help me in this please. I have attached the file. Help me in this accounting problem. I beleive u ahv already worked on this in past with becca2 student

AC312 - Project #4 This project should be completed using Excel (with formulas and linked data). Below are the deliverables: 1. Prepare a Multi-Step Income Statement for the year ended 2016. This statement should be flexibly designed (formulas in cells). To the right of your dollars in this statement, show common-sized percentages based on sales (vertical analysis). 2. Show journal entries, adjusting entries and closing entries for the below additional information... none of the journal entries for 2016 have been posted to the ledger. 3. Prepare a Statement of Retained Earnings for the year ended 2016. This statement should be flexibly designed. 4. Prepare a Classified Balance Sheet dated Dec. 31, 2016. Again, a flexible design is required so any changes will automatically update the balance sheet. 5. Prepare a Statement of Cash Flows using the indirect method for the year ended 2016. The Statement of Cash Flows (operating section) should automatically change when assumptions are changed. Your Name, Inc. Balance Sheet 12/31/2015 Current Assets Cash $18,000 Marketable Securities (Short-term) 2,000 Accounts Receivable 14,000 Allowance for Bad Debt (2,000) Inventory 15,000 Prepaid Insurance 5,000 Total Current Assets $52,000 Property, Plant, and Equipment Land Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Total PPE Total Assets $30,000 150,000 (45,000) 100,000 (20,000) $215,000 $267,000 Current Liabilities Accounts Payable Unearned Revenue Income Taxes Payable Total Current Liabilities 3,000 $15,000 Long-term Liabilities Bonds, 10%, due in 2020 $100,000 $9,000 3,000 Equity Common Stock $ 50,000 (100,000 authorized, 50,000 issued) cont. Additional Pd.-in Capital Retained Earnings Total Equity Total Liabilities & Equity 80,000 not given (must be calc.) $152,000 $267,000 Additional Information (for all entries): 1. Sales for 2016 are $250,000. All sales are on credit. 2. Gross Margin/Profit ratio is 40 percent 3. Accounts Receivable: i. $180,000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet). ii. $3,000 of A/R is written off during the year. iii. 5% of Accounts Receivable (after write-off and collections) is considered to be uncollectible. 4. Inventory: i. Inventory purchases is $175,000, all on credit. ii. All accounts payable is from inventory purchases; all but $12,000 of inventory purchased is paid by the end of the year. 5. Additional equipment is purchased on 4/1/16 for $20,000 cash. All equipment when new, including the new purchase, has/had a five year life, no salvage value, and is depreciated using the straight-line method. 6. The building depreciates at $5,000 per year. 7. Half of the marketable securities were sold for $1,300. The FMV of the other half of the securities is also $1,300 and an adjustment to FMV is required. 8. Salaries are $2,100 per month (12 months of salaries expense must be booked). It is expected that onehalf month will be owed on 12/31/16 because of when payday falls (therefore, 11.5 months of salaries have been paid and month is still owed to the employees at year end). 9. $60,000 in cash is borrowed on 10/31/16 by issuing a Note Payable. Interest is 8% per year. 10. The bonds were sold at face value last December and pay interest on Dec. 31, 2016. 11. 10,000 additional shares of stock were sold for $4 a share. 12. Insurance costing $20,000 was purchased on 7/1/16 (the same time in which the policy purchased in 2015 expired. The new policy was for 12 months). 13. On Dec. 31, 1000 shares of stock are repurchased from the market at $2.80/share (treasury stock). 14. The tax rate is 30 percent. Income taxes for the current year are due and therefore paid during the first two months of the next year (you will have complete an entry to pay the 2015 taxes, however the 2016 taxes will not be paid until the end of January 2017). 