I need this 1 assignments done for accounting class. Please complete the following and submit on time.

Assignment 1 As a staff accountant at ABC Tax & Accounting Service, you have a number of clients who need a variety of services from you. Some will contract with you to do their payroll only, some will ask that you perform the full accounting cycle for them from journal entries to financial statements to closing entries and preparation of the tax returns and payroll reports. One of your clients is Marabelle Hernandez, owner of Marabelle's Craft 'n Shop. As the accounting period comes to an end, you will prepare the adjusting and closing entries, as well as prepare the financial statements and for Marabelle's Craft 'n Shop. Please download and use the template below to complete your work. Module 03 Course Project Assignment Template 1. Your order of completion should be: Complete the adjusting journal entries. 2. Enter the adjusting journal entry amounts in the worksheet "Adjusting Entries" columns. Solve for the balance changes and enter new account balances in the "Adjusted Trial Balance" columns. 3. Transfer income statement account balances to the "Income Statement" debit and credit columns, and transfer balance sheet account balances to the "Balance Sheet" debit and credit columns. 4. Enter formulas to show total debits and credits of all worksheet columns. In the Debit side of the Income Statement columns and the Credit side of the balance sheet columns, enter the net income figure and find balance in debits and credits for these two worksheet items. 5. Journalize the closing entries. Recall, we close Revenue, Expense, and Drawing accounts. Use the Income Summary account to close revenue and expenses to, and the capital account to close the drawing account to, as Marabelle is a proprietor and not a corporation so there is no retained earnings account to be used. 6. Complete the Income Statement. 7. Complete the Balance Sheet. Remember, Marabelle's capital account balance will have changed from the worksheet balance to include the net income and the drawing balance. 8. Complete the Statement of Cash Flows. Use the "2015 PCTB" tab for end of last year's account balances to compare to end of the current year's balances for your operating section information. 9. 10. On Ratio Analysis tab in the template, show a basic analysis of the information found in the statements. This should include, at minimum, the following ratios: Current Ratio Inventory Turnover Debt Ratio Gross Profit Percentage Profit Margin For each ratio, include what the benchmark is for that ratio for a company in the craft store market. In a separate Word document, address the following questions related to the income statement, balance sheet, statement of cash flows, and ratio analysis. Answer the following questions pertaining to the income statement: What are the different formats available for presenting the income statement? Which format is being used in the income statement presentation on the Income Statement tab? How can you tell? Why is this format important for this type of business? What elements does it show that are important for decision making? 11 Answer the following questions pertaining to the balance sheet. What are the different formats available for presenting the balance sheet? Which format is being used in the balance sheet presentation on the Balance Sheet tab? How can you tell? Why is this format important for this type of business? What elements does it show that are important for decision making? 12 Answer the following questions pertaining to the statement of cash flows: What are the different formats available for presenting the statement of cash flows? Which format is being used in the statement of cash flow presentation on the Statement of Cash Flows tab? How can you tell? Why is this format important for this type of business? What elements does it show that are important for decision making? 13 Lastly, answer the following questions pertaining to the results on the Ratio Analysis tab: What is the benchmark for each ratio? Why is it important to use benchmarks or historical numbers for comparison? Are Marabelle's ratios falling within appropriate range? Explain. *No action required on this tab. Informational only for preparing the Statement of Cash Flows. Marabelle's Craft 'n Shop Post Closing Trial Balance For the period ended December 31, 2015 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Accounts Payable Salaries Payable Interest Payable Note Payable (due 2020) Marabelle, Capital DR 64,900 179,200 186,980 4,220 1,880 50,000 CR 7,500 52,000 7,860 168,600 707,780 41,040 65,000 7,500 4,500 40,200 534,180 707,780 Marabelle's Craft 'n Shop End of Period Worksheet For the period ending 12/31/2016 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Accounts Payable Salaries Payable Interest Payable Note Payable (due 2020) Marabelle, Capital Marabelle, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Service Salaries Expense Office Salaries Expense Advertising Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Depreciation Expense-Shop Equipment Miscellaneous Selling Expense Rent Expense Insurance Expense Interest