Project Data and General Instructions

Sandra Martin owns and operates Acme Solutions Co., a first-year service business. The beginning balances for all accounts on January 1, 20Y0, was zero ($0).

The accompanying Excel template file includes the Adjusted Trial Balance for the company as of 12/31/20Y0. 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.