little - accounting ii - 4/2

SYLLABUS

Howard High School / Small Business Development

Spring 2013 COURSE SYLLABUS PROGRAM CONCENTRATION: Business & Computer Science

CAREER PATHWAY: Financial Management -- Accounting COURSE TITLE: Accounting II

CLASS WEB PAGE: www.edmodo.com

Teacher: Susan Little Email: slittle.howardhs@bibb.k12.ga.us Room Number: 408 Phone Number: 478.779.4934 Semester: Spring 2013 Tutorial Days: Monday - Thursday Textbook: Century 21 Accounting, Multi-column Tutorial Hours: By appointment Textbook Price: n/a Tutorial Location: 408 Department Philosophy: The Career Technology Education Department believes that education’s most important function is to provide all students with the skills needed for post-secondary and careers. This is accomplished by providing interest-based programs that meet industry standards.

Course Description: Anyone who deals with any phase of business can benefit from an understanding of basic accounting principles covered in this course. Students planning to attend college will find a high school introduction to the subject helpful. Students planning to operate their own business will find this course a must. Students will continue to develop the accounting skills learned in Accounting I. Students will assume the role of an accountant for a small fictional business. Students will also do accounting work on a microcomputer. .

Articulation: This course is Bibb County approved and articulated with Central Georgia Technical College’s program. Course Prerequisites: Computer Applications, Business Essentials, Accounting I Career Pathways: Courses must be completed in the order listed below.

Small Business Development

Level 1 *Business Essentials Level 2 *Legal Environment of Business Level 3 *Entrepreneurial Ventures Level 4 (Work-Based Learning) Level 5 (Work-Based Learning)

Financial Management – Accounting Level 1 * Business Essentials Level 2 * Accounting I Level 3 * Accounting II Level 4 (Work-Based Learning) Level 5 (Work-Based Learning)

*Required for Pathway Completion

Certifications: • The Financial Management-Accounting pathway prepares with the skills needed for the following

industry recognized credentials: NOCTI Business Financial Management.

Career Choices:

Occupation Specialties

Level of Education Needed

Average Salary

Accountants and Auditors Bachelor’s Degree $54,330 Bookkeeping/Accounting/ Auditing

Clerks Moderate-Term On-the-Job Training $29,619

Budget Analysts Bachelor’s Degree $58,698 Tax Preparers Moderate-Term On-the-Job Training $30,285

Course Schedule Week 1 Accounting Cycle Week 10 Corporation Adjustments & ValuationsWeek 2 Accounting Cycle Week 11 Corporation Adjustments & ValuationsWeek 3 Accounting Cycle Week 12 Corporation Adjustments & ValuationsWeek 4 Accounting Cycle Week 13 Financial Statements Week 5 Accounting Cycle Week 14 Financial Statements Week 6 Accounting Cycle Week 15 Special Topics Week 7 Accounting Cycle Week 16 Special Topics Week 8 Accounting Cycle Week 17 Special Topics Week 9 Accounting Cycle Week 18 Review-Final

Internet Acceptable Use: Use of the Internet must be in support of education and research and consistent with the educational objectives of the Bibb County School System. The use of the Internet is a privilege, not a right, and inappropriate use will result in cancellation of those privileges. Any student user not complying with the Bibb County School System Internet Acceptable Use Agreement shall lose Internet privileges for a period of not less than one week. Susan Little’s websites that will be used as an integral part of this course are available at: www.edmodo.com FBLA: Future Business Leaders of America is a co-curricular national student organization designed to offer students the opportunity to participate in leadership activities both in an out of the classroom. Members have the opportunity to go on field trips, participate in competitive events, perform community service, interact with the business community, and attend state and national conferences. Grading Scale*

Area Percentage Area Percentage

Daily Assignments & Quizzes 30 Class Grade 85Projects 30 Final Exam 15Tests 30 Writings/Journals 10

Total for Class Grade 100% Final Grade 100% Required Material: Black or blue ink pen AND pencil. You will have a storage folder in class for your work.

Classroom Expectations: Give Respect, Get Respect. Classroom Expectations:

1. When I am talking, you are listening. 2. We will be respectful of each other at all times. 3. Come to class on time and prepared to work. 4. Complete your OWN work! 5. Do not enter my office without my permission. 6. When you enter the room, begin your daily journal. 7. NOTE: All rules in the Bibb County Code of Conduct will be enforced.

Classroom Procedures:

1. Print only with permission. When I want you to print, I will instruct you to do so. Upload ALL of your work to Edmodo. No excuses for “I forgot to save/upload…”

2. At the beginning of each class, please check your computer, mouse, book, and desk. If anything is misplaced, broken, or dirty, you must tell me so that you will not get in trouble for something someone else has done.

3. Internet games and Internet use is on an as-needed basis with permission only. Non-negotiable! 4. Clean up your trash and push your chair under the table as you leave each day.

Attendance: Due to the nature of this course, it is imperative that you attend class daily. Almost all of the work assigned in this course is completed in class. Attendance has a direct correlation with your grade. The more often you are in class, the more likely you will succeed in the class. The Bibb County Board of Education policy on attendance will be upheld. Make-up Policy: It is your responsibility to get make-up work from me if you are absent. Make-up work must be completed within five school days. Most, if not all work, will be posted on Edmodo. Re-do Policy: Students who score a 69 or lower on a test or project may redo the test within five school days for a maximum score of 70.

