[Track2011]

Include all Full Names with Group Leader's 1st (then alphabetically by Last Name)____________
__________________________________________________ _____________________________
__________________________________________________ _____________________________
Either underline or highlight your Section: 8 am, 9 am, or 5:30 PM

Instructions & Requirements(& see BB's) Points off Group score if each one not strictly followed):

I. When complete, Group Leader should save Excel file as "3511 Group Project - ________" (with
Group Leader's Last Name in the blank) & email as attachment (with Subject titled the same as
the file's name) to



II. Do these Steps on Excel (apply GAAP to 2nd Year events & considering all 1st Year Facts & Solutions
Keep Year 1 in its separate Tab & use same basic format as Year 1 Solutions, with exceptions, like > 1 page for FS's.

1) Record complete JE's by Date & Reference # (Note: round all Project entries to nearest dollar).
2) Post JE info to GL accts (in proper FS order) & use JE Ref. # or "Beg" for each amount.
(Note: Input all real acct beg. Balances & double check they balance before posting any 2nd Year JE's)
3) Prepare 10-column Worksheet, including all Adjusting Entries (AJE's) needed at 12/31, with
cross-referenced dr's & cr's & footnoted explanations & calculations below the Worksheet.
4) Prepare FS's for the 2nd Year (of the Co. Used in Project Year 1), but make them comparative
FS's with FS Notes (using all Kellogg's Notes that apply to your Co. As general guideline).
5) Prepare Closing Entry at 12/31 (the single, simpler CJE only, without using Income Summary).

III. Make it “Boss Friendly”: All amounts described, appropriate Schedules formats, including
Headings, $ signs, lines for subtotals & totals, readable Notes with proper spelling & grammar.

IV. Use Excel Properly: Copy amounts from either Yr 1 or 2 if needed again (never type same # twice).
Wherever required, create a calculation formula, using other copied cell amounts where needed.

V. Each Member should do all Project steps, getting together as Group to resolve differences.
If Group can't resolve, email conceptual Question (with proposed Answer & cc all Members) to
[email protected], entitling Email Subject Box “Conceptual Project Q & Proposed A”.
(Note: Conceptual Q's do not require amounts & do not email any part of your Solutions.)
If any Member is not contributing to the Group (not making meetings & not submitting work),
then the Group Leader should see Professor after a Class, but no later than Wed. 3/30.
Work only within own Group; collusion with others can result in course failure for all involved.

6. Each Member should check Common Student Errors (“Acct Cycle” Tab) & Group Leader get
agreement from all Members that Project is complete before emailing final Solutions to TA.
(10 pts & EC lost if > 1 Project per Group or a “Revision” is emailed, & no revision is accepted after final Deadline)





Events for Pi Co. Year 2 are as follows (Keep Instructions above & these Events at the top of your Project):


1/11/13 Change from Perpetual to Periodic (annual basis) System (12/31/12 physical count showed no shrinkage).
Mail 1,950 discs to clients invoiced @$80 each, & buy 3,200 discs @$27 each, 30% on credit.

2/29 Pay the following: Annual building loan interest, Unpaid dividends; & all tax & accounts payable to date.

3/7 Complete 2nd job advanced 7/5, receive unpaid '12 fees, & receive 93% of disc receivables (7% bankrupt).

4/30 Issue 30,000 common stock shares for $10 per share from Jane Fox.

5/5 Pay Ace Co. Per 2012 contract and pay $20,000 for 16 additional months of bldg insurance renewal.

6/13 Sell consulting client list to MJM Co. For $40,000, intending to discontinue consulting & sell only discs now.
Pay lawyer $10,000 fee plus $350,000 to buy recent software patent, expecting to be useful for 6 years.

7/1 Issue 5-year, $300,000, 5% bonds when market rate is 8%; semi-annual payment, each 1/1 & 7/1 with
effective interest amortization, and buy a 3-year, $80,000, 6% Phila. Bond at par; semi-annual payments.

8/26 Pay Ann $30,000 for Pi work done less all withholdings (also paid now): 23.35% FIT, 7.65% FICA,
3.07% PAIT, 4.43% PhilaIT. Employer taxes (besides FICA), to be paid 1/15: 1% FUTA & 4% PAUC.

9/11 All inventory transactions on credit: mail 3,300 discs to clients @$85 sales price, & buy 4,000 discs @$30.

10/19 Trade-in all computers, knowing market value is $30,000, for new ones (3-yr, S/L & similar cash flows)
with a Dealer's List Price of $130,000 & a Dealer trade-in value of $40,000, so Pi pays only $90,000.

12/30 Pay 80% of accounts payable & declares $20,000 dividends, paying Ann now, and Jane on 1/5.

12/31 In disc physical count, 50 are erased & useless, & 65 are missing; current replacement cost is $31 each;
Orders $30,000 supplies ($2,000 are left) on credit & supplier ships FOB destination; received on 1/2/14.
Estimates 3% of accounts receivable are uncollectible & estimates a 40% income tax rate for 2014.
Calculates all other year-end adjustments & changes Co. Car's life to 4 years & salvage vale to $30,000.

[kcomissiong]

Just flat out, we aren't doing your accounting group project. If you would like to have your answers checked over, or your complete project reviewed, please feel free to post your work to this thread using the orange answer button, and we can take a look.