Survey of Accounting comprehensive question. Complete and fill out the balance sheet below with the given information.

Page > of 5 ZOOM + All of these items should be clearly identifiable and included in your submitted file (excel document) that is uploaded as an answer to the final Canvas quiz questions. 1. Completed accounting equation 2. Inventory Tracking Sheet (can submit excel or picture of hand written) 3. Complete set of financial statements 4. Y2 Actual Results & Y3 Flexible budget Note: You can seek help during class time, during office hours, and in ACE (BU 441) live or during virtual meetings to check your ending balances on the accounting equation, inventory tracking, & and budget tab, but will be expected to construct your financial statements on your own. You can ask questions about the financial statements during class time. This project will not be worked through during or have videos associated with it but questions about your own work can be answered. CAUTION: When seeking help from the TAs or myself, you will be required to present your work for review. You can share screen in Teams or bring your work if in person. We can confirm if you are correct or point you in the right direction if you have errors. We will not complete any part of the assignment for you or answer questions if you cannot provide your own work first. If struggling with a concept or calculation, refer back to your book, practice homework problems & videos, weekly packets, and Connect homework as a guide. Additional Information for Accounting Equation: Beginning Common & Preferred stock is made up of the following: o 40,000 shares of common stock were issued at a sales price of $20/share and with a par value of $5 per share. 10,000 shares of $40 par, 3% cumulative preferred stock was issued at a sales price of $50/share. Page of 5 ZOOM + . . . 1. Review the list of transactions and record the entries to the accounting equation. For your inventory tracking tab and the events recorded to the accounting equation, you can assume the following: o The company uses FIFO as the method to record/track inventory o Beginning inventory for Year 2 of operations is made up of 41,000 units originally purchased at $8.00 per unit which equals Beginning Inventory of $328,000. 2. You will use the completed accounting equation and templates provided to complete the following financial statements: Income Statement Classified Balance Sheet Cash Flow Statement Statement on Stockholder's Equity Inventory Tracking Sheet (not one of the formal financial statements - available for use in reviewing accounting equation entries. 3. Pro-Forma Flexible budget (using template provided) to include the following assumptions: Actual & pro-forma sales revenue at a projected sales price of $24.50 per unit at each volume level Actual & pro-forma cost of goods sold o use Year 2 actual COGS for actual results column, o use average purchase price of inventory (from inventory tracking sheet) for pro-forma columns at the varying volume levels. Actual & pro-forma operating expenses - assume all operating expenses are fixed costs. EX: sales & marketing, assume all employees are paid a salary. o Hint: There is only one cost in the operating expenses that you'll project for Year 3 (it is still fixed), all other fixed costs will remain the same in all columns. Calculate pro-forma dollar amount of purchases for a desired ending inventory of $175,200, assuming: o your ending inventory from the accounting equation year 2 is your beginning . Excel File ( Edit View Insert Format Tools Data Window Help Mon Apr 25 3:08 PM AutoSave OFF bu a wa End of Semester Assignment - Student Template Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Insert v Calibri V V 11 A V General Wrap Text v WE Ayu O Delete v V Paste V V Av E E Merge & Center v $ % 9 60 .00 .00 20 Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Analyze Data Sensitivity V B49 x fx C H M U Truck Notes Payable Revenue Cash 1,757,000.00 Acct Rec 17,500.00 Inventory 328,000.00 Equipment $ Land 50,000.00 Building 250,000.00 Accum Depr $ 8,333.00 Acct Payable $ 418,000.00 Wages Payable $ 215,000.00 Common Stock $ 200,000.00 APIC - CS 600,000.00 Preferred Stock $ 400,000.00 APIC - PS 100,000.00 $ Div Payable $ 42,000.00 $ (42,000.00) $ $ $ $ $ $ $ Retained Earnings $ 419,167.00 $ (42,000.00) 6 9 $ 150,000.00 | A B 1 2 3 Events 4 5 Beginning Balances as of Dec 31, Year 1 Paid a $42,000 cash dividend previously declared for stockholders 7 Paid wages payable accrued in previous month 8 Acquired $150,000 by signing a note payable with a local bank Sold 5,000 shares of $5 par Common Stock for $110,000 10 Sold 2,000 shares of $40 par, 3% cumulative preferred stock for $120,000 Purchased a truck and piece of Equipment for $128,000. The truck has a market 11 value of 65,000 and the equipment has a market value of 95,000. 