i can see the light - a financial perspective

Building Blocks of Accounting .. A Financial Perspective

Diana, when you are ready to have your work graded you will upload this file DS7353.xls or DS7353.xlsx,

F311 150126

to the same screen that the project was downloaded from:www.cybertext.com, The Book List, Building Blocks of Accounting - A Financial Perspective, Enter password, Upload Your Excel File.

Keep two copies of your spreadsheet in two separate places in case one does not work.

You may find it easier to work on this project if you print a hard copy of all the pages.

NOTE: If there are any questions about the project e-mail markfriedman@miami.edu or call 305.284.6296.Grade will be based upon answers entered into the shaded boxes.

Building Blocks of Accounting .. A Financial PerspectiveFAQ Page 1

FAQ 01 My file used to upload, why is it not uploading?

Answer: Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier versionSomehow clean the files and they then upload without problem. If the problem continue simple send your file as an

Windows Operating SystemSelect File

Select Save As

Select Save As Type:

Select Microsoft 5.0/95 Workbook (*.xls)

Select Save

Select Continue or Yes if prompted or if it indicates that there is limited memory.

Select File Close

Select File Open and open the .xls file

Select Save As

Select Save As Type:

Select Excel Workbook (*.xlsx)

Select Save

Upload the file at cybertext.com

Apple Operating SystemSelect File

Select Save As

Select Format:

Select Microsoft 5.0/95 Workbook (*.xls)

Select Save

Select Continue or Yes if prompted or if it indicates that there is limited memory.

Select File Close

Select File Open and open the .xls file

Select Save As

Select Format:

Select Excel Workbook (*.xlsx)

Select Save

Upload the file at cybertext.com

Elf Village Productions 50 Sheet Legal Pad

attachment with your username and password…friedman@cybertext.com

MF1234.xlsx

Excel 5.0/95 Workbook (.xls)

FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected?

Answer: The computer program is designed to save you time. Instead of requiring you to enter the description fourtimes the program automatically copies the description when you enter a new account number. This processrequires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells.

FAQ 03 In the feedback section, what does it mean when I have points under reverse?

Answer: If you pay a telephone expense of $100.00

If you debit cash and credit telephone expense you have reversed the whole entry.

Rent Expense 100

Telephone Expense Cash

Cash Telephone Expense

If you debit cash and credit anything else you have reversed part of the entry.

FAQ 04 How does my instructor get my grade?

Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever theywant to, although only the last grade counts. Keep a hard copy of your last upload for documentation.

FAQ 05 I have entered all the transactions and have completed the worksheet however I get followingmessage on the financial statements: "You must finish the worksheet before you can complete the ...."

Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet:1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet.

Building Blocks of Accounting -- A Financial Perspective

The instructions start on row 22 of this page.

FIRST LAST SS FileDiana Sobrino 7353 DS7353

For example,

In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.

Name Description

01 Jun 01 Cash

In the account field enter the account number that corresponds to the account in the chart of accounts.

You can also use the pull down list to find the appropriate account number. If you use a number that

is not on the chart of accounts an error message will appear.

Name Description

01 Jun 01 1110 Cash

The name of the account will automatically appear in the name column. If it is the wrong

account renter the correct account number.

Enter the description in the description field.

Account

Credit

Account

Credit

Welcome to the worlds first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle.NOTE: If the program is not working e-mail markfriedman@miami.edu, 305.284.6296.

Step I - The Chart of AccountsThe chart of accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide.

June 1: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share.

Step II – Journalizing the Transactions.Using your unique transactions record the corresponding general journal entry, rounding to two decimal places.

Name Description

01 Jun 01 1110 Cash Joseph's investment

01 Jun 01 AdvertisingJoseph's investment

01 Jun 01 Accounts PJoseph's investment

Enter the amount in the debit field.

Name Description

Transaction # 1 Not in Balance by $40,000.

01 Jun 01 1110 Cash Joseph's investment 40,000.00

01 Jun 01 Cash Joseph's investment

Enter the second account number.

Name Description

Transaction # 1 Not in Balance by $40,000.

01 Jun 01 3100 Capital Stock Joseph's investment

01 Jun 01 Cash Joseph's investment

Enter the amount in the credit field.

