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Hi Sammir so sorry for the confusion!  Here is the post for the rest of the work.  Hope you will still be able

to get it done by tonight.  I am making it for $35 since I am already paying $15 for the first portion in the other question.  But I will increase the tip to $15 if you are still able to get it done tonight, however, if that is impossible I can extend it to tomorrow by 8:00 for the original tip price of  $10.  Thank for your patience.  Connie

AC312– Comprehensive Intermediate Accounting Project You are the owner of ERP Consultants and you have been asked to create financial statements for the below company (use your name in place of “Your Name” in the financials). You are provided with the below information from your client. This client does not have a formal accounting system in place and needs your help to create GAAP compliant statements based on the information they have maintained. A different consulting firm prepared their statements for last year. You have decided to accept this engagement which requires the completion of the below 1-7 items. This project should be completed using Excel (with formulas and linked data). The details are your Excel spreadsheet are located after the “additional information” below. The parameters of the project include: 1. Prepare journal entries, adjusting entries and closing entries for the below additional information…none of the journal entries have been journalized or posted to the ledger. 2. Prepare an Adjusted Trial Balance for 2014 3. Prepare an Income Statement for the year ended 2014 . This statement should be flexibly designed (formulas in cells). This should be a multi-step income statement. To the right of your dollars in this statement, show common-sized percentages based on sales (vertical analysis). 4. Prepare a Statement of Retained Earnings for the year ended 2014. This statement should be flexibly designed. 5. Prepare a Balance Sheet dated Dec. 31, 2014 . Have the Balance Sheets for 12/31/13 and 12/31/14 on the same Excel sheet labeled Balance Sheets. Again, a flexible design is required so any changes will automatically update the balance sheet. 6. Prepare a Post-Close Trial Balance dates Dec. 31, 2014 . Make sure only permanent accounts are listed on your post-close trial balance. 7. Prepare a Statement of Cash Flows using the indirect method for the year ended 2014 . The Statement of Cash Flows (operating section) should automatically change when assumptions are changed. The ending cash as shown on the statement of cash flows will then flow to the Balance Sheet.
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Your Name, Inc. Balance Sheet 12/31/2013 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 $215,000 Total Assets $266,000 Current Liabilities Accounts Payable $9,000 Unearned Revenue 3,000 Income Taxes Payable 3,000 Total Current Liabilities $15,000 Long-term Liabilities Bonds, 10%, due in 2018 $100,000 Equity Common Stock $ 50,000 (100,000 authorized, 50,000 issued) Additional Pd.-in Capital 80,000 Retained Earnings 21,000 Total Equity $151,000 Total Liabilities & Equity $266,000
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2013 Ending Balances DEBITS CREDITS Cash 17,000 Marketable Securi±es 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 Addi±onal Pd-in-Capital 80,000 Retained Earnings 22,000 333,000 333,000 Monica: You can link to these beginning balances - if you look at the trial balance tab, you will see the balances are linked.
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Debits Credits 1. Accounts Rec. 310000 Sales 310000 2. ??? ??? Inventory ??? 3. i. Cash ??? Accounts Rec. ??? 3.ii. Allowance for Bad Debts 4000 ??? 4000 3.iii. ??? ??? ??? ??? 4.i. Inventory 190000 ??? 190000 4.ii. Accounts Payable ??? Cash ??? 5. Equipment ??? Cash ??? DepreciaTon Expense ??? ??? ??? 6. DepreciaTon Exp. - Build. ??? Accum. Deprec. ??? 7. Cash 1200 Mkt. SecuriTes 1000 ??? ??? 8. Salaries Expense ??? Cash ??? ??? ??? 9. Cash 55000 Note Payable 55000 Interest Expense ??? Interest Pay. ??? 10. Bond Interest Expense ??? Cash ??? 11. Cash 40000 Common Stock ??? Paid in Capital ??? 12. Prepaid Insurance 18000 Cash 18000 Insurance Expense ??? Prepaid Insurance ??? 13. ??? ??? Cash ??? 14. Income ±axes Payable ??? Cash ??? Income ±ax Expense ??? Income ±axes Payable ??? 15. ??? ??? Cash ??? 16. Unearned Revenue ??? Revenue ??? Monica: This is from the 2013 balance sheet and needs to be paid this year. Monica: You can't calculate this year's income tax expense until you calculate this year's pretax proFt on the income stmt.
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Hello, I have been trying to attach revised answer with all links since last 3 hours but it is not... View the full answer


Your Name, Inc.
Income Statement for the year ended 31st December, 2014
Other Income
Cost of Sales

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