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I really need help on this project.. Thank you!

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This project should be completed using Excel (with formulas and linked data). The parameters of the project
are below:
1. Prepare a Multi-step Income Statement for the year ended 2018. This statement should be flexibly
designed (formulas) with common-sized percentages (vertical analysis) to the right of the dollars.
2. Show journal entries, adjusting entries and closing entries for the below additional
information...none of the journal entries have been posted to the ledger (many journal entries have been
booked to get you started, however none of the entries for 2018 have been posted). You can add a
transaction analysis (not required), however you must complete the entries in the Excel template.
3. Prepare a Statement of Retained Earnings for the year ended 2018.
4.
Prepare a Balance Sheet dated Dec. 31, 2018 Again a flexible design is required so any changes will
automatically update the balance sheet - use formulas.
5. Prepare a Statement of Cash Flows using the indirect method for the year ended 2018. The ending
cash as shown on the statement of cash flows will be the same as the cash reported on the Balance Sheet.
Your Name, Inc.
Balance Sheet
12/31/2017
Current Assets
Cash
$17,000
Marketable Securities (Short-term)
2,000
Accounts Receivable
14.000
Allowance for Bad Debt
(2,000)
Inventory
15,000
Prepaid Insurance
5,000
Total Current Assets
$51,000
Property, Plant, and Equipment
Land
$30,000
Building
150,000
Accumulated Dep. - Building
(45,000)
Equipment
100,000
Accumulated Dep. - Equipment
(20,000)
Total PPE
5215,000
Total Assets
5266.000
Current Liabilities
Accounts Payable
$9,000
Unearned Revenue
2.000
Income Taxes Payable
3,000
Total Current Liabilities
$14,000
Long-term Liabilities
Bonds, 10%, due in 2022
$100,000

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Equity
Common Stock
5 50,000
(100,000 authorized, 50,000 issued)
Additional Pd.-in Capital
80,000
Retained Earnings
22.000
Total Equity
$152,000
Total Liabilities & Equity
$266,000
Additional Information (for all entries; please see the posted Excel spreadsheet):
1. Sales for 2018 are $310,000. All sales are on credit.
2. Gross Margin ratio is 40 percent
3. Accounts Receivable:
i. $190,000 of the accounts receivable is paid by the end of the year (the remaining balance
remains on the balance sheet).
ii. $4,000 of A/R is written off during the year.
ini. 5% of A/R (after write-off and collections) is considered to be uncollectible.
4. Inventory:
Inventory purchases are $180,000, all on credit.
ii. All accounts payable is from inventory purchases; all but $12,000 of inventory purchased
is paid by the end of the year.
. Additional equipment is purchased on 4/1/18 for $20,000 cash. All equipment when new, including the
new purchase, has/had a 5-year life, no salvage value, and is depreciated using the straight-line method.
6. The building depreciates at $5,000 per year.
7. Half of the marketable securities were sold for $1,200. The FMV and cost of the other half of the
securities are the same, so no adjustment to FMV is required.
8. Salaries are $2,200 per month (12 months of salaries expense must be booked). It is expected that one-
half month will be owed on 12/31/18 because of when payday falls (therefore, 1 1.5 months of salaries
have been paid and 1% month is still owed to the employees at year end).
9. $55,000 in cash is borrowed on 9/30/18 by issuing a Note Payable. Interest is 8% per year.
10. The bonds were sold at face value last December and pay interest on Dec. 31, 2018.
1 1. 10,000 additional shares of stock were sold for $3 a share.
12. Insurance costing $18,000 was purchased on 6/1/18 (the same time in which the old policy expired. The
new policy was for 12 months).
13. On Dec. 31, 2018, 1000 shares of stock are repurchased from the market at $2.90/share (treasury stock).
14. The tax rate is 30 percent. Income taxes for the current year are due and therefore paid during the first
two months of the next year (you will have to complete an entry to pay the 2017 taxes, however the
2018 taxes will not be paid until the end of January 2019).
15. Dividends of $3,000 were paid during 2018.
16. The unearned revenue has been earned during the year (classified as other revenue on the multi-step
income stmt.).
Required Labeled Sheets (all statements should be for 2018):
1. Data Sheet for Additional Data
2.
Entries: Basic and Adjusting (you do not have to show closing entries, however, keep in mind all
temporary accounts are closed to retained carnings)
3. Adjusted Trial Balance for 2018 (includes the posted amounts of all entries and adjusting entries)
4. Multi-step Income Statement
5. Retained Earnings Statement
6. Classified Balance Sheet
7.
Cash Flow Statement
Post-Close Trial Balance for 2018

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The Post-Close Trial Balance for 2017 is provided below (based on the above balance sheet). This can be
used as a starting point or you can use the above Balance Sheet; keep in mind all debits and credits
ALWAYS equal AND Assets = Liabilities + Equity:
Your Name, Inc.
Post Close Trial Balance
31-Dec-17
DEBITS
CREDITS
Cash
17,000
Marketable Securities
2.000
Accounts Rec.
14,000
Allowance for Bad Debt
2,000
Inventory
15,000
Prepaid Insurance
5,000
Land
30,000
Building
150,000
Accumulated Dep. - Building
45,000
Equipment
100,000
Accumulated Dep. - Equipment
20,000
Accounts Payable
9,000
Salaries Payable
Unearned Revenue
2,000
Interest Payable
Income Taxes Payable
3,000
Note Payable
Bonds
100,000
Common Stock
50,000
Additional Pd-in-Capital
80,000
Retained Earnings
22,000
333,000
333,000

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