Final Project Instructions and Templates

Name: ___________________________________

Final Project
Due by Day 7 of Week 6

This project is worth _20_ points

MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.

It is recommended that you complete the non-graded requirements for additional practice

All of the templates you need for the project are located in this Workbook.
The instructions and data for the problem is in your Textbook (the "Continuing Cookie Chronicle" at the end of the chapter).
Use the arrow buttons (lower left corner of the window) to navigate through the tabs.
Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project

Requirements

Week One
Chapter 1 and 2 "Continuing Cookie Chronicle" - Review the problem and make notes of your answers.
Week Two
Chapter 3, Part A, prepare journal entries to record the November transactions
Chapter 3, Part B, post the journal entries to the general ledger accounts
Chapter 3, Part C, prepare a trial balance at November 30, 2017
Week Three
Chapter 4, Part A, Journalize the transactions
Chapter 4, Part B, Post the December transactions to the general ledger accounts
Chapter 4, Part C, Prepare a trial balance at December 31, 2017
Chapter 4, Part D, Prepare and post adjusting journal entries for the month of December
Chapter 4, Part E, Prepare an adjusted trial balance as of December 31, 2017
Chapter 4, Part F, Prepare an income statement and a retained earnings statement for the 2-month period ending December 31, 2017, and
a classified balance sheet as of December 31, 2017
Chapter 4, Part G, Prepare and post closing entries as of December 31, 2017
Chapter 4, Part H, Prepare a post-closing trial balance
Week Six
Chapter 13 - Part A, Prepare a horizontal and vertical analysis of the income statement for Cookie & Coffee Creations Inc.
Chapter 13 - Part B, Calculate several financial ratios as indicated
 Sheet in Workbook

Chapter 1 & 2 Notes (PRACTICE)

Journal Entries (PRACTICE)

General Ledger (PRACTICE)
Trial Balance (PRACTICE)

Journal Entries (GRADED)

General Ledger (GRADED)
Trial Balance (GRADED)
Adjusting Entries (GRADED)
Adjusted Trial Balance (GRADED)

Financial Statements (GRADED)

Closing Entries (GRADED)
Post Closing TB (GRADED)

Horiz. & Vert. Analysis (GRADED)

Financial Ratios (GRADED)
Make any notes from Chapters 1 or 2 here.

NOTE: These notes will NOT be included in your grade for the project. They are for your own reference.
n reference.
Use the following template for the journal entries from Chapter 3: Continuing Cookie Chronicle.

NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions").

a) Prepare journal entries to record the November transactions

General Journal
Date Description(Account Name) Debit Credit
d "Solutions").
This sheet will be used for Part B of Chapter 3.

NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions")

b) Post the journal entries to the following general ledger accounts and compute the account balances

Cash Equipment

Accounts Receivable Website

Accounts Payable Supplies

Unearned Service Revenue Prepaid Insurance

 Notes Payable Common Stock

Servcice Revenue Utilities Expense

tab marked "Solutions")

ount balances
Part C (Chapter 3)

c) Prepare a trial balance for November 30, 2014

NOTE: This is for your practice only - it will NOT be graded (solutions are found on the last tab marked "Solutions")

Cookie Creations, Inc.

Trial Balance
November 30, 2017

Debit Credit

Total 3,910 3,910

*Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calcula
t tab marked "Solutions")

Double-check your calculations and entries.

Use the following template for the journal entries from Chapter 4: Continuing Cookie Chronicle.

a) Prepare journal entries to record the December transactions.

NOTE: This sheet WILL be graded when you submit your assignment.

General Journal
Date Description (Account Name) Debit Credit
Dec 6th Salaries & Wages Expense 600
Salaries & Wages Payable 1,000
Cash 1,600

Dec 8th Cash 1,900

Accts Receivable 1,900

Dec 10th Cash 6,300

Sales Revenue 6,300

Dec 10th Cost of merchandise sold 4,100

Inventory 4,100

Dec 13th Inventory 8,820

Accounts Payable 8,820

Dec 15th Supplies 2,000

Cash 2,000

Dec 18th Accounts Receivable 11,640

Sales Revenue 11,640

Dec 18th Cost of merchandise sold 8,000

Inventory 8,000

Dec 20th Salaries & Wages Expense 1,800

Cash 1,800

Dec 23rd Accounts Payable 8,820

This sheet will be used for Part B of Chapter 3.

