Hello, My name is Ethan and I would like help with this case assignment for my accounting class. The first document is a word file with the instructions and what needs to be done and is the reference for what needs to be done. The second file is the excel spread sheet with three separate tabs and must be filled out with the data known in the word document. It comprises of three parts, the Income Statement, Balance Sheet, and Cash-flows.

Your Firm Balance Sheet September 30 2016 Assets Cash Accounts receivable Allowance for doubtful accounts Accounts receivable, net Interest receivable Inventories Trading securities Prepaid insurance Total Current Assets Property, Plant and Equipment, gross Accumulated depreciation Property, Plant and Equipment, net ABBEE Invesrtment (AFS) 2017 $ $ 102,530 101,640 (6,160) 95,480 136,400 111,100 17,100 462,610 $ 1,633,500 (546,975) 1,086,525 $ 1,549,135 Total Assets Liabilities Accounts payable Salaries payable Interest payable Dividends payable Total Current Liabilities Long-term note payable Total Liabilities Shareholders' Equity Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholders' Equity Your Firm Income Statement For the Year Ended September 30, 2017 Sales Cost of goods sold Gross profit Operating expenses: $ 89,645 31,575 4,400 125,620 380,000 505,620 490,000 591,215 4,300 (42,000) 1,043,515 $ 1,549,135 - Salary expense Depreciation expense Insurance expense Maintenance expense Bad debt expense Impairment loss Lower of cost or market write-down Operating income Other income (expense): Loss on sale of Sales Building 2 Investment & interest income Interest expense Net gains (losses) on trading securities Net income (loss) - $ - 2017 - $ - - - $ - Your Firm Statement of Changes in Shareholder's Equity For the Year Ended September 30, 2017 Balance at September 30, 2016 Net income Common Stock $ 490,000 Retained Earnings $ 591,215 AOCI $ 4,300 Dividends declared Unrealized loss on AFS Securities - ABBEE Purchase of Treasury Stock Balance at September 30, 2017 $ 490,000 $ 591,215 $ 4,300 JOURNAL ENTRIES A1 Treasury Stock $ (42,000) Total $ 1,043,515 AR Cash Sales 1,010,500 200,000 $ (42,000) $ 1,043,515 1,210,500 ES 1,210,500 Transaction Balance 9/30/2016 A1 Cash $102,530 200,000 Gross AR $ 101,640 1,010,500 Balance 9/30/2017 $302,530 ### Allowance for DA $ (6,160) Interest Receivable $ - $ $ (6,160) - 1,210,500 Expan Inventory $136,400 Assets Trading Securities $ 111,100 Prepaid Insurance $ 17,100 Gross PP&E $ 1,633,500 Accumulated Depreciation $ (546,975) AFS ABBEE $ - Total Assets $1,549,135 1,210,500 $136,400 $ 111,100 $ 17,100 $ 1,633,500 $ $ $2,759,635 $2,759,635 (546,975) - = Your Firm Expanded Accounting Equation Analysis Liabilities Accounts Salaries Interest Dividends payable Payable Payable Payable $ 89,645 $31,575 $ - $ 4,400 L-T Note Payable $380,000 Total Liabilities $505,620 - Common Stock $490,000 $ 89,645 $380,000 $505,620 $505,620 $490,000 $31,575 $ - $ 4,400 + Shareh Shareholder's Equity Retained Treasury Earnings AOCI Stock $ 591,215 $ 4,300 $(42,000) 1,210,500 $1,801,715 $ 4,300 $(42,000) Income Stateme Total Equity $1,043,515 1,210,500 $2,254,015 $2,254,015 Total Liab & Equity $ 1,549,135 1,210,500 $ $ 2,759,635 2,759,635 Revenue $ 1,210,500 Expense $ - $1,210,500 $ 1,210,500 $1,210,500 Income Statement Description Sales Net Income T - ACCOUNTS T - ACCOUNTS Cash BB 102,530 A1 200,000 200,000 EB 302,530 - Your Firm Balance Sheet September 30, 2016 Assets Cash Accounts receivable Allowance for doubtful accounts Accounts receivable, net Inventories Trading securities Prepaid insurance Total Current Assets Property, Plant and Equipment, gross Accumulated depreciation Property, Plant and Equipment, net Total Assets Liabilities and Shareholders' Equity Accounts payable Salaries payable Dividends payable Total Current Liabilities Long-term note payable Total Liabilities Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholder's Equity $ $ 102,530 101,640 (6,160) 95,480 136,400 111,100 17,100 462,610 $ 1,633,500 (546,975) 1,086,525 $ 1,549,135 $ 89,645 31,575 4,400 125,620 380,000 505,620 490,000 591,215 4,300 (42,000) 1,043,515 $ 1,549,135 887e5e5f381fb0ef0ca2e3f847202d9a452cf576.docx Case 1: Financial Statement Case - Part 1 The purpose of this assignment is to review material covered in Acct:2100 and refresh your journal entry and financial statement skills as well as build your cash-flow skills. You may collaborate with colleagues; however, you are required to do your own work and your own case. Using the balance sheet at September 30, 2016 and information below: Prepare the Income Statement, Statement of Owners' Equity and the Balance Sheet for the fiscal year ending September 30, 2017. To support your work prepare the appropriate journal entries and post to the related Accounting Equation or \"Taccounts,\" template on the accompanying Excel Workbook Your work is to be done using Microsoft Office's EXCEL or an EXCEL compatible program. Submit to ICON by 11:59pm Thursday, September 21, 2017. The attached Balance Sheet gives your firm's position at the end of fiscal 2016. During fiscal 2017, your firm has the following transactions: A. Your firm has total sales for the year of $1,210,500. Included in the total sales figure are $1,010,500 sales on credit. During the year, the firm received $792,000 of payments on account. Customers returned $7,800 for cash refunds during the year. B. During the year, the firm determined that accounts totaling $2,900 were uncollectible. Moreover, a $375 receivable written off during the year was subsequently collected. The $375 is not included in \"A.