Part II Financial Statements a. UCLA Docking mangement is very impressed with the work you have done so far filling in for the regular accountant. They have reached there fiscal year end and now need your help creating the financial statements for the fiscal year ended July 31, 2020. PART II is COMPLETELY separate from PARTI. b. Check figures are NOT available for part II. Financial statements have the following built-in check figures: 1. Balance sheet total assets must equal total liabilities and stockholder's equity 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET, PART II IS COMPLETELY INDEPENDENT OF PARTI. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: 1. Complete 15 July 2020 worksheet: Create a multi-step income statement 2. Complete Smnt of RE July 2020 worksheet: Create a statement of retained earnings 3. Complete BS July 2020 worksheet: Create a classified balance sheet 4. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells). 5. Complete Statement of CF July 2020 worksheet: Create a statement of cash flows using the INDIRECT method. Te complete part2 Follow IN ORDER: 1. Create multi-step Income Statement using the July 31, 2020 adjusted balances ANO formating information from Istab. 2. Creatment of retained earrings using July 31, 2020 adjusted balances AND formating information from tntot Read 2. Create classified balance sheet using July 31, 2020 adjusted balances AND formating information from BS b 4. Create statement of cash. Sowing the income statement the changes columns from below, and the additional notes to the right of July 31, 2020 adjusted trial balance columns. To complete the changes columns and the statement of cash fows Input a formula in either the debit column or the credit column to find the change in account balance from July 2017 to July 2020. b. Only complete the changes" cells that are outlined and have 2019 beginning balances and 2020 ending balancesDo not find changes in cells that are grayed out c. Use the changes amounts to create the statement of cash flows. Amounts from the income statement will also be needed d. Payton to statement of cash flow additional information columns below. These give its July 31, 2019 CHANGES COLUMNS July 31, 2020 Add Used ONLY for Statement of Add Additional Notes for Statement of Cash Flows Trilha cash flow Trance Aest. No DE CAR RE change in cash roll oured in operating sites, but should 100 Ch 5.730.00 21478.00 805.200.00 hendraseinash 102 Accounts Recent 465.000.00 425.00000 104 Merchandisinvestory.net 597.800.00 100 Ofice Supplies 250.00 4.500.00 107 PrepadExpo 3.500.00 120 Esthement Trading 53.650.00 68.450.00 122 Investor 2.3.150.00 140 Land 1,000,000.00 500.000.00 145 2.990.00000 10.000.00 140 Accueron Min 212.500.00 400.000.00 derifion expense comment 150 4.09.09 152 Accumulated precionEvent 15,000.00 1.000.000 depreciation expense rommeslement 153 Ofice 2.500.00 42.100.00 154 Accred DepenOffice Furture 16.250.00 10.250.00 derin expense from income smart 201 AP 10.000.00 393.420.00 202 Web 497 490.00 10.500.00 550.00 200 Interest Payable 204 Dividends Payable Unearned Rent 205 6,000.00 4 000.00 206 35,600.00 29.000.00 212 000.00 250 12,000.00 251 200,000.00 400.000.00 252 253 252 248,000.00 798.000.00 Customer Refunds Payable Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Payable Mortgage (Warehouse) Payable comment... Les Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock Sales 300 65,500.00 81.000.00 301 1.177.250.00 1,177 250.00 330 2.351,400,00 2,849.810,00 331 200,000.00 340 38.000.00 88,000.00 500 3.457.984.00 3.975.725.00 600 Cost of Goods Sold 1,750,199.00 1,509,195.00 700 794.515.00 799,500.00 701 89.000.00 229,000.00 65,000.00 75,000.00 702 703 525.00 85.600.00 704 6,500.00 9,900.00 706 Wage Expense hourly workers) Salaries Expense Exempt Stall Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense Legal Expenses Insurance Expense Miscellaneous Expense Office Supples Expense 111.200,00 150.000.00 706 30,000.00 707 5.400.00 708 1.500.00 3,500.00 709 48.985.00 53.925.00 710 400.00 735.00 711 10,000.00 712 62.500.00 87.500.00 17,000.00 713 714 6,000.00 11.750.00 3.250,00 800 Telecommunications Expense Depreciation Expense Buliding Depreciation Expense - Equipment Depreciation Expense Office Furniture Rent Income Gain on sale of Equty Investment Securities Trading Interest Expense Loos on sale of Hell to Maturity Investments Total 12,000.00 B02 35,000.00 3,000.00 900 902 61.000.00 30.250.00 4,000.00 8,323,484 000 8,323 464.000 10481.455.000 10,481 455.000 2,950,574.00 3.457984.00 Net Income Los 498.410.00 Instructions: Using the July 31, 2020 adjusted trial balance information complete a multi-step income statement. