1 You are given a trial balance for Dunn Corporation for December 31, 2020. 2 You will need to calculate the trial balance adjusments for the following items: a Inventory b Asset Acquisitions 3 Post the adjustments for the items in Step 2 (inventory and asset acquisitions] and current year depreciation in the Adjustments column on the Trial Balance All adjusting iournal entries are dated December 31 - Year End adjustments 4 Calculate the Adjusted Trial Balance Using formulas in the Adjusted Trial Balance Column 5 Indicatate in column M of the Trial Balance which financial statement each account is presented on. Use the following list: IS-NetRevenueIS-COGSIS--peratingExpensesIS-DtherIncomedExpenseIS-NetIncomeEVS-CurrentAssetsEXS-LTInvestmentsEXS-PPEEXS-IntangibleAssetsESS-CurrentLiabilitiesEVS-LongTermLiabilitiesEXS-Equity 6 Prepare the Multi-Step Income Statement, Statement of Retained Earnings, and Classified Balance Sheet Refer to Chapters 4 and 5 if necessary. Watch the format and order of each of these Financial Statements. 7 Write the closing entries 8 Use formulas in excel to calculate and link cells. Inventory Valuation Dunn Company's record of transactions concerning inventory for the year was as follows. S234,900.00 Instructions Compute the inventory at December 31 on FIFO basis. a Calculate ending inventory in Units. First-in, first-out (FIFO) Use linking to pull number from chart above. See this for example. b Calculate the VALUE of Ending Inventory using FIFO Perpetual Method See formula in these cells to continue your FIFO Calculation c Calculate the adjustment required to post the adjusting journal entry to inventory. Beginning Inventory Value Beginning balance of Inventory is the amount shown on the trial balance Ending Inventory Value Ending balance is from your calculation above in cell 158 . Adjustement Needed Insert Formula to subtract Beginning Inventory from Ending Inventory - Positive = Increase in Inventory, Negative = Credit to Inventory d Write the Journal Entry to adjust inventory (from part C above) on the Trial Balance. Post the adjustment to inventory to the Purchases account. Date Arrenuint ehit Creadit Insert a link on the debit and credit number from cell F67. If negative, make sure the amount is a positive nun e Post Adjusting Entry from (d) to the Trial Balance using the Adjustments Column. Dunn Corporation purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2 These assets were purchased as a lump sum for $136,000 cash. The following information was gathered: a formula to multiply the lump sum amount by the % of value. a formula to multiply the lump sum amount by the % of value. o the Book Value and Cost to be recorded, like the % of value. Asset 3 This machinery was acquired by trading in used machinery. (The exchange has commercial substance.) Facts concerning the trade-in are as follows. Jse a formula to calculate the gain or loss on the trade a Write the Journal Entry for each transaction to acquire the assets 1,2 and 3 Link the cells here to the numbers above. Ex =G14 b Record the acquisition of each of these assets in the adjustment column of the trial balance. Be sure to post a DR or CR to every account listed in each journal entry in the adjusting column Presented helnw is the trial halanca of Dunn Cornoratinn at Deramher 312020 Write in the RFF Column, what statement the account should be on. See the B/S - Current Assets Use a fo the one for Cash; however, each one 1 Inventory recorded on the trial balance is the prior year inventory valuation. Use the Inventory sheet to calculate the adjusted inventory amount. 2 COGS is made up of Purchases, Purchase Discounts, and Freight In. Calculate CoGS here for use in your Income Statement Depreciation on the Machinery is 65,000 for the current year. These amounts have not been recorded. Record the depreciation 3 iournal entrv as an adiustment. 1 You are given a trial balance for Dunn Corporation for December 31, 2020. 2 You will need to calculate the trial balance adjusments for the following items: a Inventory b Asset Acquisitions 3 Post the adjustments for the items in Step 2 (inventory and asset acquisitions] and current year depreciation in the Adjustments column on the Trial Balance All adjusting iournal entries are dated December 31 - Year End adjustments 4 Calculate the Adjusted Trial Balance Using formulas in the Adjusted Trial Balance Column 5 Indicatate in column M of the Trial Balance which financial statement each account is presented on. Use the following list: IS-NetRevenueIS-COGSIS--peratingExpensesIS-DtherIncomedExpenseIS-NetIncomeEVS-CurrentAssetsEXS-LTInvestmentsEXS-PPEEXS-IntangibleAssetsESS-CurrentLiabilitiesEVS-LongTermLiabilitiesEXS-Equity 6 Prepare the Multi-Step Income Statement, Statement of Retained Earnings, and Classified Balance Sheet Refer to Chapters 4 and 5 if necessary. Watch the format and order of each of these Financial Statements. 7 Write the closing entries 8 Use formulas in excel to calculate and link cells. Inventory Valuation Dunn Company's record of transactions concerning inventory for the year was as follows. S234,900.00 Instructions Compute the inventory at December 31 on FIFO basis. a Calculate ending inventory in Units. First-in, first-out (FIFO) Use linking to pull number from chart above. See this for example. b Calculate the VALUE of Ending Inventory using FIFO Perpetual Method See formula in these cells to continue your FIFO Calculation c Calculate the adjustment required to post the adjusting journal entry to inventory. Beginning Inventory Value Beginning balance of Inventory is the amount shown on the trial balance Ending Inventory Value Ending balance is from your calculation above in cell 158 . Adjustement Needed Insert Formula to subtract Beginning Inventory from Ending Inventory - Positive = Increase in Inventory, Negative = Credit to Inventory d Write the Journal Entry to adjust inventory (from part C above) on the Trial Balance. Post the adjustment to inventory to the Purchases account. Date Arrenuint ehit Creadit Insert a link on the debit and credit number from cell F67. If negative, make sure the amount is a positive nun e Post Adjusting Entry from (d) to the Trial Balance using the Adjustments Column. Dunn Corporation purchased the following assets and constructed a building as well. All this was done during the current year. Assets 1 and 2 These assets were purchased as a lump sum for $136,000 cash. The following information was gathered: a formula to multiply the lump sum amount by the % of value. a formula to multiply the lump sum amount by the % of value. o the Book Value and Cost to be recorded, like the % of value. Asset 3 This machinery was acquired by trading in used machinery. (The exchange has commercial substance.) Facts concerning the trade-in are as follows. Jse a formula to calculate the gain or loss on the trade a Write the Journal Entry for each transaction to acquire the assets 1,2 and 3 Link the cells here to the numbers above. Ex =G14 b Record the acquisition of each of these assets in the adjustment column of the trial balance. Be sure to post a DR or CR to every account listed in each journal entry in the adjusting column Presented helnw is the trial halanca of Dunn Cornoratinn at Deramher 312020 Write in the RFF Column, what statement the account should be on. See the B/S - Current Assets Use a fo the one for Cash; however, each one 1 Inventory recorded on the trial balance is the prior year inventory valuation. Use the Inventory sheet to calculate the adjusted inventory amount. 2 COGS is made up of Purchases, Purchase Discounts, and Freight In. Calculate CoGS here for use in your Income Statement Depreciation on the Machinery is 65,000 for the current year. These amounts have not been recorded. Record the depreciation 3 iournal entrv as an adiustment