* This course does not have an End of Course Test (EOCT) *

* All rules included in the Bibb County Code of Conduct book will be enforced * The course syllabus is a general plan for the course; all information contained in the course syllabus/calendar is subject to change. Any changes will be announced in class and a revised syllabus distributed to students to be shared with their parents/guardians. Acknowledgment of Receipt: By signing below, the student and parent/guardian acknowledge that they have read and understood the contents in the 2012-2013 Business Essentials syllabus. Student Name (Print)_________________________________________ Date________________ Student Signature___________________________________________ Date_________________ Parent Name (Print)__________________________________________ Date________________ Parent Signature____________________________________________ Date_________________

Pacing guide

Accounting IIInstructional Focus Calendar

Spring 2013

Instructional Day #

Calendar Date

Standard Addressed Project-Based Instruction FBLA in the Classroom Current Event

1 7‐Jan

28‐Jan

BCS‐PAII‐1BCS‐PAII‐2BCS‐PAII‐4

39‐Jan

Reinforcment Activity Chap 9‐13

410‐Jan

511‐Jan

Current Event #1

614‐Jan

BCS‐PAII‐1Reinforcment Activity Chap

715‐Jan BCS‐PAII‐2

BCS‐PAII‐4

816‐Jan

Long Term Project Discussion ‐ Business Plans

917‐Jan

LTP ‐ Business PlansFBLA Acct Practice Test

(used as pretest for course)

1018‐Jan

Personal Budget Activity Current Event #2

1122‐Jan

Spring 2013

Instructional Day #

Calendar Date

1223‐Jan

Chapter 14 Projects

1324‐Jan

1425‐Jan

Current Event #3

1528‐Jan

1629‐Jan

30‐JanBCS‐PAII‐5BCS‐PAII‐6

17 BCS‐PAII‐10

1831‐Jan

191‐Feb

Chapter 15 ProjectsFBLA Region Competition Search (Date of Actual Region Competition)

204‐Feb

Current Event #4

215‐Feb

BCS‐PAII‐1BCS‐PAII‐6

226‐Feb

Spring 2013

Instructional Day #

Calendar Date

237‐Feb

248‐Feb

Current Event #5

2511‐Feb

2612‐Feb

2713‐Feb

2814‐Feb

2915‐Feb

Closing Projects Current Event #6

30 19‐Feb BCS‐PAII‐1‐631 20‐Feb BCS‐PAII‐1‐6 LTP ‐ Group Assignments32 21‐Feb BCS‐PAII‐1‐6 Rein. Project‐ LTP Grp 133 22‐Feb BCS‐PAII‐1‐6 Rein. Project‐ LTP Grp 1 Current Event #734 25‐Feb BCS‐PAII‐1‐6 Rein. Project‐ LTP Grp 135 26‐Feb BCS‐PAII‐1‐6 Rein. Project ‐ LTP Grp 2

27‐Feb

BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8

Rein. Project ‐ LTP Grp 2

28‐Feb

LTP ‐ Group 2

Spring 2013

Instructional Day #

Calendar Date

1‐Mar

LTP ‐ Grp 2 Current Event #8

4‐Mar

LTP ‐ Grp 3

5‐Mar

BCS‐PAII‐2BCS‐PAII‐3BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8BCS‐PAII‐2BCS‐PAII‐3

6‐Mar BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8

Uncollectibles Projects

7‐Mar

LTP ‐ Grp 3

8‐Mar

Current Event #9

Spring 2013

Instructional Day #

Calendar Date

11‐Mar

12‐Mar

13‐Mar

14‐Mar BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8

Asset Projects & LTP Grp 3 Current Event #10

18‐Mar

Asset Projects & LTP Grp 4

19‐Mar

Spring 2013

Instructional Day #

Calendar Date

20‐Mar

21‐Mar

22‐Mar

Current Event #11

Inventory Projects & LTP Grp

1‐Apr BCS‐PAII‐5BCS‐PAII‐6BCS‐PAII‐8

Inventory Projects & LTP Grp 4

2‐Apr

Inventory Projects & LTP Grp 4

3‐Apr

Spring 2013

Instructional Day #

Calendar Date

4‐Apr

5‐Apr

Current Event #12

8‐Apr

Notes & Interest Project & LTP Group 5

Notes & Interest Project &

Notes & Interest Project & LTP Group 5

10‐Apr

11‐Apr

Reinforcement Activity & LTP Grp 5

Spring 2013

Instructional Day #

Calendar Date

12‐Apr

Current Event #13

15‐Apr

16‐Apr

18‐Apr

Revenue & Expenses Projects & LTP Grp 7

19‐Apr

Revenue & Expenses Projects & LTP Grp 7

Current Event #14

Spring 2013

Instructional Day #

Calendar Date

22‐Apr

23‐Apr

24‐Apr

Closing Projects & LTP ‐ All

Closing Projects & LTP ‐ All Groups "Clean Up"

26‐Apr

Closing Projects & LTP ‐ All Groups "Clean Up"

Current Event #15

7329‐Apr

7430‐Apr

751‐May

Spring 2013

Instructional Day #

Calendar Date

762‐May

Partnership Projects

773‐May

Partnership Projects Current Event #16

786‐May

797‐May

808‐May

819‐May

International Sales ProjectsFBLA Acct Practice Test

(used as posttest for course)

8210‐May BCS‐PAII‐all International Sales Projects Current Event #17

83 13‐May BCS‐PAII‐all Simulation & LTP Wrapup84 14‐May BCS‐PAII‐all Simulation & LTP Wrapup85 15‐May BCS‐PAII‐all Simulation & LTP Wrapup86 16‐May BCS‐PAII‐all Simulation & LTP Wrapup87 17‐May BCS‐PAII‐all Simulation & LTP Wrapup Current Event #1888 20‐May BCS‐PAII‐all REVIEW FOR FINAL89 21‐May BCS‐PAII‐all REVIEW FOR FINAL

FINALSFINALS

Class Projects

Project Based Instruction Spring 2013

Course – Accounting II

Project

What the students should

learn…

What the students should

have done….

#1-Worksheet for a Merchandising Business

How to complete a worksheet for a merchandising business.

A worksheet for Carol’s Closet. BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and explain the purpose of each step.

#2-Financial Statements for a Merchandising Business

How to complete and analyze financial statements for a merchandising business.

Financial statements for Osborn Corporation.

