uploaded fileRobinHood_2020_16900_Mario.xlsx The cash balance at 7/31/2020 is $16900 Data Mario...

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uploaded fileRobinHood_2020_16900_Mario.xlsx The cash balance at 7/31/2020 is $16900 Data Mario Robin Hood Electronics, Inc. The cash balance at 7/31/2020 is $16900 THE ROBIN HOOD PROJECT INTRODUCTION: Robin Hood Electronics, Inc. sells and services eletronics, including televisions.  All sales to customers on account must be approved by the manager.  Sales terms are n/30 and not subject to change without the manager's approval.  This has not occurred in the past.  Cash deposits are made daily and all payments are made by check. However, in order to simply the problem, summary entries are used.  That is, although sales and purchases are recorded on a daily basis in real life, you will not be asked to do so.  Accounts are adjusted and closed monthly. The trial balance at the end of July, 2020, is given. DELIVERABLES - This is what you will do!  -A- Read the Introduction, the beginning Trial Balance (July 31, 2020), Notes, and Chart of Accounts.  -B-   -C-  -D-  -E-  -F-  -G-  -H-  -I-  -J-  -K-  -L-  -M-  -N-  -O-  -P-  -Q-  -R- PAGE Contents and Requirements 1-2 Trial Balance, July 31, 2020 2 Notes (a through o) 3-4 Chart of Accounts 5 Transactions for August, 2020 6-7 Adjustments for August 31, 2020 7  Comprehensive Income, (3) Statement of Retained Earnings, (4) Balance Sheet, and (5) Statement of Cash Flows. For the Statement of Cash Flows,  you may use the direct or indirect method for cash flows from operations. Look to your cash T-Account and evaluate each entry as either operating,  investing, or financing. Some items may affect more than one component. What's Included in the Robin Hood Project Instructions? Prepare closing entries in the general journal.  Be sure to close all temporary accounts. Hint: Most, but not all, get closed to Income Summary. Prepare a post-closing trial balance. Complete the schedules for reconciling each of the subsidiary ledgers. You will find these schedules to total each at the bottom of the subsidiary   pages. At the bottom of each page, write in a statement that you have checked that it "balances" with the appropriate general   ledger account, initial and date your work on each page.  Enter the beginning balances into the Subsidiary Ledgers and General Ledger and Television Inventory Card.  Complete the journal entries for transactions 1 to 9.  Use the transaction numbers in place of dates in the journal.   Leave a blank line between entries.   If you are using a "page view" or "printing" your entries" do not split entries across multiple pages. This is poor practice for accountants.  account for which you have a detail record (whether a subsidiary ledger or detail card), at that time you should enter the information.  to your accounts receivable, accounts payable, merchandise inventory in your general journal should have a corresponding entry in the   inventory card.  Complete the journal entries for transactions 19 to 27. Record pertinent information if and as needed in the subsidiary ledgers and inventory card for transactions 19 to 27. Post general journal entries 1 to 27 into the general ledger. Prepare an unadjusted trial balance.  Post balances into the balance columns only, not into the DR/CR columns of the  Prepare the Adjusted Trial Balance. Prepare the FORMAL financial statements and NOTES. You will have 5 statements plus the notes: (1) Income Statement, (2) Statement of Record pertinent information in the various Subsidiary Ledgers and the Inventory card. Every time you are making an entry for and   There are three subsidiary journals: accounts receivable, accounts payable, and inventory card for your Televisions. Every debit or credit  subsidiary ledger. Every time you have a debit or credit to merchandise inventory for televisions, record it on the televisions Complete the journal entries for transactions 10 to 18. Record pertinent information if and as needed in the subsidiary ledgers and inventory card for transactions 10 to 18. Prepare all of the Adjusting entries for August, 2020. Update the Subsidiary Ledgers and Television Inventory Card if needed. Post the adjustments to the General Ledger. Complete the Worksheet.  Data Page 1 of 7 The cash balance at 7/31/2020 is $16900 Data Mario 1 4 1 3 1 Account Debit Credit Cash 16,900               Available-for-sale securities, bonds at fair value 349,560             Marketable securities, stocks at fair value 95,990               Accounts receivable, gross 8,580                 Allowance for doubtful accounts 270                     Interest receivable 9,360                 Merchandise inventory 30,912               Prepaid insurance 714                     Store supplies inventory 6,405                 Land 155,500             Building, at cost 194,400             Accumulated depreciation, building 47,430               Equipment, at cost 53,352               Accumulated depreciation, equipment 11,200               Accounts payable, gross 22,280               Salaries payable 1,890                 Federal income taxes payable 529                     Federal FICA taxes payable 142                     Michigan income taxes payable 85                       Unemployment taxes payable 15                       Sales taxes payable 153                      Cash dividends payable 7,274                  Unearned repair revenue 1,314                 Mortgage payable 184,491             Common stock, $8 par value 92,800               Additional paid in capital, on common stock 47,850               Additional paid in capital, on treasury stock 389                     Retained earnings 519,551             Accumulated other comprehensive income -                     -                      Treasury stock, at cost 15,990                    Total 937,663            937,663                For the statements and notes, you may do these on Excel or Word, or your choice of file format. These should    formal statements, including appropriate headings, dollar signs, underlines, etc.  Excel files you will find on Blackboard: What's NOT included. You will do these on your own. Subsidiary Ledgers (Accounts Receivable, Accounts Payable, Merchandise Inventory and reconciliations), plus Television  Inventory Card General Journal General Ledger in 4-column format (T-Accounts with running balances) Trial Balances (Unadjusted, Adjusted, and After-Closing) Worksheet Robin Hood Electronics, Inc. After-Closing Trial Balance July 31, 2020 Financial Statements (Income Statement, Statement of Comprehensive Income, Statement of Retained  Earnings, Balance Sheet, and Statement of Cash Flows) and notes. Data Page 2 of 7 The cash balance at 7/31/2020 is $16900 Data Mario NOTES: a) Accounts receivable consists of the following amounts, as of July 31, 2020. Only three clients will be tracked in this project: Maid Marian, Friar Tuck, and Little John.  Robin Hood Electronics, Inc., has other clients including, but not limited to Will Scarlet, Sir Guy, Prince John, and King Richard.  Maid Marian $230  Friar Tuck $270  Little John $660