12 Purchased 25,000 Units of Inventory on Account for $8.15 per unit 13 Sold 45,000 units at $24.50 on Account - Revenue 14 COGS on sale of 45000 units 15 10 Collect $570,000 on Account 16 11 Paid $540,250 of Accounts Payable 17 12 Purchased 70,000 Units of Inventory on Account for $8.50 per unit 18 13 Sold 75,000 units at $24.50 on Account 19 14 Record COGS for Sales of 75,000 units on Account 20 15 Collect $1,472,500 on Account 21 16 Paid $438,500 of Accounts Payable 22 17 Purchased 115,000 Units of Inventory on Account for $9.35 per unit 23 18 Sold 102,000 units at $24.50 24 19 Record COGS for Sale of 102,000 units 25 20 Collect $735,000 on Account 26 21 Paid $883,150 of Accounts Payable 27 22 Purchased 175,000 units of Inventory on Account for $8.75 per unit 28 23 Paid Advertising and Marketing Expenses of $130,000 29 24 Paid Fixed Operating Expenses of $275,708 30 25 Paid Wages of $1,235,000 31 26 Record Wages Payable of $215,000 32 27 Paid Product Line Research & Development Expenses of $450,000 33 28 Principle & Interest on Note Payable 34 29 Year 1 Depreciation on Truck 35 30 Year 1 Depreciation on Equipment 36 31 Year 2 Depreciation on Building 37 32 Common Stock Dividend Declaration 38 33 Preferred Stock Dividend Declaration 39 Balance at December 31, Yr 2 40 41 42 Total Assets Total Liabilities & Equity 45 Accounting Equation Inventory Tracking Budget Template Income Statement Balance Sheet Stockholders' Equity Cash Flow + Ready a 50% 10 APR 2 162 lli 25 2 tv O W TE . 280 Excel File ( Edit View Insert Format Tools Data Window Help Mon Apr 25 3:08 PM AutoSave OFF Du wa End of Semester Assignment - Student Template Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Insert v Arial V 11 A V General Wrap Text v (7D. O Delete @EM V Paste V V v V Merge & Center v $ % 9 60 .00 .00 20 Conditional Format Cell Formatting as Table Styles Sensitivity Sort & Filter Format v Find & Select Analyze Data V AN48 X fx M N 0 Q U V W AB AC AD AE AF AG AH Al A AK AL AM AN 1 2 4 Notes Payable Revenue Expense Net Income Type Amount Div Payable $ 42,000.00 $ (42,000.00) Wages Payable $ 215,000.00 Common Stock $ 200,000.00 APIC-CS $ 600,000.00 Preferred Stock $ 400,000.00 APIC - PS 100,000.00 $ Retained Earnings $ 419,167.00 $ (42,000.00) 6 7 8 9 $ 150,000.00 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Net Change in Cash Accounting Equation Inventory Tracking Budget Template Income Statement Balance Sheet Stockholders' Equity Cash Flow + Ready a 50% 10 APR 2 162 25 lli tv O W 280 . Page > of 5 ZOOM + All of these items should be clearly identifiable and included in your submitted file (excel document) that is uploaded as an answer to the final Canvas quiz questions. 1. Completed accounting equation 2. Inventory Tracking Sheet (can submit excel or picture of hand written) 3. Complete set of financial statements 4. Y2 Actual Results & Y3 Flexible budget Note: You can seek help during class time, during office hours, and in ACE (BU 441) live or during virtual meetings to check your ending balances on the accounting equation, inventory tracking, & and budget tab, but will be expected to construct your financial statements on your own. You can ask questions about the financial statements during class time. This project will not be worked through during or have videos associated with it but questions about your own work can be answered. CAUTION: When seeking help from the TAs or myself, you will be required to present your work for review. You can share screen in Teams or bring your work if in person. We can confirm if you are correct or point you in the right direction if you have errors. We will not complete any part of the assignment for you or answer questions if you cannot provide your own work first. If struggling with a concept or calculation, refer back to your book, practice homework problems & videos, weekly packets, and Connect homework as a guide. Additional Information for Accounting Equation: Beginning Common & Preferred stock is made up of the following: o 40,000 shares of common stock were issued at a sales price of $20/share and with a par value of $5 per share. 10,000 shares of $40 par, 3% cumulative preferred stock was issued at a sales price of $50/share. Page of 5 ZOOM + . . . 1. Review the list of transactions and record the entries to the accounting equation. For your inventory tracking tab and the events recorded to the accounting equation, you can assume the following: o The company uses FIFO as the method to record/track inventory o Beginning inventory for Year 2 of operations is made up of 41,000 units originally purchased at $8.00 per unit which equals Beginning Inventory of $328,000. 2. You will use the completed accounting equation and templates provided to complete the following financial statements: Income Statement Classified Balance Sheet Cash Flow Statement Statement on Stockholder's Equity Inventory Tracking Sheet (not one of the formal financial statements - available for use in reviewing accounting equation entries. 