Name Description

3100 Capital Stock Joseph's investment 40,000.00

Salary Exp Joseph's investment

Cash Joseph's investment

1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the

Balance Sheet columns, (debits remain debits and credits remain credits).

2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.

3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and

the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.

4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise

there is an error in the completion of the worksheet.

Account

Credit

Account

Credit

Account

Credit

Account

Credit

Step III – WorksheetAlthough not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. .

Save and make backup copies regularly.

Grading:You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements.

Step VI – Upload the File.Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file.

Step V – Prepare the Closing Entries.Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries.

Step IV – Prepare the Financial Statements.After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided.

Number Name Normal Balance Error # Message1110 Cash Debit 1

Debit And Credit On Same Line

1120 Accounts Receivable Debit 2Debit Before Credit

1130 Prepaid Insurance Debit 4Need An Account Number

1140 Prepaid Rent Debit 8Round To Two Decimal Places

1150 Office Supplies Debit 16Need a Description

1211 Office Equip. Debit 32Need a Date

1212 Accum. Depr.-Office Equip. Credit 641311 Computer Equip. Debit 1281312 Accum. Depr.-Computer Equip. Credit 2561411 Building Cost Debit 5121412 Accum. Depr.-Building Credit 10241510 Land Debit2101 Accounts Payable Credit2102 Advanced Payments Credit2103 Interest Payable Credit2105 Salaries Payable Credit2106 Income Taxes Payable Credit2201 Mortgage Payable Credit2202 Notes Payable Credit3100 Capital Stock Credit3200 Retained Earnings Credit3300 Dividends Debit3400 Income Summary Credit4100 Computer & Consulting Revenue Credit5010 Rent Expense Debit5020 Salary Expense Debit5030 Advertising Expense Debit5040 Repairs & Maint. Expense Debit5050 Oil & Gas Expense Debit5080 Supplies Expense Debit5090 Interest Expense Debit5100 Insurance Expense Debit5110 Depreciation Expense Debit5120 Income Tax Expense Debit

Byte of Accounting, Inc.Diana Sobrino 7630

Transaction Description of transaction01.

09. June 16: Computer consultation revenue of $6,000 was received.

12. June 17: Received a bill of $325 from the local newspaper for advertising.

13. June 21: Billed various miscellaneous local customers $4,700 for consulting services performed.

14. June 21: A fax machine for the office was purchased for $700 cash.

June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $30,240 in cash and computer equipment with a fair market value of $41,850 were received.

June 1: Byte of Accounting, Inc. issued 2,011 shares of its common stock after acquiring from Courtney $41,850 in cash, computer equipment with a fair market value of $11,340 and office equipment with a fair value of $1,107.

June 1: Byte of Accounting, Inc. acquired $81,000 in cash from Diana Sobrino and issued 3,000 shares of its common stock.

June 2: A down payment of $33,000 in cash was made on additional computer equipment that was purchased for $165,000. A five-year note was executed by Byte for the balance.

June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation.

June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.

June 10: Byte paid $25,250 on the balance it owed on the June 2 purchase of computer equipment.

June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $4,968 in cash. The effective date of the policy was June 16.

June 16: Byte purchased a building and the land it is on for $137,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.

June 17: Cash of $4,000 was paid for rent for June and July. Put the total amount into the Prepaid Rent account.

Transaction Description of transaction15. June 21: Accounts payable in the amount of $240 were paid.

16. June 22: Paid the advertising bill that was received on June 17.

18. June 22: Paid salaries of $960 to equipment operators for the week ending June 18.

19. June 23: Cash in the amount of $3,765 was received on billings.

21. June 28: Billed $5,280 to miscellaneous customers for services performed to June 25.

22. June 29: Cash in the amount of $5,001 was received for billings.

23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.

24. June 29: Paid salaries of $960 to equipment operators for the week ending June 25.

25. June 30: Received a bill for the amount of $790 from O & G Oil and Gas Co.

Adjusting Entries - Round to two decimal places.

June 22: Received a bill for $1,315 from Computer Parts and Repair Co. for repairs to the computer equipment.

June 23: Purchased office supplies for $555 on credit. Record the purchase as an increase to the assets.