REQUIREMENT #2:

Post the journal entries to the following general ledger accounts and compute the account balances.

NOTE: This sheet WILL be graded when you submit your assignment.

Cash Dividends
7,200 1,600
1,900 2,000
6,300 1,800
11640 8,820
12,820

Accounts Receivable Income Summary

4,600 1,900
11,640 11,640

2,700

Sales Revenue Supplies

6,300 1,200
11,640 2,000

17,940 3,200

Utilities Expense Prepaid Insurance

Salaries & Wages Expense Equipment
600 22,000
1,800

2,400 22,000

Accumulated Depreciation Website

2,200

2,200

Insurance Expense Interest Expense

Accounts Payable Depreciation Expense

4,500
8,820 8,820

4,500
Interest Payable Notes Payable

Common Stock Salaries & Wages Payable

15,000 1,000 1,000

15,000 0
nt balances.

Unearned Service Revenue Retained Earnings

24,300

24,300

Supplies Expense Amortization Expense

Inventory
12,000 4,100
8,820 8,000

8,720

Cost of Merchandise Sold

4,100
8,000
12,100
Part C (Chapter 4)

NOTE: This sheet WILL be graded when you submit your assignment.

c) Prepare a trial balance for December 31, 2017

Cookie Creations, Inc.

Trial Balance
December 31, 2017

Debit Credit
Cash 12,820
Retained Earnings 24,300
Accounts Receivable 2,700
Supplies 3,200
Sales Revenue 17,940
Inventory 8,720
Cost of Merchandise
Sold 12,100
Salaries & Wages
Expense 2,400
Equipment 22,000
Accumulated
Depreciation 2,200
Accounts Payable 4,500
Common Stock 15,000

Total 63,940 63,940

*Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calcula
Double-check your calculations and entries.
Chapter 4, Part D: Prepare and post adjusting entries for December.

NOTE: This part WILL be graded when you submit your assignment to the instructor.

General Journal
Date Description (Account Name) Debit Credit
Dec 31st Salaries & Wages Expense 800
Salaries & Wages Payable 800

Depreciation Expense 200

Accumulated Depreciation 200

Supplies Expense 1700

Supplies 1700

Income Tax Expense 200

Income Tax Payable 200
Chapter 4, Part E: Prepare an adjusted trial balance.
Note: This part WILL be graded when you submit your assignment to the instructor.

Cookie Creations Inc

Adjusted Trial Balance
December 31, 2017

Cookie Creations, Inc.

Trial Balance
December 31, 2017

Debit Credit
Cash 12,820
Retained Earnings 24,300
Accounts Receivable 2,700
Supplies 1,500
Sales Revenue 17,940
Inventory 8,720
Cost of Merchandise Sold 12,100
Salaries & Wages Expense 3,200
Equipment 22,000
Accumulated Depreciation 2,400
Accounts Payable 4,500
Common Stock 15,000
Salaries & Wages Payable 800
Supplies Expense 1,700
Depreciation Expense 200
Income Tax Expense 200
Income Tax Payable 200
Total 64,940 64,940

130080 130080

*Remember debits MUST equal credits - if they do not, then there is an error somewhere. Double-check your calcula
somewhere. Double-check your calculations and entries.
Chapter 4, Part F: Prepare financial statement.

Note: This part WILL be graded when you submit your assignment to the instructor.

You will only be preparing the income statement, statement of retained earning and the balance sheet.

Cookie Creations, Inc. Cookie Creations

Income Statement Statement of Retained Earnings
For the Month Ending December 31, 2017 For the Month Ending December 31, 2017

Revenues: Retained Earnings, December 1 $ 24,300

Sales Revenue $ 17,940 Add: Net Income 540
Subtotal 24,840
Operating Expenses: Less: Dividends 0
Cost of Merchandise sold 12,100 Retained Earnings, December 31 $ 24,840
Salaries & Wages Expense 3,200

Supplies Expense 1,700

Depreciation Expense 200
Income Tax Expense 200

Total Operating Expenses 17,400

Net Income $ 540

*Remember, assets and liabilities MUST be the same amount. If they are different, then there is an error somewher
balance sheet.

