Accountancy 200 Fundamentals of Accounting

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Accountancy 200Fundamentals of Accounting

• OPERATING DECISIONS AND THE INCOME STATEMENT
  Part II

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The Accounting Cycle
Accounting Principles and Standards
Inputs
Processes
Outputs
Transactions

Financial StatementsManagement reportsOther
reports
Journals
Inventory orderWork ticketSales invoiceDebt
issueAsset purchase
Ledgers
Trial Balance
Adjustments
Internal Control Monitoring and Auditing
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E3-10 Performing Transaction Analysis
Borrowed 80 million from a bank, signing a
short-term note.
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E3-10 Performing Transaction Analysis
Provided 10.02 billion in service to customers
during the year, with 9.5 billion on account and
the rest received in cash.
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E3-10 Performing Transaction Analysis
Purchased plant and equipment for 127.9 million
in cash
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E3-10 Performing Transaction Analysis
Purchased 8.268 billion inventory on account.
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E3-10 Performing Transaction Analysis
Paid payroll, 1.02 billion during the year.
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E3-10 Performing Transaction Analysis
Received 410 million on account paid by
customers.
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E3-10 Performing Transaction Analysis
Purchased and used fuel of 400 million in
delivery vehicles during the year (paid for in
cash).
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E3-10 Performing Transaction Analysis
Declared and paid 48.8 million in dividends for
the year.
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E3-10 Performing Transaction Analysis
Paid 8.2 billion cash on accounts payable.
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E3-10 Performing Transaction Analysis
Incurred 20 million in utility usage during the
year paid 15 million in cash and the rest on
account.
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E3-10 Performing Transaction Analysis
Assume Sysco had 0.475 billion balance in
Accounts Payable at the beginning of the year.
Determine the ending balance in the Accounts
Payable account.
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E3-20 Using T-Accounts to Summarize Transactions
This exercise is similar to the last one, except
that you use T-accounts rather than journal
entries. We do not have class time to do record
the transactions in the T-accounts. However, once
this is done you can prepare a trail balance of
the T-accounts.
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E3-20 Using T-Accounts
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E3-21 Preparing Financial Statements
The Traveling Gourmet, Inc.Income Statement
(unadjusted)For month ended March 31, 19C
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E3-21 Preparing Financial Statements
The Traveling Gourmet, Inc.Balance Sheet
(unadjusted) at March 31, 19C
Assets
Liabilities
Stockholders Equity
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E3-21 Preparing Financial Statements
The Traveling Gourmet, Inc.Statement of
Stockholders Equity (unadjusted)For month ended
March 31, 19C