BCS-PAII-6. Students will create, interpret, and analyze end-of-fiscal-period activities and financial statements.

#3-Purchasing, Depreciating, and Disposing of Plant Assets

How to journalize transactions concerning plant asset acquisition and disposal, how to depreciate plant assets

Completed journals and plant asset records for two plant assets (straight-line and double-declining methods)

BCS-PAII-2. Students will use GAAP to determine the value of assets.

f) Apply appropriate accounting concepts and techniques for acquisitions, depreciation, depletion, and disposal of assets.

Class Project

Name _______________________

Osborn Corporation Project – Completing Worksheets

BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and

explain the purpose of each step.

h) Use manual and computerized accounting systems.

BCS-PAII-2. Students will use GAAP to determine value of assets.

a) Differentiate current and long-term assets and analyze their effect on financial statements.

BCS-PAII-3. Students will use GAAP to determine value of liabilities.

a) Differentiate current and long-term liabilities and analyze their effect on financial statements.

BCS-PAII-4. Students will use GAAP to determine the value of owner’s equity.

b) Analyze and record investments by stockholders and the declaration and payment of dividends for a corporation.

BCS-PAII-5. Students will use GAAP to determine the value of revenues and expenses.

a) Analyze the effects of revenue on financial statements.

BCS-PAI-9. Students will interpret and analyze financial statements.

a) Explain how GAAP provide guidance and structure for preparing financial statements.

b) Prepare and analyze the income statement and balance sheet of a business using vertical analysis.

c) Prepare and analyze a statement of stockholders’ equity.

d) Determine the cost of goods sold and gross profit for a merchandising business.

e) Prepare and income statement for a merchandising business.

Directions:

Complete the worksheet for Osborn Corporation. The steps are as follows:

a. Complete the trial balance using current ledger accounts.

b. Complete the adjustments a-h using the provided information.

c. Extend the balances to the income statement and balance sheet columns.

d. Calculate the Federal Income Tax adjustment.

e. Calculate Net Income or Loss.

Rubric

Activity Points

Possible

Points

Earned

Trial Balance 26

Adjustments A-H 32

Extending Amounts 26

Net Income/Loss 16

Project Totals 100

Student Work

Income Statement

For Year Ended December 31, 2012

% OF NET(Working 1) (Working 2) (Almost Done) (Totals) SALES

Revenue:

Sales $704,809.54

Less: Sales Discount $615.25

Sales Returns and Allowances $4,789.84 $5,405.09

Net Sales $699,404.45 100.0%

Cost of Merchandise Sold:

Merchandise Inventory, Jan 1, 2012 $228,189.80

Purchases $369,485.04

Less: Purchases Discount $3,058.89

Purchases Returns and Allowances $4,800.85 $7,859.74

Net Purchases $361,625.30

Total Cost of Merch. Available for Sale $589,815.10

Less Mdse. Inventory, Dec. 31, 2012 $219,765.80

Cost of Merchandise Sold: $370,049.30 52.9%

Gross Profit on Sales $329,355.15 47.1%

Expenses:

Advertising Expense $8,500.00

Cash Short and Over $9.33

Credit Card Fee Expense $12,458.22

Depr. Exp. - Office Equipment $4,580.00

Depr. Exp. - Store Equipment $4,890.00

Insurance Expense $7,200.00

Miscellaneous Expense $7,480.00

Payroll Taxes Expense $13,130.64

Rent Expense $24,000.00

Salary Expense $145,896.00

Supplies Expense - Office $2,749.00

Supplies Expense - Store $3,043.35

Uncollectible Accounts Expense $1,720.00

Utiltiies Expense $7,548.05

Total Expenses $243,204.59 34.8%

Net Income before Federal Income Tax $86,150.56 12.3%

Less Federal Income Tax Expense $17,541.19 2.5%

Net Income after Federal Income Tax $68,609.37 9.8%

Osborn Corporation

Analyzing an Income Statement

Yes No

Total Expenses No more than 30.0% 34.80% x cut down expenses

Net income before federal

income tax No less than 15.0% 12.30% x reducing expenses or increasing expense

Earnings Per Share

Net Income after Federal

Income Tax÷ ₌ Earnings Per Share

$68,609.37÷ ₌

Price-Earnings Ratio

Market Price Per Share ÷ ₌ Price-Earnings Ratio

$104.50÷ ₌

Component Acceptable Percentage

Actual

Percentage Recommended Action if Needed

Acceptable Result

Number of Shares

Outstanding

$8,000.00

Earnings Per Share

Interstate Tires, Inc.

Statement of Stockholders' Equity

For Year Ended December 31, 2012

Capital Stock:

$25.00 Per Share

January 1, 2012, 100,000 Shares Issued $187,500.00

Issued during current Year, 10,000 Shares $12,500.00

Balance, Dec 31, 2012, 110,000 Shares Issued $200,000.00

Retained Earnings:

Balance, January 1, 2012 $19,735.06

Net Income after Federal Income Tax for 2012 $68,609.37

Less Dividends declared during 2012 $30,000.00

Net Increase during 2012 $38,609.37

Balance, December 31, 2012 $58,344.43

Total Stockholders' Equity, December 31, 2012 $258,344.43

Interstate Tires, Inc.