Cookie Creations
Balance Sheet
December 31, 2017

Current Assets
Cash 12,820
Accounts Receivable 2,700
Supplies 1,500
Inventory 8,720
Total Current Assets 25,740
Property, Plant & Equipment
Equipment 22,000
Accumulated Depreciation -2,400 19,600
Intangible Assets 0

Total Assets 45,340

Liabilities & Stockholder's Equity

Accounts Payable 4,500
Income Tax Payable 200
Salaries & Wages Payable 800
Total Current Liabilities 5,500
Long- Term Liabilities 0

Total Liabilities 5,500

Stockholder's Equity
Retained Earnings $ 24,840
Common Stock 15,000
Total Stockholder's Equity 39,840
Total Liabilities & Stockholder's Equity $ 45,340

ere is an error somewhere. Double-check your calculations and entries.

Chapter 4 - Part G: Prepare closing entries.

Note: This part WILL be graded when you submit your assignment to the instructor.

Hint: Use the balances for each account which appear on the adjusted trial balance for your closing entries.

General Journal
Date Description (Account Name) Debit Credit
6-Dec
ur closing entries.
Chapter 4 - Part H: Prepare post-closing trial balance.

Note: This part WILL be graded when you submit your assignment to the instructor.

Cookie Creations, Inc.

Post-Closing Trial Balance
December 31, 2017
Chapter 13, Part A of the Continuing Cookie Chronicle: Prepare a horizontal and vertical analysis

Note: This part WILL be graded when you submit your assignment to the instructor

Instructions: Prepare a horizontal analysis of the income statement for Cookie & Coffee Creations Inc. using 2019 a
Note: Do not use the information presented on the Textbook website, it is different from what is required below. Yo

COOKIE & COFFEE CREATIONS INC.

Income Statement
For the Year Ended October 31
Horizontal
2020 2019 Difference Analysis
Sales $485,625 $462,500
Cost of goods sold 222,694 208,125
Gross profit 262,931 254,375
Operating expenses
Salaries & wages expense 147,979 146,350
Depreciation expense 17,600 9,100
Other operating expenses 48,186 42,925
Total operating expenses 213,765 198,375
Income from operations 49,166 56,000
Other expenses
Interest expense 413 0
Loss on sale of computer
equipment 2,500 0
Total other expenses 2,913 0
Income before income tax 46,253 56,000
Income tax expense 9,251 14,000
Net income $37,002 $42,000

Prepare a vertical analysis of the income statement for Cookie & Coffee Creations for 2020 and 2019

COOKIE & COFFEE CREATIONS INC.

Income Statement
For the Year Ended October 31
Vertical Vertical
2020 Analysis 2019 Analysis
Sales $485,625 $462,500
Cost of goods sold 222,694 208,125
Gross profit 262,931 254,375
Operating expenses
Salaries & wages expense 147,979 146,350
Depreciation expense 17,600 9,100
Other operating expenses 48,186 42,925
Total operating expenses 213,765 198,375
Income from operations 49,166 56,000
Other expenses
Interest expense 413 0
Loss on sale of computer
equipment 2,250 0
Total other expenses 2,663 0
Income before income tax 46,253 56,000
Income tax expense 9,251 14,000
Net income $37,002 $42,000
cal analysis

ee Creations Inc. using 2019 as a base year (which is a continuation of the Continuing Cookie Chronicle)
m what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab.

2020 and 2019

ance in completing this tab.
Chapter 13, Part B of the Continuing Cookie Chronicle: Calculate the following financial ratios using the informatio

Note: This part WILL be graded when you submit your assignment to the instructor
Note: Do not use the information presented on the Textbook website, it is different from what is required below. Yo

Instructions: Using the financial statements below, compute the following ratios for 2019 only: Current Ratio,
Debt to total Assets, Gross Profit Rate, Profit Margin, Return on Assets, and Return on Common Stockholder's
Equity. Enter your computations in the yellow boxes following the format in the example.

COOKIE & COFFEE CREATIONS INC.

