1. Using Excel, prepare the following three (3) statements, one statement per tab, for a total...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Using Excel, prepare the following three (3) statements, one statement per tab, for a total of three (3) tabs, in one single Excel file. Please name the Excel File with your Last Name followed by your First Name followed by Project 1: O Example of filename: McCaffrey_Suzanne_Proj1.xlsx ▪ Tab 1 - Prepare a Balance Sheet as of December 31, 2020, with proper headings and formatting, as outlined in your textbook, using the adjusted post-closing trial balance on page 2. ▪ Tab 2 - Prepare an Income Statement for the Period January 1, 2021 to December 31, 2021, with proper headings and formatting, as outlined in your textbook, using the adjusted trial balance on page 3. ▪ Tab 3 - Prepare a Balance Sheet as of December 31, 2021, with proper headings and formatting, as outlined in your textbook, using the adjusted trial balance on page 3. A few things to note: Your Income Statement format should include the various proper subtotals; you will need to determine Cost of Goods Sold using beginning and ending inventory balances and purchases; and ignore income taxes. 10000 - 12000 13200 - 15000 - Cash - Checking Accounts Receivable Inventory Furniture and Equipment 15200 - Buildings and Improvements 15600- Land 16400 - Vehicles - Pear Company Adjusted Trial Balance December 31, 2020 17000 - Accumulated Depreciation 18000- 18700 - 20000 - 21000 - 23000 - 24000 - 28000 - 30100 32000 - TOTAL Goodwill Security Deposits Asset Accounts Payable Payroll Liabilities Accrued Expenses Note Payable - Current Note Payable - Long Term Capital Stock Retained Earnings Debit 2,545,321 1,061,629 1,616,314 1,350,100 4,500,000 1,200,000 443,499 1,293,265 2,500 14,012,628 Credit 1,482,078 487,453 189,771 439,012 845,000 2,843,456 6,987,179 738,679 14,012,628 10000-Cash-Checking 12000 - Accounts Receivable Pear Company Adjusted Trial Balance December 31, 2021 13200 Inventory 15000 Furniture and Equipment 15200- Buildings and Improvements 15600 - Land 16400-Vehicles 17000-Accumulated Depreciation 18000 Goodwill 18700 - Security Deposits Asset 20000 - Accounts Payable 21000 - Payroll Liabilities 23000 - Accrued Expenses 24000 - Note Payable - Current 28000-Note Payable - Long Term 30100 - Capital Stock 30200 - Dividends Paid 32000- Retained Earnings 47900 - Sales 48300 - Sales Discounts 50000 Beginning Inventory 51000 Purchases 53000 - Ending Inventory 60200 - Automobile Expense 60400-Bank Service Charges 61700 - Computer and Internet Expenses 62400 Depreciation Expense 62600-Equipment Rental Expense 63300-Insurance Expense 63400 Interest Expense 63600-Janitorial Expense 64300-Meals and Entertainment Expense 64900-Office Supplies 65600-Payroll Expenses 66700 Professional Fees 67200 Repairs and Maintenance 68100 - Telephone Expense 68400 - Travel Expense 68600-Utilities Expense 70100 - Insurance Proceeds - Officer's Life 70200 - Interest Income TOTAL - Debit 6,080,900 190,486 609,591 1,350,100 4,500,000 1,200,000 443,499 1,293,265 25,000 3,500,000 121,678 1,616,314 5,634,776 45,981 3,411 89,119 1,398,123 39,801 233,674 234,090 34,332 87,878 21,019 4,771,254 575,900 112,273 99,090 283,876 189,199 Credit 2,880,201 209,807 51,648 19,114 845,000 2,358,456 7,234,689 738,679 15,646,535 609,591 4,000,000 190,909 34,784,629 34,784,629 1. Using Excel, prepare the following three (3) statements, one statement per tab, for a total of three (3) tabs, in one single Excel file. Please name the Excel File with your Last Name followed by your First Name followed by Project 1: O Example of filename: McCaffrey_Suzanne_Proj1.xlsx ▪ Tab 1 - Prepare a Balance Sheet as of December 31, 2020, with proper headings and formatting, as outlined in your textbook, using the adjusted post-closing trial balance on page 2. ▪ Tab 2 - Prepare an Income Statement for the Period January 1, 2021 to December 31, 2021, with proper headings and formatting, as outlined in your textbook, using the adjusted trial balance on page 3. ▪ Tab 3 - Prepare a Balance Sheet as of December 31, 2021, with proper headings and formatting, as outlined in your textbook, using the adjusted trial balance on page 3. A few things to note: Your Income Statement format should include the various proper subtotals; you will need to determine Cost of Goods Sold using beginning and ending inventory balances and purchases; and ignore income taxes. 10000 - 12000 13200 - 15000 - Cash - Checking Accounts Receivable Inventory Furniture and Equipment 15200 - Buildings and Improvements 15600- Land 16400 - Vehicles - Pear Company Adjusted Trial Balance December 31, 2020 17000 - Accumulated Depreciation 18000- 18700 - 20000 - 21000 - 23000 - 24000 - 28000 - 30100 32000 - TOTAL Goodwill Security Deposits Asset Accounts Payable Payroll Liabilities Accrued Expenses Note Payable - Current Note Payable - Long Term Capital Stock Retained Earnings Debit 2,545,321 1,061,629 1,616,314 1,350,100 4,500,000 1,200,000 443,499 1,293,265 2,500 14,012,628 Credit 1,482,078 487,453 189,771 439,012 845,000 2,843,456 6,987,179 738,679 14,012,628 10000-Cash-Checking 12000 - Accounts Receivable Pear Company Adjusted Trial Balance December 31, 2021 13200 Inventory 15000 Furniture and Equipment 15200- Buildings and Improvements 15600 - Land 16400-Vehicles 17000-Accumulated Depreciation 18000 Goodwill 18700 - Security Deposits