Electronic spreadsheets Electronic spreadsheets are a fact of life for all business professionals. It is essential that you learn how to use Excel to present accounting information. Excel is the most powerful tool used by accountants today. The more you learn about how it works, the more marketable your skills will be in the job market.

To receive full credit, you must build the spreadsheet using the Excel template provided below. If you need assistance with Excel, please attend drop-in hours.

As a group of four or five, you will complete a project. This project will be in Excel and contain the following tabs:

General Journal Tab General Ledger - Asset Tab General Ledger - Liability Tab General Ledger - Equity Tab Worksheet Tab Income statement and Stock Holders Equity Tab Classified Balance Sheet Tab Post-Closing Trial Balance Tab The Excel project of Group X Consulting Inc. must be submitted with a Business Memorandum.

A memorandumusually known as a memois a document that is most commonly used for internal communication between coworkers or members of a department. In our case, the Board of Directors is concerned about this year's profitability. This means using a profitability ratio like Net Profit Margin Ratio is a great idea.

Profit Margin = Net Profits (or Income) / Net Sales (or Revenue) What Is Profit Margin?

Profit margin is one of the commonly used profitability ratios to gauge the degree to which a company or a business activity makes money. It represents what percentage of sales has turned into profits. Simply put, the percentage figure indicates how many cents of profit the business has generated for each dollar of sale. For instance, if a business reports that it achieved a 35% profit margin during the last quarter, it means that it had a net income of $0.35 for each dollar of sales generated.

Each issue in a memorandum needs one paragraph. You should also start with one introduction at the beginning and finish with one conclusion at the end of the memorandum. Do not write unnecessary information in the memorandum. You should write only about the requested issues. You need to write a memo to the board of directors about their concerns based on your prepared financial reports. Also, mention a profitability ratio to cover the issue in depth.

Documents and Templates: Bank Statement.pdf

Service invoice July 20.docx

Service invoice July 12.pdf

Service invoice July 31.pdf

Stock certificate.pdf

Project-Student template.xlsxDownload Project-Student template.xlsx

Here is the project template as a Google SheetLinks to an external site.

Important Notes: The first tab of the Project-Student template contains the transactions and instructions you must follow. All cells are formulated and linked to the source of their data. Please refer to the Rubric for more details on the grading and requirements of this project. The July 20th Invoice (Invoice #006) is correct: 40 hours @ $150.00 is $6000.00 plus some additional charge = $6600.00 You may use GoogleDocs for your project, if you would like. However, be sure to download your completed work as an Excel file and submit through Canvas. Contact your group members (to be assigned by the fourth week) to see how you want to split up the work. Inactive group members need to be reported to the instructor by email for disqualification. If you are not sure how to contact your group members for the Group Project follow this link: https://community.canvaslms.com/t5/Student-Guide/How-do-I-send-a-message-to-a-user-in-a-group-in-the-Inbox-as-a/ta-p/306Links to an external site.

Only one member of the group NEEDS TO SUBMIT the final copy of the Excel Project (Microsoft Excel) including the Memorandum (Microsoft Word) before the due date into Canvas. The first page of the memorandum needs to have a cover sheet that includes:

Date: Group number Class Acct10 CRN# xxxxx Group members name: (actively participated members name, if someone did nothing then do not put his/her name on the cover sheet) As a reminder, these are the accounting cycle steps: 1) T-accounts are located in General Ledger (GL) which can be in one tab altogether. Or, in three tabs: General Ledger-Asset, GL-Liability, and GL-Equity. It is your choice. 2) Follow these steps' order: 1. Journalize daily transactions and Post Journal entries to T-accounts 2. Prepare Bank reconciliation. 3. Journalize and Post Adjusting bank recon entries 4. Prepare Trial balance, then post Trial balance into Worksheet, then finish the worksheet to the end. 5. Use the worksheet to do adjusting entries and then post them to T-accounts 6. Prepare Financial Statements like Income Statement, Retained Earnings, and Balance Sheet 7. Close Temporary Accounts and post to T-Accounts 8. Prepare Post-closing TB After your Excel is ready. Prepare a Memorandum on a Word document. To remind yourself of the Accounting Cycle for Corporations watch these four-part videos again.

Just to see a sample of Excel and Memo you can look at these two documents below. They are done by students and are not perfect but will give you a general idea of how to complete this project.