I have a project to develop a flexible financial statement package, and am struggling with my post-close trial balance. Can you help me figure out what I am doing wrong?

AC645 - AIS - Controls and Forensics

Project #1- Articulation of Statements

The ledger of Articulation Systems Inc. showed the following balances after adjustment, but before closing, on December 31, 2020, the end of the current year (all accounts have normal balances):

Insurance expense

10100

Sales returns and allowances

22400

Bad debt expense

6100

Accounts payable

81000

Accounts receivable

108590

Allowance for doubtful accounts

8500

Accumulated depreciation - equipment

27740

Depreciation expense

1200

Interest revenue

2200

Cash

80970

Common stock (10,000 shares outstanding)

100000

Cost of goods sold

598550

Dividends declared

18000

Equipment

139450

General expenses

114250

Dividends payable

2000

Sales discounts

23000

Interest expense

5600

Paid-in capital in excess of par

110000

Marketable Securities

12000

Merchandise inventory

154250

Prepaid insurance

11225

Salaries expense

42100

Retained earnings

?

Dividend Revenue

10000

Salaries Payable

12350

Sales

984000

Selling expenses

139210

The president of Articulation Systems Inc., has asked you to develop a flexible financial statement package (call the file yournameFinState20), using Excel that includes:

a data entry sheet

an adjusted trial balance,

a single-step income statement,

a multi-step income statement,

a statement of retained earnings,

a classified balance sheet, and

a post-close trial balance

Additional Instructions:

You can ignore taxes in this project - this is an academic exercise is this regard.

Each statement must be on one sheet in the file and this file should allow the financial statements to be prepared quickly by entering account balances in the appropriate cells on the first sheet of the file (book) - data entry sheet.

Include percentages in the Multi-step Income Statement (vertical analysis) i.e. gross profit percentage, % of selling expenses to sales, etc.

Your file must contain documentation with comments (Excel function).

The selling expenses and general expense categories above are a combination of numerous accounts not needed to be listed separately (they are mainly composed of senior executives' salaries and other compensation items).If you do not know if an account is selling or general/admin. then split the dollar amount 50/50 between the 2 categories.This only matters in the preparation of the multi-step income statement.

Use the financial information above as input for your statements.Only formulas/cell references should appear on all sheets except your data entry sheet (except titles and dates; center dates and titles at the top of each sheet; do not use headers).

Arriving at the correct solution using appropriate formulas and the correct format for financial statements will allow you to keep your current position (with a score of 80).The presentation of the financials (i.e. underlining, bold, font, commas, color etc.) will potentially enable you to secure a promotion (an additional 20 points).Good Luck.

Basic Grading Rubric:

Data entry sheet

5

Adjusted trial balance

10

Single-step income statement

5

Multi-step income statement

10

Statement of Retained Earnings

10

Classified balance sheet

10

Post-close trial balance

10

Flexibly linked sheets - formulas, no hardcoding except for titles and account names

20

Professionally presented/comments

20

Deliverables:

1 spreadsheet file submitted to the submit link in the Project folder under the Assignment's section of the classroom