Assignment instructions are as follows: 1. Use the information in the provided trial balance to create the following financial statements: a. 2019 Income Statement b. 2019 Balance Sheet C. 2019 Cash Flow Statement 2. Create ONE Excel Workbook with the following tabs: a. Tab 1: Trial Balance for 2018 and 2019 provided b. Tab 2: Closing Entries for 2018 Income Statement C. Tab 3: 2019 Income Statement d. Tab 4: Closing entries for 2019 e. Tab 5: 2019 Balance Sheet post-closing entries (Use the 2018 Retained Earnings balance as your beginning 2019 balance) f. Tab 6: 2019 Cash Flow Statement 3. Formulas: a. Use Excel to setup the financial statements by linking the values from the trial balance. b. Use Excel formulas to calculate all totals and sub-totals. File Home Insert Draw Page Layout Formulas Data Review View Help O PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing H37 B CGF 170 4,767 487 2018 Trial Balance 4 Account Title Debit Credit 5 Cash and cash equivalents $ 364 6 Short-term investments $ 155 7 Accounts receivable $ 218 8 Merchandise inventories $ 500 9 Prepaid expenses and other current assets 307 10 Property and Equipment $ 3,363 11 Accumulated depreciation and amortization 200 12 Long-term investments 63 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Other assets 182 16 Current installments of capital lease obligations 3 17 Accounts payable 295 18 Accrued payroll, bonus and other benefits due team members 436 19 Dividends payable 45 20 Other current liabilities 473 21 Long-term capital lease obligations, less current installments 62 22 Other long-term liabilities 658 23 Common Stock $ 2,904 24 Treasury Stock $ 1,152 25 Retained earnings 1,541 26 Dividends $ 40 27 Sales $ 15,389 28 Cost of Goods Sold $ 9,973 29 Selling, general and administrative expenses $ 4,472 30 Pre-opening expenses $ 67 31 Relocation, store olosure and lease termination expenses $ 16 32 Investment and other income 33 Income tax expense 342 $ 22,023 $ 22,023 2019 Trial Balance Account Title Debit Credit Cash and cash equivalents $ 563 Short-term investments 200 Accounts receivable 363 $ (145) Merchandise inventories 792 $ (292) Prepaid expenses and other current assets $ 137 Property and Equipment Accumulated depreciation and amortization 375 Long-term investments Goodwill Intangible assets, net of accumulated amortization Other assets Current installments of capital lease obligations 5 Accounts payable 473 178 Accrued payroll bonus and other benefits due team members Dividends payable 50 Other current liabilities 627 $ 154 Long-term capital lease obligations, less current installments 65 Other long-term liabilities $ 1,342 $ 684 Common Stock $ 3,194 $ 290 Treasury Stock $ 1,214 $ (62) Retained earnings $ 2,037 Dividends 45 Sales $ 16,061 Cost of Goods Sold $ 10,453 Selling general and administrative expenses $ 4,670 Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $ 363 $24.734 $24.734 5 37 Additional Information: 39 The company purchased new equipment for $1,404, but there were no disposals of property equipment Trial Balance 2018 Closing Entries 2019 Income Statement 2019 Closing Entries 2019 Balanc ... 36 37 Additional Information: 38 39 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 40 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. 41 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8. 42 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. 43 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 44 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account 45 The company paid dividends of $45 during the year. Assignment instructions are as follows: 1. Use the information in the provided trial balance to create the following financial statements: a. 2019 Income Statement b. 2019 Balance Sheet C. 2019 Cash Flow Statement 2. Create ONE Excel Workbook with the following tabs: a. Tab 1: Trial Balance for 2018 and 2019 provided b. Tab 2: Closing Entries for 2018 Income Statement C. Tab 3: 2019 Income Statement d. Tab 4: Closing entries for 2019 e. Tab 5: 2019 Balance Sheet post-closing entries (Use the 2018 Retained Earnings balance as your beginning 2019 balance) f. Tab 6: 2019 Cash Flow Statement 3. Formulas: a. Use Excel to setup the financial statements by linking the values from the trial balance. b. Use Excel formulas to calculate all totals and sub-totals. File Home Insert Draw Page Layout Formulas Data Review View Help O PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing H37 B CGF 170 4,767 487 2018 Trial Balance 4 Account Title Debit Credit 5 Cash and cash equivalents $ 364 6 Short-term investments $ 155 7 Accounts receivable $ 218 8 Merchandise inventories $ 500 9 Prepaid expenses and other current assets 307 10 Property and Equipment $ 3,363 11 Accumulated depreciation and amortization 200 12 Long-term investments 63 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Other assets 182 16 Current installments of capital lease obligations 3 17 Accounts payable 295 18 Accrued payroll, bonus and other benefits due team members 436 19 Dividends payable 45 20 Other current liabilities 473 21 Long-term capital lease obligations, less current installments 62 22 Other long-term liabilities 658 23 Common Stock $ 2,904 24 Treasury Stock $ 1,152 25 Retained earnings 1,541 26 Dividends $ 40 27 Sales $ 15,389 28 Cost of Goods Sold $ 9,973 29 Selling, general and administrative expenses $ 4,472 30 Pre-opening expenses $ 67 31 Relocation, store olosure and lease termination expenses $ 16 32 Investment and other income 33 Income tax expense 342 $ 22,023 $ 22,023 2019 Trial Balance Account Title Debit Credit Cash and cash equivalents $ 563 Short-term investments 200 Accounts receivable 363 $ (145) Merchandise inventories 792 $ (292) Prepaid expenses and other current assets $ 137 Property and Equipment Accumulated depreciation and amortization 375 Long-term investments Goodwill Intangible assets, net of accumulated amortization Other assets Current installments of capital lease obligations 5 Accounts payable 473 178 Accrued payroll bonus and other benefits due team members Dividends payable 50 Other current liabilities 627 $ 154 Long-term capital lease obligations, less current installments 65 Other long-term liabilities $ 1,342 $ 684 Common Stock $ 3,194 $ 290 Treasury Stock $ 1,214 $ (62) Retained earnings $ 2,037 Dividends 45 Sales $ 16,061 Cost of Goods Sold $ 10,453 Selling general and administrative expenses $ 4,670 Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $ 363 $24.734 $24.734 5 37 Additional Information: 39 The company purchased new equipment for $1,404, but there were no disposals of property equipment Trial Balance 2018 Closing Entries 2019 Income Statement 2019 Closing Entries 2019 Balanc ... 36 37 Additional Information: 38 39 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 40 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. 41 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8. 42 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. 43 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 44 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account 45 The company paid dividends of $45 during the year