3. Pro-Forma Flexible budget (using template provided) to include the following assumptions: Actual & pro-forma sales revenue at a projected sales price of $24.50 per unit at each volume level Actual & pro-forma cost of goods sold o use Year 2 actual COGS for actual results column, o use average purchase price of inventory (from inventory tracking sheet) for pro-forma columns at the varying volume levels. Actual & pro-forma operating expenses - assume all operating expenses are fixed costs. EX: sales & marketing, assume all employees are paid a salary. o Hint: There is only one cost in the operating expenses that you'll project for Year 3 (it is still fixed), all other fixed costs will remain the same in all columns. Calculate pro-forma dollar amount of purchases for a desired ending inventory of $175,200, assuming: o your ending inventory from the accounting equation year 2 is your beginning . Excel File ( Edit View Insert Format Tools Data Window Help Mon Apr 25 3:08 PM AutoSave OFF bu a wa End of Semester Assignment - Student Template Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Insert v Calibri V V 11 A V General Wrap Text v WE Ayu O Delete v V Paste V V Av E E Merge & Center v $ % 9 60 .00 .00 20 Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Analyze Data Sensitivity V B49 x fx C H M U Truck Notes Payable Revenue Cash 1,757,000.00 Acct Rec 17,500.00 Inventory 328,000.00 Equipment $ Land 50,000.00 Building 250,000.00 Accum Depr $ 8,333.00 Acct Payable $ 418,000.00 Wages Payable $ 215,000.00 Common Stock $ 200,000.00 APIC - CS 600,000.00 Preferred Stock $ 400,000.00 APIC - PS 100,000.00 $ Div Payable $ 42,000.00 $ (42,000.00) $ $ $ $ $ $ $ Retained Earnings $ 419,167.00 $ (42,000.00) 6 9 $ 150,000.00 | A B 1 2 3 Events 4 5 Beginning Balances as of Dec 31, Year 1 Paid a $42,000 cash dividend previously declared for stockholders 7 Paid wages payable accrued in previous month 8 Acquired $150,000 by signing a note payable with a local bank Sold 5,000 shares of $5 par Common Stock for $110,000 10 Sold 2,000 shares of $40 par, 3% cumulative preferred stock for $120,000 Purchased a truck and piece of Equipment for $128,000. The truck has a market 11 value of 65,000 and the equipment has a market value of 95,000. 12 Purchased 25,000 Units of Inventory on Account for $8.15 per unit 13 Sold 45,000 units at $24.50 on Account - Revenue 14 COGS on sale of 45000 units 15 10 Collect $570,000 on Account 16 11 Paid $540,250 of Accounts Payable 17 12 Purchased 70,000 Units of Inventory on Account for $8.50 per unit 18 13 Sold 75,000 units at $24.50 on Account 19 14 Record COGS for Sales of 75,000 units on Account 20 15 Collect $1,472,500 on Account 21 16 Paid $438,500 of Accounts Payable 22 17 Purchased 115,000 Units of Inventory on Account for $9.35 per unit 23 18 Sold 102,000 units at $24.50 24 19 Record COGS for Sale of 102,000 units 25 20 Collect $735,000 on Account 26 21 Paid $883,150 of Accounts Payable 27 22 Purchased 175,000 units of Inventory on Account for $8.75 per unit 28 23 Paid Advertising and Marketing Expenses of $130,000 29 24 Paid Fixed Operating Expenses of $275,708 30 25 Paid Wages of $1,235,000 31 26 Record Wages Payable of $215,000 32 27 Paid Product Line Research & Development Expenses of $450,000 33 28 Principle & Interest on Note Payable 34 29 Year 1 Depreciation on Truck 35 30 Year 1 Depreciation on Equipment 36 31 Year 2 Depreciation on Building 37 32 Common Stock Dividend Declaration 38 33 Preferred Stock Dividend Declaration 39 Balance at December 31, Yr 2 40 41 42 Total Assets Total Liabilities & Equity 45 Accounting Equation Inventory Tracking Budget Template Income Statement Balance Sheet Stockholders' Equity Cash Flow + Ready a 50% 10 APR 2 162 lli 25 2 tv O W TE . 280 Excel File ( Edit View Insert Format Tools Data Window Help Mon Apr 25 3:08 PM AutoSave OFF Du wa End of Semester Assignment - Student Template Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X Insert v Arial V 11 A V General Wrap Text v (7D. O Delete @EM V Paste V V v V Merge & Center v $ % 9 60 .00 .00 20 Conditional Format Cell Formatting as Table Styles Sensitivity Sort & Filter Format v Find & Select Analyze Data V AN48 X fx M N 0 Q U V W AB AC AD AE AF AG AH Al A AK AL AM AN 1 2 4 Notes Payable Revenue Expense Net Income Type Amount Div Payable $ 42,000.00 $ (42,000.00) Wages Payable $ 215,000.00 Common Stock $ 200,000.00 APIC-CS $ 600,000.00 Preferred Stock $ 400,000.00 APIC - PS 100,000.00 $ Retained Earnings $ 419,167.00 $ (42,000.00) 6 7 8 9 $ 150,000.00 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Net Change in Cash Accounting Equation Inventory Tracking Budget Template Income Statement Balance Sheet Stockholders' Equity Cash Flow + Ready a 50% 10 APR 2 162 25 lli tv O W 280