1. Use the information in the provided trial balance to create the following financial statements: a. b. C. 2018 Income Statement 2018 Balance Sheet 2018 Cash Flow Statement 2. Create ONE Excel Workbook with the following tabs: a. b. c. d. e. Tab 1: Trial Balance for 2017 and 2018 provided Tab 2: Closing Entries for 2017 Income Statement Tab 3: 2018 Income Statement Tab 4: Closing entries for 2018 Tab 5: 2018 Balance Sheet post-closing entries (Use the 2017 post closing Retained Earnings balance as your beginning 2018 balance) f. Tab 6: 2018 Cash Flow Statement 2017 Trial Balance 2018 Trial Balance 4 Account Title 5 Cash and cash equivalents 6 Short-term investments 7 Accounts receivable 8 Merchandise inventories 9 Prepaid expenses and other current assets 10 Property and Equipment 11 Accumulated depreciation and amortization 12 Long-term investments 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Accumulated amortization of intangible assets 16 Other assets 17 Current installments of capital lease obligations 18 Accounts payable 19 Accrued payroll, bonus and other benefits due team members 20 Dividends payable 21 Other current liabilities 22 Long-term capital lease obligations, less current installments 23 Other long-term liabilities 24 Common Stock 25 Treasury Stock 26 Retained earnings (beginning of year) 27 Dividends 28 Sales 29 Cost of Goods Sold 30 Selling, general and administrative expenses 31 Pre-opening expenses 32 Relocation, store closure and lease termination expenses 33 Investment and other income 34 Income tax expense Debit Credit DebitCredit Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation and amortization Long-term investments Goodwill Intangible assets, net of accumulated amortization Accumulated amortization of intangible assets Other assets S 718 155 $218 500 S 792 $ 170 $4,767 $3,363 $200 $ 375 S 143 $ 710 $710 $20 30 $182 182 3 Current installments of capital lease obligations 295Accounts payable S473 S 487 S 436 $45 $473 S 62 $658 $2,904 Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term capital lease obligations, less current installments Other long-term liabilities Common Stock Treasury Stock Retained earnings (beginning of year) Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $627 65 $ 1,342 $3,194 S 1,152 S 1,214 $1,521 $ 2,017 S 15,389 $16,061 $ 9,973 $ 4,472 S 10,415 $4,632 125 $342 $ 22,023 22,023 $401 S24,851 S 24,851 38 Additional Information: 39 40 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 41 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year 42 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8 43 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred 44 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 45 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. 46 The company paid dividents of $40 in 2017, and declared dividends of $45 47 The company paid dividents of $45 in 2018, and declared dividends of $50 1. Use the information in the provided trial balance to create the following financial statements: a. b. C. 2018 Income Statement 2018 Balance Sheet 2018 Cash Flow Statement 2. Create ONE Excel Workbook with the following tabs: a. b. c. d. e. Tab 1: Trial Balance for 2017 and 2018 provided Tab 2: Closing Entries for 2017 Income Statement Tab 3: 2018 Income Statement Tab 4: Closing entries for 2018 Tab 5: 2018 Balance Sheet post-closing entries (Use the 2017 post closing Retained Earnings balance as your beginning 2018 balance) f. Tab 6: 2018 Cash Flow Statement 2017 Trial Balance 2018 Trial Balance 4 Account Title 5 Cash and cash equivalents 6 Short-term investments 7 Accounts receivable 8 Merchandise inventories 9 Prepaid expenses and other current assets 10 Property and Equipment 11 Accumulated depreciation and amortization 12 Long-term investments 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Accumulated amortization of intangible assets 16 Other assets 17 Current installments of capital lease obligations 18 Accounts payable 19 Accrued payroll, bonus and other benefits due team members 20 Dividends payable 21 Other current liabilities 22 Long-term capital lease obligations, less current installments 23 Other long-term liabilities 24 Common Stock 25 Treasury Stock 26 Retained earnings (beginning of year) 27 Dividends 28 Sales 29 Cost of Goods Sold 30 Selling, general and administrative expenses 31 Pre-opening expenses 32 Relocation, store closure and lease termination expenses 33 Investment and other income 34 Income tax expense Debit Credit DebitCredit Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation and amortization Long-term investments Goodwill Intangible assets, net of accumulated amortization Accumulated amortization of intangible assets Other assets S 718 155 $218 500 S 792 $ 170 $4,767 $3,363 $200 $ 375 S 143 $ 710 $710 $20 30 $182 182 3 Current installments of capital lease obligations 295Accounts payable S473 S 487 S 436 $45 $473 S 62 $658 $2,904 Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term capital lease obligations, less current installments Other long-term liabilities Common Stock Treasury Stock Retained earnings (beginning of year) Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $627 65 $ 1,342 $3,194 S 1,152 S 1,214 $1,521 $ 2,017 S 15,389 $16,061 $ 9,973 $ 4,472 S 10,415 $4,632 125 $342 $ 22,023 22,023 $401 S24,851 S 24,851 38 Additional Information: 39 40 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 41 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year 42 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8 43 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred 44 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 45 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. 46 The company paid dividents of $40 in 2017, and declared dividends of $45 47 The company paid dividents of $45 in 2018, and declared dividends of $50