Balance Sheet

31-Dec-12

Assets

Current Assets:

Cash $15,218.25

Petty Cash $250.00

Accounts Receivable $22,485.28

Less Allowance for Uncollectible Accounts $2,772.05 $19,713.23

Merchandise inventory $219,765.80

Supplies - Office $409.15

Supplies - Store $776.39

Prepaid Insurance $800.00

Total Current Assets $256,932.82

Plant Assets:

Office Equipment $22,183.08

Less Acc. Depr. - Office Equipment $13,063.00 $9,120.08

Store Equipment $45,184.98

Less Acc. Depr. - Store Equipment $16,140.00 $29,044.98

Total Plant Assets $38,165.06

Total Assets $295,097.88

Liabliities

Current Liabilities:

Accounts Payable $22,154.17

Federal Income Tax Payable $1,541.19

Employee Income Tax Payable $1,025.00

Social Security Tax Payable $753.80

Mediare Tax Payable $176.29

Sales Tax Payable $2,487.00

Unemployment Tax Payable - Federal $24.00

Unemployment Tax Payable - State $162.00

Health Insurance Premiums Payable $800.00

US Savings Bonds Payable $60.00

U\nited Way Donations Payable $70.00

Dividends Payable $7,500.00

Total Liabilities $36,753.45

Stockholders' Equity

Capital Stock $200,000.00

Retained Earnings $58,344.43

Total Stockholders' Equity $258,344.43

Total Liabilities and Stockholders' Equity $295,097.88

Comes from

Statement of

Stockholder's Equity

Class Project

Name _______________________

Carol’s Closet Project – Completing Financial Statements

BCS-PAII-1. Students will apply the various steps of the accounting cycle for corporations and partnerships and explain the purpose of each step.

d) Prepare and use an 8- and/or 10-column worksheet. e) Analyze and prepare adjusting entries, including accruals and referrals. h) Use manual and computerized accounting systems.

BCS-PAII-2. Students will use GAAP to determine value of assets. d) Apply appropriate accounting techniques for uncollectible accounts. h) Explain, compare, and analyze depreciation methods and their effect on the value of assets.

BCS-PAII-4. Students will use GAAP to determine the value of owner’s equity. b) Analyze and record investments by stockholders and the declaration and payment of dividends

for a corporation.

Directions:

Using the worksheet given, complete the financial statements for Carol’s Closet. The steps are

as follows:

a. Complete the income statement using the worksheet provided.

b. Complete the statement of stockholders’ equity.

c. Complete the balance sheet.

d. Analyze your results and make recommendations as needed.

Rubric

Activity Points Possible

Points Earned

Income Statement 35 Statement of SE 20 Balance Sheet 35 Analysis 10

Project Totals 100 Grade

Student Work

APPLICATION PROBLEM 14-7 Name:

Class:

You have successfully completed this problem.

1 2 3 4 5 6 7 8

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

1 Cash 28,548.25 28,548.25 1

2 Petty Cash 500.00 500.00 2

3 Accounts Receivable 32,518.28 32,518.28 3

4 Allow. for Uncoll. Accts. 155.25 (d) 5,498.40 5,653.65 4

5 Merchandise Inventory 229,282.36 (c) 9,548.25 238,830.61 5

6 Supplies--Office 6,128.25 (a) 4,721.25 1,407.00 6

7 Supplies--Store 4,218.36 (b) 3,648.25 570.11 7

8 Prepaid Insurance 12,000.00 (e) 10,000.00 2,000.00 8

9 Office Equipment 28,187.25 28,187.25 9

10 Acc. Depr.--Office Equipment 5,158.25 (f) 5,216.00 10,374.25 10

11 Store Equipment 42,841.05 42,841.05 11

12 Acc. Depr.--Store Equipment 12,483.25 (g) 4,820.00 17,303.25 12

13 Accounts Payable 21,543.20 21,543.20 13

14 Federal Income Tax Payable (h) 3,005.22 3,005.22 14

15 Employee Income Tax Payable 1,248.25 1,248.25 15

16 Social Security Tax Payable 822.00 822.00 16

17 Medicare Tax Payable 192.24 192.24 17

18 Sales Tax Payable 2,415.25 2,415.25 18

19 Unemployment Tax Payable--Federal 33.60 33.60 19

20 Unemployment Tax Payable--State 226.80 226.80 20

21 Health Insurance Premiums Payable 960.00 960.00 21

22 U.S. Savings Bonds Payable 75.00 75.00 22

23 United Way Donations Payable 100.00 100.00 23

24 Dividends Payable 11,000.00 11,000.00 24

25 Capital Stock 55,000.00 55,000.00 25

26 Retained Earnings 172,980.13 172,980.13 26

27 Dividends 44,000.00 44,000.00 27

28 Income Summary (c) 9,548.25 9,548.25 28

29 Sales 948,484.25 948,484.25 29

30 Sales Discount 3,154.15 3,154.15 30

31 Sales Returns and Allowances 7,148.15 7,148.15 31

32 Purchases 489,335.54 489,335.54 32

33 Purchases Discount 5,015.25 5,015.25 33

34 Purch. Returns and Allowances 7,058.05 7,058.05 34

35 Advertising Expense 16,025.00 16,025.00 35

36 Credit Card Fee Expense 7,015.95 7,015.95 36

37 Depr. Exp.--Office Equipment (f) 5,216.00 5,216.00 37

38 Depr. Exp.--Store Equipment (g) 4,820.00 4,820.00 38

39 Insurance Expense (e) 10,000.00 10,000.00 39

40 Miscellaneous Expense 5,105.25 5,105.25 40

41 Payroll Taxes Expense 18,152.25 18,152.25 41

42 Rent Expense 28,000.00 28,000.00 42

43 Salary Expense 193,971.80 193,971.80 43

44 Supplies Expense--Office (a) 4,721.25 4,721.25 44

45 Supplies Expense--Store (b) 3,648.25 3,648.25 45

46 Uncollectible Accounts Expense (d) 5,498.40 5,498.40 46

47 Utilities Expense 4,818.88 4,818.88 47

48 Federal Income Tax Expense 44,000.00 (h) 3,005.22 47,005.22 48

49 1,244,950.77 1,244,950.77 46,457.37 46,457.37 853,636.09 970,105.80 419,402.55 302,932.84 49

50 Net Income after Federal Income Tax 116,469.71 116,469.71 50

51 970,105.80 970,105.80 419,402.55 419,402.55 51

BALANCE SHEET

Carol's Closet

Work Sheet

For Year Ended December 31, 20--

ACCOUNT TITLEINCOME STATEMENTADJUSTMENTSTRIAL BALANCE

DEBIT CREDIT

Class Project

Name _______________________

Dealing with Plant Assets Project

BCS-PAII-2. Students will use GAAP to determine the value of assets. f) Apply appropriate accounting concepts and techniques for acquisitions, depreciation, depletion, and

disposal of assets. g) Explain, compare, and analyze various depreciation methods and their effect on the value of assets. i) Use manual and computerized accounting systems for assets.

