepair & Maintenance Expense IncorrectAdvertisement Expense IncorrectBad Debt Expense IncorrectDelivery Expense IncorrectDepreciation Expense - Building IncorrectDepreciation Expense - Office Equipment IncorrectDepreciation Expense - Office Furniture IncorrectDepreciation Expense - Trucks IncorrectIncome Summary CorrectA. Marks, Capital IncorrectA. Marks, Drawing Incorrect
Subsidiary Ledger
Accounts Receivable BalanceA/R - E. Alvarez CorrectA/R - A. Bennetch CorrectA/R - R. Bhika CorrectA/R - C. Diaz IncorrectA/R - A. Francis CorrectA/R - E. Goodman CorrectA/R - H. Lincoln IncorrectA/R - T. Napolitano CorrectA/R - S. Paulson CorrectA/R - A. Reece CorrectA/R - V. Sandoval CorrectA/R - P. Simon IncorrectA/R - S. Thompson CorrectA/R - L. Walker Incorrect
Accounts Payable BalanceA/P - A & R ATVs CorrectA/P - ATV Supply Company IncorrectA/P - Dirty Trail ATVs IncorrectA/P - Dust Quest ATV Supply Company CorrectA/P - Dust Trail ATVs CorrectA/P - Offroad Vehicles IncorrectA/P - Quest ATVs IncorrectA/P - Winding Trail ATVs Incorrect
Worksheet
BalanceTrial Balance - Total Debit IncorrectTrial Balance - Total Credit IncorrectAdjustment - Total Debit IncorrectAdjustment - Total Credit IncorrectAdjusted Trial Balance - Total Debit Incorrect
Adjusted Trial Balance - Total Credit IncorrectIncorrectIncorrect
Income Statement - Debit Column - Net Income IncorrectIncorrectIncorrectIncorrectIncorrect
Balance Sheet - Credit Column - Net Income IncorrectIncorrectIncorrect
Trial Balance
BalanceTotal Debit IncorrectTotal Credit Incorrect
Adjusted Trial Balance
BalanceTotal Debit IncorrectTotal Credit Incorrect
Multi-Step Income Statement
BalanceNet Sales Revenue IncorrectService Revenue IncorrectTotal Revenues IncorrectCost of Goods Sold IncorrectGross Profit IncorrectTotal Selling Expenses IncorrectTotal Administrative Expenses IncorrectTotal Operating Expenses IncorrectIncome From Operations IncorrectTotal Non-Operating Revenue and Expenses IncorrectNet Income Incorrect
Owner's Equity Statement
BalanceA. Marks, Capital January 1 IncorrectA. Marks, Capital December 31 Incorrect
Classified Balance Sheet
BalanceTotal Current Assets IncorrectTotal Property, Plant, and Equipment IncorrectTotal Assets IncorrectTotal Current Liabilities IncorrectTotal Liabilities IncorrectTotal Liabilities and Owner's Equity Incorrect
Post-Closing Trial Balance
Income Statement - Total Debit - Pre - Net IncomeIncome Statement - Total Credit - Pre - Net Income
Income Statement - Total Debit - Post - Net IncomeIncome Statement - Total Credit - Post - Net IncomeBalance Sheet - Total Debit - Pre - Net IncomeBalance Sheet - Total Credit - Pre - Net Income
Balance Sheet - Total Debit - Post - Net IncomeBalance Sheet - Total Credit - Post - Net Income
BalanceTotal Debit IncorrectTotal Credit Incorrect
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