Financial Statements: Create financial statements using appropriate methods based on accepted accounting principles. Be sure to prepare these financial statements in the order listed, as there are important interdependencies among them.
- Income Statement: Prepare the income statement using the adjusted trial balance.
- Statement of Owners Equity: Prepare the statement of owners equity using the adjusted trial balance.
- Balance Sheet: Prepare the balance sheet using the adjusted trial balance.
- Closing Entries: Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.
- Post-Closing Trial Balance: Prepare the Post-Closing Trial Balance tab of the company accounting workbook in preparation for the next accounting period.
AutoSave Off He Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 ~ | A ' ' = = a Wrap Text General WE AY o FO DX Delete Paste BIU A E E Merge & Center $ %) ! Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity N24 X E F G H H I 1 J J L M N 0 P Q R S S T U V W Y z AE 1 B D A Company Balance Sheet As of December 31, 20XX 3 4 5 Assets Current Assets: Liabilities and Owners' Equity Current Liabilities: 6 7 7 8 10 Total Current Liabilities 11 Long Term Liabilities: - Total Long Term Liabilities: - Total Liabilities: Shareholder's Equity 12 13 14 Total Current Assets 15 16 17 18 19 20 21 Non-Current Assets: 22 23 24 Baking Equipment (Net) 25 26 Total Assets: 27 28 29 30 31 32 Total Equity Total Liabilities & Equity - 34 35 ... Adjusting Entries Income Statement Statement of Stockholder Equity Balance Sheet Closin + + 60% j Type here to search E 7:43 PM 4/14/2021 AutoSave Off H2 Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 - ' ' = = a Wrap Text Accounting WE 47 0 FO DX Delete Paste BIU Es Merge & Center $ %) Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity F8 X f 175.65 H I ! J J L M M N P 0 U T Y z 1 4 5 Account 6 Cash 7 Baking Supplies 8 Merchandise Inventory 9 Prepaid Rent 10 Prepaid Insurance 11 Baking Equipment 12 Accumulated Depreciation 13 Office Supplies 14 Accounts Receivable 15 Notes Payable 16 Interest Payable 17 Accounts Payable 18 Wages Payable 19 Common Stook 20 Dividends 21 Bakery Sales 22 Merchandise Sales 23 Baking Supplies Expense 24 Rent Expense 25 Interest Expense 26 Insurance Expense 27 Depreciation Expense 28 Miso. Expense 29 Office Supplies Expense 30 Business License Expense 31 Advertising Expense 32 Wages Expense 33 Telephone Expense 34 COGS 35 36 Total: B E E G A Company Trial Balance 20xx Unadjusted trial balan Adjusting entries Adjusted trial balance Debit Credit Debit Credit Debit Credit 51,436.75 51,436.75 20,500.00 19,400.00 1,100.00 175.65 175.65! 1,500.00 1,500.00 1,200.00 200.00 1,000.00 5,000.00 5,000.00 208.33 208.33 600.00 550.00 50.00 9,700.00 9,700.00 10,000.00 10,000.00 150.00 150.00 7,000.00 7,000.00 480.00 480.00 30,000.00 30,000.00 10,000.00 60,000.00 10,000.00 221.00 60,000.00 19,400.00 221.00 4,500.00 19,400.00 150.00 4,500.00 200.00 150.00 208.33 200.00 250.00 208.33 550.00 250.00 375.00 550.00 200.00 375.00 1,956.00 200.00 150.00 1,956.00 150.00 157.60 107.701.00 +++++++++++++ ###### 157.60 Trial Balance Adjusting Entries Income Statement Statement of Stockholder Equity Balance ... + u + 60% AutoSave Off He Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Arial 12 | Al General AY o FO = = = ab Wrap Text == = Merge & Center DX Delete WED Paste B IU a. Av $ %). Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity A1 X fic D E F G H 1 L M N O 1 A B A Company 2 Statement of Stockholder's Equity 3 For Qtr. Ending 12/31/20xx 4 Common Stock Retained Earnings Total 5 Beginning Balances, September 30 0 6 Issued Common Stock 7 Net Income 8 Dividends 9 Ending Balances, December 31: 10 0 0 11 12 13 14 15 16 17 18 19 20 21 22 Trial Balance Adjusting Entries Income Statement Statement of Stockholder Equity Balance ... + Average: 0 Count: 17 Sum: 0 + 100% Type here to search PI 7:42 PM 4/14/2021 AutoSave Off He Workbook 2 - Search Phillips, Tyler PT File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 - AP = = a Wrap Text General WE AY o FO DX Delete Paste BIU A E E Merge & Center $ %) .000 i Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analyze Sensitivity Data Clipboard Font Alignment Number Cells Editing Analysis Sensitivity G24 X B E F G H 1 K K L N o P Q R S U V W Y Z AB AC A 1 A Company Income Statement 3 For Qtr. Ending 12/31/20XX 4 4 5 Revenues 6 7 8 Total Revenues 10 Gross Profit 11 12 Operating Expenses: 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total Operating Expenses: 31 32 Net Income 33 34 35 36 Trial Balance Adjusting Entries Income Statement Statement of Stockholder Equity Balance ... + + 60% j Type here to search 7:41 PM 4/14/2021 Home - >> Students Announcements - ACC-201-R45 X B Project Guidelines and Rubric- X C Financial Statements: Create Fina X + o * : https://learn.snhu.edu/d2l/Imsews/main.d2l?ou=682682 We should note that reversing entries are not required (unlike adjusting and closing entries which are required), although most companies do reversing entries to facilitate the bookkeeping process. And reversing entries are always dated the first day of the next accounting period, and they are prepared after the closing entries which are dated the last day of the current period. Key numbers for Final Project's financial statements Apr 13, 2021 10:42 AM Here are some key numbers for Final Project's financial statements: Gross profit $60,063.4 Net income $32.124.07 Ending Retained Earnings balance $22,124.07 Total current assets $64.962.4 Total current liabilities $7,630 Total assets $69.754.07 Final Project Apr 12, 2021 8:43 AM The Final Project you submit this week must consist of two separate files: Company Accounting Workbook (Excel file) and your Summary Report on a Word file. With the Excel Workbook, you must update all the journal entries and T accounts from Milestone One, the adjusting entries and the trial balance tab from Milestone Two, and the new requirements of the financial statements, the closing entries, and the post-closing trial balance. In your Summary Report, you must write a summary of what the financial statements indicate about the company's financial health and performance. A. Purpose: What kind of information would these financial statements provide to various aspects of the business? B. Analysis: What is the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position? Please use the attached Word template to complete your Summary Report. If you have any questions regarding this assignment, please post questions so I can provide further guidance. Attachment(s); ACC 201 Project Summary Report Template (1).docx (30.27 KB) Welcome week 7 everyone Apr 12, 2021 8:39 AM Type here to search . 8 * 4 7:44 PM 4/14/2021 AutoSave Off He Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments #Insert Calibri 11 - AP = = a Wrap Text General 47 0 FO DX Delete WED Paste BIU A E E Merge & Center $ % ! Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity H17 X B D F F G H | J K L M N 0 P Q Q R 1 A A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx 2 3 4 Unadjusted Trial Balance Debit Credit 5 Account 6 Cash 7 Baking Supplies 8 Merchandise Inventory 9 Prepaid Rent 10 Prepaid Insurance 11 Baking Equipment 12 Accumulated Depreciation 13 Office Supplies 14 Accounts Receivable 15 Accounts Payable 16 Wages Payable 17 Interest Payable 18 Notes Payable 19 Common Stock 20 Retained Earnings 21 22 Total 23 24 25 Balance Sheet Sheet2 Closing Entries Sheet3 Post-Closing Trial Balance Sheet1 + + 90% Type here to search o ** O 7:43 PM 4/14/2021 AutoSave Off He Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 ~ | A ' ' = = a Wrap Text General WE AY o FO DX Delete Paste BIU A E E Merge & Center $ %) ! Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity N24 X E F G H H I 1 J J L M N 0 P Q R S S T U V W Y z AE 1 B D A Company Balance Sheet As of December 31, 20XX 3 4 5 Assets Current Assets: Liabilities and Owners' Equity Current Liabilities: 6 7 7 8 10 Total Current Liabilities 11 Long Term Liabilities: - Total Long Term Liabilities: - Total Liabilities: Shareholder's Equity 12 13 14 Total Current Assets 15 16 17 18 19 20 21 Non-Current Assets: 22 23 24 Baking Equipment (Net) 25 26 Total Assets: 27 28 29 30 31 32 Total Equity Total Liabilities & Equity - 34 35 ... Adjusting Entries Income Statement Statement of Stockholder Equity Balance Sheet Closin + + 60% j Type here to search E 7:43 PM 4/14/2021 AutoSave Off H2 Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 - ' ' = = a Wrap Text Accounting WE 47 0 FO DX Delete Paste BIU Es Merge & Center $ %) Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity F8 X f 175.65 H I ! J J L M M N P 0 U T Y z 1 4 5 Account 6 Cash 7 Baking Supplies 8 Merchandise Inventory 9 Prepaid Rent 10 Prepaid Insurance 11 Baking Equipment 12 Accumulated Depreciation 13 Office Supplies 14 Accounts Receivable 15 Notes Payable 16 Interest Payable 17 Accounts Payable 18 Wages Payable 19 Common Stook 20 Dividends 21 Bakery Sales 22 Merchandise Sales 23 Baking Supplies Expense 24 Rent Expense 25 Interest Expense 26 Insurance Expense 27 Depreciation Expense 28 Miso. Expense 29 Office Supplies Expense 30 Business License Expense 31 Advertising Expense 32 Wages Expense 33 Telephone Expense 34 COGS 35 36 Total: B E E G A Company Trial Balance 20xx Unadjusted trial balan Adjusting entries Adjusted trial balance Debit Credit Debit Credit Debit Credit 51,436.75 51,436.75 20,500.00 19,400.00 1,100.00 175.65 175.65! 1,500.00 1,500.00 1,200.00 200.00 1,000.00 5,000.00 5,000.00 208.33 208.33 600.00 550.00 50.00 9,700.00 9,700.00 10,000.00 10,000.00 150.00 150.00 7,000.00 7,000.00 480.00 480.00 30,000.00 30,000.00 10,000.00 60,000.00 10,000.00 221.00 60,000.00 19,400.00 221.00 4,500.00 19,400.00 150.00 4,500.00 200.00 150.00 208.33 200.00 250.00 208.33 550.00 250.00 375.00 550.00 200.00 375.00 1,956.00 200.00 150.00 1,956.00 150.00 157.60 107.701.00 +++++++++++++ ###### 157.60 Trial Balance Adjusting Entries Income Statement Statement of Stockholder Equity Balance ... + u + 60% AutoSave Off He Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Arial 12 | Al General AY o FO = = = ab Wrap Text == = Merge & Center DX Delete WED Paste B IU a. Av $ %). Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity A1 X fic D E F G H 1 L M N O 1 A B A Company 2 Statement of Stockholder's Equity 3 For Qtr. Ending 12/31/20xx 4 Common Stock Retained Earnings Total 5 Beginning Balances, September 30 0 6 Issued Common Stock 7 Net Income 8 Dividends 9 Ending Balances, December 31: 10 0 0 11 12 13 14 15 16 17 18 19 20 21 22 Trial Balance Adjusting Entries Income Statement Statement of Stockholder Equity Balance ... + Average: 0 Count: 17 Sum: 0 + 100% Type here to search PI 7:42 PM 4/14/2021 AutoSave Off He Workbook 2 - Search Phillips, Tyler PT File Home Insert Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 - AP = = a Wrap Text General WE AY o FO DX Delete Paste BIU A E