Complete the following activities concerning plant assets for Meyer’s Home Furnishings.

Activity Notes Points Possible

Points Earned

Plant Asset Record #1 a. Fill in the top part of the record. b. Calculate depreciation through 20x3. c. Fill in the disposal section in 20x4.

Double-declining method

Plant Asset Record #2 a. Fill in the top part of the record. b. Calculate depreciation through 20x4. c. Fill in the disposal section in 20x5.

Straight-line method

Cash Payments Journal a. Calculate the purchase of both plant assets. b. Calculate the payment of propery taxes.

Cash Receipts Journal a. Record the sale of Plant Asset #1 b. Record the sale of Plant Asset #2

General Journal a. Record the partial year’s accumulated

depreciation for Plant Asset #1.

Daily Totals 100 Grade

Student Work

PLANT ASSET RECORD No. 892 1205

Description Gen. Led. Acct.

BoughtJan. 5 20X1Serial No.

903452 Original Cost

Estimated

Useful Life5 Years

Estimated

Salvage

Value $200.00

Depreciation

Method

Disposed of: Discarded Sold P Traded

Date Disposal Amount

PLANT ASSET RECORD No. 893 1215

Description Gen. Led. Acct.

Bought5-Apr Serial No.

BE35CC Original Cost

Estimated

Useful Life6 Years

Estimated

Salvage

Value $100.00

Depreciation

Method

Disposed of: Discarded Sold P Traded

Date Disposal Amount

Dining Table

Double Decline

$2,200.00

General Ledger Acct. No.

Room Furnishings

Beginning Book Value Annual Depr. Expense Acc. Depr.

$2,200.00 40.00% $880.00

$475.20

2-Jul 200

$528.00

$316.80

$190.08

40.00%

$1,320.00

$792.00

General Ledger Acct. No.

Air Purifier Equipment

$1,300.00

Striaght Line

Beginning Book Value Annual Depr. Expense Acc. Depreciation

$1,300.00 $150.00 $150.00

$1,150.00 $200.00 $350.00

$950.00 $200.00 $550.00

$750.00 $200.00 $750.00

$550.00 $100.00 $850.00

$1,150.00

$950.00

$750.00

$550.00

$450.00

Ending Book Value

$1,320.00

$792.00

$475.20

$285.12

CASH RECEIPTS JOURNAL PAGE 21 2 3 4 6 7 8

ACCOUNTS SALES TAX SALES

DOC. POST. GENERAL RECEIVABLE SALES PAYABLE DISCOUNT CASH

DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT CREDIT CREDIT CREDIT DEBIT DEBIT

1 Jan 6 Accum. Depr. - Room Furnishings R4 $1,724.80 $300.00 1

2 Room Furnishings $2,200.00 2

3 Gain on Plant Assets $175.20 3

4 July 2 Accum. Depr. - Equipment R77 $550.00 $200.00 4

5 Loss on Plan Assets $250.00 5

6 Equipment $450.00 6

GENERAL JOURNAL PAGE 181 2

DOC. POST. GENERAL

DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT

1 July 2 Depreciation Expense - Equipment M31 $200.00 1

2 Accumulated Depreciation - Equipment $200.00 2

3 Adjusting Entries 3

4 Dec. 31 Depreciation Expense - Room Furnishings $38,520.00 4

5 Accumulated Depreciation - Room Furnishings $38,520.00 5

CASH PAYMENTS JOURNAL PAGE 231 2 3 4 5

ACCOUNTS PURCHASES

CK. POST. GENERAL PAYABLE DISCOUNT CASH

DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT DEBIT CREDIT CREDIT

1 Jan 5 Room Furnishings 435 $2,200.00 $2,200.00 1

2 Feb 26 Property Tax Expense 534 $12,800.00 $12,800.00 2

3 Apr 5 Equipment 577 $1,300.00 $1,300.00 3

Long-term Project

Long Term Project – Accounting II

Overview:

Students will become accountants for Zenith Global Imports for the month of December. Groups will be

formed by the instructor based on work ethic and class grades. Each group will select a manager to be

the liaison between their work teams and the instructor.

An entire accounting cycle will be completed for ZGI. By exchanging information, all groups will work

together to successfully complete the cycle. All students will be expected to analyze the results of their

work and complete a reflection about the project.

Procedures:

1. Source documents will be distributed by Group 1.

2. All groups will work on their journals.

3. As they finish journals, they will pass them along to the groups who need to post transactions

and totals to the ledgers (general, accounts payable, accounts receivable).

4. Once all journals are posted to the ledger, appropriate groups will receive the information to

complete the worksheet, financial statements, adjusting and closing entries, and post closing

trial balance.

5. After all of the tasks are completed, all students will analyze the financial statements to make

individual recommendations for ZGI.

Long Term Project Assignments

Group # 1 2 3 4 5

Members Larsen, Shahina, William, Jasmine P.

Chelsey, Alexandra, Adre’ona, Ariel

Sydney, Delaney, Ryan, Astin

Jadzia, Jessica, Dorothy, Drella

DeAsia, Kourtnei, Jasmine A., Steve

Phase One Tasks Sort source documents Purchases journal Post A/P ledger

Sales Journal Post Cash Payments Journal

General Journal Post Cash Receipts & General Journal

Cash Payments Journal Writing Checks Post Purchases & Sales Journals

Cash Receipts Journal Post A/R ledger

Phase Two Tasks Payroll register Employee Earnings Records Post Adjusting Entries

Worksheet Adjusting Entries

Balance Sheet State. Of Stock Eq. Post Closing Entries

Income Statement Post Close. Trial Bal.

