Assume you recently were hired for a job in Evansville, Indiana, at the head office of Escalade, Inc.-the company that makes GoalrillaTM and Goaliath® basketball systems, and is the exclu- sive supplier of Ping Pong® and Stiga® equipment for table tennis. Your first assignment is to review the company's lengthy adjusted trial balance to determine the accounts that can be combined ("aggregated") into single line-items that will be reported on the financial state- ments. By querying the accounting system, you were able to obtain the following alphabetical list of accounts and their adjusted balances (in thousands) for the year ended December 31.

Required
With the above account names and balances, prepare an adjusted trial balance using a spreadsheet. Also prepare an income statement, statement of retained earnings, and bal- ance sheet that import their numbers from the adjusted trial balance or from the other statements where appropriate. If similar accounts can be aggregated into a single line-item for each financial statement, use a formula to compute the aggregated amount. To be sure that you understand how to import numbers from other parts of a spreadsheet, you e-mail your friend Owen for advice. His reply is as follows.
From: Owentheaccountant@yahoo.com
To: Helpme@hotmail.com
Cc:
Subject: Excel-Help
Hey, pal. You're bouncing from job to job like one of those ping-pong balls that your company sells. OK, to import a number from another spreadsheet, you first click on the cell where you want the number to appear. For example, if you want to enter the Cash balance in the balance sheet, click on the cell in the balance sheet where the cash number is supposed to appear. Enter the equals sign (=) and then click on the tab that takes you to the worksheet containing the adjusted trial balance. In that worksheet, click on the cell that contains the amount you want to import into the balance sheet and then press Enter. This will create a link from the adjusted trial balance cell to the balance sheet cell. At the end of this message, I've pasted a screen shot showing the formula I would enter on the balance sheet to import the total of three related inventory accounts from the adjusted trial balance. Don't forget to save the file using a name that indicates who you are.

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$ 2,792 Accounts Payable Accounts Receivoble Accrued Interest Payable Accrued Woges Payable Accrued Worranties Payoble Accumuloted Dopreciation $10.263 Prepaid Insurance 4,536 Prepaid Rent Rent Expense $ 108 434 7350 27,571 3.582 3.349 98,998 28.710 27,747 1,448 7.560 8.144 2.111 3.024 1.226 3,001 Invertory of Finished Goods 34,141 Invertory af Goods being Made Inventory af Supples and Materials 42 5,750 14,000 Retoined Eornings 1,837 Solaries Exponse 2,700 Soles Commissions Expense 12,962 Soles of Bosketball Systems 11,390 400 2,301 5,856 Long-Term Bonk Loan 1,324 Long-Term Controct Poyoble Long-Term Note Payoble 3,370 26,198 Monufocturing Equipment 7,165 Cash Contributed Copital Solos of Other Products Sales of Ping Pong Tables Notos Poyable (current) Notes Receivable Office Bulding 862 Cost of Goods Sold Depreciation Experse 111,164 Shipping Expenses Factory Buildings 7.070 5,804 1,189 2,368 950 415 Office Equipment Office Supplies Expense Other Accrued Liobilities 2.363 Transport Equipment 69 1,638 28,310 1,010 Income Tax Expense Unearned Revenue Ubilties Expense Woges Expense Income Tax Payable Insurance Expense Interest Expense Interest Receivoble Other Long Term Assets Pockoging Expenses Warranties Expense Worehouse Buildings $4-7.xls - Microsoft Excel Home Insert Page Layout Formulas Data Review View e C7 f =SUM('Trial Balance'!C8:C10) B Escalade, Inc. Balance Sheet As of December 31 (in thousands) ASSETS Cash 3,370 34,956 20,549 Receivables Inventories 8. Prepaids Total Current Assets 542 59,417 35,257 (26,198) 28,310 96,786 10 Property, plant, and equipment less accumulated depreciation Other long-term assets Total Assets 11 12 13 %24 14 15 LIABILITIES Accounts payable Notes payable Income tax payable Unearned revenue 2,792 16 11,390 1,189 8,144 8,860 32,375 17 18 19 Other liabilities 20 Total Current Liabilities Long-term debt Total Liabilities 21 18,537 22 23 50,912 SHAREHOLDERS' EQUITY Contributed capital Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 24 25 7,165 38,709 45,874 96,786 26 27 28 Statement of I 100% O Trial Balance Income Statement Ready %24 1234t567 o