ACCT 2023 PROJECT 1 Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018 AMAZING COMPANY Adjusted Trial Balance 12/31/19 2019 Account Title Cash Accounts Receivable Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable--Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense Adjusted Trial Balance Debit Credit 170,000 55,000 29.000 53.000 59,000 24,000 12,200 1.200 10,000 33.000 240.000 28,600 10,000 240,000 Post-Closing Trial Balance Debit Credit 125,600 35,000 15,600 47.000 21.000 16,000 12,800 1,300 15,500 10,000 160,000 28.600 20.000 48,000 11 900 9.200 8.000 1.800 589,000 $ 589,000 $ 244,200 244,200 Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment Cash paid for purchase of tools Acquisition of Machinery with Notes Payable--Long-term Cash payment of dividends Cash receipt from issuance of 8,000 shares of common stock 6.000 15.000 23.000 10,000 Requirements: (See sheet tabs at bottom. Use each sheet for the following requirements) Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting 1. Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement, Use percentage format with 2 decimal places) 2. Prepare the Amazing Company balance sheet for December 31, 2019. Include a vertical analysis column at the right and perform avertical analysis of the balance sheet. (Use the percentage format with 2 decimal places.) 3. Prepare the Amazing Company statement of cash flows for the year ended December 31, 2019. Use the indirect method and the format in your textbook 4. Complete the analysis of the financial statements as directed on the Analysis sheet. 5. Complete the analys of the investment options between this company and CBUY ratios given). Also use the chart from the attached article, and any other source to analyze the impact of using GAAP vs IFRS Write short response (15-30 sentences) on your analysis ACCT 2023 PROJECT 1 Amazing Company began operations on January 1, 2015, and is now in its fourth year of operations. It is a retail sales company with a large amount of online sales. The adjusted trial balance as of December 31, 2019 appears below, along with prior year balance sheet data and some additional transaction data for 2018 AMAZING COMPANY Adjusted Trial Balance 12/31/19 2019 Account Title Cash Accounts Receivable Inventory Office Equipment Machinery & Tools Accumulated Depreciation Accounts Payable Salaries Payable Sales Tax Payable Note Payable--Long Term Common Stock, $10 par Retained Earnings Dividends Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Insurance Expense Legal Fees Depreciation Expense Interest Expense Adjusted Trial Balance Debit Credit 170,000 55,000 29.000 53.000 59,000 24,000 12,200 1.200 10,000 33.000 240.000 28,600 10,000 240,000 Post-Closing Trial Balance Debit Credit 125,600 35,000 15,600 47.000 21.000 16,000 12,800 1,300 15,500 10,000 160,000 28.600 20.000 48,000 11 900 9.200 8.000 1.800 589,000 $ 589,000 $ 244,200 244,200 Transaction Data for 2018 (Note, these transactions were included in the trial balance numbers above.) Cash paid for purchase of office equipment Cash paid for purchase of tools Acquisition of Machinery with Notes Payable--Long-term Cash payment of dividends Cash receipt from issuance of 8,000 shares of common stock 6.000 15.000 23.000 10,000 Requirements: (See sheet tabs at bottom. Use each sheet for the following requirements) Use Excel Skills in completing these requirements. You must use formulas and functions, cell references, and professional formatting 1. Prepare the Amazing Company multi-step income statement for the year ended December 31, 2019. Include the EPS at the bottom. Also include a vertical analysis column at the right and perform a vertical analysis of the income statement, Use percentage format with 2 decimal places) 2. Prepare the Amazing Company balance sheet for December 31, 2019. Include a vertical analysis column at the right and perform avertical analysis of the balance sheet. (Use the percentage format with 2 decimal places.) 3. Prepare the Amazing Company statement of cash flows for the year ended December 31, 2019. Use the indirect method and the format in your textbook 4. Complete the analysis of the financial statements as directed on the Analysis sheet. 5. Complete the analys of the investment options between this company and CBUY ratios given). Also use the chart from the attached article, and any other source to analyze the impact of using GAAP vs IFRS Write short response (15-30 sentences) on your analysis
