Hi Sammir so sorry for the confusion! Here is the post for the rest of the work. Hope you will still be able to get it done by tonight. I am making it for $35 since I am already paying $15 for the first portion in the other question. But I will increase the tip to $15 if you are still able to get it done tonight, however, if that is impossible I can extend it to tomorrow by 8:00 for the original tip price of $10. Thank for your patience. Connie

AC312- Comprehensive Intermediate Accounting Project You are the owner of ERP Consultants and you have been asked to create financial statements for the below company (use your name in place of \"Your Name\" in the financials). You are provided with the below information from your client. This client does not have a formal accounting system in place and needs your help to create GAAP compliant statements based on the information they have maintained. A different consulting firm prepared their statements for last year. You have decided to accept this engagement which requires the completion of the below 1-7 items. This project should be completed using Excel (with formulas and linked data). The details are your Excel spreadsheet are located after the \"additional information\" below. The parameters of the project include: 1. Prepare journal entries, adjusting entries and closing entries for the below additional information...none of the journal entries have been journalized or posted to the ledger. 2. Prepare an Adjusted Trial Balance for 2014 3. Prepare an Income Statement for the year ended 2014. This statement should be flexibly designed (formulas in cells). This should be a multi-step income statement. To the right of your dollars in this statement, show common-sized percentages based on sales (vertical analysis). 4. Prepare a Statement of Retained Earnings for the year ended 2014. This statement should be flexibly designed. 5. Prepare a Balance Sheet dated Dec. 31, 2014. Have the Balance Sheets for 12/31/13 and 12/31/14 on the same Excel sheet labeled Balance Sheets. Again, a flexible design is required so any changes will automatically update the balance sheet. 6. Prepare a Post-Close Trial Balance dates Dec. 31, 2014. Make sure only permanent accounts are listed on your post-close trial balance. 7. Prepare a Statement of Cash Flows using the indirect method for the year ended 2014. The Statement of Cash Flows (operating section) should automatically change when assumptions are changed. The ending cash as shown on the statement of cash flows will then flow to the Balance Sheet. Your Name, Inc. Balance Sheet 12/31/2013 Current Assets Cash $17,000 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 $51,000 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 $266,000 Current Liabilities Accounts Payable Unearned Revenue Income Taxes Payable Total Current Liabilities 3,000 $15,000 Long-term Liabilities Bonds, 10%, due in 2018 $100,000 $9,000 3,000 Equity Common Stock $ 50,000 (100,000 authorized, 50,000 issued) Additional Pd.-in Capital 80,000 Retained Earnings 21,000 Total Equity $151,000 Total Liabilities & Equity $266,000 Additional Information (for all entries; please see the posted Excel spreadsheet with a few journal entries already provided): 1. Sales for 2014 are $310,000. All sales are on credit. 2. Gross Margin ratio is 35 percent 3. Accounts Receivable: i. $185,000 of the accounts receivable is paid by the end of the year (the remaining balance remains on the balance sheet). ii. $4,000 of A/R is written off during the year. iii. 5% of Accounts Receivable (after write-off and collections) is considered to be uncollectible (% of AR- Balance Sheet approach to bad debt recognition). 4. Inventory: i. Inventory purchases are $190,000, 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 4/1/14 for $25,000 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 $1,200. The FMV and cost of the other half of the securities are the same, so no adjustment to FMV is required. 8. Salaries are $2,200 per month (12 months of salaries expense must be booked). It is expected that one-half month will be owed on 12/31/14 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 9/30/14 by issuing a Note Payable. Interest is 7% per year. 10. The bonds are convertible and were sold at face value ($1000 face value) last December and pay interest on Dec. 31, 2014 (they are convertible into 5 shares of common stock for each bond). 11. 10,000 additional shares of stock were sold for $4 a share. 12. Insurance costing $18,000 was purchased on 5/1/14 (the same time in which the policy purchased in 2013 expired. The new policy was for 12 months). 13. On Dec. 31, 2014, ;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 2013 taxes, however the 2014 taxes will not be paid until the end of January 2015). 15. Dividends of $5,000 were paid during 2014. 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 2014): 1. Data Sheet: create a trial balance based on the beginning balances for 2013 (see the balance sheet above or the trial balance below). 