Please help on this practice!
Instructions:
1.Use the information in the provided trial balance to create the following financial statements:
a. 2019 Income Statement
b. 2019 Balance Sheet
c. 2019 Cash Flow Statement
2.Create ONE Excel Workbook with the following tabs:
a. Tab 1: Trial Balance for 2018 and 2019 provided
b.Tab 2: Closing Entries for 2018 Income Statement
c.Tab 3: 2019Income Statement
d.Tab 4: Closing entries for 2019
e. Tab 5: 2019 Balance Sheet post-closing entries (Use the 2018 Retained Earnings balance as your beginning 2019 balance)
f. Tab 6: 2019 Cash Flow Statement
= = = On General A , X Cut Calibri (Body) - 11 - A- A Copy Paste BI U L9 x vfx Wrap Text Merge & Center A = Format $ % ) Conditional Format Formatting as Table Cell Styles Insert DEF Credit Credit Debit $ 364 $ 155 $ 218 $ 500 $ 307 $ 3,363 Debit $ 563 $ 200 $ 363 $ 792 $ 170 $ 4,767 $ 200 $ 375 $ $ $ $ 63 710 99 182 $ $ $ $ 143 710 99 182 2018 Trial Balance 4 Account Title 5 Cash and cash equivalents 6 Short-term investments 7 Accounts receivable 8 Merchandise inventories 9 Prepaid expenses and other current assets 10 Property and Equipment 11 Accumulated depreciation and amortization 12 Long-term investments 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Other assets 16 Current installments of capital lease obligations 17 Accounts payable 18 Accrued payroll, bonus and other benefits due team members 19 Dividends payable 20 Other current liabilities 21 Long-term capital lease obligations, less current installments 22 Other long-term liabilities 23 Common Stock 24 Treasury Stock 25 Retained earnings 26 Dividends 27 Sales 28 Cost of Goods Sold 29 Selling, general and administrative expenses 30 Pre-opening expenses 31 Relocation, store closure and lease termination expenses 32 Investment and other income 33 Income tax expense $ $ $ $ $ $ $ $ 3 295 436 45 473 62 658 2,904 2019 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation and amortization Long-term investments Goodwill Intangible assets, net of accumulated amortization Other assets Current installments of capital lease obligations Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term capital lease obligations, less current installments Other long-term liabilities Common Stock Treasury Stock Retained earnings Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $ $ $ $ $ $ $ $ 5 473 487 50 627 65 1,342 3,194 $ 1,152 $ 1,214 $ 1,541 $ 2,037 $ 40 $ 45 $ 15,389 $ 16,061 $ 10,453 $ 4,670 $ $ $ $ 9,973 4,472 67 16 17 $ 18 $ $ 342 22,023 $ 363 $ 24,734 $ 22,023 $ 24,734 37 Additional Information: 39 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 40 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. 41 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8. 42 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. 43 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 44 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. 45 The company paid dividends of $45 during the year. Trial Balance 2018 Closing Entries 2019 Income Statement 2019 Closing Entries 2019 Balance Sheet 2019 Cash Flow Statement + = = = On General A , X Cut Calibri (Body) - 11 - A- A Copy Paste BI U L9 x vfx Wrap Text Merge & Center A = Format $ % ) Conditional Format Formatting as Table Cell Styles Insert DEF Credit Credit Debit $ 364 $ 155 $ 218 $ 500 $ 307 $ 3,363 Debit $ 563 $ 200 $ 363 $ 792 $ 170 $ 4,767 $ 200 $ 375 $ $ $ $ 63 710 99 182 $ $ $ $ 143 710 99 182 2018 Trial Balance 4 Account Title 5 Cash and cash equivalents 6 Short-term investments 7 Accounts receivable 8 Merchandise inventories 9 Prepaid expenses and other current assets 10 Property and Equipment 11 Accumulated depreciation and amortization 12 Long-term investments 13 Goodwill 14 Intangible assets, net of accumulated amortization 15 Other assets 16 Current installments of capital lease obligations 17 Accounts payable 18 Accrued payroll, bonus and other benefits due team members 19 Dividends payable 20 Other current liabilities 21 Long-term capital lease obligations, less current installments 22 Other long-term liabilities 23 Common Stock 24 Treasury Stock 25 Retained earnings 26 Dividends 27 Sales 28 Cost of Goods Sold 29 Selling, general and administrative expenses 30 Pre-opening expenses 31 Relocation, store closure and lease termination expenses 32 Investment and other income 33 Income tax expense $ $ $ $ $ $ $ $ 3 295 436 45 473 62 658 2,904 2019 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation and amortization Long-term investments Goodwill Intangible assets, net of accumulated amortization Other assets Current installments of capital lease obligations Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term capital lease obligations, less current installments Other long-term liabilities Common Stock Treasury Stock Retained earnings Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Pre-opening expenses Relocation, store closure and lease termination expenses Investment and other income Income tax expense $ $ $ $ $ $ $ $ 5 473 487 50 627 65 1,342 3,194 $ 1,152 $ 1,214 $ 1,541 $ 2,037 $ 40 $ 45 $ 15,389 $ 16,061 $ 10,453 $ 4,670 $ $ $ $ 9,973 4,472 67 16 17 $ 18 $ $ 342 22,023 $ 363 $ 24,734 $ 22,023 $ 24,734 37 Additional Information: 39 The company purchased new equipment for $1,404, but there were no disposals of property/equipment. 40 The company purchased $125 in new investments (including both short and long-term), and sold no investments during the year. 41 The company made payments of $3 on its capital lease obligations, and incurred new capital lease obligations of $8. 42 The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. 43 The company sold stock during the year, and there were no additional transactions affecting the common stock account. 44 The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. 45 The company paid dividends of $45 during the year. Trial Balance 2018 Closing Entries 2019 Income Statement 2019 Closing Entries 2019 Balance Sheet 2019 Cash Flow Statement +
