Summer 2019 Financial Accounting Foundations ACCT 115-901,940 Excel Assignment Instructions Introduction The trial balance of Pacilio Security Services, Inc. as of January 1, Year 3, had the following normal balances: $ 8.900 1.500 Cash Accounts Receivable Supplies Prepaid Rent Land Accounts Payable Unearned Revenue Salaries Payable Notes Payable Common Stock Retained Earnings 800 4,000 1.050 200 1.200 2.000 8.000 2.815 During Year 3. Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 2 2. Paid the balance of $2.000 on the debt owed to the Small Business Government Agency. The loan is interest-free 3. Performed $32,000 of security services for numerous local events during the year, $21,000 was on account and $11,000 was for cash. 4. On May 1, paid $3,000 for 12 months rent in advance. 5. Purchased supplies on account for $700. 6. Paid salaries expense for the year of $9,000 7. Incurred other operating expenses on account, $4200 8. On October 1, Year 3, a customer paid $1,200 for services to be provided over the next 12 months 9. Collected $19,000 of accounts receivable during the year 10. Paid $5.950 on accounts payable 11. Paid $1,800 of advertising expenses for the year. 12. Paid a cash dividend to the shareholders of $4,650 13. The market value of the land was determined to be 55.500 at December 31, Year 3. Adjustments 14. There was $120 of supplies on hand at the end of the year. 15. The prepaid rent at the beginning of the year expired on May 1 of this year. Recognized the expired rent for the total year. 16. Recognized the earned revenue from Year 2 and transaction no. 8 17. Accrued salaries were $1.000 at December 31, Year 3. Requirements 1) Using the Excel Template provided to you, complete the worksheets using appropriate Excel functions, formulas, formatting, linking, copy/paste, etc. a) Record the beginning balance and events (transactions 1 through 13) and adjustments (14 through 17) in general ledger accounts using the Accounting Equation format (Accounting Equation worksheet). If it is not necessary to record an event, so state that. i. Use functions to calculate the subtotals and totals for each column HINT: Use the SUM function to calculate the subtotal and total for one column and copy and paste it to the other columns i. Write a formula at the bottom of the Accounting Equation worksheet to prove that assets = liabilities + equity. If the accounting equation balances, print "balance. If the accounting equation does not balance, print does not balance." HINT: Use the IF function to write this formula Write this formula after you have completed stepi. above and before entering any transactions as this formula will alert you on a line by line basis if your Accounting Equation is in balance b) From the Accounting Equation worksheet, prepare an Income Statement (Income Statement worksheet). Make sure entries from the Accounting Equation worksheet are linked to the income Statement worksheet. c) Prepare, in columnar format, a Statement of Changes in Stockholders' Equity (Change in SE worksheet). Make sure the appropriate items from the Accounting Equation worksheet and net income from the Income Statement worksheet are linked to the Change in SE worksheet. d) Prepare a Balance Sheet (Balance Sheet worksheet). Make sure the appropriate items from the Accounting Equation worksheet and the Change in SE worksheet are linked to the Balance Sheet worksheet. HNTs for b), c) and d): Use the SUM function for all subtotals. Use links to transfer numbers from one cell location to another, even if it is between worksheets. Make sure your numbers are in proper accounting formatie, comma separators, negative numbers in brackets dollar signs on the correct numbers, single and double underscores under the right numbers) 2) Complete the spreadsheet above and then answer the multiple choice questions in bblearn by referring to the specific worksheet and cell in the Excel Template. Each attempt to answer the multiple choice questions will have a time limit of two hours. However, you will have multiple attempts to answer the question. If your two hours times out before you are completed, you will be able to start a new attempt. Your answers for the previous attempt will not be saved-you will need to start over
