I am incredibly confused what I am supposed to do here, I wasn't able to attach the excel file but I posted pictures of the format
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ooo Verizon 1:01 PM 1796 [ Working Trial Balance Working Trial Balance assignment.docx Working Trial Balance assignment Due March 9, 2018 10 Points OBJECTIVE: For students to gain experience in using a working trial balance to prepare financial statements. to record changes in account balances as recorded from a client, use reclassifying and adjusting journal entries to update balances, and use this information to prepare financial statements. INSTRUCTIONS Bob McAdoo, is applying for a line of credit at his local bank. Bob is a welder and runs his own company, McAdoo and Sons Welding LLC, as a sole proprietorship. He has never kept his books using a computerized accounting system and no matter how hard you try you cannot convince him to change his ways. As part of the requirement for the new loan, the bank is requiring financial statements from Bob's company. You have prepared Bob's business returns for the past five years. of 2015: Below is the Balance Sheet information as of the end Assets Liabilities & Equity Cash Accounts Receivable Property & Equipmen45,340 Note Bank of America 45,650 Accumulated Depreciation (152,300 Note SBA 45,780 Accounts Payable 124,600 Payroll Liabilities 23,540 3,500 156,700 Bob has provided you with a hand-written sheet of all of his cash receipts and disbursements out of the company account during the year. It also shows ending balances for receivables, payables, and al loans that the company has. This will be attached separately for this assignment Depreciation for the year was S56,300 Bob prepaid three months of rent at the end of the year and included t his amount in Rent' on the hand-written sheet. Bob's rent is $5,000 each month. Bob purchased a forklift for $75,000 from John Deere. The purchase was 100% financed by John Deere Bob's ending cash balance is $68,720. REQUIREMENTS: You will be required to complete financial statements including a Balance Sheet, Income Statement, and a Statement of Owners' Capital) using the Working Trial Balance form provided on Canvas. The journal entries tab (marked 'JEs') must also be completed to detail any necessary journal entries. Note: I am not concerned whether you consider a journal entry an adjusting or reclassifying entry, so do not worry too much about the distinction You may add or delete lines from the spreadsheets as necessary but your submitted work must be clean and everything must balance. The spreadsheet must be uploaded to Canvas before midnight on March 9, 2018. Late assignments will not be accepted. Dashboard Calendar To Do Notifications Inbox ..ooo Verizon 1:01 PM 1796 [ Working Trial Balance Working Trial Balance Project Info.pdf BoBs Weld Sales 5 72,3dD 260 CRA 4 2,350 150 n suance ISO the 6t. ( 4., 61,34 D 4,280 Balk of S9A- loa 03 o 80 5 12 S2, 300 haDee Z,350 OD 22,10 /4,930 Dashboard Calendar To Do Notifications Inbox ooo Verizon T 1:55 PM 1550662_72888281 WTB+Form.xlsx MCADOO&SONS WELDING WORKING TRIAL BALANCE FYE 12/31/16 Clients Recorded Transactions Cash Accounts receivable Property and equipment Accumulated depreciation Accounts payable 45,780 124,600 456,340 152,300 23,540 3,500 45,650 156,700 45,780 124,600 456,340 (208,600) 23,540 3,500 45,650 156,700 56,300 10 11EPayroll liabilities Note-BOA 13Note-SBA pre-paid rent 15 16 17 18 19 21 29 36 37 FS ..ooo Verizon 1:55 PM 1550662_72888281 WTB+Form.xlsx MCADOO & SONS WELDING OURNAL ENTRIES FYE 12/31/16 Accounts Debit Credit 16 18 37 WTB ..ooo Verizon 1:55 PM 1550662_72888281 WTB+Form.xlsx MCADOO & SONS WELDING BALANCE SHEET 12/31/16 MCADOO & SONS WELDING INCOME STATEMENT FYE 12/31/16 5ASSETS REVENUE EXPENSES: 10 TOTAL ASSETS 12 LIABILITIES 15 16 17 18 TOTAL LIABILITIES 19 