Expense Office Supplies Expense Miscellaneous Administrative Expense Unadjusted Trial Balance (12-31-16) DR CR 184,500 145,200 210,000 6,720 4,080 60,000 6,000 40,000 9,360 185,600 41,040 68,720 55,200 534,180 42,000 1,468,000 900,000 207,840 100,980 52,560 1,920 37,620 1,560 1,920 2,182,500 2,182,500 Adjusting Entries DR CR Adjusted Trial Balance DR CR Income Statement DR CR Balance Sheet DR CR Marabelle's Craft 'n Shop Income Statement For the Period Ended December 31, 2016 Sales Cost of Merchandise Sold Gross Profit Selling Expenses: Sales Salaries Expense Service Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Depreciation Expense-Shop Equipment Miscellaneous Selling Expense Administrative Expenses: Office Salaries Expense Depreciation Expense-Office Equipment Rent Expense Insurance Expense Office Supplies Expense Miscellaneous Administrative Expense Income from Operations Other Expense: Interest Expense Net Income Marabelle's Craft 'n Shop Balance Sheet December 31, 2016 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Total Current Assets Property, Plant, & Equipment: Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Total PP & E Total Assets Liabilities and Owner's Equity Current Liabilities: Accounts Payable Salaries Payable Interest Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Owner's Equity Marabelle, Capital* Total Liabilities and Owner's Equity *Remember, Marabelle's capital account balance will include the increase for net income, the decrease for drawings from this year. Marabelle's Craft n' Shop Statement of Cash Flows For the Period Ended December 31, 2016 Cash Flows from Operating Activities Net Income Depreciation Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Office Supplies Increase in Prepaid Insurance Increase in Accounts Payable Decrease in Interest Payable Increase in Salaries Payable Total adjustments Net Cash Flows Provided from Operating Activities Cash Flows from Investing Activities Shop Equipment Purchased Net Cash Flows Used by Investing Activities Cash Flows from Financing Activities Cash Paid for Owner Draw Cash received for Note Payable proceeds Net Cash Flow Used by Financing Activities Net change in cash Cash, beginning Cash, ending Marabelle's Craft 'n Shop Ratio Analysis Fiscal Year 2016 Prepared by: _______________________ Formula: Appropriate Ratio Range Marabelle's or 2016 Results Benchmark Current Ratio Current Assets/Current Liabilities Inventory Turnover Cost of Goods Sold/ Average Inventory Debt Ratio Total Liabilities/Total Assets Gross Profit PercentageGross Profit/Sales Profit Margin Net Income/Sales Assignment 1 As a staff accountant at ABC Tax & Accounting Service, you have a number of clients who need a variety of services from you. Some will contract with you to do their payroll only, some will ask that you perform the full accounting cycle for them from journal entries to financial statements to closing entries and preparation of the tax returns and payroll reports. One of your clients is Marabelle Hernandez, owner of Marabelle's Craft 'n Shop. As the accounting period comes to an end, you will prepare the adjusting and closing entries, as well as prepare the financial statements and for Marabelle's Craft 'n Shop. Please download and use the template below to complete your work. Module 03 Course Project Assignment Template 1. Your order of completion should be: Complete the adjusting journal entries. 2. Enter the adjusting journal entry amounts in the worksheet "Adjusting Entries" columns. Solve for the balance changes and enter new account balances in the "Adjusted Trial Balance" columns. 3. Transfer income statement account balances to the "Income Statement" debit and credit columns, and transfer balance sheet account balances to the "Balance Sheet" debit and credit columns. 4. Enter formulas to show total debits and credits of all worksheet columns. In the Debit side of the Income Statement columns and the Credit side of the balance sheet columns, enter the net income figure and find balance in debits and credits for these two worksheet items. 5. Journalize the closing entries. Recall, we close Revenue, Expense, and Drawing accounts. Use the Income Summary account to close revenue and expenses to, and the capital account to close the drawing account to, as Marabelle is a proprietor and not a corporation so there is no retained earnings account to be used. 6. Complete the Income Statement. 7. Complete the Balance Sheet. Remember, Marabelle's capital account balance will have changed from the worksheet balance to include the net income and the drawing balance. 8. Complete the Statement of Cash Flows. Use the "2015 PCTB" tab for end of last year's account balances to compare to end of the current year's balances for your operating section information. 9. 