Hello I need help on finding the correct net income. For some reasons when I did my excel spreadsheet, my net income came out to be different compared to the number figures given to me by my instructor. The correct net income suppose to be $114,689 and mine came out to be$107,661 . Could someone please figure out where I did wrong. I provide the instructor and my spreadsheet with the incorrect net income. Please help me.

ACC 301 Spreadsheet Project- Fall 2015 - Sam Bass On the attached worksheet is the 12/31/11 post-closing Trial Balance for the MSU Candy Company, a wholesale candy distributor. Below are the summary transactions and adjusting information for the year 2012. Wherever the letters AAA, BB, or CCCC appear, you are to use the first three digits, the 4th and 5th digits, or the last four digits, respectively, of your randomly assigned number provided to you. Use excel to display everything rounded to the nearest whole number. Assume a 30% Tax Rate. The electronic copy of entire project is due before 11PM Wednesday, December 2nd via Blackboard. Required: Using Excel, prepare: 1. General journal entries to record the summary transactions and adjusting journal entries. 2. The year-end worksheet, using cell reference links to post the general journal entries and formulas to extend the worksheet. Just put the summarized transactions and the adjusting entries all into the adjustment columns on the worksheet. 3. Financial statements, including a Multi-step Income Statement, a Retained Earnings Statement, and a classified Balance Sheet. Again, use cell reference links and formulas where possible. 4. Submit your Excel spreadsheet(s), for the journal entries, worksheet, and financial statements via Blackboard. Summarized transactions for 2012: a. 1. Sold merchandise on credit, $651,644. 2. Collected 90% of these current credit sales. 3. Collected 95% of beginning accounts receivable. 4. Wrote off the remaining 5% of beginning accounts receivable. b. 1. 2. 3. Purchased merchandise on credit, $353,030. MSU Candy uses a periodic inventory system. Paid 85% of these purchases. Paid all of beginning accounts payable. Continued on next page. c. d. e. f. g. h. i. On April 1, 2012, paid $2,510 for a renewal of the insurance policy which will provide coverage for the period 4/1/12 to 4/1/13. Supplies purchased for cash during the year $25,303. On July 1, 2012, received cash consisting of a $3,000 payment of principal on the note receivable plus interest for six months @8.51%. On January 1, 12, equipment costing $10,000 (with related accumulated depreciation of $3,600) was exchanged for different equipment having a FMV of $7,644. No cash was exchanged and the exchange had commercial substance. Paid $66,440 for salaries and $10,510 for payroll taxes. Both of these amounts include the beginning liabilities for each, respectively. 75.1% of the beginning Unearned Revenue was earned by year-end. Dividends declared in 2011 were paid in January, 2012. Dividends of $6,644 were declared in December, 2012 and will be paid in January, 2013. Year-end adjusting entries: aa. bb. cc. dd. ee. ff. gg. hh. MSU Candy estimates that 5% of ending accounts receivable will become uncollectible. MSU Candy's inventory count at 12/31/12 shows $56,440 of merchandise inventory remaining. Make an adjusting journal entry (AJE) to close purchases, adjust Merchandise Inventory to ending balance, and create a Cost of Goods Sold account. Adjust Prepaid Insurance to reflect insurance expired during the year. Supplies on hand at year-end totaled $5,644. Interest on the remaining note receivable was supposed to be received at 12/31/12; however, it did not arrive. Make an AJE to record interest receivable and interest income for second half of the year. Make adjusting entries to record depreciation expense on the building and equipment. MSU Candy uses SL, 20% SV, 40-year life for the building and DDB, No SV, 10-year life on the equipment. Unpaid salaries and payroll taxes at year-end were $15303 and $3,644 respectively. A bank reconciliation prepared at 12/31/12 showed $10,000 deposits in transit, $7,000 outstanding checks, $651 bank service charges, and $1,644 interest earned. Optional entries: ii. 30% tax rate (This exp/payable could just be calculated on IS and BS columns, but you can journalize it after all other work is done. ) MSU