June 30: Paid a cash dividend of $0.15 per share to the three shareholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.]

The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent.

A physical inventory showed that only $225.00 worth of office supplies remained on hand as of June 30.

The annual interest rate on the mortgage payable was 8.75 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.

Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance.

Transaction Description of transaction

32. The fixed assets have estimated useful lives as follows:Building - 31.5 yearsComputer Equipment - 5.0 yearsOffice Equipment - 7.0 years

35. Income taxes are to be computed at the rate of 25 percent of net income before taxes.

Closing Entries

36. Close the revenue accounts.

37. Close the expense accounts.

38. Close the income summary account.

39. Close the dividends account.

A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,375 for the period of June 28-30.

Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s scrap value is $8,500. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month.

A review of the payroll records show that unpaid salaries in the amount of $576 are owed by Byte for three days, June 28 - 30.

The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year.

[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $132,000. On June 10, eight days later, $25,250 was repaid. Interest expense must be

calculated on the $132,000 for eight days. In addition, interest expense on the $106,750 balance of the loan ($132,000 less $25,250 = $106,750) must be calculated for the 20 days remaining in the month of June.]

[IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]

A Byte of Accounting, Inc.General Journal

Name Description

01 Jun 01 1110 Cash Receive Investment by Jeremy 30,240.00 30240 001 Jun 01 1311 Computer Equip. Receive Investment by Jeremy 41,850.00 41850 001 Jun 01 3100 Capital Stock Receive Investment by Jeremy 72,090.00 (72090) 0

02 Jun 01 1110 Cash Receive Investment by Courtney 41,850.00 41850 002 Jun 01 1311 Computer Equip. Receive Investment by Courtney 11,340.00 11340 002 Jun 01 1211 Office Equip. Receive Investment by Courtney 1,107.00 1107 002 Jun 01 3100 Capital Stock Receive Investment by Courtney 54,297.00 (54297) 0

03 Jun 01 1110 Cash Receive Investment by Diana 81,000.00 81000 003 Jun 01 3100 Capital Stock Receive Investment by Diana 81,000.00 (81000) 0

0 00 0

04 Jun 02 1311 Computer Equip. Equipment Purchase Payable 5yr 165,000.00 165000 004 Jun 02 1110 Cash Equipment Purchase Payable 5yr 33,000.00 (33000) 004 Jun 02 2202 Notes Payable Equipment Purchase Payable 5yr 132,000.00 ### 0

05 Jun 04 1211 Office Equip. equipment on cr frm dscnt comp corp 300.00 300 005 Jun 04 2101 Accounts Payable equipment on cr frm dscnt comp corp 300.00 (300) 0

0 00 0

06 Jun 08 2101 Accounts Payable return of equipment 60.00 60 006 Jun 08 1211 Office Equip. return of equipment 60.00 (60) 0

0 00 0

07 Jun 10 2202 Notes Payable payment on np from 0602 25,250.00 25250 007 Jun 10 1110 Cash payment on np from 0602 25,250.00 (25250) 0

0 00 0

08 Jun 14 1130 Prepaid Insurance purchase 1yr policy 4,968.00 4968 008 Jun 14 1110 Cash purchase 1yr policy 4,968.00 (4968) 0

0 00 0

09 Jun 16 1110 Cash revenue for consultin 6,000.00 6000 009 Jun 16 4100 Computer & Consultingrevenue for consultin 6,000.00 (6000) 0

0 00 0

10 Jun 16 1510 Land purch bldg mortg w 8 installmnt pymnt 22,000.00 22000 010 Jun 16 1411 Building Cost purch bldg mortg w 8 installmnt pymnt 115,000.00 115000 010 Jun 16 1110 Cash purch bldg mortg w 8 installmnt pymnt 13,700.00 (13700) 010 Jun 16 2201 Mortgage Payable purch bldg mortg w 8 installmnt pymnt 123,300.00 ### 0

11 Jun 17 1140 Prepaid Rent Prepay Jun & Jul Rent 4,000.00 4000 011 Jun 17 1110 Cash Prepay Jun & Jul Rent 4,000.00 (4000) 0

0 00 0

12 Jun 17 5030 Advertising Expense received bill for advrtsng 325.00 325 012 Jun 17 2101 Accounts Payable received bill for advrtsng 325.00 (325) 0

