Application 1

Click excel file ch3 financial accounting, and select spreadsheet CW1, which shows comparative income
statement o Fasial company for the financial periods ended on December 31, of the years
2015,2016,2017,2018 and 2019.

Required:

- Use equations or functions to calculate cost of goods sold (60% of sales), gross profit, selling
expenses (5% of net sales), total expanses, and profit/ loss for five years that given.
- Represent profit / loss for five years (2015,2016,2017,2018 and 2019).

Application 2

Click excel file ch3 financial accounting, and select spreadsheet CW2, where the following information
about the cash receipts and payments for ABC Grocery store during the first week of 2015 appears.

Required:

- Use necessary equations to calculate the beginning and the ending cash during the first week of
2015.
- How the owners of grocery store can use the previous spreadsheet for the purposes of
forecasting beginning and ending cash for the following weeks?

Application 3

Click excel file ch3 financial accounting, and select spreadsheet CW3, where the statement of financial
position of Irbid company at December 31,2015 appears.

Required:

- Use necessary equations or functions to calculate total assets, total liabilities, and total
liabilities& owner’s equity.

Application 4

Click excel file ch3 financial accounting, and select spreadsheet CW4, where the income statement of
Jordan company at December 31,2015 appears.

Required:
 - Use necessary equations or functions to calculate:
1. sales returns (1% of sales)
2. sales discounts (2% of sales)
3. net sales
4. purchase returns (1% of purchases)
5. purchase discounts (2% of purchases)
6. purchase expanses (4% of purchases)
7. cost of net purchases
8. cost of goods sold
9. gross profit/ loss
10. total expenses
11. profit / loss

Application 5

Click excel file ch3 financial accounting, and select spreadsheet CW5, where the following information
appears about a machine that has been purchased by Salem company on January1, 2015 for 500000 JOD
with an estimated useful life of 5 years and estimated residual value of 50000 JOD.

Required:

- Use necessary equations and functions to calculate depreciation expense, accumulated

depreciation, and carrying value of the equipment in three different methods (straight line sum-
of-the-Years’- Digits & Double Declining method).
-
- Represent the depreciation expense of equipment in three different methods by graph.

Application 6

Click excel file ch3 financial accounting, and select spreadsheet CW6, where the following information
appears about XYZ company investments in various stocks on December 31, 2015.

Required:

- Use necessary equations to calculate the value of shares at cost and at fair.
- Use necessary equations and functions to calculate gains or losses for each stock, total gain or
loss, and fair value of investments on December 31, 2015.
Application 7- calculation of quantity discount

Click excel file ch3 financial accounting, and select spreadsheet CW6, where the following information
appears about Salem company credit sales to its customers in July, 2015.

Required:

- Use the “IF” function to determine which customer(s) deserve quantity discount and calculate
its value, noting that the company gives its customers a quantity discount of 15% of the total
monthly purchases of more than 2000 JOD.
- Use necessary equations to calculate balance due on each customers

Application 8- calculation of allowance for doubtful accounts

Click excel file ch3 financial accounting, and select spreadsheet CW8, where the following information
appears about an aging schedule for Salem company accounts receivable, the client balances, and
maturity date.

Required:

- Use necessary equations and functions to calculate the balance age in days for each customer
on December 31,2015.
- Use the “IF” function to determine which aging balance category each customer balance belongs
according to its balance age in days.
- Use the necessary equations to calculate total balance for each age, allowance for doubtful
debts for each age and total allowance for doubtful debts.

Application 9

Click excel file ch3 financial accounting, and select spreadsheet CW9, where the worksheet for ABC
company for the year ended at December 31, 2015 appears.

Required:

Complete the worksheet for ABC Company.

Application 10

Click excel file ch3 financial accounting, and select spreadsheet CW10A, where the general Journal
entries for XYZ company during the period between its established (November2, 2015) to the end of the
financial period (December 31, 2015) appears.
Required:

1. Post Journal entries in worksheet CW10A to the ledger in worksheet CW10B.

2. Transfer account balance in the ledger in worksheet CW10B to the trial balance in worksheet
CW10C to prepare it.
3. Transfer the necessary account balances in the trial balance in worksheet CW10C to the
statement of comprehensive income in worksheet CW10D to prepare it.
4. Transfer the necessary account balances in the trial balance in worksheet CW10C and the
balance of the total comprehensive income in worksheet CW10D to the statement of change in
Owner’s equity in worksheet CW10E to prepare it.
5. Transfer the necessary account balances in the trial balance in worksheet CW10C and the
balance of capital at December 31,2015 in the statement of change in Owner’s equity in
worksheet CW10E to the statement of financial position in the worksheet CW10F to prepare it.