Problem 1-5A # Incorrect N-box and B-box entries COUNTIF(B7:AT41,”~*”)
Name: 0
Section: # N-box Incorrects due to blanks COUNTIF(B7:AT41,” “)
0
# N-box +B-box corrects COUNTIF(B7:AT41,” “)
0
Key Code: 2 Total SUM(AV13:AV15)
Instructions 0
Answers are entered in the cells with gray backgrounds. Percentage =(AV16-AV13-AV14)/AV16
Cells with non-gray backgrounds are protected and cannot be edited. #DIV/0!
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list. In part 2, place Notes:
a plus sign or minus sign in the small box beside the amount. Row (a) has been completed as an example. If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, ” “
If number-entry or blank-entry box is incorrect, returns “*”
If number-entry or blank-entry box is correct, returns single space, ” “
Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can’t enter a space in a box and have it counted as correct.
1. Owner’s Conditional formatting might be used but wasn’t here, to hide some of the error check return symbols. If A1 = “~*”, then font = red, if something else, then font = background color.
Assets = Liabilities + Equity
Utilities expense
2. Assets = Liabilities + Owner’s Equity Wages expense
= Dry Dry
Accounts Accounts Joel Palk, Joel Palk, Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses
Cash + Receivable + Supplies + Land = Payable + Capital – Drawing + Revenue – Expense – Expense – Expense – Expense – Expense – Expense – Expense Net income Plus withdrawals
Less withdrawals
Bal. 45000 93000 7000 75000 40000 180000 0 0 0 0 0 0 0 0 0 Increase in owner’s equity
(a) +35000 0 0 0 0 + 35000 0 0 0 0 0 0 0 0 0 Decrease in owner’s capital
Bal. 80000 93000 7000 75000 40000 215000 0 0 0 0 0 0 0 0 0 b. D’LITE DRY CLEANERS Additional investments during July
(b) Statement of Owner’s Equity Net income for July
Bal.
(c)
Bal. Joel Palk, capital, July 1, 2012
(d)
Bal.
(e)
Bal.
Bal.
(g)
(h) Balance Sheet
Bal. Accounts receivable
(i) Accounts payable
Bal. Owner’s Equity Supplies
(k) Joel Palk, capital
Bal. Total liabilities and
(l) Total assets owner’s equity
Bal.
Cash received from customers
Deduct cash payments for expenses and payments to creditors
Deduct cash withdrawal by owner
Net cash flows from operating activities
Accounts Accounts Joel Palk,
Cash + Receivable + Supplies + Land = Payable + Capital 3. a. D’LITE DRY CLEANERS
Rent expense
Supplies expense
Truck expense
Problem 1-5A
Name: Solution
Section:
Scoring:
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Enter the appropriate amounts/formulas in the answer cells, or select from the drop-down list.
In part 2, place a plus sign or minus sign in the small box beside the amount. Row (a) has been completed
as an example. For correct grading, enter a “0” where you would otherwise leave an amount cell blank.
An asterisk (*) will appear to the right of incorrect entries in outlined answer cells.
1. Owner’s
Assets = Liabilities + Equity
Accounts Accounts Joel Palk,
Cash + Receivable + Supplies + Land = Payable + Capital 3. a. D’LITE DRY CLEANERS
Joel Palk, Income Statement July 31, 2014
45000 +93000 +7000 +75000 =40000 + Capital For the Month Ended July 31, 2014 For the Month Ended July 31, 2014
Joel Palk,
220000 =40000 + Capital Dry cleaning revenue 116875
Expenses: Dry cleaning expense
180000 =
Joel Palk, Capital
Dry cleaning expense 29500 Miscellaneous expense
Wages expense 7500 Rent expense
Rent expense 6000 Supplies expense
Supplies expense 3600 Truck expense
Truck expense 2500 Utilities expense
2. Assets = Liabilities + Owner’s Equity Utilities expense 1300 Wages expense
= Dry Dry Miscellaneous expense 2700
Accounts Accounts Joel Palk, Joel Palk, Cleaning Cleaning Wages Rent Supplies Truck Utilities Misc. Total expenses 53100
Cash +
Receivable
+ Supplies + Land = Payable + Capital – Drawing + Revenue – Expense – Expense – Expense – Expense – Expense – Expense – Expense Net income 63775 Plus withdrawals
Less withdrawals
Bal. 45000 93000 7000 75000 40000 180000 0 0 0 0 0 0 0 0 0 Increase in owner’s equity
(a) +35000 0 0 0 0 + 35000 0 0 0 0 0 0 0 0 0 Decrease in owner’s capital
Bal. 80000 93000 7000 75000 40000 215000 0 0 0 0 0 0 0 0 0 b. D’LITE DRY CLEANERS Additional investments during July
(b) – 50000 0 0 + 50000 0 0 0 0 0 0 0 0 0 0 0 Statement of Owner’s Equity Net income for July
Bal. 30000 93000 7000 125000 40000 215000 0 0 0 0 0 0 0 0 0 For the Month Ended July 31, 2014
(c) + 32125 0 0 0 0 0 0 + 32125 0 0 0 0 0 0 0
Bal. 62125 93000 7000 125000 40000 215000 032125 0 0 0 0 0 0 0 Joel Palk, capital, July 1, 2014 180000
Deduct cash withdrawal by owner