In this scenario, you are presented with the companys financial records and are required to use the principles learned in units 4, 5 and 6 to assist you in presenting the required answers. This is an individual activity which requires vigilance and a keen eye for details will be crucial as the information presented will challenge your ability to use good reasoning and critical thinking to analyze the financial data presented. There should be absolutely no sharing of answers as this carries a penalty to include forfeiture of marks for the guilty parties if this is identified. This assignment will be available to you within a thirty-six (36) hours window, and you are required to prepare and post your answers within this time.

You are required to only use the information/figures in line with your first name initial as any other info used will result in the loss of marks. For individuals with a double-barrel firstname for example Sue-Ann, use the initial S for the first name as a rule. In such cases the use of the A initial will be considered as a breach of the rules and result in the forfeiture of the grades assigned.

All submission should be typed in an excel document and should include a cover page to show your name, course name/code, table of contents, number of pages, and date. Marks will be lost if the established rules are not adhered. Each requirement should be type in a different worksheet within the same excel document. Any other document sued will be considered as a violation of the rules and result in the forfeiture of the marks allotted to this assignment.

The problem to be resolved:

Greggs Shipping Supplies Ltd (GSSL) trades in the buying and selling of ship spares and has several branches within the Caribbean. Recently the company has seen a rapid increase in demand of its products across all branches and is therefore in need of additional financing toadequately boost its supply inventory. The corporate banking head of Bankers Choice Bank isrequesting a full set of financial statements to ensure that granting the loan to GSSL would be financially feasible during a period when many businesses are facing financial challenges. The company financial year ends on June 30 each year and you have been tasked with the responsibility to prepare the financial information for the branch that is linked to your first name initial.

The following are the information of each division/branch along with the first name initial who are required to prepare the requirements as outlined:

1. St Lucia Branch - students with the first name initial (A, P, I, E, and V).

2. Barbados Branch students with the first name initial (C, O, R, and Y)

3. Guyana Branch - students with the first name initial (K, Q, M, and F)

4. Trinidad Branch -students with the first name initial (S, W, G, and Z)

5. Jamaica Branch -students with the first name initial (D, T, L, and U)

6. St Kitts Branch -students with the first name initial (N, B, J, X, and H)

Greggs Shipping Supplies Ltd- St Lucia Branch

Trial Balance as at June 30, 2022

The following additional information is available at June 30, 2022:

(i) Store Supplies on hand at June 30, 2022 amounted to $98,400.

(ii) Insurance of $115,500 was paid on May 1, 2022, for 7-months to November 2022

(iii) Rent was prepaid on April 1, 2022, for 5-months to August 2022.

(iv) The furniture and fixtures have an estimated useful life of 5 years and is beingdepreciated on the straight-line method down to a residual value of $10,000.

(v) The motor truck was acquired on March 31, 2022, and is being depreciated

over 10 years on the double-declining balance method of depreciation, down to

a residue of $15,000

(vi) Salaries earned by employees not yet paid amounted to $48,000 at June 30, 2022.

(vii) Accrued interest expense as of June 30, 2022, $45,000.

(viii) On June 30, 2022, $99,000 of the previously unearned sales revenue had been earned.

(ix) The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the

Allowance for Bad Debts should be $70,000.

(x) After making all other adjustments, a physical count of inventory was done, which

reveals that there was $1,100,000 worth of inventory on hand at June 30,2022

Other data:

(xi)The business is expected to make principal payments totalling $250,000 towards the

loan during the fiscal year to June 30 ,2023

Required:

a) Prepare the necessary adjusting journal entries on June 30, 2022.

[Narrations are not required]

b) Prepare the Adjusted Trial balance at June 30, 2022.

c) Prepare the companys multiple-step income statement for the period ending June 30, 2022

d) Prepare the companys statement of owners equity at June 30, 2022

e) Prepare the companys classified balance sheet at June 30, 2022