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LEDGER
		ACCOUNTS PAYABLE 
		Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
						By Balance b/f	22280
			To cash a/c	16490		By Electronics a/c	9100
			To Discount Received a/c	337		By television a/c	7200
			To Purcrhase eturn a/c	600		By Components a/c	775
						By Electronics a/c	13055
						By Purchase a/c	1352
			BY BAL C/F	16915		By Purchase a/c	2860
				34342			34342
		ACCOUNTS RECEIVABLE
		Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
			To balance b/f	8580		By Sales Return	1123
			To sales a/c	3744		By cash	14195
			To sales a/c	1073		By Sales Return	1123
			To Repair services a/c	6015		By Bad Debt a/c	660
			To sales a/c	10668
						By bal c/f	12979
				30080			30080
		TELEVISION INVENTORY CARD
		DATE	PARTICULARS	OPENING STOCK	PURCHASE	SALE	Return	CLOSING STOCK
			Purchased	0	72	0		72
			sale	72	0	20		52
			Return	52	0	0	6	46
		GENERAL LEDGER
		DATE	PARTICULARS	a/c receivable	DATE	PARTICULARS	A/C RECEIVABLE
			By Sales Return	1123		To balance b/f	8580
			By cash	14195		To sales a/c	3744
			By Sales Return	1123		To sales a/c	1073
			By Bad Debt a/c	660		To Repair services a/c	6015
						To sales a/c	10668
			By bal c/f	12979
				30080	 		30080
		DATE	PARTICULARS	a/c Payable	DATE	PARTICULARS	a/c Payable
			By Balance b/f	22280		To cash a/c	16490
			By Electronics a/c	9100		To Discount Received a/c	337
			By television a/c	7200		To Purcrhase eturn a/c	600
			By Components a/c	775
			By Electronics a/c	13055
			By Purchase a/c	1352
			By Purchase a/c	2860		By balance c/f	39195
				56622	 		56622
TRIAL BALANCE
		TRIAL BALANCE
		PARTICULARS	AMOUNT	AMOUNT
		Cash	16,900
		Available-for-sale securities, bonds at fair value 	349,560
		Marketable securities, stocks at fair value 	95,990
		Accounts receivable, gross 	8,580
		Allowance for doubtful accounts 		270
		Interest receivable	9,360
		Merchandise inventory 	30,912
		Prepaid insurance 	714
		Store supplies inventory 	6,405
		Land 	155,500
		Building, at cost 1	194,400
		Accumulated depreciation, building 		47430
		Equipment, at cost 	53,352
		Accumulated depreciation, equipment 		11200
		Accounts payable, gross 		22280
		Salaries payable 		1890
		Federal income taxes payable 		529
		Federal FICA taxes payable 		142
		Michigan income taxes payable 		85
		Unemployment taxes payable 		15
		Sales taxes payable 		153
		Cash dividends payable 		7274
		Unearned repair revenue 		1314
		Mortgage payable 		184491
		Common stock, $8 par value 		92800
		Additional paid in capital, on common stock 		47850
		Additional paid in capital, on treasury stock 		389
		Retained earnings 		519551
		Accumulated other comprehensive income - -
		Treasury stock, at cost	15990
		Total	937,663	937,663

RobinHood_2020_16900_Mario.xlsx The cash balance at 7/31/2020 is $16900 Data Mario Robin Hood Electronics, Inc. The cash balance at 7/31/2020 is $16900 THE ROBIN HOOD PROJECT INTRODUCTION: Robin Hood...

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