accounting kaplan university, accounting homework help

Please use the files that I have uploaded below. Please use the excel spreadsheet for your final document. Thank you in advance. Please create these tables in an excel document. Please create a new sheet for each answer.

Thank you in advance.

1-3A. 

The
following is selected financial information for Affiliated Company as of
December 31, 2011: liabilities, $34,000; equity, $56,000; assets, $90,000.

Required

Prepare the balance
sheet for Affiliated Company as of December 31, 2011.

1-4A.

The
following is selected financial information for Sun Energy Company for the year
ended December 31, 2011: revenues, $65,000; expenses, $50,000; net income,
$15,000.

Required

Prepare the 2011
calendar-year income statement for Sun Energy Company.

1-8A.

  J. D. Simpson started The Simpson
Co., a new business that began operations on May 1. The Simpson Co. completed
the following transactions during its first month of operations.

May 1
J. D. Simpson invested $60,000 cash in the company in exchange for common stock.

1 The
company rented a furnished office and paid $3,200 cash for May’s rent.

3 The
company purchased $1,680 of office equipment on credit.

5 The
company paid $800 cash for this month’s cleaning services.

8 The
company provided consulting services for a client and immediately collected
$4,600 cash.

12
The company provided $3,000 of consulting services for a client on credit.

15
The company paid $850 cash for an assistant’s salary for the first half of this
month.

20
The company received $3,000 cash payment for the services provided on May 12.

22
The company provided $2,800 of consulting services on credit.

25
The company received $2,800 cash payment for the services provided on May 22.

26
The company paid $1,680 cash for the office equipment purchased on May 3.

27
The company purchased $60 of advertising in this month’s (May) local paper on
credit; cash payment is due June 1.

28
The company paid $850 cash for an assistant’s salary for the second half of
this month.

30
The company paid $200 cash for this month’s telephone bill.

30
The company paid $480 cash for this month’s utilities.

31
The company paid $1,200 cash for dividends.

Required

1. Arrange the following
asset, liability, and equity titles in a table like Exhibit 1.9: Cash; Accounts

Receivable;
Office Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and
Expenses.

Chapter 1
Introducing Accounting in Business 41

2. Show effects of the
transactions on the accounts of the accounting equation by recording increases
and decreases in the appropriate columns. Do not determine new account balances
after each transaction. Determine the final total for each account and verify
that the equation is in balance.

3. Prepare an income
statement for May, a statement of retained earnings for May, a May 31 balance
sheet, and a statement of cash flows for May.

2-3A.

  The
accounting records of Fabiano Distribution show the following assets and
liabilities as of December 31,

2010 and 2011.

Late in December 2011, the business purchased a small office building
and land for $225,000. It paid

$120,000 cash toward the purchase and a $105,000 note payable was
signed for the balance. Mr. Fabiano had to invest $35,000 cash in the business
(in exchange for stock) to enable it to pay the $120,000 cash.

The business also pays $3,000 cash per month for dividends.

86 Chapter 2
Analyzing and Recording Transactions

Required

1. Prepare
balance sheets for the business as of December 31, 2010 and 2011. (Hint: Report only total equity on
the balance sheet and remember that total equity equals the difference between
assets and liabilities.)

2. By
comparing equity amounts from the balance sheets and using the additional
information presented in this problem, prepare a calculation to show how much
net income was earned by the business during 2011.

3. Compute the 2011 year-end debt ratio for the business.