\" above. C. Your firm uses the allowance method to record bad debts. Specifically, the firm uses the percentage of receivables method to compute the allowance for doubtful accounts. The firm uses the following information to determine the allowance: Age of Receivables 60 days Percent of current balance 70% 23% 7% Percent expected uncollectible 2% 10% 50% D. Your firm purchases $650,500 of additional inventory on account during the year. The purchases are charged to accounts payable. Total payments made on account for the year were $590,725. Inventory (prior to any LCM write-down's) at September 30, 2017 totaled $131,875. E. Your firm has an outstanding 4% note payable (in long-term debt). Interest is paid annually on September 30th. 1 /4 F. On October 1, 2016, the firm used $75,000 cash to purchase Abbee Company 5% bonds at face (par) value. The bonds pay interest semi-annually on April 1 st and October 1st. Your firm intends to hold the bonds as Available-for-Sale Securities. G. On October 1, 2016, the firm put a new roof on the administrative building. The cash cost of the new roof was $25,000 and is expected to add 6 years to the life of the building from the date of installation. The firm also repainted the exterior of the building. The cash cost of the painting, which the firm does every three years, was $12,000. H. On October 20, 2016, the firm sold trading securities with a book value of $8,400 for $9,800 in cash. I. Annual liability insurance premiums are payable on January 1 st of each year. The premium amount paid in January 2017 was $72,000. J. On March 1st, the firm purchased Sales Building 4 costing $450,000. Your firm paid thirty percent (30%) of the building's cost in cash and issued a 4% 5-year note payable for the balance. The note requires annual interest payments. The expected life of the facility is 20 years, with no salvage value. Your firm uses the straight-line method of depreciation. The book values (as of 9/30/2016) of other PP&E currently on the books (also with no salvage value) are as follows: Asset Land Sales Building 1 Sales Building 2 Sales Building 3 Administration Building Total Historical Cost $ 247,500 418,000 451,000 368,500 148,500 $1,633,500 Accumulated Depreciation $ 229,900 180,400 92,125 44,550 $ 546,975 Remaining Life 9 12 15 14 K. Administrative and Sales employee wages of $180,650 were earned and paid during fiscal 2017. In addition, during October 2016, the firm paid wages owed from the prior year. Unpaid wages for Fiscal 2017, which will be paid in October 2017, amount to $16,200. L. On September 30, 2017, the firm sold Sales Building 2 for $244,000. The firm received payment in cash. M. Also on September 30th, the firm determined that a piece of equipment in Sales Building 1 was outdated due to significant technology changes. The estimated future undiscounted cash flows over the useful life of the equipment is expected to be $20,000 and the fair value of the equipment is estimated to be $15,000. The book value of the equipment at September 30th (after adjusting for current year depreciation) is $29,300. 2 /4 N. On August 31, 2017, the ABBEE 4% bonds have a fair market value of $81,300. Trading Securities have a fair market value of $98,200. O. During September 2017, Your Firm paid $33,000 to acquire its own shares. These shares were correctly classified as Treasury Shares. P. In the closing process, the firm determines that a substantial lower of cost or market (LCM) write-down of inventory is required. The estimated loss is $5,250. Q. During August 2017, your firm's board of directors declared $44,000 of dividends. At September 30, 2017, the Dividend Payable account balance was $4,750. Additional information: 1. The firm uses the periodic inventory system. 2. Ignore income taxes CHECK FIGURES Net Income = $121,571 Total Assets = $1,967,106 3 /4 Your Firm Balance Sheet September 30, 2016 Assets Cash Accounts receivable $ 101,640 Allowance for doubtful accounts (6,160) Accounts receivable, net Inventories Trading securities Prepaid insurance Total Current Assets Property, Plant and Equipment, gross $ 1,633,500 Accumulated depreciation (546,975) Property, Plant and Equipment, net Total Assets Liabilities and Shareholders' Equity Accounts payable Salaries payable Dividends payable Total Current Liabilities Long-term note payable Total Liabilities Common stock, no par Retained Earnings Accumulated Other Comprehensive Income Treasury stock Total Shareholder's Equity Total Liabilities and Shareholder's Equity $ 102,530 95,480 136,400 111,100 17,100 462,610 1,086,525 $ 1,549,135 $ 89,645 31,575 4,400 125,620 380,000 505,620 490,000 591,215 4,300 (42,000) 1,043,515 $ 1,549,135 4 /4