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Chesapeake Bay Kayak Rentals (CBKR) is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks and paddle boards to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt decided to incorporate the business to limit his legal liability. The business began operations April 1, 2022, and has a December 31 year end. Matt has asked you to prepare Chesapeake Bay Kayak Rentals financial statements for the nine months ended December 31, 2022. He has been doing his own accounting but isn't sure if he's done everything correctly since he only took principles of financial accounting in college. He has provided you with an unadjusted trial balance at December 31, 2022. Cash Accounts Receivable Allowance for uncollectible accounts Prepaid Insurance Supplies Land Building Accumulated Depreciation - Building Computer Equipment Accumulated Depreciation-Computer Equipment Kayaks, paddleboards, and life vests (equipment) Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Note Payable Chesapeake Bay Kayak Rentals Trial Balance December 31, 2022 Unearned Revenue Common stock, $5 par (4,000 shared issued and outstanding) Paid In Capital In Excess of Par Retained Earnings Rental Revenue Advertising Expense Bad Debt Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Computer equipment Insurance Expense Interest Expense Unadjusted Debit 31,432 14,500 1,300 9,600 793 330,000 3,745 17,300 6,832 Credit 6,850 313,744 1,500 20,000 12,000 129,065

Chesapeake Bay Kayak Rentals (CBKR) is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks and paddle boards to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt decided to incorporate the business to limit his legal liability. The business began operations April 1, 2022, and has a December 31 year end. Matt has asked you to prepare Chesapeake Bay Kayak Rentals financial statements for the nine months ended December 31, 2022. He has been doing his own accounting but isn't sure if he's done everything correctly since he only took principles of financial accounting in college. He has provided you with an unadjusted trial balance at December 31, 2022. Cash Accounts Receivable Allowance for uncollectible accounts Prepaid Insurance Supplies Land Building Accumulated Depreciation - Building Computer Equipment Accumulated Depreciation-Computer Equipment Kayaks, paddleboards, and life vests (equipment) Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Note Payable Chesapeake Bay Kayak Rentals Trial Balance December 31, 2022 Unearned Revenue Common stock, $5 par (4,000 shared issued and outstanding) Paid In Capital In Excess of Par Retained Earnings Rental Revenue Advertising Expense Bad Debt Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Computer equipment Insurance Expense Interest Expense Unadjusted Debit 31,432 14,500 1,300 9,600 793 330,000 3,745 17,300 6,832 Credit 6,850 313,744 1,500 20,000 12,000 129,065

Financial & Managerial Accounting
Financial & Managerial Accounting
14th Edition
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter26: Lean Manufacturing And Activity Analysis
Section: Chapter Questions
Problem 26.20EX: Process activity analysis for a service company Statewide Insurance- Company has a process for...
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Supplies Expense Utilities Expense Telephone and Internet Expense Wages Expense Income Summary TOTALS a. In addition to the trial balance, he has provided you with the following information (Round all items to nearest whole dollar.): c. d. f. 8,532 1,485 57,640 g. 483,159 Annual liability insurance premium of $9,600 was paid April 2, 2022. Record appropriate insurance expense for the period ending December 31. b. Katie, the only employee, worked 16 hours on December 30 and 31 for which she has not been paid. She earns $15/hour. A physical count shows $165 of supplies on hand at December 31. CBKR purchased land/building on April 1, 2022, for $330,000. He has not separated the value of the land from the building. The appraisal performed at the time of purchased assessed the land at $266,000 and the building at $114,000. Properly allocated the purchase price between the land and the building with an adjusting entry. e. Building purchased on April 1, 2022, is expected to have a useful life of 40 years with no salvage value. Matt has chosen to use the straight-line method of depreciation based on number of months in service. Round expense to nearest whole dollar. CBKR financed 100% of the cost of the land/building with a 30 year note payable with monthly payments of $2,032, and an interest rate of 6.25%. His first payment was made May 1, 2022. Matt tells you he posted the entire amount of each payment (8) against the note payable account. You will need to prepare an AJE to reclassify interest portion of payments to Interest expense. (Note: Prepare an amortization schedule using an excel template. Loan amount: $330,000, annual interest rate: 6.25%, loan period in years: 30, number of payments per year: 12, start date of loan: 5/1/22, optional extra payments: $0; scheduled payment should equal $2,031.87. Matt rounded up and is paying $2,032/month.) Save amortization schedule as part of workbook (file). December interest on the note payable is due on January 1, 2023, with the January 1 payment. Accrue December interest expense h. Kayaks, paddle boards, and life vests (equipment) were purchased on April 2, 2022, at a cost of $17,300. This equipment is expected to have a service life of five years and no salvage value. The straight-line depreciation method is used. i. 483,159 Page < Computer equipment with a value of $3,745 was acquired April 1, 2022, and is expected to have a seven year life with a $385 salvage value. Straight-line method of depreciation is used. j. Matt is estimates that 2% of account receivable balance at December 31 is uncollectible. Matt wrote off a $1,300 account in November. 1. Create an Excel file to complete this assignment. a. File name should use the following naming convention: lastname, firstname ACCT 307 Excel Assignment 2 2 of 3 C I ZOOM +
