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REQUIRED:

1. See the Excel spreadsheet ACCT 3050 Project F22 all information should be recorded using the Excel template. Update the tabs in Excel as needed SHOW ALL WORK and CALCULATIONS. The Excel tabs are protected, use the GREEN area of each tab for your calculations and notes. Protection is required to maintain integrity of the spreadsheet.
2. Be sure to enter your student ID number in the STUDENTS FIRST STEP tab. Enter as a number (no quotation marks). If your student ID number is 00123; just enter 123.
3. Prepare journal entries for the above transactions.
4. Post transactions to the trial balance worksheet and complete the worksheet.
5. Prepare for 2019 and 2020:
6. Classified Statement of Financial Position (similar accounts can be combined).
7. Single-step Income Statement (include EPS and Diluted EPS).
8. Statement of Retained Earnings (even though this is an IFRS company- no need to complete the Statement of Changes in Equity).
9. Notes to the Financial Statements (for the liabilities and equity section of the Statement of Financial Position ONLY see list on tab Notes to the Financials).
   1. Notes should include (for 2021 only):
      1. Reconciliation schedules or detailed schedules for liabilities and equity.
      2. Description of the account and relevant policies.
      3. Other information you feel should be disclosed.

a. Unearned Revenue Aylmer has some customers that pay for services in advance of work started. At December 31, 2021 , the accountant reviewed unearned revenue to see how much revenue had been earned. In the Excel spreadsheet, see the tab labelled "Unearned Revenue" for details relating to unearned revenue and to make any calculations for an adjusting journal entry. b. Vacation Pay Aylmer has 11 full-time employees. Each employee earns vacation pay at a different rate. Vacation pay, for days earned, may be taken after January 15th of the year following the year in which the days are earned (in other words, vacation days earned in 2021 must be used in 2022). Aylmer has chosen to accrue the cost of vacation at rates of pay in effect during the period in which they are earned, at 2020 rates of pay. The expense for 2021 should be based on 2021 wages and no expense or liability for 2021 has been recorded. There is NO carryover of vacation pay from 2020 to 2021 - any liability from 2020 was used in 2021. In order to calculate the vacation pay, to be expensed in 2021, salaried employees are paid weekly and hourly employees are normally paid 40 hours per week. In the Excel spreadsheet, see the tab labelled "Vacation Pay" to make any calculations for an adjusting entry. c. Bonus Accrual Aylmer has a bonus package for several employees. Bonus' are paid in February of the following year (February 2022) based on a number of criteria. Some employees earned a bonus for 2021 results. No expense or liability for 2021 has been recorded. In the Excel spreadsheet, see the tab labelled "Bonus Accrual" to make any calculations for an adjusting entry. The following items relate to Unearned Sales Revenue: Based on the above information, calculate the amount the should be recorded as earned income for 2021 a. Unearned Revenue Aylmer has some customers that pay for services in advance of work started. At December 31, 2021 , the accountant reviewed unearned revenue to see how much revenue had been earned. In the Excel spreadsheet, see the tab labelled "Unearned Revenue" for details relating to unearned revenue and to make any calculations for an adjusting journal entry. b. Vacation Pay Aylmer has 11 full-time employees. Each employee earns vacation pay at a different rate. Vacation pay, for days earned, may be taken after January 15th of the year following the year in which the days are earned (in other words, vacation days earned in 2021 must be used in 2022). Aylmer has chosen to accrue the cost of vacation at rates of pay in effect during the period in which they are earned, at 2020 rates of pay. The expense for 2021 should be based on 2021 wages and no expense or liability for 2021 has been recorded. There is NO carryover of vacation pay from 2020 to 2021 - any liability from 2020 was used in 2021. In order to calculate the vacation pay, to be expensed in 2021, salaried employees are paid weekly and hourly employees are normally paid 40 hours per week. In the Excel spreadsheet, see the tab labelled "Vacation Pay" to make any calculations for an adjusting entry. c. Bonus Accrual Aylmer has a bonus package for several employees. Bonus' are paid in February of the following year (February 2022) based on a number of criteria. Some employees earned a bonus for 2021 results. No expense or liability for 2021 has been recorded. In the Excel spreadsheet, see the tab labelled "Bonus Accrual" to make any calculations for an adjusting entry. The following items relate to Unearned Sales Revenue: Based on the above information, calculate the amount the should be recorded as earned income for 2021