If you have not completed the survey, the website is open through May 5, 2024.

You can access the survey by clicking on the "Course Survey" in the navigation panel on your Canvas course.   You may also receive a special email in your ACES email account, that provides a link to the on-line course survey.   As an incentive, I will apply an extra credit of 2% to your final grade for all those completing the survey.  

I will obtain the participation information directly from the Survey System and use it as a basis to post your 2% bonus credit to ACES and Canvas.

Here are some additional notes to assist in the completion of this homework problem:

(1)  On your comparative worksheet for current assets (excluding Cash) and current liability accounts, remember that credit changes between the two years are added to net income and debit changes between the two years are deducted from net income, in the Cash Flows from Operating Activities section.

(2)  For the non-current asset, liability, and stockholder equity accounts, you need to account for the differences between the two years and reflect those changes in the two other sections of the report.

Since you are required to produce a Stockholders Equity Section of the Balance Sheet, I would recommend that you use a
set of "T" accounts to obtain the necessary amounts for the statement accounts.  

You should set up a "T" account for each of the following accounts:
   (1) Common Stock
   (2) Paid-In Capital in excess of Par
   (3) Retained Earnings
   (4) Treasury Stock

After setting up the above accounts, post the beginning balances to these "T" accounts, as presented in the assignment problem.  Remember that all the equity accounts are "credit balance accounts, except Treasury Stock, which is a "debit" balance account.

You do not need to set up "T" accounts for the remaining accounts in your journal entries since you do not need the balance of those accounts for the statements.

Post your journal entries to the above 4 equity "T" accounts and then determine the balance of each account. Those are the account totals you will need to complete financial statements required by the problem.

Part 3,  Requirement 3

Here is some additional help in completing the Effective Interest Amortization Table.

    (1)  Interest Expense = Beginning Carrying Amount x Market Rate / 2

    (2)  Discount Amortization = Interest Expense - Cash Interest Paid.

    (3)  Unamortized Discount = Previous Balance - Current Discount Amortization Amount

    (4)  Carrying Value = Previous Balance + Current Discount Amortization Amount.

We have finished the chapters associated with this problem and you are in a position to start work on this optional extra- credit comprehensive problem.

This problem is to be accomplished manually.  All necessary forms can be downloaded from the "Generic Working Papers" section on the "Course Resources" webpage.  When completed, turn in your completed General Journal containing all the required entries and your Adjusted Trial Balance.

1. The only items to be used are the months' transactions (April 1-30) and the adjusting entries (Items "a" through "f") in Instruction No. 4.

2.  After posting the months' transactions, be sure to produce a trial balance. You will need the trial balance to make the computations for some of the adjusting entries.

A copy of the comprehensive problem instructions is now available.  Download the problem information by clicking on the appropriate format in the "Problem / Document Downloads" section above.