Trial balance in alphabetical & Trial balance sheet

1 Box Store Corporation 2 Trial Balance in Alphabetical Order 3 December 31,2022 4 - Unadjusted trial balance Box Store Corporation (BSC) sells and distributes household goods and cars across Canada. Their office is located in Victoria, BC. Their fiscal year end is December 31 and they perform their adjusting entries annually. BSC uses ASPE to report its financial statements. You have been hired by BSC to perform their accounting cycle starting with preparing the financial statements for the year ended December 31, 2021. Avery, the Controller at BSC, has provided you with an unadjusted trial balance and the following information: Eor adiusting entries: Management has reviewed the aging accounts receivable and estimates that the allowance for doubtful accounts should be $4,500. The prepaid insurance balance is a 12-month insurance policy that was purchased and paid for on July 1, 2021. Rent is prepaid annually on September 1. The notes payable was issued on March 1, 2021 and it has an interest rate of 4%. BSC pays interest on this note payable quarterly on June 1, Sept 1, Dec 1 and March 1. Depreciation Policy Depreciation is only taken at the end of each fiscal year and BSC uses only one Depreciation expense account for all tangible assets. Furniture and equipment - amortized straight-line with no expected salvage value and an estimated useful life of 10 years. Leasehoid improvements- amortized straight-line with an expected salvage value of $2,500 and an estimated useful life of 20 years. Computer hardware and software- amortized straight-line with no expected salvage value and an estimated useful life of 2 years. Other information (to complete the assignment which has already been recorded): Included in the unadjusted trial balance was dividends declared and paid during the year of $75,000. BSC has both preferred shares and common share authorized and outstanding. BSC is authorized to issue 20,000$4 non-cumulative preferred shares and at December 31,2021 , it has 5,000 issued and outstanding. BSC is authorized to issue unlimited common shares and at December 31,2021 has 200,000 issued and outstanding. On February 28, BSC issued 10,000 common shares and on August 1, BSC issued 60,000 common shares. In May 2021 Avery Spring, Controller of BSC determined that their car business was not profitable and could not compete with better known car dealerships and decided to discontinue operations. On Nov 27th, 2021 BSC sold all assets relating to the car business and recorded a gain on the transaction. The tax rate for BSC is 30%. BSC includes EPS calculations on its Income Statement even though ASPE doesn't require it because its shareholders like to know this information. Required: Prepare the following in the excel workbook provided: a) A tab with a workbook of trial balances (Unadjusted, Adjusted, and Closing Trial Balances). Make sure your trial balance is in the appropriate order (follow the accounting equation A=L+E). b) A tab with all adjusting entries c) A tab with the financial statements for Box Store Corporation for the year ended December 31 in good form including ALL EPS (continuing, dis ops and full) calculations. (Please include a Multi-Step Income Statement, Statement of Retained Eamings and a Classified Balance Sheet. (Please note: A Statement of Cash Flows is not required) d) A tab with closing entries. A marking matrix will be provided. Please save your excel document as your lastnamefirstname (ie francoistiffanyy). Also have a header with your name on each tab. Excel hint: Make sure you are linking cells (ie write an account name of amount once only) and using formulas. You will be marked based on your formulas and linking, not just format and correct numbers. 1 Box Store Corporation 2 Trial Balance in Alphabetical Order 3 December 31,2022 4 - Unadjusted trial balance Box Store Corporation (BSC) sells and distributes household goods and cars across Canada. Their office is located in Victoria, BC. Their fiscal year end is December 31 and they perform their adjusting entries annually. BSC uses ASPE to report its financial statements. You have been hired by BSC to perform their accounting cycle starting with preparing the financial statements for the year ended December 31, 2021. Avery, the Controller at BSC, has provided you with an unadjusted trial balance and the following information: Eor adiusting entries: Management has reviewed the aging accounts receivable and estimates that the allowance for doubtful accounts should be $4,500. The prepaid insurance balance is a 12-month insurance policy that was purchased and paid for on July 1, 2021. Rent is prepaid annually on September 1. The notes payable was issued on March 1, 2021 and it has an interest rate of 4%. BSC pays interest on this note payable quarterly on June 1, Sept 1, Dec 1 and March 1. Depreciation Policy Depreciation is only taken at the end of each fiscal year and BSC uses only one Depreciation expense account for all tangible assets. Furniture and equipment - amortized straight-line with no expected salvage value and an estimated useful life of 10 years. Leasehoid improvements- amortized straight-line with an expected salvage value of $2,500 and an estimated useful life of 20 years. Computer hardware and software- amortized straight-line with no expected salvage value and an estimated useful life of 2 years. Other information (to complete the assignment which has already been recorded): Included in the unadjusted trial balance was dividends declared and paid during the year of $75,000. BSC has both preferred shares and common share authorized and outstanding. BSC is authorized to issue 20,000$4 non-cumulative preferred shares and at December 31,2021 , it has 5,000 issued and outstanding. BSC is authorized to issue unlimited common shares and at December 31,2021 has 200,000 issued and outstanding. On February 28, BSC issued 10,000 common shares and on August 1, BSC issued 60,000 common shares. In May 2021 Avery Spring, Controller of BSC determined that their car business was not profitable and could not compete with better known car dealerships and decided to discontinue operations. On Nov 27th, 2021 BSC sold all assets relating to the car business and recorded a gain on the transaction. The tax rate for BSC is 30%. BSC includes EPS calculations on its Income Statement even though ASPE doesn't require it because its shareholders like to know this information. Required: Prepare the following in the excel workbook provided: a) A tab with a workbook of trial balances (Unadjusted, Adjusted, and Closing Trial Balances). Make sure your trial balance is in the appropriate order (follow the accounting equation A=L+E). b) A tab with all adjusting entries c) A tab with the financial statements for Box Store Corporation for the year ended December 31 in good form including ALL EPS (continuing, dis ops and full) calculations. (Please include a Multi-Step Income Statement, Statement of Retained Eamings and a Classified Balance Sheet. (Please note: A Statement of Cash Flows is not required) d) A tab with closing entries. A marking matrix will be provided. Please save your excel document as your lastnamefirstname (ie francoistiffanyy). Also have a header with your name on each tab. Excel hint: Make sure you are linking cells (ie write an account name of amount once only) and using formulas. You will be marked based on your formulas and linking, not just format and correct numbers