Sophie's Sensational Syrups, a sole proprietorship that makes specialty mocktails with fancy organic syrups, has hired you as an accountant to record journal entries and prepare the financial statements for the first month of business ended June 30, 2023. For now, the business is operated out of a food truck converted to disburse chilled beverages. Sophie predominately caters to private events where there is a guaranteed large crowd of customers. The business, to date, has been funded by a small group of friends, as well as a sizeable bank loan. Sophie headquarters their small business in Federal Way, Washington, a suburb south of Seattle. If profitable at the end of the first month, Sophie has indicated they would like to provide a small dividend back to each of the investors. Sophie is looking forward to your knowledge of accounting to help them make more informed business decisions in order to expand in the future. Using the instructions provided in class (Canvas), complete the following Excel worksheets. Remember to use good accounting form and consider the overall professional presentation of your work. Sophie not only wants accurate financial statements, but professionally formatted statements she can show her outside investors, banks, and friends.

Journal Entries - Read the company background and review the business activities (including adjusting entries). Prepare the necessary journal entries in the BLUE Journal Entries Worksheet. Be sure to use proper journal entry format, with date, appropriate account titles, and journal entry description. Also be sure to differentiate between debit and credits with appropriate formatting. Remember debits must equal credits.

T Accounts- After journalizing all entries, post all transactions to T- Accounts in the BLUE T-Accounts Worksheet. Once all entries are posted, sum all T-Accounts to reflect ending balances. Remember normal balances and double-underline ending balances.

Adjusted Trial Balance - Using proper formatting, prepare an adjusted trial balance in the YELLOW Adjusted Trial Balance Worksheet. Recall that an adjusted trial balance is just a trial balance that includes all the adjusting entries.

Income Statement - Using proper formatting, prepare a single-step income statement in the GREEN Income Statement Worksheet. Use an Excel FORMULA to calculate Net Income (Net Loss). Also use CONDITIONAL FORMATTING such that the cell color is green if there is net income or red if there is net loss.

Statement of Retained Earnings - Using proper formatting, prepare a statement of retained earnings in the GREEN Statement of Retained Earnings Worksheet. Use an Excel FORMULA to calculate Ending Retained Earnings.

Balance Sheet - Using proper formatting, prepare a balance sheet in the GREEN Balance Sheet Worksheet. Use appropriate headings for assets, liabilities, and equity, as well as sub-headings for current assets, current liabilities, etc. USE a FUNCTION to prove that A = L + E on your Balance Sheet. Also use a FUNCTION to SUM Total Assets and to SUM Total Liabilities.

Closing Entries - If the company were to close out all temporary accounts for the month, prepare the necessary closing entries in the RED Closing Entries Worksheet. Be sure to use proper journal entry format, with date, appropriate account titles, and journal entry description. Also be sure to differentiate between debit and credits with appropriate formatting. Remember debits must equal credits.

Ratios - In the PURPLE Ratios Worksheet, compute working capital, current ratio, and net profit margin. For each ratio include the equation and then the specific numbers for calculation. Round to 2 decimal places if needed. Provide 1-2 sentences to reflect on what these ratios mean and represent.

Formatting & Presentation 10 Ensure that each worksheet is formatted for a professional print job. This includes performing a spell check, checking appropriate margins, conducting a print preview for horizontal and vertical justification, and selecting appropriate font styles, sizes, and colors. You may also benefit from implementing additional formulas, functions, and data referencing, at your discretion.

During June 2023 the following activities occurred: When recording these activities, only use account titles discussed in class and used in your homework (i.e., do not create new account names)