financial statement preparation; step by step pls explain thank you

prepare financial statements with the data

ci + FINANCIAL STATEMENT PREPARATION sode Abventures, a chain of stores serving the ecotourism industry, has provised you wat N blowing list of acoounts and balances tor the year ensed June 30 . 20t2. At anounts goin are in thousands of dollars. You have been asked by the company 3 chiet trancia onfoe syour intructor) a statement of cash flows. The CFO cant remember the accounts receviabits wainot- She asks you to figure it out when you pregare the balance sheot. po fraroal intormation presented here is accumulated in a flie ramed Fisuvoue on tho for this book at cengagebraincom. You are encouraged to use this fle lor prucoring per satements and to use the intormation in this file ass a Data Section for your anseee. Place At starents in the space below the data. The financial statenterts should be show in raserds of dollars just as in the Data Section. Exobc Advertures is a prioney helf conpany. whatrings per shave information is not required. Additional intormation required for the statement of cash flows: Exotic Adventures sold a large amount of obsolete and worn-out foctures for $128.8. The foxtures originaly cost $248.0 and had been depreciated down to a net bock value of $20.0. - Additional common stock, 24,000 shares, was issued for $76,000 in July. The par value of the stock is $2 per share. - Write off of goodwill and amontization of copyrights are included in other operating expenses. - No bonds were resired during the year. No additional notes payable were lssued during the year. - Shortterm irvestrnents of $220.0 were made during the year. Exotic Adventures also sold $8.2 short-term investments at no gain or loss. Review the Model-bulding Problem Checklist on page 154 to ensure that your model is complete. When done, preview the printout to make sure that the worksheet will print neatly. and then print the worksheet. Check figure: Total assets, $33.385.2. To test your model, suppose the audtors made the following three adjustments to the June 30 , 2012, balances: sales were reduced by $100,000 to 9.073.2. Iiventories were increased by $80,000 to 7502 fand accounts payable were increased by $160,000 to 924.8 flecord these aduastments to your model. Does your balance sheet still balance? Print the worksheet again. Check foure- Total assets. \$3,445.2. CHART (optional) Using the test data worksheet, oreate a pie chart showing all major sources of tunding for Exotic Advertures at year-end: current liabilties, long-term liablities, and stockholdars' equity. Print the chart when done