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. Other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list sales revenue, COGS, and calculate Gross Proft. 2. Input and list operating expenses - these are normal expenses incurred while selling marine parts. Subtotal these amounts. Operating expenses do NOT have to be separated into selling or general and administrative expense categories. 3. Calculate income from operations. 4. Input and list other revenues and gains amounts - revenue earned, but NOT part of normal operations and subtotal these amounts. 5. Input and list other expenses and losses amounts - expenses incurred, but NOT part of normal operations. Interest expense is always included in this category. Subtotal these amounts. 6. Calculate Net Income (Loss). Instructions: Using the July 31, 2020 adjusted trial balance information AND income statement complete the statement of retained earnings. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input beginning balance (this is listed in the July, 31 2020 adjusted trial balance columns). 2. List net income (loss) and cash dividends (if applicable). 3. Subtotal items from #2 to calculate net increase or decrease in retained earnings. 4. Calculate ending balance Instructions: Using the August 31, 2020 adjusted trial balance information AND the statement of retained earnings complete a classified balance sheet. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list asset accounts in 3 categories: Current Assets; Property, Plant, and Equipment(PPE); Other Assets 2. Each category from #1 requires a subtotal EXCEPT for Other Assets 3. Calculate Total Assets 4. Input and list liability accounts in 2 categories: Current Liabilities and long-term Liabilities 5. Each category from #4 requires a subtotal 6. Calculate Total Liabilities 7. Input and list Stockholder's Equity Accounts including ending balance of retained earnings from statement of retained earnings. 8. Calculate Total Stockholder's Equity 9. Calculate Total Liabilities and Stockholder's Equity. This amount should equal Total Assets Instructions: Using the "changes columns" and additional information from the adjusted trial balance tab AND the income statement, create a statement of cash flows following the INDIRECT METHOD. Round all amounts to the nearest cent. Follow the below tips The formatting is up to the student. Note that grades are based on organization, formula use, and clarity of financial statement. Other required items: a. Only use accounts that have changes or cash flows b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. TIPS PLEASE READ: 1. Correct selection of "Increase" or "Decrease" in accounts must be used as part of the label where applicable 2. Correct use of "cash paid" or "cash received" must be used where applicable 3. Subtotals for each section MUST be properly identified as cash "used in" or "provided by" 4. All changes utilize CASH. There ARE GAINS AND LOSSES from investments that must be included in operating activities 5. Net change in cash + beginning cash balance (from a adjusted trial balance July 2019 column) must equal ending cash balance and be included at the bottom of this statement. a. UCLA Docking mangement is very impressed with the work you have done so far filling in for the regular accountant. They have reached there fiscal year end and now need your help creating the financial statements for the fiscal year ended July 31, 2020. PART II is COMPLETELY separate from PART I. b. Check figures are NOT available for part II. Financial statements have the following built-in check figures: 1. Balance sheet total assets must equal total liabilities and stockholder's equity 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET. PART II IS COMPLETELY INDEPENDENT OF PARTI. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: 1. Complete IS July 2020 worksheet: Create a multi-step income statement 2. Complete Smnt of RE July 2020 worksheet: Create a statement of retained earnings 3. Complete BS July 2020 worksheet: Create a classified balance sheet 4. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells). 