In: Accounting
You are working for a local accountant during tax season and the accountant has asked you to prepare the appropriate tax form for Ace Company. Ace Company is a newly formed handyman business owned by Mr. and Mrs. Becker. Mrs. Becker just enrolled in her first bookkeeping class and created the spreadsheet you were given (attached file located above). As you can see Mrs. Becker left you a note about not paying any taxes this year.
Update Mrs. Becker’s spreadsheet for any adjustments you feel are needed and create a spreadsheet template for her to use next year. Be sure to use proper formulas and formatting to give the documents a professional look. Submit revised client spreadsheet and create client template spreadsheet for next year to provide client
Additional Information:
The business is located at: 123 First Avenue, Ft. Lauderdale, Fl. 33221
All materials they purchased initially have been used on the jobs, no material remains.
To start the company the Becker’s purchased the following:
A small amount of material such as nails, tape, wood, etc. to use on various jobs for $1,300.
A computer and printer for $1,800, a desk and chair for $1,000, business cards, paper, pens, and other small items for the office for $200.
Groceries for their personal use from the company checking account since they did not have their personal checkbook with them at the time.
Ace Company | |||||||
12/31/2017 | |||||||
Date | Office Rent | Materials | Office Supplies | Insurance | Incoming Checks | Flyers | License |
May-18 | |||||||
May-18 | 1300 | 3000 | |||||
Jun-18 | 600 | ||||||
Jun-18 | |||||||
Jun-18 | 2500 | 7500 | |||||
Jun-18 | 2400 | ||||||
Jun-18 | 50 | ||||||
Jul-18 | |||||||
Jul-18 | 450 | ||||||
Jul-18 | 1900 | ||||||
Jul-18 | 190 | ||||||
Aug-18 | |||||||
Aug-18 | 750 | ||||||
Aug-18 | 1200 | 5800 | |||||
Sep-18 | |||||||
Sep-18 | |||||||
Sep-18 | |||||||
Oct-18 | |||||||
Oct-18 | 800 | ||||||
Oct-18 | 800 | 2300 | |||||
Nov-18 | |||||||
Nov-18 | 6700 | ||||||
Dec-18 | 600 | ||||||
Dec-18 | 200 | 1000 | |||||
Dec-18 | 500 | 1750 | |||||
Dec-18 | 80 | ||||||
600 | 6900 | 3200 | 2400 | 28950 | 270 | 50 | |
Checks | 28950 | ||||||
Expenses | 42370 | ||||||
Balance | -13420 |
Date | Office Rent | Materials | Office Supplies | Insurance | Incoming Checks | Flyers | License | Depreciation |
May-18 | ||||||||
May-18 | 1300 | 3000 | ||||||
Jun-18 | 600 | |||||||
Jun-18 | ||||||||
Jun-18 | 2500 | 7500 | ||||||
Jun-18 | 2400 | |||||||
Jun-18 | 50 | |||||||
Jul-18 | ||||||||
Jul-18 | 450 | |||||||
Jul-18 | 1900 | |||||||
Jul-18 | 190 | |||||||
Aug-18 | ||||||||
Aug-18 | 750 | |||||||
Aug-18 | 1200 | 5800 | ||||||
Sep-18 | ||||||||
Sep-18 | ||||||||
Sep-18 | ||||||||
Oct-18 | ||||||||
Oct-18 | 800 | |||||||
Oct-18 | 800 | 2300 | ||||||
Nov-18 | ||||||||
Nov-18 | 6700 | |||||||
Dec-18 | 600 | |||||||
Dec-18 | 200 | 1000 | ||||||
Dec-18 | 500 | 1750 | 720 | |||||
Dec-18 | 80 | 100 | ||||||
600 | 6900 | 3200 | 2400 | 28950 | 270 | 50 | 820 | |
Checks | 28950 | |||||||
Less: | ||||||||
Office Rent | 600.00 | |||||||
Materials | 6,900.00 | |||||||
Office Supplies | 400.00 | |||||||
Insurance | 2,400.00 | |||||||
Depreciation | 820.00 | |||||||
(Computer and Chairs) | ||||||||
Net income / Losss | 17,830.00 | |||||||
Note: Assumig that Flyers and License are for the perdonal use |
|