fin and accounting

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Task

Portfolio of exercises 1:

· Individual task.

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

Formalities:

· Font: Arial 12,5 pts.

· Text alignment: Justified.

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

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:

Calculate the missing retained earnings (X) and inventory (Y) accounts in the following cases: (20 points)
Balance Sheet A:

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
Vehicles	32000	Stockholders equity
Inventory	125000	Capital stock Retained earnings	200000 (X)

Balance Sheet B:

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
Vehicles	24000	Stockholders equity
Inventory	(Y)	Capital stock	150000
		Retained earnings	207000

Exercise 2:

A. Prepare the Balance Sheet based on the information supplied below: (30 points)

Inventory	15000
Loans	40000
Bank Accounts	6000
Accounts payable	12000
Land	60000
Owners’ Capital	35000
Cash	500
Equipments	7000
Retained earnings	55000
Salaries payable	7000
Building	65000
Accounts receivable	22000
Accumulated depreciation	4500
Line of credit	20000
Bonds payable	8000
Vehicles	6000

B. Compute the Accounting Metrics and comment the results. (20 points)

Exercise 3:

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

2nd of April: BONCO, Ltd issued to Brandon 100,000 shares in exchange of $350,000 of share capital.

3rd of April: BONCO, Ltd purchased a shop for $250,000. The price of the land is $100,000 and the building $150,000. BONCO, Ltd has signed a mortgage with a bank.

4th of April: BONCO, Ltd purchased furniture to FURNISH YOUR SHOP, Inc. for $35,000.

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.

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

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

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

29th of April: BONCO, Ltd pays the accounts payable to FURNISH YOUR SHOP, Inc.

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

Record the transactions of the company on the General Journal using the Double-Entry method (30 points)

Rubrics

Overall Grade	Descriptor
90-100	The student demonstrates an excellent understanding of the concepts.
80-89	The student demonstrates a good understanding of the concepts.
70-79	The student demonstrates a fair understanding of the concepts.
60-69	The student demonstrates some, but insufficient understanding of the concepts.
30-59	The student demonstrates insufficient understanding of the concepts. They may mention some relevant ideas or concepts, although the relationship between them is not understood by the student.
1-29	The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.
0	The student leaves the questions blank or cheats.

Points are stated at the end of each question.

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