E Merge & Center $ %) .000 i Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analyze Sensitivity Data Clipboard Font Alignment Number Cells Editing Analysis Sensitivity G24 X B E F G H 1 K K L N o P Q R S U V W Y Z AB AC A 1 A Company Income Statement 3 For Qtr. Ending 12/31/20XX 4 4 5 Revenues 6 7 8 Total Revenues 10 Gross Profit 11 12 Operating Expenses: 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total Operating Expenses: 31 32 Net Income 33 34 35 36 Trial Balance Adjusting Entries Income Statement Statement of Stockholder Equity Balance ... + + 60% j Type here to search 7:41 PM 4/14/2021 Home - >> Students Announcements - ACC-201-R45 X B Project Guidelines and Rubric- X C Financial Statements: Create Fina X + o * : https://learn.snhu.edu/d2l/Imsews/main.d2l?ou=682682 We should note that reversing entries are not required (unlike adjusting and closing entries which are required), although most companies do reversing entries to facilitate the bookkeeping process. And reversing entries are always dated the first day of the next accounting period, and they are prepared after the closing entries which are dated the last day of the current period. Key numbers for Final Project's financial statements Apr 13, 2021 10:42 AM Here are some key numbers for Final Project's financial statements: Gross profit $60,063.4 Net income $32.124.07 Ending Retained Earnings balance $22,124.07 Total current assets $64.962.4 Total current liabilities $7,630 Total assets $69.754.07 Final Project Apr 12, 2021 8:43 AM The Final Project you submit this week must consist of two separate files: Company Accounting Workbook (Excel file) and your Summary Report on a Word file. With the Excel Workbook, you must update all the journal entries and T accounts from Milestone One, the adjusting entries and the trial balance tab from Milestone Two, and the new requirements of the financial statements, the closing entries, and the post-closing trial balance. In your Summary Report, you must write a summary of what the financial statements indicate about the company's financial health and performance. A. Purpose: What kind of information would these financial statements provide to various aspects of the business? B. Analysis: What is the company's cash position, its net income as a percentage of sales, and its current liabilities to current assets position? Please use the attached Word template to complete your Summary Report. If you have any questions regarding this assignment, please post questions so I can provide further guidance. Attachment(s); ACC 201 Project Summary Report Template (1).docx (30.27 KB) Welcome week 7 everyone Apr 12, 2021 8:39 AM Type here to search . 8 * 4 7:44 PM 4/14/2021 AutoSave Off He Workbook 2 - Search Phillips, Tyler PT 7 File Home Insert Page Layout Formulas Data Review View Help Share Comments #Insert Calibri 11 - AP = = a Wrap Text General 47 0 FO DX Delete WED Paste BIU A E E Merge & Center $ % ! Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Clipboard Font Alignment Number Cells Analysis Sensitivity H17 X B D F F G H | J K L M N 0 P Q Q R 1 A A Company Post-Closing Trial Balance Qtr. Ending 12/31/20xx 2 3 4 Unadjusted Trial Balance Debit Credit 5 Account 6 Cash 7 Baking Supplies 8 Merchandise Inventory 9 Prepaid Rent 10 Prepaid Insurance 11 Baking Equipment 12 Accumulated Depreciation 13 Office Supplies 14 Accounts Receivable 15 Accounts Payable 16 Wages Payable 17 Interest Payable 18 Notes Payable 19 Common Stock 20 Retained Earnings 21 22 Total 23 24 25 Balance Sheet Sheet2 Closing Entries Sheet3 Post-Closing Trial Balance Sheet1 + + 90% Type here to search o ** O 7:43 PM 4/14/2021
