1. Using Excel, prepare the following three (3) statements, one statement per tab, for a total...
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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
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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:
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