Transcribed Image Text:Supplies Expense Utilities Expense Telephone and Internet Expense Wages Expense Income Summary TOTALS a. In addition to the trial balance, he has provided you with the following information (Round all items to nearest whole dollar.): c. d. f. 8,532 1,485 57,640 g. 483,159 Annual liability insurance premium of $9,600 was paid April 2, 2022. Record appropriate insurance expense for the period ending December 31. b. Katie, the only employee, worked 16 hours on December 30 and 31 for which she has not been paid. She earns $15/hour. A physical count shows $165 of supplies on hand at December 31. CBKR purchased land/building on April 1, 2022, for $330,000. He has not separated the value of the land from the building. The appraisal performed at the time of purchased assessed the land at $266,000 and the building at $114,000. Properly allocated the purchase price between the land and the building with an adjusting entry. e. Building purchased on April 1, 2022, is expected to have a useful life of 40 years with no salvage value. Matt has chosen to use the straight-line method of depreciation based on number of months in service. Round expense to nearest whole dollar. CBKR financed 100% of the cost of the land/building with a 30 year note payable with monthly payments of $2,032, and an interest rate of 6.25%. His first payment was made May 1, 2022. Matt tells you he posted the entire amount of each payment (8) against the note payable account. You will need to prepare an AJE to reclassify interest portion of payments to Interest expense. (Note: Prepare an amortization schedule using an excel template. Loan amount: $330,000, annual interest rate: 6.25%, loan period in years: 30, number of payments per year: 12, start date of loan: 5/1/22, optional extra payments: $0; scheduled payment should equal $2,031.87. Matt rounded up and is paying $2,032/month.) Save amortization schedule as part of workbook (file). December interest on the note payable is due on January 1, 2023, with the January 1 payment. Accrue December interest expense h. Kayaks, paddle boards, and life vests (equipment) were purchased on April 2, 2022, at a cost of $17,300. This equipment is expected to have a service life of five years and no salvage value. The straight-line depreciation method is used. i. 483,159 Page < Computer equipment with a value of $3,745 was acquired April 1, 2022, and is expected to have a seven year life with a $385 salvage value. Straight-line method of depreciation is used. j. Matt is estimates that 2% of account receivable balance at December 31 is uncollectible. Matt wrote off a $1,300 account in November. 1. Create an Excel file to complete this assignment. a. File name should use the following naming convention: lastname, firstname ACCT 307 Excel Assignment 2 2 of 3 C I ZOOM +
ACCT 307 CB Kayak Rental Excel Assignment Chesapeake Bay Kayak Rentals (CBKR) is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks and paddle boards to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt decided to incorporate the business to limit his legal liability. The business began operations April 1, 2022, and has a December 31 year end. Matt has asked you to prepare Chesapeake Bay Kayak Rentals' financial statements for the nine months ended December 31, 2022. He has been doing his own accounting but isn't sure if he's done everything correctly since he only took principles of financial accounting in college. He has provided you with an unadjusted trial balance at December 31, 2022. Cash Accounts Receivable Allowance for uncollectible accounts Prepaid Insurance Supplies Land Chesapeake Bay Kayak Rentals Trial Balance December 31, 2022 Building Accumulated Depreciation - Building Computer Equipment Accumulated Depreciation - Computer Equipment Kayaks, paddleboards, and life vests (equipment) Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Note Payable Unearned Revenue Common stock, $ 5 par (4,000 shared issued and outstanding) Paid In Capital In Excess of Par Retained Earnings Rental Revenue Advertising Expense Bad Debt Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Computer equipment Insurance Expense Interest Expense Unadjusted Debit 31,432 14,500 1,300 9,600 793 330,000 3,745 17,300 6,832 Credit 6,850 Page < 313,744 1,500 20,000 12,000 129,065 1 of 3 C I ZOOM +
Transcribed Image Text:ACCT 307 CB Kayak Rental Excel Assignment Chesapeake Bay Kayak Rentals (CBKR) is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks and paddle boards to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt decided to incorporate the business to limit his legal liability. The business began operations April 1, 2022, and has a December 31 year end. Matt has asked you to prepare Chesapeake Bay Kayak Rentals' financial statements for the nine months ended December 31, 2022. He has been doing his own accounting but isn't sure if he's done everything correctly since he only took principles of financial accounting in college. He has provided you with an unadjusted trial balance at December 31, 2022. Cash Accounts Receivable Allowance for uncollectible accounts Prepaid Insurance Supplies Land Chesapeake Bay Kayak Rentals Trial Balance December 31, 2022 Building Accumulated Depreciation - Building Computer Equipment Accumulated Depreciation - Computer Equipment Kayaks, paddleboards, and life vests (equipment) Accumulated Depreciation - Equipment Accounts Payable Wages Payable Interest Payable Note Payable Unearned Revenue Common stock, $ 5 par (4,000 shared issued and outstanding) Paid In Capital In Excess of Par Retained Earnings Rental Revenue Advertising Expense Bad Debt Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Computer equipment Insurance Expense Interest Expense Unadjusted Debit 31,432 14,500 1,300 9,600 793 330,000 3,745 17,300 6,832 Credit 6,850 Page < 313,744 1,500 20,000 12,000 129,065 1 of 3 C I ZOOM +
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