Hello Sir,

Guide me to create financial statements and balance sheet.

Assignment #1 .docx - Microsoft Word X Home Insert Page Layout References Mailings Review View do Cut Calibri (Body) AaBbCcDd AaBbCcDd AaBbCc AaBbCci Aa Bl AaBbCCE AaBbCcDd AaBbCcDd AaBbCcDa AaBbCcDc AaBbCcDd AA Find - Copy Bac Replace Paste Format Painter B I U - abe x x Aa- azz . A B = = 1 2. 1 Normal 1 No Spacing Heading 1 Heading 2 Title Subtitle Subtle Emp... Emphasis Intense Em... Strong Quote Change Styles Select - Clipboard Font Paragraph Styles Editing Assignment #1 - 7.5% of your Final Grade Question #1 - (30 marks) The last few years the owners (Strider & Candace Wheeler) have not been the best at keeping accurate financial Submission Requirements statements, their accountant is as old as they are. The entire assignment must be submitted in the Assignments section on Blackboard as ONE document. From their disastrous financial records you have gathered the information in the Chart of Accounts below. o Emailed assignments will not be accepted. . Late assignments will not be accepted Create the Income Statement and Balance Sheet for both 2018 & 2019. PDF's will not be accepted. . Use the templates provided for how theyshould look. Solutions must be in MS Word. Handwritten work will not be accepted. Ensure you include all the accounts (do not just put totals). Example, there should be no Net Fixed Assets etc. All financial statements must be in chart form (in Word). Images (jpeg, gif etc. will not be accepted. Do not create a Statement of Changes of Equity. It is not needed for this assignment. Company's tax rate is 35%. Also note that the Retained Earnings are beginning balances, as of January 1" each year. You will have to calculate Scenario their ending balances. You have just been hired as the Marketing Manager for a midsized bicycle and biking apparel company. The owners Strider & Candace Wheeler would like to develop a plan to expand into the growing electric bike market, Chart of Accounts BikesAreBetter Inc particularly within urban markets like Toronto. 31-Dec-18 You have been hired by the children to: Balance 31-Dec-19 Balance 1. Review the current finances of the company. Account Debit Credit Debi Credit 2. Analyze how the company has performed over the past few years. 3. Prepare a cash budget for the new organic line of business. Cash Accounts Receivable $ 1,250,000 Determine if the new line makes any financial sense. $ 1,021,250 Office Supplies S 950,000 1,757,438 75,000 5 78,750 To address this scenario, and to prepare you for your future as a senior member of the team, you will perform the Manufacturing Equipment $ 1,750,000 $ 4,500,000 Inventory 4,500,00 $ 1,925,000 following actions. For this assignment 1 you are to perform Actions 1-3 Acc. Depreciation Equipment Accounts Payable $ 3,150,000 $ 3,600,000 925,000 Interest Payable 93,750 $ 1,040,625 $ 75,000 Action(s) Relevant Resources / Assignment Income Taxes Payable 387,188 $ 366,713 Chapters Long-term Notes P $ 1,250,000 Common Stock $ 1,500,000 $ 1,000,000 $ 1,500,000 1. Review the Company's accounts. Week 2 PPT & Handouts Retained Earnings @ Jan 1st S 575,000 $ 1,219,063 . Create 3 key financial statements. PPT & Handouts Assignment #1 Strider & Cadence Wheeler, Withdrawals | $ 75,000 75,00 Analyze the Company's performance. Chapter 2 & 3 Dividends Paid 125,000 Bike & Accessory Sales $ 10,750,000 $ 11,287,500 Evaluate receivable & payment Terms Chapter 20 Advertising 330,000 363,000 5 . Cost of Goods Sold 6,689,500 7,191,213 6 . Review cash & operating cycles. Chapter 1 Create a basic cash budget for the Chapter 18 Depreciation Expense Equipment 450,000 450,000 expansion. Assignment #2 Income Tax Expense 387,188 366,713 Identify any borrowing / financing Chapter 18 Insurance Interest Expense S 65,000 66,625 requirements. 93,750 75,000 Chapters 5, 6 & 9 IT Network Expense 45,000 47,25 Determine the viability of the expansion 75,000 82,500 through a # of methods. Maintenance & Repair Expense Assignment #3 Rent 205,000 . Report your findings to the CEO 200,000 Salaries 1,125,000 Sales Salaries & Commissions Utilities 425,50 1,153,125 457,412 145,000 148,625 Total $ 18,630,938 $ 18,630,938 $ 20,088,900 $ 20,088,900 Page: 1 of 3 Words: 804 English (Canada) 1 63% + O Search the web and your PC moreO O A DX ENG 4:36 PM 2020-02-01