5. Complete Statement of CF July 2020 worksheet: Create a statement of cash flows using the INDIRECT method. To complete part 2 Follow IN ORDER 1. Cmate mulliste Income Statement using the July 31, 2020 adjusted balances AND formatting wifomation from Istab 2 Create statement of retained coming using uy 31, 2020 usted beles AND formatting normation from sint of RE 3. Create classified balance sheet using uy 31, 2020 usted balance AD formatting information from Sta. 4 Cmale statement of the towning the income stament, the change columns from below.ad the additional note to the nigdy 31 2020 aduled trial bolce cons To complete changes columns and the statement of cash flow Input a formula in her the debit column OR the credit column to find the change in count balance from Auly 2019 to 2020 Only complete the changes cols that woulined and have 2019 beginning balance and 2020 ending balances. Do not find changes in cells that we prayed out 6. Use the charge amounts to create the statement of cash flows. Amounts from the income statement will also be needed d pay attention to statement of cash flows additional information columns below. These give hints July 21, 2018 CHANGES COLUMNS July 31, 2020 AVE Used ONLY for Statement of Ant Additional Notes for Statement of Cash Flows T. cash flems TO ARGINA Arte 100 Cherished ping but should 181.00 21 06 here were 102 Antent 445.000 104 Merchandiser 4220 100 Supplies 120.00 107 12.900.00 1500 120 Eouby investments Trading 500.00 30 123 - Haldo Maurity 23.00 35200.00 105 Land 1.000.00 1,500 145 Bing 2.500.000.00 3,500.00 106 Ad Depot . 400 pene from here net 151 Eugent 120,000.00 200.000.00 152 Ad Depreciation Eoupant 000 6.000 free 155 Orifum 164 Aboud Depreciation - Fume SOM 16250.00 prise from interest 435000 201 356,000.00 393,420.00 202 203 204 205 6,000.00 4,000.00 206 35,000.00 29,000.00 250 12,000.00 212,000.00 251 200,000.00 400,000.00 252 253 252 798,000.00 248,000.00 65,500.00 300 81,000.00 301 1.177.250.00 Accounts Payable Wages Payable Interest Payable Dividends Payable Uneamed Rent Customer Refunds Payable Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Payable Mortgage (Warehouse) Payable Cumin Stock $1,100,000 Author, 43,000 tanding Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock Sales Cost of Goods Sold Wage Expense (hourly workers) Salaries Expense Exempt Stadt Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense Legal Expenses 1.177.250.00 2,351,400.00 2.849,810.00 331 200,000.00 340 38,000.00 88,000.00 500 3.457.984.00 3.975.725.00 600 1.750 199.00 1.509,195.00 799,500.00 700 79,515.00 701 30,000 00 229,000.00 702 65,000.00 75,000.00 703 525.00 15,600.00 704 6,500.00 111,200.00 705 700 707 15000000 30,000.00 5,400 00 708 1.500.00 3,500.00 709 48.985.00 53.925.00 710 400.00 735.00 10,000.00 87,500.00 62.500,00 712 713 714 Insurance Expense Miscellaneous Expense Office Supplies Expense Telecommunications Expense Depreciation Expense - Building Deprecation Expense - Equipment Depreciation Expense - Office Furniture Rent Income Gain on Sale of Equity Investment Securities - Trading interest Expense Loss on sale of Held to Maturity Investments 17,000.00 6.000.00 3.250.00 11.750.00 800 12.000.00 802 35,000.00 900 5,000.00 61,000.00 902 4,000.00 8,323484.000 2.959.574.00 30,250.00 10.481 455.000 Total 10.481.455.000 8.323.484.000 3.457.984.00 Net Income Loss 498,410.00 Instructions: Using the July 31, 2020 adjusted trial balance information complete a multi-step income statement. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. Other requirements are: a.ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list sales revenue, COGS, and calculate Gross Proft. 2. Input and list operating expenses - these are normal expenses incurred while selling marine parts. Subtotal these amounts. Operating expenses do NOT have to be separated into selling or general and administrative expense categories. 3. Calculate income from operations. 4. Input and list other revenues and gains amounts - revenue earned, but NOT part of normal operations and subtotal these amounts. 5. Input and list other expenses and losses amounts - expenses incurred, but NOT part of normal operations. Interest expense is always included in this category. Subtotal these amounts. 6. Calculate Net Income (Loss). Instructions: Using the July 31, 2020 adjusted trial balance information AND income statement complete the statement of retained earnings. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input beginning balance (this is listed in the July, 31 2020 adjusted trial balance columns). 2. List net income (loss) and cash dividends (if applicable). 3. Subtotal items from #2 to calculate net increase or decrease in retained earnings. 4. Calculate ending balance. Instructions: Using the August 31, 2020 adjusted trial balance information AND the statement of retained earnings complete a classified balance sheet. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list asset accounts in 3 categories: Current Assets; Property, Plant, and Equipment(PPE); Other Assets 2. Each category from #1 requires a subtotal EXCEPT for Other Assets 3. Calculate Total Assets 4. Input and list liability accounts in 2 categories: Current Liabilities and Long-term Liabilities 5. Each category from #4 requires a subtotal 6. Calculate Total Liabilities 7. Input and list Stockholder's Equity Accounts including ending balance of retained earnings from statement of retained earnings, 8. Calculate Total Stockholder's Equity 9. Calculate Total Liabilities and Stockholder's Equity. This amount should equal Total Assets Instructions: Using the "changes columns" and additional information from the adjusted trial balance tab AND the income statement, create a statement of cash flows following the INDIRECT METHOD. Round all amounts to the nearest cent. Follow the below tips The formatting is up to the student. Note that grades are based on organization, formula use, and clarity of financial statement. Other required items: a. Only use accounts that have changes or cash flows b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. TIPS PLEASE READ: 1. Correct selection of "Increase" or "Decrease" in accounts must be used as part of the label where applicable 2. Correct use of "cash paid" or "cash received" must be used where applicable 3. Subtotals for each section MUST be properly identified as cash "used in" or "provided by" 4. All changes utilize CASH. There ARE GAINS AND LOSSES from investments that must be included in operating activities 5. Net change in cash + beginning cash balance (from a adjusted trial balance July 2019 column) must equal ending cash balance and be included at the bottom of this statement Part II Financial Statements a. UCLA Docking mangement is very impressed with the work you have done so far filling in for the regular accountant. They have reached there fiscal year end and now need your help creating the financial statements for the fiscal year ended July 31, 2020. PART II is COMPLETELY separate from PARTI. b. Check figures are NOT available for part II. Financial statements have the following built-in check figures: 1. Balance sheet total assets must equal total liabilities and stockholder's equity 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET, PART II IS COMPLETELY INDEPENDENT OF PARTI. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: 1. Complete 15 July 2020 worksheet: Create a multi-step income statement 2. Complete Smnt of RE July 2020 worksheet: Create a statement of retained earnings 3. Complete BS July 2020 worksheet: Create a classified balance sheet 4. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells). 5. Complete Statement of CF July 2020 worksheet: Create a statement of cash flows using the INDIRECT method. Te complete part2 Follow IN ORDER: 1. Create multi-step Income Statement using the July 31, 2020 adjusted balances ANO formating information from Istab. 2. Creatment of retained earrings using July 31, 2020 adjusted balances AND formating information from tntot Read 2. Create classified balance sheet using July 31, 2020 adjusted balances AND formating information from BS b 4. Create statement of cash. Sowing the income statement the changes columns from below, and the additional notes to the right of July 31, 2020 adjusted trial balance columns. To complete the changes columns and the statement of cash fows Input a formula in either the debit column or the credit column to find the change in account balance from July 2017 to July 2020. b. Only complete the changes" cells that are outlined and have 2019 beginning balances and 2020 ending balancesDo not find changes in cells that are grayed out c. Use the changes amounts to create the statement of cash flows. Amounts from the income statement will also be needed d. Payton to statement of cash flow additional information columns below. These give its July 31, 2019 CHANGES COLUMNS July 31, 2020 Add Used ONLY for Statement of Add Additional Notes for Statement of Cash Flows Trilha cash flow Trance Aest. No DE CAR RE change in cash roll oured in operating sites, but should 100 Ch 5.730.00 21478.00 805.200.00 hendraseinash 102 Accounts Recent 465.000.00 425.00000 104 Merchandisinvestory.net 597.800.00 100 Ofice Supplies 250.00 4.500.00 107 PrepadExpo 3.500.00 120 Esthement Trading 53.650.00 68.450.00 122 Investor 2.3.150.00 140 Land 1,000,000.00 500.000.00 145 