Income Statement
For the Year Ended October 31

2020 2019
Sales $485,625 $462,500
Cost of goods sold 222,694 208,125
Gross profit 262,931 254,375
Operating expenses
Salaries & wages expense 147,979 146,350
Depreciation expense 17,600 9,100
Other operating expenses 48,186 42,925
Total operating expenses 213,765 198,375
Income from operations 49,166 56,000
Other expenses
Interest expense 413 0
Loss on sale of computer
equipment 2,500 0
Total other expenses 2,913 0
Income before income tax 46,253 56,000
Income tax expense 9,251 14,000
Net income $37,002 $42,000

COOKIE & COFFEE CREATIONS INC.

Balance Sheet
October 31, 2012

Assets 2020 2019

Cash $ 22,324 $ 5,550
Accounts Receivable 3,250 2,710
Inventory 7,897 7,450
Prepaid Expenses 5,800 6,050
Equipment 102,000 75,500
Accumulated depreciation (25,200) (9,100)
Total assets $ 116,071 $ 88,160

Liabilities and Stockholders' Equity

Accounts Payable 9,251 7,200
Income taxes payable 27,000 27,000
Salaries payable 7,250 1,280
Interest payable 188 0
Note payable - current portion 4,000 0
Note payable
Preferred - long-term
stock, no par, $6portion
cumulative - 3,000 and 2,800 6,000 0
shares issued, respectively 15,000 14,000

Common stock, $1 par - 25,180 shares issued 25,180 25,180

Additional paid-in capital - treasury stock 250 250
Retained earnings 20,802 10,800
Total liabilities and stockholders' equity $ 116,071 $ 88,160
 atios using the information from the financial statements below.

what is required below. You may refer to the information within Chapter 13 (week 6) for assistance in completing this tab.

only: Current Ratio,

mmon Stockholder's

EXAMPLE:
Name of Ratio = 1,234 = 1.00
Ratio 1,234

Your Answers (2019):

Current = =
Ratio

Debt to = =
Total Assets

Gross Profit = =
Rate

Profit = =
Margin

Return on = =
Assets

Return on common = =
Stockholder's Equity

NOTE: Dividends on preferred stock were $16,800 in 2019

nce in completing this tab.
Final Project Grading Rubric - 20 points total (20% of overall course grade)

Criteria Excellent Good

Parts: 90% to 100% 70% to 89%

Chapter 4 Part A & B - Journal Journal Entries use accurate Journal Entries mostly use
Entries (4pts) accounts and amounts; and accurate accounts and
debits and credits are used amounts; and debits and
correctly. credits are used correctly.

Chapter 4 Part C - Unadjusted Posting is correct leading to Posting is mostly correct

Trial Balance. (1pt) an accurate trial balance. leading to a mostly correct
trial balance.
Chapter 4 Part D - Adjusting Journal Entries use accurate Journal Entries mostly use
Journal Entries (2pts) accounts and amounts; and accurate accounts and
debits and credits are used amounts; and debits and
correctly. credits are used correctly.

Chapter 4 Part E - Posted Posting is correct leading to Posting is mostly correct

Adjusted Trial Balance. an accurate trial balance. leading to a mostly correct
(2pts) trial balance.
Chapter 4 Part F - Financial All three Financial Two of three Financial
Statements (4pts) Statements are prepared Statements are prepared
accurately and in an accurately and mostly in an
appropriate format. appropriate format, one
statement has some errors.

Chapter 4 Part G - Closing Journal Journal Entries use accurate Journal Entries mostly use
Entries (2pts) accounts and amounts; and accurate accounts and
debits and credits are used amounts; and debits and
correctly. credits are used correctly.

Chapter 4 Part H- Posted and Posting is correct leading to Posting is mostly correct
Post-closingTrial an accurate trial balance. leading to a mostly correct
Balance. (1pt) trial balance.

