Question
The ledger of AISExperts Inc. contained the following balances after adjustment, but before closing, on December 31, 2021, the end of the current year. This
The ledger of AISExperts Inc. contained the following balances after adjustment, but before closing, on December 31, 2021, the end of the current year. This means the below account balances are normal balances:
Accounts payable | 80400 |
Accounts receivable | 115580 |
Sales returns and allowances | 20000 |
Accumulated depreciation equipment | 27540 |
Depreciation expense | 800 |
Interest revenue | 1100 |
Unearned sales revenue | 2000 |
Cash | 75470 |
Common stock (10,000 shares outstanding) | 100000 |
Sales discounts | 12000 |
Cost of goods sold | 632150 |
Dividends declared | 18100 |
Equipment | 140450 |
Insurance expense | 4500 |
Dividends payable | 2000 |
Allowance for doubtful accounts | 9500 |
General expenses | 114250 |
Interest expense | 4600 |
Merchandise inventory | 154250 |
Prepaid insurance | 12325 |
Retained earnings | ? |
Marketable securities | 10000 |
Dividend revenue | 10000 |
Treasury stock | 1000 |
Salaries payable | 18560 |
Sales | 1018250 |
Selling expenses | 140210 |
The president of AISExperts Inc., has asked you to develop a flexible financial statement package (call the file yournameFinState21), using Excel that includes:
- a data entry sheet (the first sheet in your workbook with the above information)
- an adjusted trial balance,
- a single-step income statement,
- a multi-step income statement,
- a statement of retained earnings,
- a classified balance sheet, and
- a post-close trial balance
- data visual of total assets
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