2.990.00000 10.000.00 140 Accueron Min 212.500.00 400.000.00 derifion expense comment 150 4.09.09 152 Accumulated precionEvent 15,000.00 1.000.000 depreciation expense rommeslement 153 Ofice 2.500.00 42.100.00 154 Accred DepenOffice Furture 16.250.00 10.250.00 derin expense from income smart 201 AP 10.000.00 393.420.00 202 Web 497 490.00 10.500.00 550.00 200 Interest Payable 204 Dividends Payable Unearned Rent 205 6,000.00 4 000.00 206 35,600.00 29.000.00 212 000.00 250 12,000.00 251 200,000.00 400.000.00 252 253 252 248,000.00 798.000.00 Customer Refunds Payable Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Payable Mortgage (Warehouse) Payable comment... Les Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock Sales 300 65,500.00 81.000.00 301 1.177.250.00 1,177 250.00 330 2.351,400,00 2,849.810,00 331 200,000.00 340 38.000.00 88,000.00 500 3.457.984.00 3.975.725.00 600 Cost of Goods Sold 1,750,199.00 1,509,195.00 700 794.515.00 799,500.00 701 89.000.00 229,000.00 65,000.00 75,000.00 702 703 525.00 85.600.00 704 6,500.00 9,900.00 706 Wage Expense hourly workers) Salaries Expense Exempt Stall Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense Legal Expenses Insurance Expense Miscellaneous Expense Office Supples Expense 111.200,00 150.000.00 706 30,000.00 707 5.400.00 708 1.500.00 3,500.00 709 48.985.00 53.925.00 710 400.00 735.00 711 10,000.00 712 62.500.00 87.500.00 17,000.00 713 714 6,000.00 11.750.00 3.250,00 800 Telecommunications Expense Depreciation Expense Buliding Depreciation Expense - Equipment Depreciation Expense Office Furniture Rent Income Gain on sale of Equty Investment Securities Trading Interest Expense Loos on sale of Hell to Maturity Investments Total 12,000.00 B02 35,000.00 3,000.00 900 902 61.000.00 30.250.00 4,000.00 8,323,484 000 8,323 464.000 10481.455.000 10,481 455.000 2,950,574.00 3.457984.00 Net Income Los 498.410.00 Instructions: Using the July 31, 2020 adjusted trial balance information complete a multi-step income statement. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. Other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list sales revenue, COGS, and calculate Gross Proft. 2. Input and list operating expenses - these are normal expenses incurred while selling marine parts. Subtotal these amounts. Operating expenses do NOT have to be separated into selling or general and administrative expense categories. 3. Calculate income from operations. 4. Input and list other revenues and gains amounts - revenue earned, but NOT part of normal operations and subtotal these amounts. 5. Input and list other expenses and losses amounts - expenses incurred, but NOT part of normal operations. Interest expense is always included in this category. Subtotal these amounts. 6. Calculate Net Income (Loss). Instructions: Using the July 31, 2020 adjusted trial balance information AND income statement complete the statement of retained earnings. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input beginning balance (this is listed in the July, 31 2020 adjusted trial balance columns). 2. List net income (loss) and cash dividends (if applicable). 3. Subtotal items from #2 to calculate net increase or decrease in retained earnings. 4. Calculate ending balance Instructions: Using the August 31, 2020 adjusted trial balance information AND the statement of retained earnings complete a classified balance sheet. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list asset accounts in 3 categories: Current Assets; Property, Plant, and Equipment(PPE); Other Assets 2. Each category from #1 requires a subtotal EXCEPT for Other Assets 3. Calculate Total Assets 4. Input and list liability accounts in 2 categories: Current Liabilities and long-term Liabilities 5. Each category from #4 requires a subtotal 6. Calculate Total Liabilities 7. Input and list Stockholder's Equity Accounts including ending balance of retained earnings from statement of retained earnings. 