$($Please$,$ desperately need help with this$)$ Sandra Martin owns and operates Acme Solutions Co$.,$ a first$-$year service business. The beginning balances for all accounts on January $1,20$Y$0,$ was zero $($$$0).$

The accompanying Excel template file includes the Adjusted Trial Balance for the company as of $12/31/20$Y$0.$ This information is included on the $$CAExcel$$ tab in the Excel workbook.

The balances in each account in the Adjusted Trial Balance on December $31,$ represents the ending balance for each account. It also represents all transaction activity for the year. As such, the detail of all of the individual transactions for the year is omitted.

Sandra wants to apply for a small business loan through her bank. Her bank requires financial statements to evaluate her business and determine if they will give her the loan. She has access to some financial statement templates in Excel that can be used as a starting point, but they are only partially complete. Sandra needs help preparing her financial statements in Excel so she can use the information to apply for the loan.

Use the Adjusted Trial Balance information to prepare financial statements for Acme Solutions Co$.$Step $2$: Accounting Cycle Project in Excel

Use the following information for Step $2$ of the Critical Assignment.

Project Data and General Instructions

Sandra Martin owns and operates Acme Solutions Co$.,$ a first$-$year service business. The

The accompanying Excel template file includes the Adjusted Trial Balance for the company as of $12/31/20$Y$0.$ This information is included on the "CAExcel" tab in the Excel workbook.

The balances in each account in the Adjusted Trial Balance on December $31,$ represents the

Sandra wants to apply for a small business loan through her bank. Her bank requires financi

some financial statement templates in Excel that can be used as a starting point, but they are only partially complete. Sandra needs help preparing her financial statements in Excel so she can use

Use the Adjusted Trial Balance information to prepare financial statements for Acme Solutions Co$.$

Deliverables and Points

Complete an Income Statement for the year ended December $31,20$Y$0.(20$ points$)$

Complete a Statement of Changes in Owner's Equity $($SOE$)$ for the year ended December $31,20Y.(5$ points$)$

a$)$ Hint: Since this is the first year of operations, the beginning Owner's Capital balance is $$0.$ This value is already provided for you in the template. It shows a

balance is $$0.$ This value is already pro dash $"-$ due to the formatting in Excel.

b$)$ Hint: Since this is the first year of operations, consider what the ending balance in the Owner's Capital account must represent and how to use it in the financial

in the Own

Complete a classified Balance Sheet as of December $31,20$Y$0.(25$ points$)$

a$)$ Hint: To use the grid template provided, use a vertical format orientation for the three main sections of the Balance Sheet.

Income Statement

$2$ Statement of Changes in Owner's Equity

Color Legend:

In yellow highlighted cells, you should use cell reference links $($formulas$)$ to pull

information from another cell location in Excel.

In blue highlighted cells, write formulas $($or use Excel's formula functionality short cuts$)$ to prepare mathematical

cuts$)$ to prepare mathematical equations and logical formulas.

If a cell is NOT highlighted, leave it alone! Do not make any changes, adjustments, or edits.