Chapter 13 Horizontal & Vertical Horizontal and Vertical Horizontal and Vertical
Analysis (2pts) analysis is 90% to 100% analysis is 70% to 89%
correct correct
Chapter 13 Financial Ratios (2pts) All ratios are properly
calculated with none or only Most of the ratios are
one ratio being incorrect. properly calcluated with only
two or three ratios being
incorrect.
 Poor
50% to 69%
Journal Entries have some
errors in use of accounts and
amounts; and debits and
credits are only somewhat
used correctly.
Posting has several errors
leading to a trial balance
with several errors.
Journal Entries have some
errors in use of accounts and
amounts; and debits and
credits are only somewhat
used correctly.
Posting has several errors
leading to a trial balance
with several errors.
One of three Financial
Statements are prepared
accurately and mostly in an
appropriate format, two
statements have some
errors.
Journal Entries have some
errors in use of accounts and
amounts; and debits and
credits are only somewhat
used correctly.
Posting has several errors
leading to a trial balance
with several errors.
Horizontal and Vertical
analysis is 50% to 69%
correct
There are three or four
errors in the calculation of
financial ratios
Very Poor
Less than 50%
Journal Entries have some errors in
use of accounts and amounts; and
debits and credits are not used
correctly.
Posting is done poorly or not at all,
leading to inaccurate or no trial
balance.
Journal Entries have some errors in
use of accounts and amounts; and
debits and credits are not used
correctly.
Posting is done poorly or not at all,
leading to inaccurate or no trial
balance.
One or fewer of three Financial
Statements are prepared accurately
and mostly in an appropriate format,
three or all statements have some
errors.
Journal Entries have some errors in
use of accounts and amounts; and
debits and credits are not used
correctly.
Posting is done poorly or not at all,
leading to inaccurate or no trial
balance.
Horizontal and Vertical analysis has
less than 50% correct answers.
There are more than four errors in
the calculation of the financial
ratios.
Solutions for the Practice Exercise (From Chapter 3 of Continuing Cookie Chronicles)
Solutions

a) Prepare journal entries to record the December transactions.

General Journal
Date Description (Account Name) Debit Credit

Nov. 8 No journal entry required

Nov 8. No journal entry required

Nov. 8 Cash 500

Common Stock 500

Nov. 11 Supplies 95
Cash 95

Nov. 14 Supplies 125

Cash 125

Nov. 15 Equipment 300

Common Stock 300

Nov. 16 Cash 2,000

Notes Payable 2,000

Nov. 17 Equipment 900

Cash 900

Nov. 18 No journal entry required

Nov. 25 Cash 60
Unearned Service Revenue 60

Nov. 29 Cash 100

Service Revenue 100

Nov. 30 Website 600

 Accounts Payable 600

Nov. 30 Prepaid Insurance 1,200

Cash 1,200

Nov. 30 Accounts Receivable 300

Servcie Revenue 300

Nov. 30 Utilities Expense 50

Accounts Payable 50

Total 6,230 6,230

This sheet will be used for Part B of Chapter 3.
Solutions

Post the journal entries to the following general ledger accounts and compute the account balances.

Cash Equipment
Nov. 8 500 Nov. 11 95 Nov. 15 300
Nov. 16 2,000 Nov. 14 125 Nov. 17 900
Nov. 25 60 Nov. 17 900 Nov. 30 Bal 1,200
Nov. 29 100 Nov. 30 1,200
Nov. 30 Bal. 340

Accounts Receivable Website

Nov. 30 300 Nov. 30 600
Nov. 30 Bal. 300 Nov. 30 Bal. 600

Accounts Payable Supplies

Nov. 30 600 Nov. 11 95
Nov. 30 50 Nov. 11 125
Nov. 30. Bal 650 Nov. 30 Bal 220

Unearned Service Revenue Prepaid Insurance

Nov. 25 60 Nov. 30 1,200
Nov. 30. Bal. 60 Nov. 30 Bal. 1,200
Notes Payable Common Stock
Nov. 16 2,000 Nov. 8 500
Nov. 30. Bal. 2,000 Nov. 15 300
Nov. 30. Bal 800

Service Revenue Utilities Expense

Nov. 29 100 Nov. 30 50
Nov. 30 300 Nov. 30 Bal. 50
Nov. 30 Bal. 400
ount balances.
Part C (Chapter 3)
Solutions
Prepare a trial balance for November 30, 2014.

Cookie Creations, Inc.

Trial Balance
November 30, 2014

Debit Credit
Cash $ 340
Accounts Receivable 300
Supplies 220
Prepaid Insurance 1,200
Equipment 1,200
Website 600
Accounts Payable $ 650
Unearned Service Revenue 60
Notes Payable 2,000
Common Stock 800
Service Revenue 400
Utilities Expense 50
Total $ 3,910 $ 3,910

*Note that debits equal credits.