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FINANCIAL ACCOUNTING 1ST GROUP ASSIGNMENT Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio Ethan Thompson Interiors is a leading manufacturer and retailer of home furnishings in the United Sates. At December 31, 2015, the accounting records reflected the following: Cash and cash equivalents Investments (short-term) Accounts receivable Inventory Notes receivable(short-term) Prepaid Expenses Equipment(computers, vans) Building Land Intangibles $27,000 3,000 3,000 20,000 1,000 5,000 45,000 50,000 40,000 5,000 Accounts payable Accrued liabilities payable Notes payable (short-term) Long-term notes payable Common stock(.75 par) Additional paid-in capital Retained earnings $15,000 4,000 7,000 47,000 15,000 80,000 31,000 During the year 2016, the company had the following summarized activities: 1. Sold short-term investments for $2,000 cash (original cost was also $2,000). 2. Lent $5,000 to an employee who signed a five month note. 3. Purchased land with a small warehouse by paying $20,000 cash and signing a 10-year note payable to the local bank for $80,000. The land has a value of $28,000 and the building's value is $72,000. 4. Hired a new CFO who will start in January 2017. The contract was for $95,000 per year plus options to purchase company stock at a set price based on company performance. 5. Received $15,000 cash and a large delivery van with a value of $36,000 from a shareholder, who was given 4,000 shares of $0.75 par value common stock in exchange. 6. Borrowed $25,000 cash from a local bank, payable in three months. 7. Purchased a copyright for $5,000 cash. 8. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. 9. Purchased a new computer from Dell for $4,500 to be paid to vendor within 30 days. 10. Paid $1,000 on one of the Short-term note payables to the bank at the end of year 2016 (ignore interest). 11. Ordered $10,000 of wood and other materials to make furniture, to be received in January 2017. 12. Declared and paid dividends for $2,000. 13. Sold land that had a cost of $5,000 for cash. 14. Several investors sold their own stock on the stock exchange for $100. 15. Paid for January 2017 Insurance in December 2016. - $3,500. Required: All spreadsheets must be completed in excel in one workbook. I would recommend using a worksheet for each requirement. Also, linking the information would be helpful. Keep in mind that the project will be printed out and handed in during class. In addition, it needs to be uploaded into blackboard. One upload per group is required. 1. Record a journal entry for each event during the year. Some transactions may not require an entry. Use good format for developing the General Journal(see book) 2. Create T-accounts for each of the accounts on the balance sheet and enter the beginning balances for 2016. 3. Post each of the events for 2016 in T-accounts (including referencing) and determine the ending balances. 4. Prepare a trial balance at December 31, 2016 in good format. 5. Prepare a classified balance sheet at December 31, 2016 in good format. 6. Compute the current ratio for 2016. Compare it to another public company in the same industry. What does this suggest about Ethan Thompson