part 3 and 4 a,b,c part 6, 7 need done asap!
All work must be completed using this Excel spreadsheet. Al journal extries, financial statements, etc. must be prepared in cean, proper form. Reference your textbook and past courses for examples or templates to model Use the current year for dating purposes. This project is valued at 120 points. The grading rubric is available on the last sheet labeled "Grading Rubric." Information on using Excel can be found in the Excel Notes section below. Please be aware, points are allocated for the use of Excel (see rubrie), Click on the tabs at the bottom of the bottom to familiarize yourself with the project. Check figures are provided for 3 key items to help ensure you are on the correct track. EXCEL NOTES: Use Excel to link all of your journal entries and financial statements. This will be great practice and it reduces the likelihood of errors. There is a video available in Blackboard to guide you on using Excel and navigating the project. * Also be sure to take advantage of Excel by using formulas to calculate/sum groups of numbers. - DO NOT force any cels to match check figures given. Any adjustments in the T-Accounts or financial statements not supported by legitimate adjusting or closing entries will be considered financial statement misrepresentation, sufficient to result in a falling grade. *Use the format button to add dollar signs, underlining and double underlining when appropriate. DO NOT put dollar signs on every line as it will cost you points. REQUIREMENTS: Part 1 Post the Unadjusted Trial Balance totals to the T.Accounts on the sheet labeled "Accounts. These numbers will represent your beginning balances Part 2 Record the adjusting journal entries required for items AND post them to the T-accounts. Add or extend lines on any T Accounts if necessary. art 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts Adjusted TB check figure $1,279,200 art 4 Prepare, in good form, Financial statements on each specified sheet in the following order: a Multi-Step Income Statement and prepare a bar or ple chart for a visual representation of expenses. b Statement of Stockholders' Equity Classified Balance Sheet Total Assets check figure: $850,750 art 5 Using the financial statements, calculate the following ratios on the specified sheet and briefly 2 or 3 sentences) interpret the ratios for Gatsby, Inc. a Working Capital b Current Ratio Quick Ratio (Acid Test) d Debt to Equity e Times Interest Earned "art 6 Record closing journal entries AND post them to the T-accounts. art 7 Prepare a Post-Closing Trial Balance using the updated T-accounts. Total debit check figure: $924,750 Credit 40,000 8,000 160,500 Gatsby, Inc. Unadjusted Trial Balance 12/31/XX Debit Cash 121,550 Accounts Receivable 236,000 Prepaid Insurance 24,000 Supplies 4,500 Inventory 85,000 Land 75,000 Building 200,000 Accumlated Depreciation-Building Equipment 160,000 Accumlated Depreciation Equipment Accounts Payable Interest Payable Wages Payable Unearned Revenue - Alarm Systems Long-Term Bank Note Payable Common Stock Retained Earnings Dividends 7,000 Revenue Cost of the Goods Sold 132,500 Depreciation Expense Insurance Expense 15,000 Interest Expense Rent Expense 24,000 Supplies Expense Utilities Expense 9,700 Wage Expense 125,000 Totals $1.219.250 45,000 150,000 310,000 124,750 381,000 $1.219.250 Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. A. The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st falls on a Tuesday, but the employees will not be paid their wages until Friday, January 3rd. B. Eighteen months earlier, on July 1st the company purchased equipment that cost $160,000. Its useful life is predicted to ten years, at which time the equipment is expected to have a zero salvage/residual value. Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. On September 1st of the current year Gatsby, Inc. was paid $45,000 in advance of future installation of alarm systems in s new homes. The amount was credited to the Unearned Revenue - Alarms account, Between September 1st and December 31st alarm systems were installed in 2 homes, completing those jobs. On October 1st of the current year the company purchased a 12-month insurance policy for $24,000. The transaction was recorded with a debit to the Prepaid Insurance account. Insurance expense has not been recorded for October, November or December. On December 30 of the current year the company completed an $29,000 job that has not been billed/invoiced and therefore has not been recorded. A $150,000 long-term note payable was signed on July 1st of the current year. It is a five-year note with a 5% interest rate. Interest expense as not been accrued for this year. G. Supplies at the beginning of the current year had a balance of $ 300. Supplies valued at $4,200 were purchased thoughout the year. The current balance in the account is $200. H. Depreciation on the building is calculated using the straight-line depreciation method. Gatsby estimates depreciation on the building over a 20 year period and a zero salvage/residual value