0 00 0

13 Jun 21 1120 Accounts Receivable var. customers 4,700.00 4700 013 Jun 21 4100 Computer & Consultingvar. customers 4,700.00 (4700) 0

0 00 0

14 Jun 21 1211 Office Equip. fax machine purch 700.00 700 014 Jun 21 1110 Cash fax machine purch 700.00 (700) 0

0 00 0

15 Jun 21 2101 Accounts Payable paid obligation 240.00 240 015 Jun 21 1110 Cash paid obligation 240.00 (240) 0

0 00 0

16 Jun 22 2101 Accounts Payable to pay advertising from jun 17 bill 325.00 325 016 Jun 22 1110 Cash to pay advertising from jun 17 bill 325.00 (325) 0

0 00 0

17 Jun 22 5040 Repairs & Maint. ExpenBill from Comp Parts & Repair Co 1,315.00 1315 017 Jun 22 2101 Accounts Payable Bill from Comp Parts & Repair Co 1,315.00 (1315) 0

0 00 0

Account

Credit

l Bala

Note: You can only enter data into the yellow filled cells.

Name DescriptionTran

Account

Credit

l Bala

18 Jun 22 5020 Salary Expense salaries for week ending 0618 960.00 960 018 Jun 22 1110 Cash salaries for week ending 0618 960.00 (960) 0

0 00 0

19 Jun 23 1110 Cash cash rcvd for billing 3,765.00 3765 019 Jun 23 1120 Accounts Receivable cash rcvd for billing 3,765.00 (3765) 0

0 00 0

20 Jun 23 1150 Office Supplies purch office supplies 555.00 555 020 Jun 23 2101 Accounts Payable purch office supplies 555.00 (555) 0

0 00 0

21 Jun 28 1120 Accounts Receivable billed var customers for srvcs june 25 5,280.00 5280 021 Jun 28 4100 Computer & Consultingbilled var customers for srvcs june 25 5,280.00 (5280) 0

0 00 0

22 Jun 29 1110 Cash cash rcvd for billings 5,001.00 5001 022 Jun 29 1120 Accounts Receivable cash rcvd for billings 5,001.00 (5001) 0

0 00 0

23 Jun 29 2101 Accounts Payable paid oblgtn 0622 computer parts and r 1,315.00 1315 023 Jun 29 1110 Cash paid oblgtn 0622 computer parts and repairs 1,315.00 (1315) 0

0 00 0

24 Jun 29 5020 Salary Expense paid salaries week ending 0625 960.00 960 024 Jun 29 1110 Cash paid salaries week ending 0625 960.00 (960) 0

0 00 0

25 Jun 30 5050 Oil & Gas Expense bill from O&G Oil and Gas 790.00 790 025 Jun 30 2101 Accounts Payable bill from O&G Oil and Gas 790.00 (790) 0

0 00 0

26 Jun 30 3300 Dividends cash div of .15to shareholders 1,152.15 1152 026 Jun 30 1110 Cash cash div of .15to shareholders 1,152.15 (1152) 0

0 00 0

27 Jun 30 5010 Rent Expense rent for june 2,000.00 2000 027 Jun 30 1140 Prepaid Rent rent for june 2,000.00 (2000) 0

0 00 0

28 Jun 30 5080 Supplies Expense to recognize expense of 330 330.00 330 028 Jun 30 1150 Office Supplies to recognize expense of 330 330.00 (330) 0

0 00 0

29 Jun 30 5090 Interest Expense int expense for mortg @ 8.75% 449.53 450 029 Jun 30 2103 Interest Payable int expense for mortg @ 8.75% 449.53 (450) 0

0 00 0

30 Jun 30 5100 Insurance Expense expense 1/2 month insurance 207.00 207 030 Jun 30 1130 Prepaid Insurance expense 1/2 month insurance 207.00 (207) 0

0 00 0

31 Jun 30 1120 Accounts Receivable unbilled rev 0628-0630 5,375.00 5375 031 Jun 30 4100 Computer & Consultingunbilled rev 0628-0630 5,375.00 (5375) 0