8. Calculate Total Stockholder's Equity 9. Calculate Total Liabilities and Stockholder's Equity. This amount should equal Total Assets Instructions: Using the "changes columns" and additional information from the adjusted trial balance tab AND the income statement, create a statement of cash flows following the INDIRECT METHOD. Round all amounts to the nearest cent. Follow the below tips The formatting is up to the student. Note that grades are based on organization, formula use, and clarity of financial statement. Other required items: a. Only use accounts that have changes or cash flows b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. TIPS PLEASE READ: 1. Correct selection of "Increase" or "Decrease" in accounts must be used as part of the label where applicable 2. Correct use of "cash paid" or "cash received" must be used where applicable 3. Subtotals for each section MUST be properly identified as cash "used in" or "provided by" 4. All changes utilize CASH. There ARE GAINS AND LOSSES from investments that must be included in operating activities 5. Net change in cash + beginning cash balance (from a adjusted trial balance July 2019 column) must equal ending cash balance and be included at the bottom of this statement. a. UCLA Docking mangement is very impressed with the work you have done so far filling in for the regular accountant. They have reached there fiscal year end and now need your help creating the financial statements for the fiscal year ended July 31, 2020. PART II is COMPLETELY separate from PART I. b. Check figures are NOT available for part II. Financial statements have the following built-in check figures: 1. Balance sheet total assets must equal total liabilities and stockholder's equity 2. Statement of cash flows net change in cash MUST equal the change in cash from "changes" columns on adjusted trial balance sheet. c. Each worksheet within this workbook contains further instructions. READ ALL INSTRUCTIONS BEFORE COMPLETING EACH WORKSHEET. PART II IS COMPLETELY INDEPENDENT OF PARTI. Below is a brief overview of the required work to complete each worksheet. Students MUST follow the order below: 1. Complete IS July 2020 worksheet: Create a multi-step income statement 2. Complete Smnt of RE July 2020 worksheet: Create a statement of retained earnings 3. Complete BS July 2020 worksheet: Create a classified balance sheet 4. Complete adjusted trial balance worksheet: "changes" columns (only the identified cells). 5. Complete Statement of CF July 2020 worksheet: Create a statement of cash flows using the INDIRECT method. To complete part 2 Follow IN ORDER 1. Cmate mulliste Income Statement using the July 31, 2020 adjusted balances AND formatting wifomation from Istab 2 Create statement of retained coming using uy 31, 2020 usted beles AND formatting normation from sint of RE 3. Create classified balance sheet using uy 31, 2020 usted balance AD formatting information from Sta. 4 Cmale statement of the towning the income stament, the change columns from below.ad the additional note to the nigdy 31 2020 aduled trial bolce cons To complete changes columns and the statement of cash flow Input a formula in her the debit column OR the credit column to find the change in count balance from Auly 2019 to 2020 Only complete the changes cols that woulined and have 2019 beginning balance and 2020 ending balances. Do not find changes in cells that we prayed out 6. Use the charge amounts to create the statement of cash flows. Amounts from the income statement will also be needed d pay attention to statement of cash flows additional information columns below. These give hints July 21, 2018 CHANGES COLUMNS July 31, 2020 AVE Used ONLY for Statement of Ant Additional Notes for Statement of Cash Flows T. cash flems TO ARGINA Arte 100 Cherished ping but should 181.00 21 06 here were 102 Antent 445.000 104 Merchandiser 4220 100 Supplies 120.00 107 12.900.00 1500 120 Eouby investments Trading 500.00 30 123 - Haldo Maurity 23.00 35200.00 105 Land 1.000.00 1,500 145 Bing 2.500.000.00 3,500.00 106 Ad Depot . 400 pene from here net 151 Eugent 120,000.00 200.000.00 152 Ad Depreciation Eoupant 000 6.000 free 155 Orifum 164 Aboud Depreciation - Fume SOM 16250.00 prise from interest 435000 201 356,000.00 393,420.00 202 203 204 205 6,000.00 4,000.00 206 35,000.00 29,000.00 250 12,000.00 212,000.00 251 200,000.00 400,000.00 252 253 252 798,000.00 248,000.00 65,500.00 300 81,000.00 301 1.177.250.00 Accounts Payable Wages Payable Interest Payable Dividends Payable Uneamed Rent Customer Refunds Payable Notes Payable - Long Term Bonds Payable - Long Term Premium on Bonds Payable Discount on Bonds Payable Mortgage (Warehouse) Payable Cumin Stock $1,100,000 Author, 43,000 tanding Paid In Capital - Excess of Par Common Stock Retained Earnings Cash Dividends Treasury Stock Sales Cost of Goods Sold Wage Expense (hourly workers) Salaries Expense Exempt Stadt Marketing Expense Travel and Entertainment Expense Bad Debt Expense Property Tax Expense Office Maintenance & Repair Expense Legal Expenses 1.177.250.00 2,351,400.00 2.849,810.00 331 200,000.00 340 38,000.00 88,000.00 500 3.457.984.00 3.975.725.00 600 1.750 199.00 