Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 6R
Open P2WORK4 and click the Chart sheet tab. On the screen, a pie chart shows the percentage composition of the total expenses of Sports Connection. Enter the percentages in the spaces provided.
Compare the percentages of Sports Connection with the national statistics provided. Comment on the differences noted. Why might depreciation, utilities, and rent (as a group) be so far off from the national percentages? Any explanation for salaries? Cost of goods sold? When the assignment is complete, close the file without saving it again.
TICKLERS (optional)
Worksheet. You prepared a
Chart. Using the P2WORK4 file, create a column chart showing the dollar total of each of the expenses (except Cost of goods sold) of Sports Connection. Use the Chart Data Table as a basis for preparing the chart. Use appropriate titles, legends, and formats. Enter your name somewhere on the chart. Save the file again as P2WORK4. Select the chart and then print it out.
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Select all the items that are not relevant for decision making from the list below:
A.
Loss in gross margin
B.
Direct advertising
C.
General advertising
D.
Rent
E.
Depreciation: Store fixtures
F.
Depreciation: Delivery equipment
G.
Store management salaries
H.
General office salaries
I.
General office - other
J.
Insurance
K.
Utilities
L.
Employment taxes
Fill in the blank with these terms : long term, expense, balance sheet, Stockholder's equity, revenue, current revenue, service, costs, goods
Revenues are monies an organization received in exchange for______ and______ it provides.
Expenses are the ______incurred to generate .______
Net income is the difference between _______ and . ______
A________ indicates the financial position of an organization at a particular point in time.
______ assets generally are cash or will become cash within 1 year.
______ liabilities are obligations that must be paid after 1 year.
________ consists of contributed capital and retained earnings.
calssify the following expenses between selling expenses and general and administrative expenses.
rent
salaries
utilities
freight out
other
Chapter 3 Solutions
Excel Applications for Accounting Principles
Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - Open P2WORK4 and click the Chart sheet tab. On the...
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