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Week 6: Financial Statements Complete this assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of

Week 6: Financial Statements Complete this assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 6, 11:59pm EST. Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners equity, and classified balance sheet. You should use the information completed in prior weeks. Prepare the income statement, where net income will be carried through to the statement of owners equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners equity balance. Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet. Prepare a post-closing trial balance.

Scenario

You have just been promoted to the Senior Accountant position for Northridge LLC. During your first month in your new role, you will be completing a full accounting cycle for the month. Your Supervisor, Mr. Jones, requests that he previews your work since you are new to the position.

Directions

For this project, you will be using the Excel workbook provided in week 3.

Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed) .

Northridge LLC

Trial Balance

April 30, 20XX

Debit

Credit

Cash

$58,791

Accounts receivable

18,495

Merchandise inventory

85,221

Store Supplies

2250

Office Supplies'

885

Prepaid Insurance

1659

Office equipment

2500

Accumulated depreciation-Office Equipment

$658

Store equipment

16580

Accumulated depreciation-Store Equipment

2,268

Accounts Payable

50921

J. Spark, Capital

132,534

Totals

$186,381

$186,381

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