Option #1: Venture Consultants, Power and Demolition Company,and Warnerwood Accounting Cases Portfolio Project Option #1 is foraccounting students who are sensing learners, and learn best fromconcrete materials and examples. If this is your learning stylepreference, you are practical and careful with detail. For thisassignment, you are required to complete all three accountingcases: Venture Consultants, Power and Demolition Company, andWarnerwood. You will then present Parts 1, 2, and 3 of thePortfolio Project in Excel as journal entries, following the exactinstructions that accompany each part. Assignment Template attachedbelow
Part 1: Denzel Brooks opens a web consulting business calledVenture Consultants and completes the following transactions inMarch:
March 1: Brooks invested $150,000 cash along with $22,000 ofoffice equipment in the company.
March 2: Venture Consultants pre-paid $6,000 cash or six months’rent for their office. March 3: Venture Consultants made creditpurchases for office equipment for $3,000 and office supplies for$1,200. Payment is due within 10 days.
March 6: Venture Consultants completed services for a client andimmediately received $4,000 cash.
March 9: Venture Consultants completed a $7,500 project for aclient who must pay within 30 days.
March 12: Venture Consultants paid $4,200 cash to settle theaccount payable created on March 3.
March 19: Venture Consultants paid a $5,000 cash premium on a12-month insurance policy. March 22: Venture Consultants received$3,500 cash as a partial payment for the work completed on March9.
March 25: Venture Consultants completed work for another clientfor $3,820 on credit.
March 29: Brooks withdrew $5,100 cash from the company forpersonal use.
March 30: Venture Consultants purchased $600 of additionaloffice supplies on credit.
March 31: Venture Consultants paid $500 cash for this month’sutility bill. Instructions:
Prepare journals for the above economic transactions. Use thefile called “Assignment Template” in the assignment section forPart #1, Venture Capital Consultants. Enter your journals to thegeneral ledger using the same file name.
Part 2: The following unadjusted trial balance is for Power andDemolition Company as of year-end for the April 30, 2015 fiscalyear. The April 30, 2015 credit balance of the owner’s equityaccount is $46,900, and the owner invested $40,000 cash in thecompany during 2015.
NO. Account Title Debit Credit 101 Cash $7,000
126 Supplies $16,000 128 Pre-paid insurance $12,600
167 Equipment $200,000
168 Accumulated depreciation – equipment $14,000
201 Accounts payable $6,800
251 Long-term notes payable $30,000
301 Bonn, equity $86,900
302 Bonn, withdrawals $12,000
401 Demolition fees earned $187,000
623 Wage expense $41,400
633 Interest expense $3,300
640 Rent expense $13,200
683 Property tax expense $9,700
684 Repairs expense $4,700
690 Utilities expense $4,800
TOTALS $324,700 $324,700
Instructions: a) Journalize the following adjusting entries asof fiscal year-end April 30, 2015.
b) Post the adjusting entries to an unadjusted trial balance andprepare the adjusted trial balance.
c) Create financial statements.
The supplies available at the end of fiscal 2015 year are at acost of $7,900.
The cost of expired insurance for the fiscal year is$10,600.
Annual depreciation on equipment is $7,000; no otherdepreciation adjustment was made in 2015.
The April utilities expense of $800 is not included in theadjusted trial balance, because the bill arrived after the trialbalance was prepared.
The $800 amount owed needs to be recorded..
The company’s employees have earned $2000 of accrued wages inthe fiscal year.
The rent expense not yet paid or recorded in the fiscal year is$3000.
Additional property taxes of $550 have been assessed for thefiscal year, but have not yet been paid or recorded in theaccounts.
The $300 accrued interest for April has not yet been paid andreported.
Part 3: The Warnerwood Company uses a perpetual inventorysystem. It entered the following purchases and sales transactionsfor March into the system: Date Activities Units Acquired at CostCost per Unit Units Sold at Retail Price per unit March 1 Beginninginventory 100 units $50 March 5 Purchase 400 units $55 March 9Sales 420 $85 March 18 Purchase 120 units $60 March 25 Purchase 200units $62 March 29 Sales 160 units $95 Totals 820 units 580 unitsInstructions: Show all of your work in an Excel spreadsheet for thefollowing tasks: Compute the number of units available for sale.Compute the number of units in ending inventory. Compute the costassigned to ending inventory using (a) FIFO, (b) LIFO, and (c)weighted average. (Round the average cost per unit to 2 decimalplaces.) Compute the gross profit earned by the company for each ofthe three costing methods. (Round the average cost per unit to 2decimal places.)
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