0 00 0

32 Jun 30 5110 Depreciation Expense deprcn for bldg, office equip, comp eq 3,939.05 3939 032 Jun 30 1212 Accum. Depr.-Office Eqdeprcn for bldg, office equip, comp equip 20.80 (21) 032 Jun 30 1312 Accum. Depr.-Computerdeprcn for bldg, office equip, comp equip 3,636.50 (3637) 032 Jun 30 1412 Accum. Depr.-Building deprcn for bldg, office equip, comp equip 281.75 (282) 0

33 Jun 30 5020 Salary Expense payroll owed 0628-0630 576.00 576 033 Jun 30 2105 Salaries Payable payroll owed 0628-0630 576.00 (576) 0

0 00 0

34 Jun 30 5090 Interest Expense interest for note payable 1,063.67 1064 034 Jun 30 2103 Interest Payable interest for note payable 1,063.67 (1064) 0

0 00 0

Name DescriptionTran

Account

Credit

l Bala

35 Jun 30 5120 Income Tax Expense Income tax expns 2,109.94 2110 035 Jun 30 2106 Income Taxes Payable Income tax expns 2,109.94 (2110) 0

0 00 0

36 Jun 30 4100 Computer & Consultingclose revenue accounts 21,355.00 21355 036 Jun 30 3400 Income Summary close revenue accounts 21,355.00 (21355) 0

0 00 0

37 Jun 30 3400 Income Summary close expense accts 15,025.19 15025 037 Jun 30 5010 Rent Expense close expense accts 2,000.00 (2000) 037 Jun 30 5020 Salary Expense close expense accts 2,496.00 (2496) 037 Jun 30 5030 Advertising Expense close expense accts 325.00 (325) 037 Jun 30 5040 Repairs & Maint. Expenclose expense accts 1,315.00 (1315) 037 Jun 30 5050 Oil & Gas Expense close expense accts 790.00 (790) 037 Jun 30 5080 Supplies Expense close expense accts 330.00 (330) 037 Jun 30 5090 Interest Expense close expense accts 1,513.20 (1513) 037 Jun 30 5100 Insurance Expense close expense accts 207.00 (207) 037 Jun 30 5110 Depreciation Expense close expense accts 3,939.05 (3939) 037 Jun 30 5120 Income Tax Expense close expense accts 2,109.94 (2110) 0

38 Jun 30 3400 Income Summary close incm smmry to R/E 6,329.81 6330 038 Jun 30 3200 Retained Earnings close incm smmry to R/E 6,329.81 (6330) 0

0 00 0

39 Jun 30 3300 Dividends close div to R/E 1,152.15 1152 039 Jun 30 3200 Retained Earnings close div to R/E 1,152.15 (1152) 0

0 00 0

A Byte of Accounting, Inc.Worksheet

For Period Ending June 30, 2016

Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet Number Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

1110 Cash 81,285.85 - - - 81,285.85 - 81,285.85 1120 Accounts Receivable 1,214.00 - 5,375.00 - 6,589.00 - 6,589.00 1130 Prepaid Insurance 4,968.00 - - 207.00 4,761.00 - 4,761.00 1140 Prepaid Rent 4,000.00 - - 2,000.00 2,000.00 - 2,000.00 1150 Office Supplies 555.00 - - 330.00 225.00 - 225.00 1211 Office Equip. 2,047.00 - - - 2,047.00 - 2,047.00 1212 Accum. Depr.-Office Equip. - - - 20.80 - 20.80 20.80 1311 Computer Equip. 218,190.00 - - - 218,190.00 - 218,190.00 1312 Accum. Depr.-Computer Equip. - - - 3,636.50 - 3,636.50 3,636.50 1411 Building Cost 115,000.00 - - - 115,000.00 - 115,000.00 1412 Accum. Depr.-Building - - - 281.75 - 281.75 281.75 1510 Land 22,000.00 - - - 22,000.00 - 22,000.00 2101 Accounts Payable - 1,345.00 - - - 1,345.00 1,345.00 2102 Advanced Payments - - - - - - 2103 Interest Payable - - - 1,513.20 - 1,513.20 1,513.20 2105 Salaries Payable - - - 576.00 - 576.00 576.00 2106 Income Taxes Payable - - - 2,109.94 - 2,109.94 2201 Mortgage Payable - 123,300.00 - - - 123,300.00 123,300.00 2202 Notes Payable - 106,750.00 - - - 106,750.00 106,750.00 3100 Capital Stock - 207,387.00 - - - 207,387.00 207,387.00 3200 Retained Earnings - - - - - - 3300 Dividends 1,152.15 - - - 1,152.15 - 1,152.15

