please also show me the formula of how youbfidn the solutions. I need that by today. do all of them.
This project is a continuation of Project 1, FigMint Consulting Inc. An additional 11 months have passed since Project 1 (we are now at December 31, 2019 the company's year end). The friends have expanded the shop to include sales of doodads as well as the consulting services activities. The new company name is FigMint Consulting & Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of doodads in December. You will be recording and posting those entries. Additionally, all adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be preparing the year end multi step income statement for the company. The following is a suggested series of steps for completing the project: 1. Complete the Perpetual Inventory card worksheets to reflect the December purchases and sales under the 3 different Inventory costing methods. You need to include totals for Purchases and Cost of Goods Sold Quantity and Total Cost and must show Ending Inventory total units and total cost. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar. Copy the Inventory Cards from the Inventory Cards tab to the Inventory Cards formulas tab. Highlight the entire inventory cards area and press the "corr key and the '-' key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. 2. Complete the December Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the FIFO costing method and post 3. Post the December entries to the worksheet columns for the December entries and complete the Trial Balance columns of the Worksheet. 4. Prepare the Bank Reconciliation for December. The information needed for this is on the Bank Rec Info tab and the Reconciliation should be prepared on the Bank Rec tab. Remember you need proper dollar signs and underlines to receive full credit for the Bank Reconciliation. 5. Prepare any necessary journal entries related to the Bank Reconciliation and post them to the workshee in the adjustments and Bank rec columns. 6. Copy the Bank Reconciliation information to the Bank Reconciliation formulas tab. Highlight the entire area on the formulas tab and press the "ctri key and thekey. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. 7. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries. 8. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet. 9. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance. 10. Prepare the multi step income statement for the year ended December 31, 2019. You must include appropriate dollar signs and appropriate underlines and correct formatting for the statement to receive full credit. 11. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Income Statement from the Income Statement tab to the Income Statement formulas tab. Highlight the entire areas respecively on the formulas tabs and press the "ctrl" key and thekey. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. nventory Information Inventory on hand at the beginning of December: Units Cost Total Cost $375 448 $823 unit Purchase # 1 25 Purchase # 2 16 28 31 1-Dec Sold 21 doodads at $59 each on credit 21 12-Dec 19 at a cost of $32 per doodad on credit 19 32 15-Dec Sold 25 doodads at $63 each on credit 25 20-Dec Purchased 24 doodads at a cost of $38 per doodad on credit 24-Dec Sold 10 doodads at $71 each on credit 71 The PHYSICAL count of doodad inventory on hand at December 31. 2019 shows 15 doodads at a FIFO cost of $570 15 570 Units CostCost Inventory 1S December Journal Entries FigMint Consulting &Sales and Sales Ine PARTIALLY ADJUSTED TRIAL BALANCE December 31 2019 Part Adj T/B December JEs Trial Balance Allowance for Uncollectible Accounts Accumulated Depr- Building Accumulated Depr-Comp Equip Accumulated Depr-Office Furniture 6,000 Depreciation Expense -Building Depreciation Expense Computer Equip Depreciation Expense-Office Funn S1,340,537 This project is a continuation of Project 1, FigMint Consulting Inc. An additional 11 months have passed since Project 1 (we are now at December 31, 2019 the company's year end). The friends have expanded the shop to include sales of doodads as well as the consulting services activities. The new company name is FigMint Consulting & Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of doodads in December. You will be recording and posting those entries. Additionally, all adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be preparing the year end multi step income statement for the company. The following is a suggested series of steps for completing the project: 1. Complete the Perpetual Inventory card worksheets to reflect the December purchases and sales under the 3 different Inventory costing methods. You need to include totals for Purchases and Cost of Goods Sold Quantity and Total Cost and must show Ending Inventory total units and total cost. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar. Copy the Inventory Cards from the Inventory Cards tab to the Inventory Cards formulas tab. Highlight the entire inventory cards area and press the "corr key and the '-' key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. 2. Complete the December Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the FIFO costing method and post 3. Post the December entries to the worksheet columns for the December entries and complete the Trial Balance columns of the Worksheet. 4. Prepare the Bank Reconciliation for December. The information needed for this is on the Bank Rec Info tab and the Reconciliation should be prepared on the Bank Rec tab. Remember you need proper dollar signs and underlines to receive full credit for the Bank Reconciliation. 5. Prepare any necessary journal entries related to the Bank Reconciliation and post them to the workshee in the adjustments and Bank rec columns. 6. Copy the Bank Reconciliation information to the Bank Reconciliation formulas tab. Highlight the entire area on the formulas tab and press the "ctri key and thekey. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. 7. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included with your adjusting journal entries. 8. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the journal entries sheet. 9. Post the adjusting entries to the worksheet and complete the Adjusted Trial Balance. 10. Prepare the multi step income statement for the year ended December 31, 2019. You must include appropriate dollar signs and appropriate underlines and correct formatting for the statement to receive full credit. 11. Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Income Statement from the Income Statement tab to the Income Statement formulas tab. Highlight the entire areas respecively on the formulas tabs and press the "ctrl" key and thekey. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. nventory Information Inventory on hand at the beginning of December: Units Cost Total Cost $375 448 $823 unit Purchase # 1 25 Purchase # 2 16 28 31 1-Dec Sold 21 doodads at $59 each on credit 21 12-Dec 19 at a cost of $32 per doodad on credit 19 32 15-Dec Sold 25 doodads at $63 each on credit 25 20-Dec Purchased 24 doodads at a cost of $38 per doodad on credit 24-Dec Sold 10 doodads at $71 each on credit 71 The PHYSICAL count of doodad inventory on hand at December 31. 2019 shows 15 doodads at a FIFO cost of $570 15 570 Units CostCost Inventory 1S December Journal Entries FigMint Consulting &Sales and Sales Ine PARTIALLY ADJUSTED TRIAL BALANCE December 31 2019 Part Adj T/B December JEs Trial Balance Allowance for Uncollectible Accounts Accumulated Depr- Building Accumulated Depr-Comp Equip Accumulated Depr-Office Furniture 6,000 Depreciation Expense -Building Depreciation Expense Computer Equip Depreciation Expense-Office Funn S1,340,537
