hi, ive been having trouble with my income statement and retained earnings for my accounting cycle project. i uploaded mu journal and adjusting entry so far, so if you could help me on where i went wrong.

Welcome to Hampton! My name is Julio Antoni, your supervisor. We believe the best way for you to get

familiar with what you are going to be doing here is to throw you right in, so we are asking you to start

working on the books for us right away.

For this project you will complete Hamptons entire accounting cycle. You will be required to record

entries in a journal, post to a ledger, complete a trial balance, and prepare financial statements.

Transactions will include day to day operations, adjusting entries, dividends and closing entries. All of

the work will be completed in the provided Excel workbook (make sure you save the file on to your

computer!)

Company Information

Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The

company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides

accounting services and sells accounting software.

To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued

shares were sold at $10 per share. A building and furnishings were purchased at the start of the year.

The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will

be recorded annually. The estimated useful life of the building is 20 years with a residual value of

$10,000. The company uses the Straight line method to depreciate the building. The estimated useful

life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining

Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a

cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company

uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit

revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on

the 16

th

for the first half of the month and on the 2

nd

of the following month for the last half of the

month. Ignore income tax calculations.

AMPTON ACCOUNTING SE NOTE: Do not proceed until this page has no errors. Errors will be carried through the rest of the assignment, so you will receive a poor score. Hint: It will be much easier to post these to the Ledger if you use the "Filter" function - below is a link to a video showing how to use filters in case you are un-familiar with it. Excel 2013: Filtering Data HAMPTON ACCOUNTING SE Income Statement For the Year Ending December 31, 2022 HAMPTON ACCOUNTING SE Statement of Retained Earnings For the Year Ending December 31, 2022 AMPTON ACCOUNTING SE NOTE: Do not proceed until this page has no errors. Errors will be carried through the rest of the assignment, so you will receive a poor score. Hint: It will be much easier to post these to the Ledger if you use the "Filter" function - below is a link to a video showing how to use filters in case you are un-familiar with it. Excel 2013: Filtering Data HAMPTON ACCOUNTING SE Income Statement For the Year Ending December 31, 2022 HAMPTON ACCOUNTING SE Statement of Retained Earnings For the Year Ending December 31, 2022