lab 1-1 NOTE: Throughout this lab, every time a screenshot is requested, use you

by | Jun 20, 2022 | Accounting | 0 comments

 

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lab 1-1 NOTE: Throughout this lab, every time a screenshot is requested, use your computer’s screenshot tool, and paste each screenshot to the same Word document. Label each screenshot in accordance to what is noted in the lab. This document with all of the screenshots included should be uploaded through Connect as a Word or PDF document when you have reached the final step of the lab.
In this lab, you will:
Required:
Take the journal entries and create a trial balance.
Ask the Question: Can PivotTables be used to post journal entries and create a trial balance?
Master the Data: AttackID is formed to sell privacy and cybersecurity. AttackID begins business January 1, 2022, and has 52 journal entries in the first month, which we have now input into an Excel spreadsheet.
Software needed
Excel
Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4)

Data: Excel File Lab 1-1 Data.xlsx.
Perform the Analysis: Refer to Lab 1-1 in the text for instructions and steps for each the of lab parts.
Share the Story: Once we have completed the trial balance and it, in fact, balances, we are ready to publish the balance sheet and the income statement for all interested stakeholders.
Lab 1-2: NOTE: Throughout this lab, every time a screenshot is requested, use your computer’s screenshot tool, and paste each screenshot to the same Word document. Label each screenshot in accordance to what is noted in the lab. This document with all of the screenshots included should be uploaded through Connect as a Word or PDF document when you have reached the final step of the lab.
In this lab, you will:
Required:
Take the journal entries and create a trial balance.
Ask the Question: Can PivotTables be used to post journal entries and create a trial balance?
Master the Data: AttackID is formed to sell privacy and cybersecurity. AttackID begins business January 1, 2022, and has 52 journal entries in the first month, which we have now input into an Excel spreadsheet.
Software needed
Excel
Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4)

Data: Excel File Lab 1-1 Alt Data.xlsx.
Perform the Analysis: Refer to Lab 1-2 Alternative in the text for instructions and Lab 1-2 steps for each of the lab parts.
Share the Story: Once we have completed the trial balance and it, in fact, balances, we are ready to publish the balance sheet and the income statement for all interested stakeholders.
Lab 1-3: NOTE: Throughout this lab, every time a screenshot is requested, use your computer’s screenshot tool, and paste each screenshot to the same Word document. Label each screenshot in accordance to what is noted in the lab. This document with all of the screenshots included should be uploaded through Connect as a Word or PDF document when you have reached the final step of the lab.
In this lab, you will:
Required:
1. Calculate the monthly payment for a 30-year mortgage loan.
2. Calculate the amount of interest that you’d pay for a 30-year mortgage loan.
Ask the Question: How much interest do you pay over the life of a 30-year mortgage?
Master the Data: There is no data file for this lab. We will make the needed calculations and input the data as we go.
To compute the mortgage payments, we’ll need to know a few things:

1. The size of the mortgage loan
2. The interest rate
3. The length of the loan (number of months)

Let’s suppose you would like to buy a home for $250,000. But like most U.S. citizens, you don’t have enough cash on hand to pay for the full house. But we’re in luck! Signature Bank has agreed to offer you a 30-year mortgage loan, but requires that you pay 20 percent down ($50,000 = 20% of $250,000) to qualify for their mortgage loan of $200,000 in this way:

$250,000 Cost of home
50,000 Required 20% down payment ($50,000 = 20% of $250,000) (The
cash you need to have available to pay when closing on the home)
$200,000 Amount of the bank loan

Software needed
Excel
Screen capture tool (Windows: Snipping Tool; Mac: Cmd+Shift+4)

Perform the Analysis: Refer to Lab 1-3 in the text for instructions and steps for each of the lab parts.
Share the Story: Accountants need to know how much of each monthly mortgage (or bond) payment goes toward interest.

 

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