15. Dividends of $4,000 were paid during 2016. 16. The unearned revenue has been earned during the year (classified as other revenue on the multi-step income stmt.). Required Labeled Sheets (all statements should be for 2016): 1. 2. 3. 4. 5. 6. 7. 8. Data Sheet Entries: Basic and Adjusting (you do not have to separate these entries) Adjusted Trial Balance for 2016 (includes the posted amounts of all entries and adjusting entries) Multi-step Income Statement Retained Earnings Statement Classified Balance Sheet Cash Flow Statement (using the indirect method) Post-Close Trial Balance for 2016 (include closing entries above the post close trial balance) JOURNAL ENTRIES number Account 1 Accounts receivable Sales DR CR 25000 250000 2 Cash Bad debts Provision for bad debts Accounts receivable 180000 3000 12500 3 Purchases Cash 175000 195500 175000 4 Accounts payable Cash 12000 5 Equipment Cash 20000 12000 20000 6 accumulated depreciation Equipment 4000 7 Cash Marketable securities 1300 8 Marketable securities Unrealized gain on marketable securities 9 Salaries Accrued salaries 4000 1300 300 300 1050 1050 10 Cash Notes payable 60000 11 Bond interest Cash 10000 12 Cash Common Stock 40000 13 Insurance Cash 20000 60000 4800 40000 20000 14 Common stock Cash 2800 15 Dividents Cash 4000 2800 4000 Cash Account item Balance b/d Accounts receivable Accounts payable Equipment Marketable securities Notes payable Loan interest Common stock Insurance Common stock Dividends Balance b/d Total dr Accounts receivables Balance dr cr 235700 cr 18000 180000 item Balance b/d sales Cash Bad debts Provision for bad debts Balance b/d Total 12000 20000 1300 60000 4800 Balance dr cr 68500 cr 14000 250000 180000 3000 12500 68500 264000 264000 40000 20000 2800 4000 235700 299300 299300 accounts payable item purchases Cash Balance b/d Total common stock item Bal b/d Cash Cash Bal b/d total dr dr Balance dr cr 50000 40000 2800 87200 90000 90000 cr 87200 dr Balance dr cr 175000 12000 163000 175000 175000 cr 163000 item DR CR Accounts Receivable 68500 Accounts payable 163000 Sales 250000 Bad debts 3000 Bad debts allowance(2000+12500) 14500 Purchases 175000 Equipment 20000 Cash 235700 Depreciation-equipment 4000 Depreciation-building 5000 Marketable securities(1300-300+2000) 3000 Accrued salaries 1050 Bond interest 10000 Salaries 1050 Notes payable 60000 Common stock 87200 Insurance 20000 Unearned revenue 300 Dividends paid 4000 549250 575750 INCOME STATEMENT Profit margin= Gross profit/sales Gross profit= Gross profit Less expenses depreciation equipment Dep-building Insurance salaries(25200-1050) Dividends Income tax Bond interest Total expenses Net income 100000 100000 4000 5000 20000 24150 4000 3000 10000 70150 29850 RETAINED EARNINGS STATEMENT Equity Common stock Addition pd in capital Retained earnings Total equity 50000 80000 22000 152000 Balance sheet Current assets Cash Accounts receivable Allowance for bad debts Inventory(175000+15000) Marketable securities Total current assets Fixed assets Building acc dep Equipment Acc dep 235700 68500 -14500 190000 3000 482700 150000 -50000 100000 120000 -24000 Total 96000 196000 Total assets 678700 Current liabilities Accounts payable Unearned revenue Total 163000 300 163300 Long term liabilities Notes payable additional capital bonds payable Equity Common stock Net income Total equity and liabilities 60000 80000 100000 87200 29850 520350 CASH FLOW STATEMENT Net income add depreciation Operating activities Increase in acc payables(163000-9000) Increase in acc receivables(68500-14000) Increase in innventory net casshflow from operating activities Investing activities Purchase of equipment Financing activities Bond payment Proceeds from issue of shares net casshflow from financing activities Net increase in cash and cash equivalents 29850 9000 38850 154000 -54500 -175000 -75500 20000 100000 37200 137200 120550