2. Entries: Basic and Adjusting 3. Adjusted Trial Balance for 2014 (includes the posted amounts of all entries and adjusting entries) 4. Single-step Income Statement (don't forget EPS and diluted EPS) 5. Multi-step Income Statement (don't forget EPS and diluted EPS) and common sized (vertical analysis) 6. Retained Earnings Statement 7. Classified Balance Sheet 8. Closing Entries 9. Cash Flow Statement 10. Post-Close Trial Balance for 2014 The Post-Close Trial Balance for 2013 is provided below (based on the above balance sheet). This can be used as a starting point or you can use the above Balance Sheet; keep in mind all debits and credits ALWAYS equal AND Assets = Liabilities + Equity: Your Name, Inc. Post Close Trial Balance 31-Dec-13 DEBITS CREDITS Cash Marketable Securities Accounts Rec. Allowance for Bad Debt Inventory Prepaid Insurance Land Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable Unearned Revenue Interest Payable Income Taxes Payable Note Payable Bonds Common Stock Additional Pd-in-Capital Retained Earnings 17,000 2,000 14,000 2,000 15,000 5,000 30,000 150,000 45,000 100,000 20,000 9,000 3,000 3,000 333,000 100,000 50,000 80,000 21,000 333,000 Monica: You can link to these beginning balances - if you look at the trial balance tab, you will see the balances are linked. 2013 Ending Balances DEBITS CREDITS Cash Marketable Securities Accounts Rec. Allowance for Bad Debt Inventory Prepaid Insurance Land Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable Unearned Revenue Interest Payable Income Taxes Payable Note Payable Bonds Common Stock Additional Pd-in-Capital Retained Earnings 17,000 2,000 14,000 2,000 15,000 5,000 30,000 150,000 45,000 100,000 20,000 9,000 2,000 3,000 100,000 50,000 80,000 22,000 333,000 333,000 Debits Credits 1. 2. 3. i. Accounts Rec. Sales ??? Inventory Cash 310000 310000 ??? ??? ??? Accounts Rec. ??? 3.ii. Allowance for Bad Debts ??? 3.iii. ??? ??? 4.i. 4.ii. 5. 6. 7. 8. 9. 10. 11. Inventory ??? 4000 4000 ??? ??? 190000 190000 Accounts Payable Cash ??? Equipment Cash Depreciation Expense ??? ??? ??? ??? ??? ??? Depreciation Exp. - Build. ??? Accum. Deprec. Cash ??? 1200 Mkt. Securities ??? Salaries Expense Cash ??? Cash Note Payable Interest Expense Interest Pay. Bond Interest Expense Cash Cash 1000 ??? ??? ??? ??? 55000 55000 ??? ??? ??? ??? 40000 Common Stock Paid in Capital ??? ??? 12. Prepaid Insurance 18000 Cash 18000 Insurance Expense ??? Prepaid Insurance ??? 13. ??? ??? Cash 14. 15. 16. Income Taxes Payable ??? Cash Income Tax Expense ??? Income Taxes Payable ??? ??? Cash Unearned Revenue ??? Revenue ??? ??? ??? ??? ??? Monica: Monica: You can't calculate fromyear's income tax expense until This is this the 2013 balance sheet you calculate this year's pretax profit on the income and needs to be paid this year. stmt. Your Name, Inc. Post Close Trial Balance Your Name, Inc. Adjusted Trial Balance 2014 Entries and Adjustments 31-Dec-13 DEBITS CREDITS Cash Marketable Securities Accounts Rec. Allowance for Bad Debt Inventory Prepaid Insurance Land Building Accumulated Dep. - Building Equipment Accumulated Dep. - Equipment Accounts Payable Salaries Payable Unearned Revenue Interest Payable Income Taxes Payable Note Payable Bonds Common Stock Additional Pd-in-Capital Retained Earnings 17,000 2,000 14,000 Credits 31-Dec-14 DEBITS CREDITS 17,000 310,000 2,000 15,000 5,000 30,000 150,000 Monica: This is the first entry... see the credit for sales below. 100,000 20,000 9,000 2,000 3,000 100,000 50,000 80,000 22,000 333,000 Monica: Take a look at the formula Monica: These adjustments will be based on on the additional journal entries and adjusting entries from the previous sheet. 45,000 333,000 Monica: Additional Accounts: to add the You will have revenue and expenses Sales under the retained Debits Monica: This is an adjusted trial balance because you will have to add the revenue and expenses you had to book based on the additional information. Monica: This is the beginning balance in retained earnings...the new revenue and expenses have not been booked and/or closed to retained earnings yet. 310,000 earnings account. Monica: Every account on the journal and adjusting entry sheet needs to be on the adjusted trial balance. Therefore, if you used an account for an entry that is not listed in the accounts above, you must include it here, in the additional accounts section. This is the only way your adjusted trial balance will balance. Your Name, Inc. Statement of Cash Flow Include correct date Operating: Net Income Adjustments: Monica: You need to add back depreciation and analyze the working capital accounts (current assets and current liabilities); also, if there are any gains and losses, their effect must be removed from the operating section (please see cash flow videos and/or appendix B in your text) Investing: Financing: Plus Beg. Balance of Cash Ending Balance of Cash Monica: By adding the beginning balance of cash to the net change in cash, you will end with the ending balance of cash AND this should be the ending balance of cash you show on the balance sheet