Acoounting -- 2

General assignment instructions: 1) Prepare your assignment in Microsoft Excel. 2) Name your file as follows: SU22_ACC510_HW1_Lastname 3) Use only Arial 10 font. Use only black font; do not use any font colors other than black anywhere in your assignment. 4) Prepare Part A on one worksheet and Part B on a second worksheet. Name the worksheet tabs Part A and Part B. 5) If you are not sure about a requirement or detail for the assignment, ask your professor for clarification! Failure to follow instructions may result in a loss of points. 6) Neatness, formatting, and presentation of your work will be considered in determining your final grade for the assignment. 7) This assignment is to be prepared and submitted by each individual student; group efforts are not permitted. Do not copy, share, or duplicate any part of the assignment. Violations of this direction may be submitted to the Academic Conduct Committee for review. Part A – Do You Know Your Accounts? Consider the following list of accounts for Farragut, LLC: 1) Interest Payable 2) Rent Expense 3) Interest Revenue 4) Accounts Receivable 5) Computer Equipment 6) Prepaid Property Tax Expense 7) Unearned Rent Revenue 8) Retained Earnings 9) Common Stock 10) Copyrights For the accounts shown above, identify the following for each: • Account type (i.e., asset, liability, owners' equity, revenue, expense, or dividends) • Financial statement on which the account appears • Whether the account is current, noncurrent, or neither (i.e., does not apply) • Normal balance (i.e., debit or credit) • Whether or not the account is closed at the end of an accounting period (i.e., Yes or No) Present your work in a table as follows: Account Description Account Type Financial Statement Current, Noncurrent, N/A Normal Balance Closed at End of Period Interest Payable Rent Expense Etc., etc., etc., etc. (See Part B on next page) Part B – Trial Balance and Financial Statements Consider the following list of accounts and their normal balances for Fitzgerald, Inc. as of December 31, 2112: Account Description Balance A/D - Equipment 10,000 Accounts Payable 44,500 Accounts Receivable 54,100 Cash 129,700 Common Stock 100,000 Depreciation Expense 12,000 Dividends 7,500 Dividends Payable 5,000 Equipment 28,200 Income Tax Expense 9,120 Insurance Expense 6,000 Inventory 41,280 Miscellaneous Expense 2,500 Miscellaneous Revenue 5,000 Mortgage Payable 29,400 Note Payable 13,800 Payroll Tax Expense 7,500 Prepaid Insurance 29,900 Rent Expense 12,000 Retained Earnings 28,200 Salaries Expense 78,000 Salaries Payable 28,900 Service Revenue 157,500 Utilities Expense 4,500 Instructions for Fitzgerald, Inc.: 1) Prepare the following items in good form: a. Trial balance b. Income statement c. Statement of retained earnings. (Note: Do not prepare a statement of stockholders’ equity for the statement of retained earnings.) d. Balance sheet e. Closing journal entries f. Post-closing trial balance 2) Show only whole dollars in all six items. Do not show cents. 3) Do not use dollar signs. 4) Use only the Accounting number format in Excel. 5) Use single-underline prior to subtotaling a column of numbers, and use double-underlining to indicate the final total in a column o 6) “In good form” for items 2 through 5 means the statements should be presented in a neat and proper fashion. Use examples shown in the textbook but do not use any shading or colors of any kind