please can expert help with this on excel . with changes made i attach. thanks
Accounting Cycle Project Part Below are the financial statements for the Allyson Catherine Tax Service prepared as of October 31 ncome Statement Revenue Less Interest Expense Advertising Expense Depreciation Expense Electricity Expense Salaries Expense Net Income (Loss) 5,100 700 300 675 40 1.380 1,645 Statement of Owners Equity Beginning Balance Net Income (Loss) Less: DividendWithdrawal 27,430 1,645 Ending Balance 27,975 Balance Sheet Assets 20,900 5,800 750 Cash Accounts Receivable Cell Phone Computer -Cost less Accumulated Depreciation 825 1,800 975 Car -Cost -less Accumulated Depreciation 1350 Furniture& Equipment Cost -less Accumulated Depreciation 3,500 Office Building Costated Deoreciation 2.400 10,000 8,650 15,000 11,500 100,000 97.600 146,175 Total Assets Liabilities Electric Payable Loans Payable Mortgage Payable Interest Payable Total Liabilities Stockholders Equity 400 25,000 90,000 27 146,175 Total Liabilities + Stockholders Equity In part II of the project you are again required to prepare the financial statements for the Month of November (using Excel) with an added twist. As you can see the Allyson Catherine tax service has expanded into selling tax software as well. So now, coincident with Chapter 10, you have to account for that inventory. You are to, in addition to going through all the steps of the accounting cycle as in part I of this project, show the impact on net income of the three main methods of accounting for inventory, .e., FIFO, LIFO, and average cost, using the Perpetual approach. The following transactions pertain to the month of November. 1 Paid rent on office $1,500. 1 Placed and paid for advertisements in local newspapers at cost of $250 Nov 1 Purchased 10 copies of FoxTax from FoxAccounting for $15 each, for resale, terms 2/10, n/30. 7 Sold 3 copies of FoxTax for $30 each, receiving cash. 11 Collected $2,300 of accounts receivable 13 Sold 4 copies of FoxTax for $30 each, receiving cash. 17 Purchased an additional 25 copies of FoxTax from FoxAccounting for $25 each, terms 2/10, n/30. 23 Sold 8 copies of FoxTax for $30 each, receiving cash 26 Paid amount owed to FoxAccounting, taking any discounts entitled to 30 Paid assistant $1,200 for the month. 30 Billed clients for services rendered during the month-$1,000 Additional information for second part of Accounting Cycle problem Hi The problem was supposed to directly connect from part I, but I see that it does not. My mistake. What you need to know is that the computer depreciates at a rate of $75 per month, the car $150, the furniture and equipment $250, total depreciation for October (and November) of $675, and the building $200 so a
