Name: DING ZHONG JUN

Your score: 100%

The trial balance of the Ding Zhong Jun Company as of December 31, 2023 is presented below. Calculate
the totals on the trial balance. Prepare an income statement, statement of owner's equity and a balance
sheet for the year ended (date of), December 31, 2023. Every yellow cell requires either an account title or a
dollar amount. Use the dropdown list to select the proper account titles. Enter a formula to enter all dollar
amounts.

Ding Zhong Jun Company

Trial Balance
December 31, 2023
Debit Credit
Cash $4,600
Accounts receivable 300
Supplies 10,000
Prepaid insurance 2,700
Store equipment 26,300
Accounts payable $6,500
Unearned services revenue 3,300
DING ZHONG JUN, Capital 31,500
DING ZHONG JUN, Withdrawals 500
Services revenue 6,100
Rental revenue 600
Wages expense 1,700
Miscellaneous expense 1,300
Utilities expense 600
Totals $48,000 $48,000

1) Prepare an income statement for Ding Zhong Jun Company for the year ended
December 31, 2023.

Ding Zhong Jun Company

Income Statement
For Year Ended December 31, 2023
Revenues
Services revenue $6,100
Rental revenue 600
Total revenues $6,700
Expenses
Wages expense 1,700
Miscellaneous expense 1,300
Utilities expense 600
Total expenses 3,600
Net income $3,100

2) Prepare a statement of owner's equity for Ding Zhong Jun Company for the year ended
December 31, 2023. The owner invested $4,700 during the current year (Cell D52). Hint:
You must calculate the beginning balance in the capital account.

Ding Zhong Jun Company

Statement of Owner's Equity
For Year Ended December 31, 2023
DING ZHONG JUN, Capital, January 1, 2023 $26,800
Investment by owner 4,700
Net income 3,100
Subtotal 34,600
Withdrawals by owner (500)
DING ZHONG JUN, Capital, December 31, 2023 $34,100

3) Prepare a balance sheet for Ding Zhong Jun Company at December 31, 2023.

Ding Zhong Jun Company

Balance Sheet
December 31, 2023
Assets
Cash $4,600
Accounts receivable 300
Supplies 10,000
Prepaid insurance 2,700
Store equipment 26,300
Total assets $43,900
Liabilities and Equity
Liabilities
Accounts payable $6,500
Unearned services revenue 3,300
Total liabilities $9,800
Equity
DING ZHONG JUN, Capital 34,100
Total liabilities and equity $43,900

Congratulations, DING! Your financial statements are complete.

Name: DING ZHONG JUN
Your score: 100% Cash
The trial balance of the Ding Zhong Jun Company as of December 31, 2023 is presented below. Prepare a
multiple-step income statement for the year ended (date of), December 31, 2023. Every yellow cell requires either
an account title or a dollar amount. Use the dropdown list to select the proper account titles. Enter a formula for
all dollar amounts.

Ding Zhong Jun Company c

Trial Balance d
December 31, 2023 e
Debit Credit f
Cash $8,500 g
Accounts receivable 16,000 h
Merchandise inventory 61,500 i
Store supplies 1,800 Invest by owner
Store Equipment 52,000 Net income
Accumulated depreciation $16,000 Net sales
Accounts payable 13,000 Gross profit
Salaries payable 5,000 Total selling expenses
DING ZHONG JUN, Capital 54,000 Total general and administrati
DING ZHONG JUN, Withdrawals 16,000 p
Sales 359,000 q
Sales discounts 6,000 r
Sales returns and allowances 18,000 s
Cost of goods sold 126,000 IsFormula Check?
Depreciation expense - Store equip. 8,000 ###
Sales salaries expense 25,200 ###
Office salaries expense 34,300 w
Insurance expense 11,300 x
Rent expense - Store 17,300 y
Rent expense office 7,300 Z
Store supplies expense 6,100 ZZ
Advertising expense 31,700
Totals $447,000 $447,000 ###
Prepare a multiple-step income statement for Ding Zhong Jun Company for the year ended December 31, 2023.
Remember that selling expenses target the customer, and are expected to generate additional sales.
Administrative expenses are not expected to generate additional sales.

Ding Zhong Jun Company

Income Statement
For Year Ended December 31, 2023 Account correct?
Sales $359,000
Sales discounts $6,000
Sales returns and allowances 18,000
Net sales 335,000
Cost of goods sold (126,000)
Gross profit 209,000
Operating expenses
Selling expenses
Sales salaries expense 25,200
Depreciation expense - Store equip. 8,000
Rent expense - Store 17,300
Store supplies expense 6,100
Advertising expense 31,700
Total selling expenses 88,300
General and administrative expenses
Office salaries expense 34,300
Rent expense office 7,300
Insurance expense 11,300
Total general and administrative expenses 52,900
Total operating expenses 141,200
Net income $67,800
###

###
 Name: DING ZHONG JUN Your score: 100%

On January 1 of the current year, the Ding Zhong Jun Company purchased factory equipment for RM61,000.
The factory equipment has an estimated useful life of 5 years and an estimated salvage value of RM6,000.
Complete the depreciation schedule below.
Each formula in column D must include the SLN function.

