Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Be advised, the template workbooks and worksheets are not protected. Overtyping any data may remove it.
Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text. You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page. Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages. If more than one page is required by the template, manual page breaks have been set to provide consistent presentation. All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells. In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions. And information or data which may be required by the solution will be entered in cells with borders to help identify them. Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will return January 01, 2012, in the format set in the template. Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been provided or previously entered. Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title without typing it. Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable, "A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable. Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires. Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.

Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. These titles can simply be typed over. Redmond. Microsoft Corporation. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup. Microsoft Office and Microsoft Excel are products of. In general this will appear in instances such as "Record the following events in General Journal number six. Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number provided in the template and in the text for that step of the challenge. "-"."=E10*-E11" will return a negative value if both cells E10 and E11 contain positive values. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. Margins are generally set to no less than 1/2" so most printers can print them without a problem. One Microsoft Way. enter them by starting with a minus sign. and copyrighted by." When negative values are required. Negative values in formulas can be created by putting a minus sign in front of the cell reference . Negative values may be shown as ($400) or -$400." The print area is defined to fit onto 8 1/2" × 11" sheets in portrait or landscape mode as required. Washington 98052-6399 . This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes.

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000 beginning on January 1. It is impracticable to determine the lessor’s implicit rate. 6. 11 Dec 31.ms_office. 11 Dec 31. the building reverts to the lessor. Jan 1. 12 Dec 31. 11 Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title Account Title STORA ENSO CORP. 12 Dec 31. Exercise E21-3. 11 Jan 1.14 of executory costs related to taxes on the property. The fair value of the building on January 1. Stora Enso’s corporate year-end is December 31.088. The following information pertains to this lease agreement. Lease Amortization Schedule (Lessee) Annual Payment Less Executory Costs Formula Formula Formula Interest (12%) on Liability Amount Formula Formula Reduction of Lease Liability Formula Formula Formula Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Formula Jan 1. 2011. Weygandt. 9/16/20121:47 AM . Instructions: Prepare the journal entries on the lessee’s books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2011 and 2012. 2011.Name: Instructor: Intermediate Accounting. The building has an estimated economic life of 12 years. 2. The agreement requires equal rental payments of $90.000 3. IFRS by Kieso. Stora Enso (FIN) signs a -year non-cancelable lease agreement to lease a storage building from Balesteros Storage Company.000 Stora Enso depreciates similar buildings on the straight-line method. is $550. At the termination of the lease. 12 Jan 1. with an unguaranteed residual value of $10. Capitalized amount of the lease: Yearly payment Executory costs Minimum annual lease payment Present value formula as desired. 4. The lease is nonrenewable. (Lessee Entries. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse Date: Course: E21-3. 2011. Stora Enso’s incremental borrowing rate is per year. 11 Jan 1. 13 Lease Liability Amount Formula Formula Formula 109529736. Page 4 of 9 Page(s). 1. 12% 5. Finance Lease with Executory Costs and Unguaranteed Residual Value) 10 Assume that on January 1. 12 Schedule 1: Date Jan 1. 11 Jan 1.xlsx. The yearly rental payment includes $3.

) Jan 1. IFRS by Kieso. 2011. The first payment is received on January 1.514. a machinery dealer. The machine has an economic life of 8 years with no residual value and reverts to Wadkins at the termination of the lease.000 at the beginning of each year.Name: Instructor: Intermediate Accounting.ms_office. (b) Prepare all necessary journal entries for Wadkins for 2011.xlsx. (Round to the closest thousand yen value. (Lessor Entries. 11 Account title Account title Account title Account title Account title Account title Account title Account title Amount Amount Amount Amount Amount Amount Amount Amount Jan 1. 00 109529736. 9/16/20121:47 AM . 11 Jan 0. Wadkins had purchased the machine during 2010 for ¥170.) Formula rounded to the closest thousan yen value.000 Wadkins set the annual rental to ensure an 11% rate of return. Page 5 of 9 Page(s). and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse Date: Course: E21-6. (Round to the closest thousand yen value. leased a machine to Aoki Corporation on January 1. Instructions (a) Compute the amount of the lease receivable. The lease is for an 8 -year period and requires equal annual payments of ¥38. Weygandt. 2011. Exercise E21-6. Sales-Type Lease) Wadkins Company.000.

2010: October 1.383 Balance of Lease Obligation / Net Investment: £300. 2010.500 £62.699 £75. The lease is to be accounted for properly as a finance lease by the lessee and as a direct-financing lease by the lessor.700 62. answer the following questions (1) What items and amounts will appear on the lessee's income statement for the year ending September 30. (This £5.001 0 Date: 10/01/10 10/01/10 10/01/11 10/01/12 10/01/13 10/01/14 10/01/15 * rounding error of £1.200 Instructions: (Round all numbers to the nearest cent. 9/16/20121:47 AM .768 19.383 237.700 62. The straight-line depreciation method is used for all equipment.700 62.001 £300.751 155. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse Date: Course: P21-4.700 per year and are to be paid each October 1. which amount to £5.107 51. Interest (10%) on Unpaid Obligation / Net investment: £0 23.683.818 57. 2012? Title Account Title Account Title Amount Amount 109529736. Annual lease Payment / Receipt: £62. 2010: Residual value at end of lease term: Lessor's implicit rate: Lessee's incremental borrowing rate: Annual lease payment due at the beginning of each year.882 5.932 42.ms_office.500 is not included in the rental payment of . (Statement of Financial Position and Income Statement Disclosure—Lessee) The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and McKee Electronics.) (a) Assuming the lessee's accounting period ends on September 30.00 198.Name: Instructor: Intermediate Accounting. Weygandt. for a computer system.) The asset will beginning October 1.383 0 10% 10% £62.700 62. beginning with October 1.825 47.819 57. a lessee. Page 6 of 9 Page(s).xlsx.700 62.593 10.926 108. IFRS by Kieso.700 revert to the lessor at the end of the lease term.700 38. 2011? Account Title Account Title Account Title Amount Amount Amount (2) What items and amounts will appear on the lessee's balance sheet at September 30. The following amortization schedule has been prepared correctly for use by both the lessor and the lessee in accounting for this lease.875 15. The lessee assumes responsibility for all executory costs.817 Reduction of Lease Obligation / Net Investment: £62. 2011? Title Account title Title Account Title Account Title Title Account Title Account Title Amount Amount Amount Amount Amount (3) What items and amounts will appear on the lessee's income statement for the year ending September 30. 2010 6 6 £300. Inception date: Lease term: (years) Economic life of lease equipment: (years) Fair value of asset at October 1.700 £376. Problem P21-4.