10. On Ratio Analysis tab in the template, show a basic analysis of the information found in the statements. This should include, at minimum, the following ratios: Current Ratio Inventory Turnover Debt Ratio Gross Profit Percentage Profit Margin For each ratio, include what the benchmark is for that ratio for a company in the craft store market. In a separate Word document, address the following questions related to the income statement, balance sheet, statement of cash flows, and ratio analysis. Answer the following questions pertaining to the income statement: What are the different formats available for presenting the income statement? Which format is being used in the income statement presentation on the Income Statement tab? How can you tell? Why is this format important for this type of business? What elements does it show that are important for decision making? 11 Answer the following questions pertaining to the balance sheet. What are the different formats available for presenting the balance sheet? Which format is being used in the balance sheet presentation on the Balance Sheet tab? How can you tell? Why is this format important for this type of business? What elements does it show that are important for decision making? 12 Answer the following questions pertaining to the statement of cash flows: What are the different formats available for presenting the statement of cash flows? Which format is being used in the statement of cash flow presentation on the Statement of Cash Flows tab? How can you tell? Why is this format important for this type of business? What elements does it show that are important for decision making? 13 Lastly, answer the following questions pertaining to the results on the Ratio Analysis tab: What is the benchmark for each ratio? Why is it important to use benchmarks or historical numbers for comparison? Are Marabelle's ratios falling within appropriate range? Explain. *No action required on this tab. Informational only for preparing the Statement of Cash Flows. Marabelle's Craft 'n Shop Post Closing Trial Balance For the period ended December 31, 2015 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Accounts Payable Salaries Payable Interest Payable Note Payable (due 2020) Marabelle, Capital DR 64,900 179,200 186,980 4,220 1,880 50,000 CR 7,500 52,000 7,860 168,600 707,780 41,040 65,000 7,500 4,500 40,200 534,180 707,780 Marabelle's Craft 'n Shop End of Period Worksheet For the period ending 12/31/2016 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Accounts Payable Salaries Payable Interest Payable Note Payable (due 2020) Marabelle, Capital Marabelle, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Service Salaries Expense Office Salaries Expense Advertising Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Depreciation Expense-Shop Equipment Miscellaneous Selling Expense Rent Expense Insurance Expense Interest Expense Office Supplies Expense Miscellaneous Administrative Expense Unadjusted Trial Balance (12-31-16) DR CR 184,500 145,200 210,000 6,720 4,080 60,000 6,000 40,000 9,360 185,600 41,040 68,720 55,200 534,180 42,000 1,468,000 900,000 207,840 100,980 52,560 1,920 37,620 1,560 1,920 2,182,500 2,182,500 Adjusting Entries DR CR Adjusted Trial Balance DR CR Income Statement DR CR Balance Sheet DR CR Marabelle's Craft 'n Shop Income Statement For the Period Ended December 31, 2016 Sales Cost of Merchandise Sold Gross Profit Selling Expenses: Sales Salaries Expense Service Salaries Expense Advertising Expense Depreciation Expense-Store Equipment Depreciation Expense-Shop Equipment Miscellaneous Selling Expense Administrative Expenses: Office Salaries Expense Depreciation Expense-Office Equipment Rent Expense Insurance Expense Office Supplies Expense Miscellaneous Administrative Expense Income from Operations Other Expense: Interest Expense Net Income Marabelle's Craft 'n Shop Balance Sheet December 31, 2016 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Total Current Assets Property, Plant, & Equipment: Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Shop Equipment Accumulated Depreciation-Shop Equipment Total PP & E Total Assets Liabilities and Owner's Equity Current Liabilities: Accounts Payable Salaries Payable Interest Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Liabilities Owner's Equity Marabelle, Capital* Total Liabilities and Owner's Equity *Remember, Marabelle's capital account balance will include the increase for net income, the decrease for drawings from this year. Marabelle's Craft n' Shop Statement of Cash Flows For the Period Ended December 31, 2016 Cash Flows from Operating Activities Net Income Depreciation Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Office Supplies Increase in Prepaid Insurance Increase in Accounts Payable Decrease in Interest Payable Increase in Salaries Payable Total adjustments Net Cash Flows Provided from Operating Activities Cash Flows from Investing Activities Shop Equipment Purchased Net Cash Flows Used by Investing Activities Cash Flows from Financing Activities Cash Paid for Owner Draw Cash received for Note Payable proceeds Net Cash Flow Used by Financing Activities Net change in cash Cash, beginning Cash, ending Marabelle's Craft 'n Shop Ratio Analysis Fiscal Year 2016 Prepared by: _______________________ Formula: Appropriate Ratio Range Marabelle's or 2016 Results Benchmark Current Ratio Current Assets/Current Liabilities Inventory Turnover Cost of Goods Sold/ Average Inventory Debt Ratio Total Liabilities/Total Assets Gross Profit PercentageGross Profit/Sales Profit Margin Net Income/Sales