4100 Computer & Consulting Revenue - 15,980.00 - 5,375.00 - 21,355.00 21,355.00 5010 Rent Expense - - 2,000.00 - 2,000.00 - 2,000.00 5020 Salary Expense 1,920.00 - 576.00 - 2,496.00 - 2,496.00 5030 Advertising Expense 325.00 - - - 325.00 - 325.00 5040 Repairs & Maint. Expense 1,315.00 - - - 1,315.00 - 1,315.00 5050 Oil & Gas Expense 790.00 - - - 790.00 - 790.00 5080 Supplies Expense - - 330.00 - 330.00 - 330.00 5090 Interest Expense - - 1,513.20 - 1,513.20 - 1,513.20 5100 Insurance Expense - - 207.00 - 207.00 - 207.00 5110 Depreciation Expense - - 3,939.05 - 3,939.05 - 3,939.05 5120 Income Tax Expense - - 2,109.94 - 2,109.94 -

TOTAL 454,762.00 454,762.00 16,050.19 16,050.19 468,275.19 468,275.19 12,915.25 21,355.00 453,250.00 444,810.25 NET INCOME 8,439.75 8,439.75

21,355.00 21,355.00 453,250.00 453,250.00

A Byte of Accounting, Inc.Income Statement

For Month Ending June 30, 2016

Revenues4100 Computer & Consulting Revenue $ 21,355.00

Expenses5010 Rent Expense 2,000.00 5020 Salary Expense 2,496.00 5030 Advertising Expense 325.00 5040 Repairs & Maint. Expense 1,315.00 5050 Oil & Gas Expense 790.00 5080 Supplies Expense 330.00 5090 Interest Expense 1,513.20 5100 Insurance Expense 207.00 5110 Depreciation Expense 3,939.05

Total 12,915.25

Net Income Before Tax $ 8,439.75

5120 2,109.94

Net Income After Tax $ 6,329.81

You must finish the worksheet before you can complete the Income Statement, see FAQ 02.

Income Tax Expense (Round to two decimal places)

A Byte of Accounting, Inc.Statement of Changes in Retained Earnings

For Month Ending June 30, 2016

Balance, Beginning of Period $ - Net Income 6,329.81

Dividends 1,152.15 Balance, End of Period $ 5,177.66

You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02.

A Byte of Accounting, Inc.d Balance Sheet

As of June 30, 2016

Assets

Current Assets1110 Cash $ 81,285.85 1120 Accounts Receivable $ 6,589.00 1130 Prepaid Insurance $ 4,761.00 1140 Prepaid Rent $ 2,000.00 1150 Office Supplies $ 225.00

Total $ 94,860.85

Long-Term Assets1211 Office Equip. $ 2,047.00 1212 Accum. Depr.-Office Equip. 20.80 $ 2,026.20

1311 Computer Equip. $ 218,190.00 1312 Accum. Depr.-Computer Equip. 3,636.50 $ 214,553.50

1411 Building Cost $ 115,000.00 1412 Accum. Depr.-Building 281.75 $ 114,718.25

1510 Land 22,000.00 Total $ 353,297.95

Total Assets $ 448,158.80

Liabilities

Current Liabilities2101 Accounts Payable $ 1,345.00 2102 Advanced Payment $ - 2103 Interest Payable $ 1,513.20 2105 Salaries Payable $ 576.00 2106 Income Taxes Payable $ 2,109.94

Total $ 5,544.14

Long-Term Liabilities2201 Mortgage Payable $ 123,300.00 2202 Notes Payable 106,750.00

Total 230,050.00 Total Liabilities $ 235,594.14

Stockholder's Equity

3100 Capital Stock $ 207,387.00 3200 Retained Earnings 5,177.66

Total 212,564.66 Total Liabilities and Stockholder's Equity $ 448,158.80

1You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02.

i can see the light - a financial perspective

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