' y.A-l ? : . |a-B' | | Emphasis Heading 111 Normal! Strong Subtitle Paragraph Styles REQU?RED Use acelto complete the requi ements below for Food Lion Inc. FOOD LION, INC.-EXCEL FINANCIAL STATEMENTS PREPARATION BACKGROUND Food Lion, Inc. operates a chain of retail food supermarkets in fouteen states, principal located in the Southeast. The company competes with national, regional, and local supermarket chains, supercenters, discount food stores, single unit stores, convenience stores and warehouse clubs. The compary's stores sell a wide variethy of groceries, produce, meats, diary products, seafood, frozen food, deli/bakery and non-food items sich as health and beauty aids and other household and personal products. Warehousing and distribution facilities, includinga transportation fleet, are also owned and operated by the company. On December 28, 1996, 1,112 Food Lion stores were in operation employing 27,924 fiull-time and 45,246 part-time workers. After a series of mergers and acquisitions, in 1090 the company was acquired by the Belgitam compary, Delhaize America, one of the nation's largest supermarket companies Today, as the largest subsidiary of the Delhaize Group, Food Lion has more than 1,300 stores with 73,000 employees located across the southeast, but mainh in the Carolinas and Virginia To begin this project, set up the Chart of Accounts in Excel, enter beginning balances from TRIAL BALANCE attached at December 30, 2016 into the Chart of Accounts. Asset and expense accounts should have debit balances; while liabilities, stockholders' equity, and sales accounts should have credit balances. The income statement accounts should have $0 opening balances. All figures are in thousands of dollars. All transaction and adjusting joumal entries that affect Income Statement accounts should be posted to the Income Statement accounts and then closed to the "Retained Eamings" account. ' y.A-l ? : . |a-B' | | Emphasis Heading 111 Normal! Strong Subtitle Paragraph Styles REQU?RED Use acelto complete the requi ements below for Food Lion Inc. FOOD LION, INC.-EXCEL FINANCIAL STATEMENTS PREPARATION BACKGROUND Food Lion, Inc. operates a chain of retail food supermarkets in fouteen states, principal located in the Southeast. The company competes with national, regional, and local supermarket chains, supercenters, discount food stores, single unit stores, convenience stores and warehouse clubs. The compary's stores sell a wide variethy of groceries, produce, meats, diary products, seafood, frozen food, deli/bakery and non-food items sich as health and beauty aids and other household and personal products. Warehousing and distribution facilities, includinga transportation fleet, are also owned and operated by the company. On December 28, 1996, 1,112 Food Lion stores were in operation employing 27,924 fiull-time and 45,246 part-time workers. After a series of mergers and acquisitions, in 1090 the company was acquired by the Belgitam compary, Delhaize America, one of the nation's largest supermarket companies Today, as the largest subsidiary of the Delhaize Group, Food Lion has more than 1,300 stores with 73,000 employees located across the southeast, but mainh in the Carolinas and Virginia To begin this project, set up the Chart of Accounts in Excel, enter beginning balances from TRIAL BALANCE attached at December 30, 2016 into the Chart of Accounts. Asset and expense accounts should have debit balances; while liabilities, stockholders' equity, and sales accounts should have credit balances. The income statement accounts should have $0 opening balances. All figures are in thousands of dollars. All transaction and adjusting joumal entries that affect Income Statement accounts should be posted to the Income Statement accounts and then closed to the "Retained Eamings" account