1.509,195.00 799,500.00 700 79,515.00 701 30,000 00 229,000.00 702 65,000.00 75,000.00 703 525.00 15,600.00 704 6,500.00 111,200.00 705 700 707 15000000 30,000.00 5,400 00 708 1.500.00 3,500.00 709 48.985.00 53.925.00 710 400.00 735.00 10,000.00 87,500.00 62.500,00 712 713 714 Insurance Expense Miscellaneous Expense Office Supplies Expense Telecommunications Expense Depreciation Expense - Building Deprecation Expense - Equipment Depreciation Expense - Office Furniture Rent Income Gain on Sale of Equity Investment Securities - Trading interest Expense Loss on sale of Held to Maturity Investments 17,000.00 6.000.00 3.250.00 11.750.00 800 12.000.00 802 35,000.00 900 5,000.00 61,000.00 902 4,000.00 8,323484.000 2.959.574.00 30,250.00 10.481 455.000 Total 10.481.455.000 8.323.484.000 3.457.984.00 Net Income Loss 498,410.00 Instructions: Using the July 31, 2020 adjusted trial balance information complete a multi-step income statement. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. Other requirements are: a.ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list sales revenue, COGS, and calculate Gross Proft. 2. Input and list operating expenses - these are normal expenses incurred while selling marine parts. Subtotal these amounts. Operating expenses do NOT have to be separated into selling or general and administrative expense categories. 3. Calculate income from operations. 4. Input and list other revenues and gains amounts - revenue earned, but NOT part of normal operations and subtotal these amounts. 5. Input and list other expenses and losses amounts - expenses incurred, but NOT part of normal operations. Interest expense is always included in this category. Subtotal these amounts. 6. Calculate Net Income (Loss). Instructions: Using the July 31, 2020 adjusted trial balance information AND income statement complete the statement of retained earnings. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input beginning balance (this is listed in the July, 31 2020 adjusted trial balance columns). 2. List net income (loss) and cash dividends (if applicable). 3. Subtotal items from #2 to calculate net increase or decrease in retained earnings. 4. Calculate ending balance. Instructions: Using the August 31, 2020 adjusted trial balance information AND the statement of retained earnings complete a classified balance sheet. Round all amounts to the nearest cent. Follow the below format notes, the rest is up to the student. Note that grades are also based on organization, formula use, and clarity of financial statement. The other requirements are: a. ONLY use accounts that have adjusted balances for July 31, 2020 b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. Use the following format (in order): 1. Input and list asset accounts in 3 categories: Current Assets; Property, Plant, and Equipment(PPE); Other Assets 2. Each category from #1 requires a subtotal EXCEPT for Other Assets 3. Calculate Total Assets 4. Input and list liability accounts in 2 categories: Current Liabilities and Long-term Liabilities 5. Each category from #4 requires a subtotal 6. Calculate Total Liabilities 7. Input and list Stockholder's Equity Accounts including ending balance of retained earnings from statement of retained earnings, 8. Calculate Total Stockholder's Equity 9. Calculate Total Liabilities and Stockholder's Equity. This amount should equal Total Assets Instructions: Using the "changes columns" and additional information from the adjusted trial balance tab AND the income statement, create a statement of cash flows following the INDIRECT METHOD. Round all amounts to the nearest cent. Follow the below tips The formatting is up to the student. Note that grades are based on organization, formula use, and clarity of financial statement. Other required items: a. Only use accounts that have changes or cash flows b. Include proper report title c. Not all rows or columns need to be used. Formulas MUST be used when necessary. TIPS PLEASE READ: 1. Correct selection of "Increase" or "Decrease" in accounts must be used as part of the label where applicable 2. Correct use of "cash paid" or "cash received" must be used where applicable 3. Subtotals for each section MUST be properly identified as cash "used in" or "provided by" 4. All changes utilize CASH. There ARE GAINS AND LOSSES from investments that must be included in operating activities 5. Net change in cash + beginning cash balance (from a adjusted trial balance July 2019 column) must equal ending cash balance and be included at the bottom of this statement