Closing Entries Recon. Of Bank State. Schedule of A/P & A/R

Phase Three Tasks

All Students Individually – Analyze Financial Statements

Zenith Global Imports

Post-Closing Trial Balance

31-Dec-13

Debit Credit

Petty Cash

Accounts Receivable

Allow. For Uncoll. Accounts

Merchandise Inventory

Supplies - Office

Supplies - Store

Prepaid Insurance

Office Equipment

Acc. Dept - Office Equipment

Store Equipment

Acc. Depr - Store Equipment

Accounts Payable

Federal Income Tax Payable

Emp. Income Tax Payable

Social Security Tax Payable

Medicare Tax Payable

Sales Tax Payable

Unemployment Tax Pay. - Federal

Unemployment Tax Pay. - State

Health Insurance Premiums Payable

US Savings Bonds Payable

United Way Donations Payable

Dividends Payable

Capital Stock

Retained Earnings

Long-term Project

Student Work

$9 115 2 2

SALES JOURNAL PAGE 121 2 3

ACCOUNTS SALES TAXSALE POST. RECEIVABLE SALES PAYABLE

DATE ACCOUNT DEBITED NO. REF. DEBIT CREDIT CREDIT2013

1 Dec. 1 Leon Morales 936 140 $ 2,292.72 2,098$ .60 194.12$ 1

2 1 Amy Zellner 937 165 $ 1,147.13 1,050$ .00 97.13$ 2

3 3 Luis T. Arroyo 938 110 $ 511.07 467$ .80 43.27$ 3

4 5 Midori Okano 939 145 $ 1,673.27 1,531$ .60 141.67$ 4

5 8 Baymont Design Firm 940 115 $ 2,128.00 2,128$ .00 -$ 5

6 9 Elena Ramos 941 150 $ 313.55 287$ .00 26.55$ 6

7 13 Serio Hospitatality Center 942 155 $ 4,443.20 4,067$ .00 376.20$ 7

8 14 Mei-Yu Sun 943 160 $ 428.26 392$ .00 36.26$ 8

9 15 Eric Kim 944 135 $ 351.79 322$ .00 29.79$ 9

10 16 Huntington Corporation 945 130 $ 3,107.07 2,844$ .00 263.07$ 10

11 17 Alesha Edgar 946 120 $ 1,078.30 987$ .00 91.30$ 11

12 23 Grandview Conference Center 947 125 $ 2,475.61 2,266$ .00 209.61$ 12

13 23 Amy Zellner 948 165 $ 442.24 404$ .80 37.44$ 13

14 242 B D i Fi4 Baymont Design Firm 9494 1159 $ 2 482 992,482.99 2 482$ ,48$ 99 $.99 -$ 14

15 29 Leon Morales 950 140 $ 218.49 199$ .99 18.50$ 15

16 31 Totals $ 23,093.69 21,528$ .78 1,564.91$ 16

(1130) (4110) (2145)

PURCHASES JOURNAL PAGE1

PURCH. POST. PURCHASES DR.DATE ACCOUNT CREDITED NO. REF. ACCTS. PAY. CR.

1 Dec 1 East Porcelain Importers 842 220 $2,854.00 1

2 Pacific World Imports 843 250 $660.00 2

3 3 Islander Trading Company 844 245 $495.00 3

4 5 Savannah Imports Ltd. 845 255 $1,350.00 4

5 12 Savannah Imports Ltd. 846 255 $549.54 5

6 Wesley Distributors, Inc. 847 260 $690.00 6

7 13 FAB International Interiors 848 230 $214.68 7

8 15 East Porcelain Importers 849 220 $342.00 8

9 20 International Illuminations, Inc. 850 240 $1,176.00 9

10 Aussie Accents, Inc. 851 210 3,075.00 10

11 23 Pacific World Imports, Inc. 852 250 $1,626.00 11

55 12556 160

58 11059 13060 15061 16562 14063 115

64 15511016 22 T R465 110 $511 07 $511 07

66 155

67 15068 145

CASH RECEIPTS JOURNAL PAGE 231 2 3 4 6 7 8

ACCOUNTS SALES TAX SALESDOC. POST. GENERAL RECEIVABLE ALE PAYABLE DISCOUNT CASH

DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT CREDIT RED CREDIT DEBIT DEBIT

1 Dec. 2 Baymont Design Firm R453 115 $9,439.09 $9,439.092 2 Midori Okano R454 $269.20 $269.203 3 TS55 ## $436.20 $5,151.924 5 Grandview Conference Center R4 $5,874.75 $5,874.755 6 Mei-Yu Sun R4 $323.82 $323.826 9 Alesha Edgar R457 $266.40 266.47 10 TS29 ## $1,101.07 $13,004.568 12 Luis T.Arroyo R4 $2,973.23 $2,973.239 12 Huntington Corp R4 $1,313.50 $1,313.50

10 13 Elena Ramos R4 $200.05 $200.0511 16 Amy Zellner R4 $1,164.67 $1,164.6712 17 Leon Morales R4 $387.00 $387.0013 17 Baymont Design Firm R4 $2,128.00 $42.56 $2,085.4414 17 TS57 ## $3,286.91 $38,821.0915 19 Serio Hospitality Center R4 $463.36 $463.3616 22 Luis T ArroyoLuis .Arroyo R465 $511 07. $511 07.17 23 Serio Hospitality Center R4 $4,443.20 $88.86 $4,354.3418 24 TS58 ## $3,242.65 $38,298.3519 26 Elena Ramos R4 $313.55 $313.5520 29 Modori Okano R4 $1,535.61 $1,535.6121 31 TS59 ## $1,385.22 $16,360.4722 31 Totals $0.00 $0.00 $31,606.50 ## $9,452.05 $131.42 $143,111.4723