Name: Date: Instructor: Course: (4) What items and amounts will appearby Kieso. 2011? Title Account Title Account Title Title Account title Title Account Title Account Title Title Account title Amount Amount Amount Amount Amount Amount 109529736.xlsx. Problem P21-4. answer the following questions with respect to this lease agreement: (1) What items and amounts will appear on the lessee's income statement for the year ending December 31. Weygandt. andsheet at September 30. IFRS on the lessee's balance Warfield Title Account title Title Account Title Account Title Title Account Title Account Title Amount Amount Amount Amount Amount (b) Assuming the lessee's accounting period ends on December 31. 2010? Title Title Title Amount Amount Amount (2) What items and amounts will appear on the lessee's balance sheet at December 31. Page 7 of 9 Page(s). 9/16/20121:47 AM . 2012? Intermediate Accounting. 2010? Title Account Title Account Title Title Account title Title Account Title Account Title Title Account title Amount Amount Amount Amount Amount Amount (3) What items and amounts will appear on the lessee's income statement for the year ending Title Title Title Amount Amount Amount (4) What items and amounts will appear on the lessee's balance sheet at December 31.ms_office.

The lessee assumes responsibility for all executory costs. 2010. 2012? Title Amount Account title Title Account title Account title Amount Amount Formula (b) Assuming the lessor's accounting period ends on December 31.700 62. Page 8 of 9 Page(s).500 £62.825 47.107 51.500 is not included in the rental payment of . 2010? Amount Title 109529736.751 155. 2011? Amount Title (2) What items and amounts will appear on the lessor's balance sheet at September 30. beginning with October 1.818 57. 2011? Title Amount Account title Title Account title Account title Amount Amount Formula (3) What items and amounts will appear on the lessor's income statement for the year ending September 30. The straight-line depreciation method is used for all equipment.700 revert to the lessor at the end of the lease term. 2010: October 1.700 62.200 Instructions: (a) Assuming the lessor's accounting period ends on September 30. answer the following questions with respect to this lease agreement: (1) What items and amounts will appear on the lessor's income statement for the year ending September 30. 2012? Amount Title (4) What items and amounts will appear on the lessor's balance sheet at September 30. Weygandt.700 62.882 5.) The asset will beginning October 1. which amount to £5.xlsx. 9/16/20121:47 AM .Name: Instructor: Intermediate Accounting.932 42.593 10.699 £75.700 62.700 per year and are to be paid each October 1. Problem P21-5.700 38.700 £376. (This £5.383 237.383 0 10% 10% £62.926 108. 2010: Residual value at end of lease term: Lessor's implicit rate: Lessee's incremental borrowing rate: Annual lease payment due at the beginning of each year.700 62.683.875 15. IFRS by Kieso. The following amortization schedule has been prepared correctly for use by both the lessor and the lessee in accounting for this lease.383 Balance of Lease Obligation / Net Investment: £300. The lease is to be accounted for properly as a finance lease by the lessee and as a direct-financing lease by the lessor.ms_office.001 £300. Inception date: Lease term: (years) Economic life of lease equipment: (years) Fair value of asset at October 1. Interest (10%) on Unpaid Obligation / Net investment: £0 23. answer the following questions with respect to this lease agreement: (1) What items and amounts will appear on the lessor's income statement for the year ending December 31. for a computer system.817 Reduction of Lease Obligation / Net Investment: £62. and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse Date: Course: P21-5 (Statement of Financial Position and Income Statement Disclosure—Lessor) The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and McKee Electronics.768 19. 2010 6 6 £300.819 57.00 198.001 0 Date: 10/01/10 10/01/10 10/01/11 10/01/12 10/01/13 10/01/14 10/01/15 * rounding error of £1. Annual lease Payment / Receipt: £62. a lessee.

2010? Title Account title Title Account title Account title Amount Amount Amount Formula (3) What items and amounts will appear on the lessor's income statement for the year ending December 31.Name: Date: Instructor: Course: (2) What items and amounts will appear on the lessor's balance sheet at Intermediate Accounting. and Warfield December 31.xlsx.ms_office. Weygandt. Page 9 of 9 Page(s). 2011? Amount Title (4) What items and amounts will appear on the lessor's balance sheet at December 31. 2011? Title Amount Account title Title Account title Account title Amount Amount Formula 109529736. IFRS by Kieso. 9/16/20121:47 AM . Problem P21-5.

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