Hey I need immediate assistance. One of the tutor made this for me. But i guess this is not right. Please can u check on it and edit it as per requirement asap. I need immediate assitance.. Need to get it done in 3 hours from now.

I m attaching question in word file and the answer in excel.

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 250000 250000 Cost of Goods Sold Inventory 150000 2 Cash Account Receivable 180000 150000 180000 Provision for Bad Debts Account Receivable 3000 Bad Debt Expense Provision for Bad Debts 4050 3000 4050 3 Inventory Accounts Payable 175000 4 Accounts payable Cash 12000 5 Equipment Cash 20000 Depreciation Expense Accumulated depreciation on equipment 175000 12000 20000 24000 24000 6 Depreciation Expense Accumulated Depreciation on Building 5000 7 Cash Gain on marketable securities Marketable securities 1300 Marketable securities Unrealized gain on marketable securities 5000 300 1000 300 300 8 Salary Expense Cash Salary payable 25200 9 Cash Notes payable 60000 Interest Expense Interest payable 24150 1050 60000 800 800 10 Bond interest Cash 10000 11 Cash Common Stock 40000 12 Prepaid insurance Insurance Expense Cash 5000 15000 10000 40000 20000 13 Common stock Cash 2800 14 Income tax payable Cash 3000 Tax @ 30% Income tax payable 5775 2800 3000 5775 15 Dividends Cash 4000 16 Unearned Revenue Other Revenue 3000 4000 3000 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 Accounts Receivable Accounts payable Sales Bad debts Bad debts allowance Inventory Equipment Land Building Prepaid insurance Cash Depreciation-equipment Depreciation-building Marketable securities Cost of goods sold Gain on marketable security Accumulated Dep. For equipment Accumulated Dep. For Building Salary payable Bond interest Salaries Expense Interest expense Interest payable Notes payable Bonds Payable Common stock Insurance Income Tax payable Income Tax Other Revenue Dividends paid Addition paid in capital Retained Earnings Unrealized Gain Total DR CR 81000 172000 250000 4050 3050 40000 120000 30000 150000 10000 203350 24000 5000 1300 150000 300 44000 50000 1050 10000 25200 800 800 60000 100000 87200 15000 5775 5775 3000 4000 879475 80000 22000 300 879475 INCOME STATEMENT Profit margin= Gross profit/sales Gross profit= Gross profit Less expenses depreciation equipment Dep-building Insurance Bad Debt Expense salary Expense Interest Expense Bond interest Total expenses Other Revenue Gain on marketable Income before Tax Tax @ 30% Income after tax Dividends Retained Earnings 100000 100000 24000 5000 15000 4050 25200 800 10000 84050 3000 300 19250 5775 13475 4000 9475 RETAINED EARNINGS STATEMENT Equity Common stock Addition pd in capital Retained earnings Total equity 87200 80000 31475 198675 Balance sheet Current assets Cash Accounts receivable Allowance for bad debts Inventory Prepaid Insurance Marketable securities Total current assets Fixed assets Land Building acc dep 203350 81000 -3050 40000 10000 1300 332600 Total 30000 150000 -50000 100000 120000 -44000 76000 206000 Total assets 538600 Current liabilities Accounts payable Unrealized gain Interest payable Salary payable Income tax payable Total 172000 300 800 1050 5775 179925 Long term liabilities Notes payable bonds payable 60000 100000 Equity Common stock additional capital Retained Earnings Total Equity 87200 80000 31475 198675 Total equity and liabilities 538600 Equipment Acc dep CASH FLOW STATEMENT Net income Bad Debt Expense add depreciation Operating activities Increase in acc payables(172000-9000) Increase in acc receivables(81000-14000) Decrease in earned revenue Decrease in marketable security Increase in prepaid insurance Provision for bad debts Increase in inventory Increase in salary payable Increase in interest payable Increase in income tax payable net casshflow from operating activities Investing activities Purchase of equipment Financing activities Dividend paid Increase in notes payable Proceeds from issue of shares net casshflow from financing activities Net increase in cash and cash equivalents Cash flow in the beginning Cash flow at the end of 2016 13,475.00 4,050.00 29,000.00 46,525.00 163,000.00 67,000.00 2,700.00 700.00 5,000.00 3,000.00 25,000.00 1,050.00 800.00 2,775.00 65,625.00 20,000.00 20,000.00 4,000.00 60,000.00 37,200.00 93,200.00 185,350.00 18,000.00 203,350.00