Print Arel Jx Comprehensive Project Information: D Comprehensive Project Information: All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, 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. Alto be sure to take advantage of Excel by using formulas to calculate/sum groups of numbers. DO NOT force any cells 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 failing 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 "T-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. Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts. Adjusted To check figure $1,277,600 Part 4 Prepare, in good form, financial statements on each specified sheet in the following order: Multi-Step Income Statement and prepare a bar or pie chart for a visual representation of experses. Statement of Stockholders' Equity Cassified Balance Sheet Total Assets check figure $671.950 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Adjusted Trial Balance Comma Style Statement Statement Sh Avarna 1250 Cinta Cm Rnn 25 D 16 use the orme DO 20 Big, engang en propre. U tom signis very youpons 17 18 19 REQUIREMENTS 20 Part 1 Post the Unadjusted Trial Balance totals to the T.Accounts on the sheet labeled "T. Accounts. These numbers will represent your beginning balances 22 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 23 24 Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts. Adjusted to check figure: $1,277.000 26 Part 4 Prepare, in good form, financial statements on each specified sheet in the following order: 22 Multi-Step Income Statement and prepare a bar or ple chart for a visual representation of expenses. 28 b Statement of Stockholders' Equity 29 c Classified Balance Sheet Total Assets check figure $871,950 su Parts Using the financial statements, calculate the following ratios on the specified sheet and briefly 12 or 3 sentences) interpret the ratios for Gatsby, Inc. 32 . Working Capital b Current Ratio Quick Ratio (Acid Test) 36 d Debt to Equity 32 . Times interest Eamed 38 39 Part 6 Record closing journal entries AND post them to the accounts. 40 Part 7 Prepare a Post-Closing Trial Balance using the updated T-accounts Total debit check figure $935.950 42 43 U Credit 40,000 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 0 Insurance Expense 15,000 Interest Expense 0 Rent Expense 24,000 Supplies Expense 0 Utilities Expense 9,700 Wage Expense 125,000 Totals $1.219.250 8,000 160,500 0 0 45,000 150,000 310,000 124,750 381,000 $1.219.250 OO AutoSave OFF HEVU AC 321 Int I - SU20 - Comprehensive Problem- Hammon (2) Home Insert Draw Page Layout Formulas Data Review View Share Comments . Calibri (Body) v 11 = Insert ab General V v 27.9. Delete Paste B IU A = $ % sind & Ideas Conditional Format Formatting as Table Cel Styles Sort & Filter Sensitivity Format v Select M o Q R 5 u w PREPARE (in proper form] ADJUSTING JOURNAL ENTRIES HERE inot 19 Xf 220 A C F G H 1 Dut 1 Information to prepare adjusting journal entries pro The following information relate to Gatsby, Inc. af December 31 of the current year. The company was the calendar 3 year as its annual reporting periodanc the Accrucl Method of Accounting Prepaid and ur earned items are recorded as 4 assets and liabilities, respectively. Prepare all necessary adjustire journal entries and post to the Taccounts 5 A The company's weekly payroll is $3,000 and is paideach Friday for a five-day work week assume 7 December 31st fallsana Monday, but the employees will not be paid their wages until Friday, January 3rd Account Dcbi: Credit 6 A. 9 B. B. Eighteer months earlier, on July 1st the corr any purchased euipment that cost $160,000. Its useful life Is predicted to be twenty years, at which time the equipment is expected to have a zero salvag residual value Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. 11 12 13 14 c. c. On September 1s: of the current year Gatsby, Inc. was paic $45,000 in advance of future installation of alarm systems in 3 new home. The amount was crecited to the Urearned Revenue- Narms account, Between September 1st and December 31st alarm systems were installed in 1home completing that job. 15 D. D. On Octaber lato 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 expenzehas not been recorded for Nowember ner December 16 17 19 191 20 21 22 23 24 E. On December 30 of the current year the corrany complete an $38,000 job that has not been billed/inwie and therefore has not be recorded E F. F. A$ 150,000 long-term rate payable was signed on August 1st of the current year. It is a five-year nece with a6% Interest rate. Interest expense not been accrued for this year. 25 G. G. 25 27 29 79 30 Supalies at the beginning at the current year had a balance of $ 300. Supplies valued at $4,200 were purchase thoughout the year. The current balance in the account is $400. H. H. Depreciation on the building is calculated using the straight line depreciation method. Gatsby estimates depreciation on the building over a 25 year period and a zero salveeresicual value 31 32 33 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Adjusted Trial Balance Income Statement Statement Shareholders' Equity Balance Sheet + + 100% Print Arel Jx Comprehensive Project Information: D Comprehensive Project Information: All work must be completed using this Excel spreadsheet. All journal extries, financial statements, etc. must be prepared in clean, 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. Alto be sure to take advantage of Excel by using formulas to calculate/sum groups of numbers. DO NOT force any cells 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 failing 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 "T-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. Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts. Adjusted To check figure $1,277,600 Part 4 Prepare, in good form, financial statements on each specified sheet in the following order: Multi-Step Income Statement and prepare a bar or pie chart for a visual representation of experses. Statement of Stockholders' Equity Cassified Balance Sheet Total Assets check figure $671.950 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Adjusted Trial Balance Comma Style Statement Statement Sh Avarna 1250 Cinta Cm Rnn 25 D 16 use the orme DO 20 Big, engang en propre. U tom signis very youpons 17 18 19 REQUIREMENTS 20 Part 1 Post the Unadjusted Trial Balance totals to the T.Accounts on the sheet labeled "T. Accounts. These numbers will represent your beginning balances 22 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 23 24 Part 3 Prepare an Adjusted Trial Balance for Gatsby, Inc. using the updated T-Accounts. Adjusted to check figure: $1,277.000 26 Part 4 Prepare, in good form, financial statements on each specified sheet in the following order: 22 Multi-Step Income Statement and prepare a bar or ple chart for a visual representation of expenses. 28 b Statement of Stockholders' Equity 29 c Classified Balance Sheet Total Assets check figure $871,950 su Parts Using the financial statements, calculate the following ratios on the specified sheet and briefly 12 or 3 sentences) interpret the ratios for Gatsby, Inc. 32 . Working Capital b Current Ratio Quick Ratio (Acid Test) 36 d Debt to Equity 32 . Times interest Eamed 38 39 Part 6 Record closing journal entries AND post them to the accounts. 40 Part 7 Prepare a Post-Closing Trial Balance using the updated T-accounts Total debit check figure $935.950 42 43 U Credit 40,000 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 0 Insurance Expense 15,000 Interest Expense 0 Rent Expense 24,000 Supplies Expense 0 Utilities Expense 9,700 Wage Expense 125,000 Totals $1.219.250 8,000 160,500 0 0 45,000 150,000 310,000 124,750 381,000 $1.219.250 OO AutoSave OFF HEVU AC 321 Int I - SU20 - Comprehensive Problem- Hammon (2) Home Insert Draw Page Layout Formulas Data Review View Share Comments . Calibri (Body) v 11 = Insert ab General V v 27.9. Delete Paste B IU A = $ % sind & Ideas Conditional Format Formatting as Table Cel Styles Sort & Filter Sensitivity Format v Select M o Q R 5 u w PREPARE (in proper form] ADJUSTING JOURNAL ENTRIES HERE inot 19 Xf 220 A C F G H 1 Dut 1 Information to prepare adjusting journal entries pro The following information relate to Gatsby, Inc. af December 31 of the current year. The company was the calendar 3 year as its annual reporting periodanc the Accrucl Method of Accounting Prepaid and ur earned items are recorded as 4 assets and liabilities, respectively. Prepare all necessary adjustire journal entries and post to the Taccounts 5 A The company's weekly payroll is $3,000 and is paideach Friday for a five-day work week assume 7 December 31st fallsana Monday, but the employees will not be paid their wages until Friday, January 3rd Account Dcbi: Credit 6 A. 9 B. B. Eighteer months earlier, on July 1st the corr any purchased euipment that cost $160,000. Its useful life Is predicted to be twenty years, at which time the equipment is expected to have a zero salvag residual value Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. 11 12 13 14 c. c. On September 1s: of the current year Gatsby, Inc. was paic $45,000 in advance of future installation of alarm systems in 3 new home. The amount was crecited to the Urearned Revenue- Narms account, Between September 1st and December 31st alarm systems were installed in 1home completing that job. 15 D. D. On Octaber lato 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 expenzehas not been recorded for Nowember ner December 16 17 19 191 20 21 22 23 24 E. On December 30 of the current year the corrany complete an $38,000 job that has not been billed/inwie and therefore has not be recorded E F. F. A$ 150,000 long-term rate payable was signed on August 1st of the current year. It is a five-year nece with a6% Interest rate. Interest expense not been accrued for this year. 25 G. G. 25 27 29 79 30 Supalies at the beginning at the current year had a balance of $ 300. Supplies valued at $4,200 were purchase thoughout the year. The current balance in the account is $400. H. H. Depreciation on the building is calculated using the straight line depreciation method. Gatsby estimates depreciation on the building over a 25 year period and a zero salveeresicual value 31 32 33 Project Instructions Unadjusted Trial Balance Adjusting Journal Entries T-Accounts Adjusted Trial Balance Income Statement Statement Shareholders' Equity Balance Sheet + + 100%