Accounting homework help

| January 2, 2016

Accounting Discipline Assessment – Fall 2015

Please note this is an individual assignment. You may not work together or copy answers from each other. This will be a violation of the academic cod of conduct.

Name_________________________________________________________________

Salam Camp Resort, Inc. opened for business on June 1, 2006 with eight air-conditioned rooms. Its fiscal year ends on August 31 of each year. On the page below, you will find a spreadsheet provided to you by the previous bookkeeper who abruptly left the company.   In that worksheet you will also find post-closing trial balance as of August 31, 2006 and unadjusted trial balance for the year ended August 31, 2007. The previous bookkeeper did not make the adjusting entries for 2007 and, thus, the owner expects you to prepare the necessary adjusting entries prior to preparing the necessary basic financial statements. Inquiries of the cashier, the owner and review of various documents kept on file, the following additional data came to your attention:

  1. The insurance policy expired by $1,000 for the year ended August 31, 2007
  2. An inventory count of office supplies on August 31, 2007 shows $1,500 of supplies on hand.
  3. Annual depreciation rates are: cottages (4%) and furniture (5%). Salvage value is estimated to be 10% of cost.
  4. Unearned Rent revenue of $1,600 was earned during 2007.
  5. Salaries of $375 were unpaid at August 31.
  6. The mortgage interest rate is 8% per year.
  7. In reviewing the internal control of the company, you found out that the cashier is responsible for signing all the checks and approves all purchases. In addition, the cashier is responsible for reconciling the bank statement and making journal entries.   It is noteworthy to mention that the owner is keeping eye on the cashier and he reviews most transactions on a monthly basis.

Required:

  1. Complete the worksheet below.
    2. Prepare classified Income Statement and Balance Sheet in the correct format.
    3. Prepare Statement of Cash Flows in good order.
    4. In your opinion, what accounts should have notes. Provide an example for at one note of your choice.
    5. Based on the description in item 7 above, in your opinion what are some of the key weaknesses in the company’s internal control and how it can be corrected.

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