Walsh College ACC 510 Financial and Managerial Accounting
Homework Assignment 1 (HW1)
General assignment instructions:
1) Prepare your assignment in Microsoft Excel.
2) Name your file as follows: SU22_ACC510_HW1_Lastname
3) Use only Arial 10 font. Use only black font; do not use any font colors other than black anywhere
in your assignment.
4) Prepare Part A on one worksheet and Part B on a second worksheet. Name the worksheet tabs
Part A and Part B.
5) If you are not sure about a requirement or detail for the assignment, ask your professor for
clarification! Failure to follow instructions may result in a loss of points.
6) Neatness, formatting, and presentation of your work will be considered in determining your final
grade for the assignment.
7) This assignment is to be prepared and submitted by each individual student; group efforts are not
permitted. Do not copy, share, or duplicate any part of the assignment. Violations of this direction
may be submitted to the Academic Conduct Committee for review.
Part A Do You Know Your Accounts?
Consider the following list of accounts for Farragut, LLC:
1) Interest Payable
2) Rent Expense
3) Interest Revenue
4) Accounts Receivable
5) Computer Equipment
6) Prepaid Property Tax Expense
7) Unearned Rent Revenue
8) Retained Earnings
9) Common Stock
10) Copyrights
For the accounts shown above, identify the following for each:
Account type (i.e., asset, liability, owners’ equity, revenue, expense, or dividends)
Financial statement on which the account appears
Whether the account is current, noncurrent, or neither (i.e., does not apply)
Normal balance (i.e., debit or credit)
Whether or not the account is closed at the end of an accounting period (i.e., Yes or No)
Present your work in a table as follows:
Account
Description
Interest
Payable
Rent Expense
Etc., etc., etc.,
etc.
Account Type
Financial
Statement
Current,
Noncurrent,
N/A
(See Part B on next page)
Normal
Balance
Closed at End
of Period
Part B Trial Balance and Financial Statements
Consider the following list of accounts and their normal balances for Fitzgerald, Inc. as of December 31,
2112:
Account Description
A/D – Equipment
Accounts Payable
Accounts Receivable
Cash
Common Stock
Depreciation Expense
Dividends
Dividends Payable
Equipment
Income Tax Expense
Insurance Expense
Inventory
Miscellaneous Expense
Miscellaneous Revenue
Mortgage Payable
Note Payable
Payroll Tax Expense
Prepaid Insurance
Rent Expense
Retained Earnings
Salaries Expense
Salaries Payable
Service Revenue
Utilities Expense
Balance
10,000
44,500
54,100
129,700
100,000
12,000
7,500
5,000
28,200
9,120
6,000
41,280
2,500
5,000
29,400
13,800
7,500
29,900
12,000
28,200
78,000
28,900
157,500
4,500
Instructions for Fitzgerald, Inc.:
1) Prepare the following items in good form:
a. Trial balance
b. Income statement
c. Statement of retained earnings. (Note: Do not prepare a statement of stockholders equity
for the statement of retained earnings.)
d. Balance sheet
e. Closing journal entries
f. Post-closing trial balance
2) Show only whole dollars in all six items. Do not show cents.
3) Do not use dollar signs.
4) Use only the Accounting number format in Excel.
5) Use single-underline prior to subtotaling a column of numbers, and use double-underlining to
indicate the final total in a column of numbers.
6) In good form for items 2 through 5 means the statements should be presented in a neat and
proper fashion. Use examples shown in the textbook but do not use any shading or colors of any
kind.
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