Cost $61,000
Salvage $6,000
Life (in years) 5 =SLN

January 1 book Depreciation Accumulated December 31

Year value Expense Depreciation book value
1 $61,000 $11,000 $11,000 $50,000
2 $50,000 $11,000 $22,000 $39,000
3 $39,000 $11,000 $33,000 $28,000
4 $28,000 $11,000 $44,000 $17,000
5 $17,000 $11,000 $55,000 $6,000
 Name: DING ZHONG JUN Your score: 100%

On January 1 of the current year, the Ding Zhong Jun Company purchased factory equipment for RM63,000.
The factory equipment has an estimated useful life of 5 years and an estimated salvage value of RM8,000.
Complete the depreciation schedule below.
Each formula in column D must include the DDB function.

Cost $63,000
Salvage $8,000
Life (in years) 5

January 1 book Depreciation Accumulated December 31

Year value Expense Depreciation book value
1 $63,000 $25,200 $25,200 $37,800
2 $37,800 $15,120 $40,320 $22,680
3 $22,680 $9,072 $49,392 $13,608
4 $13,608 $5,443 $54,835 $8,165
5 $8,165 $165 $55,000 $8,000
 Name: DING ZHONG JUN Your score: 100%

On January 1, 2023 the Ding Zhong Jun Company borrows $80,000 cash by signing a 9-year, 9%,
installment note, with annual interest payments. 1) Calculate the amount of each payment using the PMT
function. 2) Prepare the amortization schedule for the loan. Enter a valid Excel formula or function in
each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will be marked
as incorrect.

Loan amount $80,000

Term (years) 9
Annual interest % 9%
Payments per year 1

1) What is the amount of each annual loan payment?. The PMT function must be used,
and formula must return a positive value. $13,344

2) Complete the amortization schedule for this note. All formulas must return a positive value.

Annual Interest Beginning Debit Interest Debit Notes Credit Cash Ending
Period Balance Expense Payable Balance
1 $80,000.00 $7,200.00 $6,143.90 $13,343.90 $73,856.10
2 $73,856.10 $6,647.05 $6,696.86 $13,343.90 $67,159.24
3 $67,159.24 $6,044.33 $7,299.57 $13,343.90 $59,859.67
4 $59,859.67 $5,387.37 $7,956.53 $13,343.90 $51,903.13
5 $51,903.13 $4,671.28 $8,672.62 $13,343.90 $43,230.51
6 $43,230.51 $3,890.75 $9,453.16 $13,343.90 $33,777.35
7 $33,777.35 $3,039.96 $10,303.94 $13,343.90 $23,473.41
8 $23,473.41 $2,112.61 $11,231.30 $13,343.90 $12,242.11
9 $12,242.11 $1,101.79 $12,242.11 $13,343.90 $0.00

Totals $40,095.14 $80,000.00 $120,095.14

Ding made 9 payments of RM13,344 over the 9-year loan (RM120,095 total). Of this amount, RM40,095
was interest expense and the remaining RM80,000 was repayment of principal.
 Name: DING ZHONG JUN Your score: 100%

DING ZHONG JUN wants to buy a home, and is considering several financing options. Ding plans to
borrow RM200,000 with monthly payments. 1) Calculate the amount of each mortgage payment using the
PMT function. 2) Calculate the total amount of mortgage payments and 3) the total amount of interest
paid over the term of the mortgage under the following financing options.Enter a valid Excel formula or
function in each of the yellow cells below. Formulas must refer to cell address(es). Entering a value will
be marked as incorrect.

Mortgage amount $200,000

Payments per year 12

Financing Option Term (years) Annual interest 1) Monthly 2) Total 3) Total

rate payment payments over interest paid
term over term
1 30 9.0% $1,609.25 $579,328.28 $379,328.28
2 25 8.0% $1,543.63 $463,089.73 $263,089.73
3 15 8.5% $1,969.48 $354,506.24 $154,506.24
4 30 10.0% $1,755.14 $631,851.53 $431,851.53
 Name: DING ZHONG JUN Your score: 100%
Average all tabs: 100%
DING ZHONG JUN wants to buy a car and is considering several financing options. The car Ding wants to
buy costs RM18,000. 1) Calculate the amount of each monthly car payment using the PMT function. 2)
Calculate the total amount of the car payments and 3) the total amount of interest paid over the term of the
loan under the following financing options.Enter a valid Excel formula or function in each of the yellow cells
below. Formulas must refer to cell address(es). Entering a value will be marked as incorrect.

Amount financed $18,000

Payments per year 12

Financing Option Term (years) Annual interest 1) Monthly 2) Total 3) Total

rate payment payments over interest paid
term over term
1 6 9.0% $324.46 $23,361.10 $5,361.10
2 5 8.0% $364.98 $21,898.51 $3,898.51
3 3 8.5% $568.22 $20,455.76 $2,455.76
4 4 10.0% $456.53 $21,913.27 $3,913.27