There are three exercises in Project 3: Project 3.1 Balance

  • There are three exercises in Project 3: Project 3.1 Balance Sheet & Income Statement Part I, Project 3.2 Balance Sheet & Income Statement Part II, and Project 3.3. Balance Sheet & Income Statement Part III.
  • Please read the following instructions and review the table carefully. Then, enter answers for journal items ([A] to [K] for Project 3.1, [A] to [K] for Project 3.2 and [A] to [Z], parts [i] and [ii] for Project 3.3) in the next three items in this Lesson, called Project 3: Project 3.1 Balance Sheet & Income Statement Part I, Project 3.2 Balance Sheet & Income Statement Part II, and Project 3.3. Balance Sheet & Income Statement Part III.
  • If it’s a negative number, please enter a negative number (i.e. a minus sign).
  • For specific layouts of the balance sheet and income statement, please refer to the PDF file below.

The Balance Sheet of the Illini as of 12/31/20X0:

Illini Company, Inc.

Balance Sheet

as of 12/31/20X0

Assets

Current Assets:

Cash

$1,500,000

Accounts receivable, net

18,000

Inventory

50,000

Total current assets

1,568,000

Equipment

90,000

Goodwill

20,000

Total assets

$1,678,000

Liabilities and shareholders’ equity

Shareholders’ equity:

Common stock, 20,000 shares outstanding, $1 par

$20,000

Additional paid-in capital

280,000

Retained earnings

1,378,000

Total shareholders’ equity

1,678,000

Total liabilities and shareholders’ equity

$1,678,000

  • Note that all additional paid-in capital (APIC) sub accounts (e.g., APIC-options and APIC-treasury stock), if any, are tracked in the “Additional paid-in capital” account on the Balance Sheet.

Please refer to the instructions and the table in this question. Enter the correct numeric figures in the following Balance Sheet and Income Statement for 20X1. Note that for the purpose of preparing the Balance Sheet at the end of each year:

  • For investments, you need to classify whether they are current assets (i.e., short-term investment) or non-current assets (i.e., long-term investment);
  • For bonds, you need to determine what portion of the bonds payable is current liability and what portion is non-current liability. Current portion of the bonds payable is the principal payment portion of the cash interest payments in the next year. Non-current portion is the remaining amount of the bonds payable; and
  • For leases (as the lessee), you need to determine what portion of the lease obligation is current liability and what portion is non-current liability. Current portion of the lease obligation is the principal payment portion of the cash lease payment in the next year (i.e., the amortization amount of the lease obligation in the next year). Non-current portion is the remaining amount of the lease liability.

Project 3.1 Balance Sheet

Illini Company, Inc.
Income Statement
For the Year Ended December 31, 20X1
Sales $1,132,357
Cost of sales (inventory/equipment) 692,000
Gross profit 440,357
Operating expenses:
Insurance expense 4,000
Utility expense 30,000
Rent expense 20,000
Compensation expense [A]
Bad debt expense [B]
Depreciation expense [C]
Maintenance expense 3,000
Warranty expense 21,000
Rental expense (lease) [D]
Pension expense [E]
Selling expense-Initial issuance cost 10,000
Total operating expenses [F]
Operating income [G]
Other income (expense):
Investment revenue 7,500
Interest revenue 9,636
Unrealized holding losses – NI [H]
Interest expense (22,142)
Net income [I]
Basic EPS [J]
Diluted EPS [K]

Please refer to the instructions and the table in this question. Enter the correct journal entry for part [A] in the following Balance Sheet and Income Statement for 20X2. Note that for the purpose of preparing the Balance Sheet at the end of each year:

  • For investments, you need to classify whether they are current assets (i.e., short-term investment) or non-current assets (i.e., long-term investment);
  • For bonds, you need to determine what portion of the bonds payable is current liability and what portion is non-current liability. Current portion of the bonds payable is the principal payment portion of the cash interest payments in the next year. Non-current portion is the remaining amount of the bonds payable; and
  • For leases (as the lessee), you need to determine what portion of the lease obligation is current liability and what portion is non-current liability. Current portion of the lease obligation is the principal payment portion of the cash lease payment in the next year (i.e., the amortization amount of the lease obligation in the next year). Non-current portion is the remaining amount of the lease liability.

Project 3.2 Balance Sheet

Illini Company, Inc.
Income Statement
For the Year Ended December 31, 20X2
Sales $1,200,000
Cost of sales (inventory/equipment) 820,000
Gross profit 380,000
Operating expenses:
Insurance expense 6,000
Utility expense 30,000
Rent expense 20,000
Compensation expense 110,000
Bad debt expense 6,350
Depreciation expense 38,090
Maintenance expense 1,000
Warranty expense 25,000
Rental expense (lease) [A]
Pension expense [B]
Impairment of goodwill [C]
Total operating expenses [D]
(Loss) on sale of PPE [E]
Operating income [F]
Other income (expense):
Interest revenue [G]
Interest expense [H]
Gain on early extinguishment of bonds 357
Gain on sale of investment 4,000
Net income [I]
Basic EPS [J]
Diluted EPS [K]

The further cannot be added in same and that is not necessary to solve this as that is not connected to this

How Our Website Works

1. FILL IN OUR SIMPLE ORDER FORM

It has never been easier to place your order. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process.

2. PROCEED WITH THE PAYMENT

All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.

3. WRITER ASSIGNMENT

Next, we match up your order details with the most qualified freelance writer in your field.

4. WRITING PROCESS

Once we have found the most suitable writer for your assignment, they start working on a masterpiece just for you!

5. DELIVERY

Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it. Sometimes, the writer may leave a note for you about the order in case there is any additional information that they need to give you.

Leave a Reply

Your email address will not be published.