On November 1, 2017, the account balances of Hamm Equipment Repair were as follows:

 On November 1, 2017, the account balances of Hamm Equipment Repair were as follows:

 During November, the following summary transactions were completed.

Nov. 8     Paid $1,700 for salaries due employees, of which $700 is for October salaries.
10     Received $3,620 cash from customers on account.
12     Received $3,100 cash for services performed in November.
15     Purchased equipment on account $2,000.
17     Purchased supplies on account $700.
20     Paid creditors on account $2,700.
22     Paid November rent $400.
25     Paid salaries $1,700.
27     Performed services on account and billed customers for these services $2,200.
29     Received $600 from customers for future service.

Adjustment data consist of:

1. Supplies on hand $1,400.
2. Accrued salaries payable $350.
3. Depreciation for the month is $200.
4. Services related to unearned service revenue of $1,220 were performed.

Instructions:
(a) Enter the November 1 balances in the ledger accounts.

(b) Journalize the November transactions.

(c) Post to the ledger accounts. 

(d) Prepare a trial balance at November 30.
(e) Journalize and post adjusting entries.
(f) Prepare an adjusted trial balance.
(g) Prepare an income statement and an owner’s equity statement for November and a balance sheet at November 30.

Thanks

In this lab, you will: Required: 1. Create the Days Past Due measure. 2. Create the 30-day bins based on the Days Past Due Measure. 3. Detail the receivables from the 151–180 days bucket. Ask the Question: How can we age receivables using Excel pivottables? Master the Data: Apply the same steps as Lab 6-2 in Tableau, this time using the Lab 6-2 Alt Data.xlsx dataset.

 In this lab, you will:

Required:

1. Create the Days Past Due measure.

2. Create the 30-day bins based on the Days Past Due Measure.

3. Detail the receivables from the 151–180 days bucket.

 

Ask the Question: How can we age receivables using Excel pivottables?

 

Master the Data: Apply the same steps as Lab 6-2 in Tableau, this time using the Lab 6-2 Alt Data.xlsx dataset.

 

Software needed

    Tableau
    Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4)

 
Data: Lab 6-2 Alt Data.xlsx.


Perform the Analysis: Refer to Lab 6-2 Alternate in the text for instructions and Lab 6-2 steps for each the of lab parts.


Share the Story: Now that you have aged the receivables, the company is better able to estimate its allowance for doubtful accounts (the contra receivable accounts that reduces gross accounts receivable into net accounts receivable). As a rule, as accounts receivable age, they are less likely to be collected.

 
Required:

1. What is the total amount One in a Million has due in the 31-60 day bin?

    2000.86
    1523.00
    406.68
    1952.30 

Answer

1952.30

2. In the 31-60 day bin, One in a Million has an invoice that was due on 11/3/2021.  How much was it for?

    487.24
    406.68
    108.87
    684.50 

Answer

 406.68

3. How many open invoices does One in a Million have in the 31-60 day bin?

    5
    2
    3
    4
Answer

5

4. How many invoices are due in the 61-90 bin? (Hint, view the Full Data to see a count of rows)

    37
    47
    40
    1

 Answer

37

5. Which bin has the lowest amount due?

    31-60
    1-30
    91-120
    151-180
    61-90
    121-150
Answer

121-150

 

 

What will Microsoft’s quarterly sales and earnings for 2018 and 2019 be given times series (past quarterly sales and earnings from 2010–2017)?

 In this lab, you will:
Required:
1. Using Excel’s Forecast Sheet, forecast future sales for Microsoft.
2. Using Excel’s Forecast Sheet, forecast future income before extraordinary items for Microsoft.
 
Ask the Question: What will Microsoft’s quarterly sales and earnings for 2018 and 2019 be given times series (past quarterly sales and earnings from 2010–2017)?
 
Master the Data: Looking at Microsoft’s financial statements, we accumulate the values of quarterly sales and earnings from 2010–2017.
 
Software needed
•    Excel
•    Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4)
 
Data: Excel File Lab 8-6 Alt Data.xlsx.
 
Perform the Analysis: Refer to Lab 8-6 Alternate in the text for instructions and Lab 8-6 steps for each of the lab parts.
 
Share the Story: We have now developed a forecast for sales and income before extraordinary items.
 

Required:
1. Which has a greater distance between the lower and upper confidence bound for Microsoft?
 
multiple choice 1
•     Sales
•     Income before extraordinary items 

 
 
2. For Microsoft’s income before extraordinary items and the quarter 7/1/2020, what is the distance between the lower and upper confidence bound?
 
multiple choice 2
•     11,611.28
•     365.50
•     10,880.30
•     No difference between lower and upper confidence bound
 
3. What is the forecasted amount of Microsoft’s income from extraordinary items for the 10/1/2019 time period?
 
multiple choice 3
•     5,364.64
•     31,546.71
•     5,440.15
•     5,326.88
 
4. What is the forecasted amount of Microsoft’s sales for the 10/1/2019 time period?
 
multiple choice 4
•     31,546.71
•     5,326.88
•     27,744.51
•     29,440.27
 
5. Looking at the past trend of sales or income before extraordinary items for Microsoft, which one was less volatile, sales or income before extraordinary items?
 
multiple choice 5
•     Income Before Extraordinary Items
•     Sales