17 14 Sales Tax Payable 914 2145 $9 377 70 $9 377 70 17

CASH PAYMENTS JOURNAL PAG 231 2 3 4 5

ACCOUNTS CHASESCK. POST. GENERAL PAYABLE COU CASH

DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT DEBIT RED CREDIT1 Dec 1 Rent Expense 902 6145 $1,000.00 $1,000.00 1

2 2 Pacific World Imports 903 250 $2,403.60 $2,403.60 2

3 3 Wesley Distrubutors Inc 904 260 $1,093.15 $1,093.15 3

4 6 Islander Trading Co. 905 245 $484.80 $484.80 4

5 7 Advertising Expense 906 6105 $750.00 $750.00 5

6 10 Office Supplies 907 1145 $15.90 $123.65 6

7 Store Supplies 1150 $75.40 7

8 Miscellaneous Expense 6135 $32.35 8

9 12 Aussie Accents, Inc 908 210 $7,098.19 $7,098.19 9

10 12 Islander Trading Co. 909 245 $495.00 ## $485.10 10

11 13 Miscellaneous Expense 910 6135 $30.00 $30.00 11

12 13 International Illumination 911 240 $3,406.26 $3,406.26 12

13 14 Savannah Imports, Ltd. 912 235 $1,350.00 ## $1,323.00 13

14 14 Employee Income Tax Payable 913 2130 $1,120.00 $3,716.76 14

15 Social Security Tax Payable 2135 $2,104.57 15

16 Medicare Tax Payable 2140 $492.19 16

17 14 Sales Tax Payable 914 2145 $9 377 70, . $9 377 70 17, .18 14 Miscellaneous Expense 915 6135 $50.00 $50.00 18

19 15 Salary Expense 916 6150 $8,573.55 $7,265.68 19

20 Employee Income Tax Payable 2130 $572.00 20

21 Social Security Tax Payable 2135 $531.55 21

23 U.S. Savings Bonds Payable 2165 $55.00 23

24 United Way Donations Payable 2170 $25.00 24

25 15 Carried Forward $23,621.66 $1,307.87 $16,331.00 ## $38,607.89 25

17 Employee Income Tax Payable 2130 $563 00 17

CASH PAYMENTS JOURNAL PAG 241 2 3 4 5

ACCOUNTS CHASESCK. POST. GENERAL PAYABLE COU CASH

DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT DEBIT RED CREDIT1 Dec 15 Brought Forward $23,621.66 $1,307.87 $16,331.00 ## $38,607.89 1

