you work as an assistant in a small, family-run business. The business does not yet have...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
you work as an assistant in a small, family-run business. The business does not yet have any cloud accounting software and completes financial activities using paper books. Tracking financial information on pieces of paper has been a nightmare for your manager. Your manager approaches you one day and asks if you would be able to make an Excel workbook that can be used to prepare basic financial statements on a monthly basis. Your manager needs to be able to open up one Excel workbook at the end of every month and easily populate data into the spreadsheet so that they can see the financial situation of the business. You will have to prove to the manager that the workbook you create will accomplish the task. The goal of the workbook is to make your manager's life much easier. Remember, up until this point the manager has been using paper books to track finances and it is a substantial waste of time. Any automation of calculation and population of data in the spreadsheets will make workplace efficiencies. Make sure you use advanced Excel functions to analyze and organize the data. You will have to prepare a worksheet template that includes a balance sheet, income statement, statement of owner's equity, general journal, and a general ledger. Remember that this is a small business and it does not need elaborate financial statements. You will have to create the business. You can make up all of the data about the business (what service or products it provides, its assets and liabilities, its revenue, its expenses, its equity, etc.) You are permitted to use a business idea you had used in a previous course or create an entirely new business. You will have to make assumptions about the business and create all of the financial data yourself. You will have to create the financial statement structure in the workbook. Make sure you use formulas to link the financial statements together and create automated calculations that will populate cells in all of the financial statements. Use formulas, charts, or other Excel functions to set up the capacity for the Excel workbook to analyze financial data automatically. Submission: submit two Excel workbooks: one template for the instructor to test and one with populated data to prove that it works. you work as an assistant in a small, family-run business. The business does not yet have any cloud accounting software and completes financial activities using paper books. Tracking financial information on pieces of paper has been a nightmare for your manager. Your manager approaches you one day and asks if you would be able to make an Excel workbook that can be used to prepare basic financial statements on a monthly basis. Your manager needs to be able to open up one Excel workbook at the end of every month and easily populate data into the spreadsheet so that they can see the financial situation of the business. You will have to prove to the manager that the workbook you create will accomplish the task. The goal of the workbook is to make your manager's life much easier. Remember, up until this point the manager has been using paper books to track finances and it is a substantial waste of time. Any automation of calculation and population of data in the spreadsheets will make workplace efficiencies. Make sure you use advanced Excel functions to analyze and organize the data. You will have to prepare a worksheet template that includes a balance sheet, income statement, statement of owner's equity, general journal, and a general ledger. Remember that this is a small business and it does not need elaborate financial statements. You will have to create the business. You can make up all of the data about the business (what service or products it provides, its assets and liabilities, its revenue, its expenses, its equity, etc.) You are permitted to use a business idea you had used in a previous course or create an entirely new business. You will have to make assumptions about the business and create all of the financial data yourself. You will have to create the financial statement structure in the workbook. Make sure you use formulas to link the financial statements together and create automated calculations that will populate cells in all of the financial statements. Use formulas, charts, or other Excel functions to set up the capacity for the Excel workbook to analyze financial data automatically. Submission: submit two Excel workbooks: one template for the instructor to test and one with populated data to prove that it works.
Expert Answer:
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
Students also viewed these accounting questions
-
You are working as an assistant in a design office. A developer in your local area has contacted your company looking for advice as to what would be a suitable project to meet the needs of the local...
-
The TLB Yogurt Company must be able to make 600 party cakes in a 40-hour week. Use the following information to draw and label a precedence diagram, compute cycle time, compute the theoretical...
-
You work as an accountant for a small land development company that desperately needs additional financing to continue in business. The president of your company is meeting with the manager of a...
-
Write a filter InfixToPostfix that converts an arithmetic expression from infix to postfix.
-
Researchers have developed statistical models based on financial ratios that predict whether a company will go bankrupt over the next 12 months. In a test of one such model, the model correctly...
-
Long-term debt outstanding = $300,000 Yield to maturity (r D ) = 8% Number of shares of common stocks = 10,000 Price per share = $50 Book value per share = $25 Beta of common stock = 1.5 Expected...
-
Among your colleagues in class, identify a term or phrase italicized in this chapter that you think is the most significant from your reading. Absent team consensus, then just provide your...
-
Briefly discuss the convergence efforts that are underway in the area of intangible assets .
-
Consider a six-point sequence x[n] which is only nonzero for 0 n 5 where it takes values = == [0] 1, [1] 0, r[2] = 2, r[3] = 2, x[4] = b, x[5] = 1. The number b (i.e., the value of x[4]) is unknown,...
-
Kitchen World Inc. is a Canadian controlled private corporation (CCPC) that operates a retail business selling cooking utensils, knives and small appliances for both professional chefs and home...
-
Did Fox News act ethically when it knowingly reported false information regarding the 2020 presidential election? If so, how/why? If not, how/why? Why do you think Fox News intentionally reported...
-
A snowboarder on a slope starts from rest and reaches a speed of 2.1 m/s after 9.2 s. (a) What is the magnitude (in m/s) of the snowboarder's average acceleration? (b) m/s How far (in m) does the...
-
Make an attempt to find evidence of the direction of the magnetic field at the marked point using the magnetic field probe. Describe any successful strategies and results.
-
If a specimen dug up in a secret location originally contained 200 g of cobalt 57 and now contains 80 g, approximately how old is the specimen? Answer (accurate to 2 significant digits): 360 days....
-
1. Touch the pith ball with your hand. Bring an uncharged rod near it. What happens? Now charge the rubber rod and bring it near the pith ball. Explain what happens. Let it touch the ball and bring...
-
A 500 g lump of clay is dropped onto a 1.0 kg cart moving at 60 cm/s. The clay is moving at 30 cm/s just before landing on the cart. What is the speed of the cart and clay after the collision?
-
Calculate the average dividend growth rate overthe following periods: the most recent 8 years, the most recent5 years, and the most recent 3 years. APPLE YEAR 2023 2022 2021 2020 2019 2018 2017 2016...
-
Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were: Cost of goods sold ..................................................... $330,000 Salaries and wages...
-
Carnival Cruise Lines represents the classic American dream of growing a small company into a world- recognized business. What began as a single secondhand ship and a one- way trip from Miami to San...
-
Red Cab Company reports net income of $ 32,000 for the year ended December 31, 2013. The income statement also reveals Depreciation Expense, Equipment of $ 6,500 and a Gain on Disposal of Property...
-
In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited $ 24,000...
-
Which of the following is not a reason that the prevention and detection of fraud resulting from management override and collusion presents a significant challenge for the antifraud community? 1....
-
Which of the following statements best describes corporate governance with respect to fraud? 1. Auditors are primarily responsible for the detection of fraud, the Board of Directors for the...
-
Which of the following is not an inherent part of Statement on Auditing Standards, No. 99/113? 1. Greater scrutiny of the chief executive and chief financial officers personal financial condition 2....
Study smarter with the SolutionInn App