Asset 20000 - Accounts Payable 21000 - Payroll Liabilities 23000 - Accrued Expenses 24000 - Note Payable - Current 28000-Note Payable - Long Term 30100 - Capital Stock 30200 - Dividends Paid 32000- Retained Earnings 47900 - Sales 48300 - Sales Discounts 50000 Beginning Inventory 51000 Purchases 53000 - Ending Inventory 60200 - Automobile Expense 60400-Bank Service Charges 61700 - Computer and Internet Expenses 62400 Depreciation Expense 62600-Equipment Rental Expense 63300-Insurance Expense 63400 Interest Expense 63600-Janitorial Expense 64300-Meals and Entertainment Expense 64900-Office Supplies 65600-Payroll Expenses 66700 Professional Fees 67200 Repairs and Maintenance 68100 - Telephone Expense 68400 - Travel Expense 68600-Utilities Expense 70100 - Insurance Proceeds - Officer's Life 70200 - Interest Income TOTAL - Debit 6,080,900 190,486 609,591 1,350,100 4,500,000 1,200,000 443,499 1,293,265 25,000 3,500,000 121,678 1,616,314 5,634,776 45,981 3,411 89,119 1,398,123 39,801 233,674 234,090 34,332 87,878 21,019 4,771,254 575,900 112,273 99,090 283,876 189,199 Credit 2,880,201 209,807 51,648 19,114 845,000 2,358,456 7,234,689 738,679 15,646,535 609,591 4,000,000 190,909 34,784,629 34,784,629
Expert Answer:
Answer rating: 100% (QA)
Based on the instructions and the adjusted trial balances provided lets start by preparing a Balance Sheet as of December 31 2020 for the Pear Company Balance Sheet as of December 31 2020 Assets Curre... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these mathematics questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
On December 1, 2011, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by pur-chasing the assets and taking...
-
You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The...
-
Write MATLAB code of the question. Do all parts and show code with comments and also attach a screenshot of code and outputs. Using the results of Problem 4.13, verify the following properties of WN...
-
A piston/cylinder has 1 kg of R-134a at state 1 with 110C, 600 kPa, and is then brought to saturated vapor, state 2, by cooling while the piston is locked with a pin. Now the piston is...
-
What do the terms allowable increase and allowable decrease refer to in the linear programming sensitivity analysis output obtained using Excel Solver?
-
In the integrated model of motivation, what predicts effort? (a) rewards (b) organizational support (c) ability (d) motivation
-
The Watson Foundation, a private not-for-profit organization, starts the year with cash of $100,000, pledges receivable (net) of $200,000, investments of $300,000, and land, buildings, and equipment...
-
oint) Find the area of the region in the xy-plane bounded above by the graph of the function f(x) = (1/6)x - (4/3), below by the x-axis, on the left by the line x = 8, and on the right by the line =...
-
On January 1, 2012, Fishing Creek Company purchased Skull Valley Technologies for $8,800,000 cash. The book value and fair value of Skull Valleys assets as of the date of the acquisition are listed...
-
In how many ways can 7 children join hands to form a circle if they all face inward? In how many of these cases does child A jion hands with special friends B and C?
-
Find three additional leadership quotes attributed to Vince Lombardi at www. vincelombardi.com.
-
Since 1887, Rawlings Sporting Goods has been a leading manufacturer and marketer of sporting goods in the United States. Rawlings mission has always centered on enabling participation by developing...
-
Every sporting event needs to be concerned about the potential for hooligan-type behavior. The term hooligan is often associated with European football games. Some rowdy fans get out of control and...
-
Research what socially responsible activities Alex Rodriguez is involved with off the playing field.
-
Until the late 1970s, the job of a college AD was easy. In the old days, colleges often gave the AD job to the football coach when he retired.78 Playing golf with alumni was a big part of the job...
-
Problem 21-14 Lease or Buy Wolfson Corporation has decided to purchase a new machine that costs $2.9 million. The machine will be depreciated on a straight-line basis and will be worthless after...
-
Determine whether the lines are parallel, perpendicular, or neither. 2x + 3y = -12, 2y - 3x = 8
-
Linda and Richard are married and file a joint return for 2012. During the year, Linda, who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline;...
-
Quince Interests is a partnership with a tax year that ends September 30, 2012. During that year, Potter, a partner, received $3,000 per month as a guaranteed payment, and his share of partnership...
-
On July 1, 2012, Ted, age 73 and single, sells his personal residence of the last 30 years for $365,000. Ted's basis in his residence is $35,000. The expenses associated with the sale of his home...
-
Baldwin Corporation is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for \($481,000\). The company...
-
Novak Company is considering three capital expenditure projects. Relevant data for the projects are as follows Annual income is constant over the life of the project. Each project is expected to have...
-
Bosworth Company is considering a capital investment of \($168,000\) in additional productive facilities. The new machinery is expected to have a useful life of 6 years with no salvage value....
Study smarter with the SolutionInn App