2 16 Prepaid Insurance 917 1160 $850.00 $850.00 2

3 16 Utilities Expense 918 6170 $325.87 $325.87 3

5 17 Hoosier Imports 920 235 $2,395.00 $2,395.00 5

6 19 Savannah Imports, Ltd. 921 255 $549.54 ## $538.55 6

7 21 East Porcelain Importers 922 220 $2,214.78 $2,214.78 7

9 24 Utilities Expense 924 6170 $364.54 $364.54 9

10 26 Dividends Payable 925 2180 $10,010.00 $10,010.00 10

11 28 Aussie Accents, Inc. 926 210 $2,775.00 ## $2,719.50 11

12 28 East Porcelain Importers 927 220 $2,854.00 $2,854.00 12

13 30 Supplies--Store 928 1150 $82.44 $179.31 13

14 Miscellaneous 6135 $96.71 14

15 Cash Short and Over 6110 $0.16 15

16 31 Salary Expense 929 6150 $8,517.30 $6,934.71 16

17 Employee Income Tax Payable 2130 $563 00. 17

20 Health Insurance Payable 2160 2160 $288.00 20

21 U.S. Savings Bonds Payable 2165 2165 $55.00 21

22 United Way Donations Payable 2170 $25.00 22

23 31 Totals $32,374.31 $2,865.46 $38,735.73 ## $68,116.19 23

24 (2110) 5120 (1110) 24

17 Purchases Returns and Allowances 4130 $300 00 17

DOC. POST. GENERALDATE ACCOUNT TITLE NO. REF. DEBIT CREDIT

1 Dec 2 Miscellaneous Expense M786 6135 $17.90 1

2 Cash 1110 $17.90 2

3 2 Credit Card Expense Fee M787 6115 $535.65 3

4 Cash 1110 $535.65 4

5 5 Supplies-Office M788 1145 $78.71 5

6 Accounts Payable-Complete Office Supplies 2110/215 $78.71 6

7 7 Dividends M789 3130 $10,010.00 7

8 Dividends Payable 2180 $10,010.00 8

9 8 Supplies-Store M790 1150 $59.95 9

10 Purchases 5110 $59.95 10

11 15 Payroll Taxes Expense M798 6140 $696.79 11

14 Unemploument Tax Payable-Federal 2150 $5.28 14

15 Unemploument Tax Payable-State 2110/210 $35.64 15

16 24 Accounts Payable-Aussie Accents DM22 5130 $300.00 16

17 Purchases Returns and Allowances 4130 $300 00 17.18 27 Sales Returns and Allowance CM60 1130/145 $126.00 18

19 Sales Tax Payable 6135 $11.66 19

20 Accounts Receivable- Midori Okano 1110 $137.66 20

21 30 Miscellaneous Expense M803 6115 $18.25 21

22 Cash 1110 $18.25 22

23 30 Credit Card Expense Fee M804 6115 $889.32 23

24 Cash 1110 $889.32 24

25 31 Payroll Taxes Expense M807 6140 $695.30 25

28 Unemployment Tax Payable-Federal 2150 $5.64 28

29 Unemployment Tax Payable-State 2155 $38.07 29

1 Adjusting Entries 1

2 Dec 31 Supplies Expense Office 6155 $410.00 2

3 Supplies - Office 1145 $410.00 3

4 31 Supplies Expense Store 6160 $776.69 4

5 Supplies - Store 1150 $776.69 5

6 31 Insurance Expense 6130 $2,108.28 6

7 Prepaid Insurance 1160 $2,108.28 7

8 31 Merchandise Inventory 1140 $40,144.95 8

9 Income Summary 3140 $40,144.95 9

10 31 Uncollectible Accounts Expense 6165 $235.63 10

11 Allowance for Uncollectible Acccounts 1135 $235.63 11

12 31 Depreciation Expense - Office Equipment 6120 $5,610.00 12

13 Accumalated Depreciation - Office Equipment 1210 $5,610.00 13

14 31 Depreciation Expense - Store Equipment 6125 $5,118.25 14

15 Accumalated Depreciation - Store Equipment 1220 $5,118.25 15

16 31 Federal Income Tax Expense 7110 $5,106.71 16

17 Federal Income Tax Payable 2120 $5,106.71 17

18 Rent Expense 6145 $12 000 00 18

1 Closing Entries 1

2 Dec 31 Sales 4110 $1,055,477.85 2

3 Purchases Discount 5120 $10,949.03 3

4 Purchases Return and Allowances 5130 $20,462.68 4

5 Income Summary 3140 $1,086,889.56 5

6 31 Income Summary 3140 $1,020,047.08 6

7 Sales Discount 4120 $10,847.91 7

8 Sales Returns and Allowances 4130 $12,918.58 8

9 Purchases 5110 $691,642.77 9

10 Advertising Expenses 6105 $11,622.40 10

11 Cash Short and Over 6110 $3.92 11

12 Credit Card Fee Expense 6115 $10,616.77 12

13 Depr.Exp.-Office Equipment 6120 $5,610.00 13

14 Depr.Exp.-Store Equipment 6125 $5,118.25 14

15 Insurance Expense 6130 $2,108.28 15

16 Miscellaneous Expense 6135 $5,041.68 16

17 Payroll Taxes Expense 6140 $13,321.51 17

18 Rent Expense 6145 $12 000 00 18, .19 Salary Expense 6150 $191,347.50 19

20 Supplies Expense-Office 6155 $410.00 20

21 Supplies Expense-Store 6160 $776.69 21

22 Uncollectible Accounts Expense 6165 $235.63 22

23 Utilities Expense 6170 $9,318.48 23

24 Federal Income Tax Expense 7110 $37,106.71 24

25 31 Income Summary 3140 $100,987.43 25

26 Retained Earnings 3120 $100,987.43 26

27 31 Retained Earnings 3120 $10,010.00 27

28 Dividends 3130 $10,010.00 28

Current Event

Activity

Current Events 20122013

Class Current Events Accounting II RSW #1 – Current Event

Accounting II RSW #2 – Current Event

Accounting II FICA Taxes Current Event #3

RSW Activity - Current Event #1

Go to www.money.cnn.com. Select three articles that are there and read them. After you

read each one, answer the following questions about them.

Article #1

1. What was the title of the article?

2. What does it say?

3. What is your opinion about the article?

Article #2

Article #3

Current Event Work

RSW Activity - Current Event #1

Go to www.money.cnn.com. Select three articles that are there and read them. After you

read each one, answer the following questions about them.

Article #1

1. What was the title of the article? “Forget HD, get ready for ‘Ultra HD’ TV”

2. What does it say? It talks about the new proposed television with more pixels that

have similar effects to televisions with 3D technology. There are a few setbacks

though, the TV would be really pricey, not many people have room for and 80-

100 inch TV in their living room.

3. What is your opinion about the article? I think it’s a good idea but it’s not very

practical. The manufacture price of the TV is astronomical not to mention the

price of sell. If they come up with a way to condense in size and price it would

bring in good sales numbers.

Article #2

1. What was the title of the article? “Facebook charges $100 to message Mark

Zuckerburg”

2. What does it say? Facebook is experimenting with different sources for revenue

on of which being paid messages with people who aren’t friends with you. To

message the founder, Mark, it will cost $100 for it to get sent to his personal

inbox.

3. What is your opinion about the article? That price is really a lot to pay for a

message and who’s to say that you even get a message in return, does that person

have to pay too.

Article #3

1. What was the title of the article? “The case for a new, cheaper IPhone”

2. What does it say? Someone came up with the idea for apple to come out with a

cheaper IPhone instead of the higher priced ones they normally sell. Many people

think that this is a good financial move for Apple. Some believe that if they will

lose a percentage of their sales.

3. What is your opinion about the article? I think the idea of a cheaper Iphone is a

smart idea. A lot of people would love to get a newer model IPhone but because

of the expensive cost they don’t, which means a loss in business for Apple.

FBLA Activity

Strengths

Weakness

Ridge Writing (100 Words or more)

How can you overcome your weakness?

FBLA Work

Jadzia H.

Strengths

Weakness

Caring

Understanding

Creative

Cooperative

Impatient

Ridge Writing (100 Words or more)

How can you overcome your weakness?

I often become impatient when I am in a situation that I

cannot control but am in a position to change. For example

when driving I like to accelerate and keep going. When I run

into traffic, I become very annoyed with the constant stopping

and starting. If I could control it, I would get out of the traffic,

but when I can’t I get REALLY anxious.

I should use my understanding nature to make the best of

a situation and be as patient as possible. I need to take a step

back from the situation, assess it, and think through being

impatient.

Student

presentations

Student Presentations 2012-2013

Class Project

Accounting II Introductions Presentations

Accounting II Long-Term Project Business Plans (later changed LTP)

Accounting II Updated LTP tasks

career

development

Teacher Class Assignment Date Little Business Essentials Career Portfolio Spring Business Essentials Guest Speaker Spring Business Essentials Mock Interview Spring Accounting I Guest Speaker Fall Accounting II Career Portfolio Spring Accounting II Guest Speaker Spring Accounting II Mock Interview Spring

little - accounting ii - 4/2

accounting cycle week

accounting work

accounting skills

accounting course title

business essentials

course schedule week

financial statements

special topics week

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