2 EQUITY 24 TOTAL EQUITY 25 TOTAL LIAB/EQUITY 30 TOTAL EXPENSES NET INCOME 34 35 39 WTB JEs ooo Verizon 1:01 PM 1796 [ Working Trial Balance Working Trial Balance assignment.docx Working Trial Balance assignment Due March 9, 2018 10 Points OBJECTIVE: For students to gain experience in using a working trial balance to prepare financial statements. to record changes in account balances as recorded from a client, use reclassifying and adjusting journal entries to update balances, and use this information to prepare financial statements. INSTRUCTIONS Bob McAdoo, is applying for a line of credit at his local bank. Bob is a welder and runs his own company, McAdoo and Sons Welding LLC, as a sole proprietorship. He has never kept his books using a computerized accounting system and no matter how hard you try you cannot convince him to change his ways. As part of the requirement for the new loan, the bank is requiring financial statements from Bob's company. You have prepared Bob's business returns for the past five years. of 2015: Below is the Balance Sheet information as of the end Assets Liabilities & Equity Cash Accounts Receivable Property & Equipmen45,340 Note Bank of America 45,650 Accumulated Depreciation (152,300 Note SBA 45,780 Accounts Payable 124,600 Payroll Liabilities 23,540 3,500 156,700 Bob has provided you with a hand-written sheet of all of his cash receipts and disbursements out of the company account during the year. It also shows ending balances for receivables, payables, and al loans that the company has. This will be attached separately for this assignment Depreciation for the year was S56,300 Bob prepaid three months of rent at the end of the year and included t his amount in Rent' on the hand-written sheet. Bob's rent is $5,000 each month. Bob purchased a forklift for $75,000 from John Deere. The purchase was 100% financed by John Deere Bob's ending cash balance is $68,720. REQUIREMENTS: You will be required to complete financial statements including a Balance Sheet, Income Statement, and a Statement of Owners' Capital) using the Working Trial Balance form provided on Canvas. The journal entries tab (marked 'JEs') must also be completed to detail any necessary journal entries. Note: I am not concerned whether you consider a journal entry an adjusting or reclassifying entry, so do not worry too much about the distinction You may add or delete lines from the spreadsheets as necessary but your submitted work must be clean and everything must balance. The spreadsheet must be uploaded to Canvas before midnight on March 9, 2018. Late assignments will not be accepted. Dashboard Calendar To Do Notifications Inbox ..ooo Verizon 1:01 PM 1796 [ Working Trial Balance Working Trial Balance Project Info.pdf BoBs Weld Sales 5 72,3dD 260 CRA 4 2,350 150 n suance ISO the 6t. ( 4., 61,34 D 4,280 Balk of S9A- loa 03 o 80 5 12 S2, 300 haDee Z,350 OD 22,10 /4,930 Dashboard Calendar To Do Notifications Inbox ooo Verizon T 1:55 PM 1550662_72888281 WTB+Form.xlsx MCADOO&SONS WELDING WORKING TRIAL BALANCE FYE 12/31/16 Clients Recorded Transactions Cash Accounts receivable Property and equipment Accumulated depreciation Accounts payable 45,780 124,600 456,340 152,300 23,540 3,500 45,650 156,700 45,780 124,600 456,340 (208,600) 23,540 3,500 45,650 156,700 56,300 10 11EPayroll liabilities Note-BOA 13Note-SBA pre-paid rent 15 16 17 18 19 21 29 36 37 FS ..ooo Verizon 1:55 PM 1550662_72888281 WTB+Form.xlsx MCADOO & SONS WELDING OURNAL ENTRIES FYE 12/31/16 Accounts Debit Credit 16 18 37 WTB ..ooo Verizon 1:55 PM 1550662_72888281 WTB+Form.xlsx MCADOO & SONS WELDING BALANCE SHEET 12/31/16 MCADOO & SONS WELDING INCOME STATEMENT FYE 12/31/16 5ASSETS REVENUE EXPENSES: 10 TOTAL ASSETS 12 LIABILITIES 15 16 17 18 TOTAL LIABILITIES 19 2 EQUITY 24 TOTAL EQUITY 25 TOTAL LIAB/EQUITY 30 TOTAL EXPENSES NET INCOME 34 35 39 WTB JEs
