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I need help for Excel project in Acct 111 can you help me, please?

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Accounting 111 Excel Project 2017W This assignment is worth 5% of the overall course grade. The assignment is three (3) pages in length and begins on the following page. Requirements: Prepare the following in the excel workbook provided: 1) 2) 3) 4) A sheet with all of the trial balances (Unadjusted, Adjusted, and Post Closing); A sheet with all adjusting entries; A sheet with the required financial statements in proper form; and A sheet with closing entries. Additional instructions: The assignment must be prepared in Microsoft excel and submitted via the D2L dropbox on the course website. Handwritten submissions will not be accepted. You are only permitted to submit one file and one submission. Your file must be named using the following protocol: o Lastname_Firstname_Excel o For example, Trump_Donald_Excel Formatting must be professional and appropriate to present to a client or supervisor. For example, proper sentences, dollar signs, thousand separators, sum lines, etc. Marks are allocated to this component. You are required to link cells (i.e. type an account name or amount once only) and use formulas in excel. You will be marked based on your formulas and linking (i.e. using excel properly), not just format and correct numbers. Supporting calculations (e.g. depreciation) should be visible without having to click in the cells. I.e. if the workbook is printed all calculations should still be visible. Label each adjusting entry with a letter and reference in columns D and G on the trial balance sheet. You can create additional rows if an account has multiple adjustments. Similar referencing should be done for the closing entries. Do not create additional accounts. All accounts will be used. Round all calculations to whole numbers. Submissions that are disorderly, incomplete, and/or hard to follow will not be marked and receive a grade of NIL. Your submission is due no later than 23:45 PDT on Sunday, March 19, 2017. Only one submission is permitted and late submissions will not be accepted. Academic Honesty Statement I will use only authorized support in completing this assignment. All content is my own work. I will work independently and not copy any other student's work. I will not provide a copy of this file, in hard-copy or electronic format, or any of its content, to any other student. I understand that if I breach any of the above statements, I will be subject to Camosun College's Academic Honesty Policy. By submitting this assignment, I agree with the above Academic Honesty Statement. Please email your instructor if you have any questions about the submission requirements. Questions will not be answered regarding the technical content of the assignment. B. Campbell; Sections 002/004 Page 1 of 4 Accounting 111 Excel Project 2017W Background Sam's Snow Shop Incorporated (SSSI) is a local Vancouver Island company that specializes in selling ski and snowboarding clothing and equipment in several locations across Vancouver Island. SSSI uses accounting standards for private enterprises (ASPE) for their financial reporting and is required by their financial institution to submit financial statements prepared using ASPE each year, specifically - balance sheet, income statement and statement of retained earnings. The bank does not require a statement of cash flows. SSSI has a January 31 year-end and it is now February 19, 2017. The company's CEO, Sarah Snowbird, has hired you to complete the year end adjusting entries, financial statements and closing entries for the year ended January 31, 2017. SSSI has provided you with an unadjusted trial balance in alphabetical order (in excel) and information about their accounting policies and other information you will need to complete the financial statements (Exhibit A). Sarah has asked you to make sure you re-order the trial balance in the proper order and provide descriptions for all journal entries. The company uses the income summary for closing entries. B. Campbell; Sections 002/004 Page 2 of 4 Accounting 111 Excel Project 2017W EXHIBIT A To: Acct 111 Student From: Sarah Snowbird, CEO Sam's Snow Shop Incorporated Date: February 19, 2017 Subject: SSSI's Financial Information Depreciation policies Depreciation is only taken at the end of each fiscal year and the company uses only one depreciation expense account for all assets. Depreciation Method Office furniture Equipment Vehicles Building Declining balance Straight-line Units of production Straight-line Salvage Value $0 $13,000 $0 $35,000 Useful Life 10 years (20% rate) 15 years 120,000 km 35 years The vehicle was sold on January 1, 2017 for $1,500. The bookkeeper recorded the following entry: Dr. Cash 1,500 Cr. Loss on disposal 1,500 I'm not sure the bookkeeper recorded correctly, so please correct if needed. Up until that point in the year, the vehicle was driven 10,000 km. Information to prepare other year-end adjusting entries Management has reviewed the aging accounts receivable and estimates that the allowance for doubtful accounts should be $75,000. The prepaid insurance balance is a 12-month insurance policy which was purchased and paid for on September 1, 2016. Rent is prepaid quarterly based on a calendar year on March 1st, June 1st, September 1st and December 1st and is pro-rata expensed at the end of each fiscal quarter. On January 5, 2017 SSSI received a deposit of $6,700 for a snowboard order to be delivered March 15 th. SSI recorded this as revenue. Supplies on hand at year-end totalled $4,587. The company expenses supplies as general and administrative expenses. On September 30, 2016 the company issued a 5-year, 4%, $500,000 bond when the market rate was 5% and it pays interest semi-annually on March 31 and September 31. The company uses the effective interest rate method for amortization bond discounts and premiums. B. Campbell; Sections 002/004 Page 3 of 4 Accounting 111 Excel Project 2017W EXHIBIT A (continued) The bookkeeper records the entire mortgage payment as a reduction to principal; therefore, the interest needs to be separated at year-end. The mortgage is paid every 4 months with blended payments of $6,129. The annual interest rate is 3.5%. The previous accountant correctly prepared the following amortization table: Payment Date 31-Jan-16 31-May-16 30-Sep-16 31-Jan-17 31-May-17 30-Sep-17 31-Jan-18 31-May-18 30-Sep-18 31-Jan-19 31-May-19 30-Sep-19 31-Jan-20 Blended payment Interest Principal Reduction 6,129 6,129 6,129 6,129 6,129 6,129 6,129 6,129 6,129 6,129 6,129 6,129 608 560 511 462 413 363 312 261 210 158 106 53 5,521 5,569 5,618 5,667 5,716 5,766 5,817 5,868 5,919 5,971 6,023 6,076 Closing balance 69,531 64,010 58,441 52,823 47,156 41,440 35,674 29,857 23,989 18,070 12,099 6,076 - Other information The company has both preferred shares and common share authorized and outstanding. The company is authorized to issue 10,000 $5 non-cumulative preferred shares and at January 31, 2017 it has 500 issued and outstanding. The company is authorized to issue unlimited common shares and at January 31, 2017 has 71,000 issued and outstanding. SSI reports the share details on the face of their Balance Sheet even though this is not a required disclosure for ASPE. In May 2016, management determined that their ski and snowboard rentals line of business was not profitable and could not compete with other rental shops and decided to discontinue operations. On September 23, 2016 the company sold all assets relating to the ski and snowboard rental business and recorded a gain on the transaction. The company's tax rate is 18%. B. Campbell; Sections 002/004 Page 4 of 4