EXPERT SOLUTION: BCO 114 ACCOUNTING I Task brief & rubrics Task Portfolio of exercises 1: · Individual task

BCO 114 ACCOUNTING I Task brief & rubrics

Task

Portfolio of exercises 1:

· Individual task

· Time limit: 2 hours

· Please answer all the 3 questions below. Explain your calculations

· Income and changes in retained earnings

· Submit your assignment in an Excel document


Formalities:

· Wordcount: 1,500 words maximum

· Cover, Table of Contents, References and Appendix are excluded of the total wordcount.

· Font: Arial 12,5 pts.

· Text alignment: Justified.

· The in-text References and the Bibliography have to be in Harvard’s citation style.

Submission:

Weight: This task is a 30% of your total grade for this subject.

It assesses the following learning outcomes:

· Outcome 1: Critically understand the different elements of the financial statements.

· Outcome 2: Knowing how to record business transactions on the General Journal

· Outcome 3: Knowing how to prepare a trial balance


Exercise 1:

Brandon has recently decided to open his new business of retail of clothes in a store located in the center of Barcelona. During the month of April 2021, , Brandon’s new company BONCO, Ltd. realized the following transaction:

3 of April: BONCO, Ltd. issued to Brandon 100,000 shares in exchange of $350,000 of share capital

3th of April: BONCO, Ltd purchased a shop for $250,000. The price of the land is $100,000 ans the building $150,000. Brandon paid $40,000 in cash and issued a note payable for the remaining part.

4th of April: BONCO, Ltd purchased furniture to FURNISH YOUR SHOP, Inc. for $35,000. BONCO, Ltd paid $12,000 in cash, the remaining will have to be paid the 29th of April.

5th of April: BONCO, Ltd purchased merchandises on account to BIGUP, Inc for $28,000

6th of April: BONCO, Ltd makes some installations in the shop for $7,500 paid in cash

7th of April: BONCO, Ltd hires two employees with a salary $1,500/ month each. Salaries are paid on the last day of the month.

8 of April: BONCO, Ltd purchases little gifts to be offered to clients during the first week of activity for $1,500, paid in cash

16 of April, BONCO, Ltd purchases merchandises to ONSTYLE, Ltd.. on account for $41,000.

22 of April, BONCO, Ltd receives an electricity bill for $900 payable in May

29 of April Bronco Ltd. pays the accounts payable to FURNISH YOUR SHOP, Inc.

30 of April: BONCO, Ltd records the sales of the month of April that amount to $126,000. All sales have been paid in cash.

1. Record the transactions of the company on the General Journal (30 points)

2. Post the transactions on the appropriate ledger accounts (20 points)

3. Prepare an unadjusted trial balance at April 30. (20 points)

Use the following accounts: Cash, Capital Stock, Land, Building, Note payable, Furniture, Inventory, Accounts payable, Salaries payable, Salary expense, Social Security Expense, Social Security payable, Gifts expense, Electricity expense, Revenues (Sales)


Exercise 2:

Calculate the missing balances retained and inventory earning accounts in the following charts (30 points)

Assets

 

 

Liabilities

 

Cash

28000

Accounts payable

65000

Accounts receivable

65000

Notes payable

128000

Land

50000

Salaries payable

23000

Building

300000

Taxes payable

49000

Office Equipement

24000

 

Prepaid insurance

32000

Stockholders equity

Inventory

125000

 

 

Capital stock

200000

 

 

 

Retained earnings

Assets

 

 

Liabilities

 

Cash

30500

Accounts payable

43000

Accounts receivable

12700

Notes payable

23000

Land

50000

Salaries payable

12000

Building

260000

Taxes payable

75000

Office Equipement

2300

 

Prepaid insurance

24000

Stockholders equity

Inventory

 

 

Capital stock

150000

 

 

 

Retained earnings

207000

Rubrics

Descriptor

9-10

The student demonstrates an excellent understanding of the concepts.

8-8.9

The student demonstrates a good understanding of the concepts.

7-7.9

The student demonstrates a fair understanding of the concepts.

6-6.9

The student demonstrates some, but insufficient understanding of the concepts.

3-5.9

The student demonstrates insufficient understanding of the concepts. They may mention some relevant ideas or concepts, although it is clear that the relationship between them is not understood by the student.

1-2.9

The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.

0

The student leaves the question blank or cheats.


Points are stated at the end of each question.

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