Candy Company, Inc. Work Sheet for the Year Ended 12/31/12 2011 PC Trial Balance Debit Credit 10,000 A2 A3 Accounts Cash E hh Accts/Rec 28,000 Allow. for D. Accts. Notes Rec. Merch. Inv. Prep. Insurance A1 2,000 A4 6,000 60,000 500 Supplies C 8,000 Land Building AccumDepr-Bldg Equipment D Adjustments Debit $ 586,480 $ 26,600 B2 B3 C D $ 3,255 G I $ 1,644 hh $ 651,644 A2 A3 A4 $ 1,400 aa E bb $ 2,510 cc $ 25,303 dd $ $ $ $ $ $ 651 $ $ $ $ $ $ $ $ $ AccumDepr-Equip f F 28,800 F $ $ $ $ 7,644 2,658 3,000 $ 3,560 $ $ 2,383 $ 27,659 $ $ 4,000 $ 10,000 $ $ 5,000 G $ $ 5,644 40,000 200,000 $ $ Payroll Taxes Pay. 2,000 G $ 40,000 200,000 $ 77,644 $ 40,729 3,000 H 4,000 I $ $ $ $ $ I COGS Gain on Disp. Equip. Salaries Exp. bb $ $ $ $ $ $ $ $ $ $ $ $ 3,644 $ 3,644 747 6,644 $ $ 747 6,644 200,000 20,000 138,700 $ $ $ 200,000 20,000 138,700 6,644 6,644 $ $ $ $ $ $ $ 6,644 651,644 2,253 255 128 1,644 1,244 356,590 $ $ $ $ $ $ $ $ $ $ $ $ $ 651,644 2,253 2,027 1,244 356,590 $ $ $ 66,440 15,303 8,510 3,644 4,000 15,529 2,658 2,383 27,659 651 128 1,244 356,590 $ 81,743 $ 12,154 $ $ $ $ $ $ 4,000 15,529 2,658 2,383 27,659 651 ii B1 $ 353,030 $ bb $ 2,499,577 $ 353,030 $ 2,499,577 $ 1,159,147 $ 128 651,644 2,253 2,027 $ $ 6,644 $ $ $ $ $ 66,440 15,303 8,510 3,644 4,000 15,529 2,658 2,383 27,659 651 128 15,303 3,644 F G gg G gg f f aa cc dd hh ee ii $ 15,303 A1 H E ee hh $ 15,303 353,030 200,000 20,000 138,700 432,500 Dividends Sales Revenue Service Revenue Interest Revenue 52,955 15,529 2,253 4,000 I $ $ $ $ 52,955 $ $ 40,729 $ gg Summarized Transactions for 2012: $ $ gg Totals Net Income Totals 20,000 77,644 2,000 Depr. Exp.-Bldg Depr. Exp.-Equip. Bad Debt Exp. Insurance Exp. Supplies Exp. Misc. Exp. Interest Rec. Tax Exp. Tax Pay. Purchases 20,000 3,000 56,440 628 5,644 3,258 $ $ $ $ 5,000 Payroll Taxes Exp. $ 3,000 56,440 628 300,076 13,000 Salaries Pay. 432,500 3,258 $ B1 Com Stk-$10 Par APIC-C/S Retained Earnings Totals 65,164 $ $ $ 13,000 B2 B3 Unearned Revenue Dividends Pay. $ 586,480 26,600 1,400 3,600 f Accts/Pay. 65,164 $ F 80,000 Balance Sheet Debit Credit $ 200,489 81,950 4,000 $ Income Statement Debit Credit 300,076 13,000 2,510 25,303 40,000 200,000 16,000 Adjusted Trial Bal. Debit Credit $ 200,489 Credit 1,159,147 $ 503,367 $ 657,168 A1 A/R $ 651,644 Sales Revenue A2 Cash $ $ Cash $ Allow. for D. Accts. $ Purchases $ A/P $ $ A/P $ Prepaid Insurance $ Supplies $ Cash $ Equip. (new) Acc. Dep.-Equip. $ Salaries Pay. Salaries Exp. Payroll Taxes Pay. Payroll Taxes Exp. $ Unearned Revenue $ $ Dividends Pay. (2011) $ $ 651 4,000 $ 6,644 Cash Dividends (2012) 3,644 2,253 Service Revenue I 15,303 5,000 66,440 2,000 8,510 Cash H 15,529 $ $ $ $ $ 4,000 7,644 3,600 Equip. (old) Gain on Disp. Equip. G 128 $ $ $ 27,659 3,255 Notes Rec. Interest Revenue F 2,383 $ $ 60,000 353,030 25,303 Cash E 2,658 $ $ 6,644 2,510 Cash D 4,000 $ $ 2,253 13,000 Cash C 81,950 $ $ 10,000 1,244 300,076 Cash B3 3,000 255 $ $ $ 25,303 353,030 A/P B2 2,510 $ $ 13,000 1,400 A/R B1 300,076 $ $ 353,030 26,600 A/R A4 1,400 $ $ 26,600 586,480 A/R A3 586,480 $ $ 651,644 Dividends Pay. (2012) Year-end Adjusting Entries: aa Bad Debt Exp. $ 2,658 Allow. for D. Accts. bb COGS Merch. Inv. (Ending) $ $ 356,590 56,440 Merch. Inv. (Beginning) Purchases cc Insurance Exp. $ 2,383 Prep. Insurance dd Supplies Exp. $ 27,659 Supplies ee Interest Rec. $ 128 Interest Revenue f Depr. Exp.-Bldg $ 4,000 Accum. Depr.-Bldg Depr. Exp.-Equip. $ 15,529 Accum. Depr.-Equip. gg Salaries Exp. $ 15,303 Salaries Pay. Payroll Taxes Exp. $ 3,644 Payroll Taxes Pay. hh Misc. Exp. $ Cash 651 Cash $ Interest Revenue ii Income Tax Exp. Income Tax Pay. 1,644 $ 1,644 MSU Candy Company, Inc Income Statement For the Year Ended December 2012 Sales Sales Revenue Net Sales $ $ $ $ 651,644 651,644 356,590 295,054 116,459 $ $ 144,118 150,936 COGS Gross Profit Operating Expenses Selling Expense Supplies Expenses Admistrative Expenses Saleries Expense Payroll Taxes Expense Insurance Expenses Depr. Exp.-Bldg Depr.Exp.-Equip. Misc. Expense Income from Operations $ $ $ $ $ $ $ 81,743 12,154 2,383 4,000 15,529 651 $ 27,659 Other Revenues and Gains Service Revenie Interest Revenue Gain on Disp. Equip $ $ $ 2,253 2,027 1,244 $ $ 5,524 156,460 $ $ $ $ 2,658 153,801 46,140 107,661 Other Expenses and Losses Bad Debt Expense Income Before Income Tax Income Tax Net Income for the Year