You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year Because the company is a startup and so small, the accounting is done manually in Microsoft Excel You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department The business owners have also asked you to summarize the companys performance based on the financial statements Financial Statements Create financial statements using appropriate methods based on accepted accounting principles Be sure to prepare these financial statements in the order listed, as there are important interdependencies among them Income Statement Prepare the income statement using the adjusted trial balance Statement of Owners Equity Prepare the statement of owners equity using the adjusted trial balance Balance Sheet Prepare the balance sheet using the adjusted trial balance Closing Entries Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries Post Closing Trial Balance Prepare the Post Closing Trial Balance tab of the company accounting workbook in preparation for the next accounting period

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Posted on Oct 06, 2024

You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current

You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department. The business owners have also asked you to summarize the companys performance based on the financial statements.

Financial Statements: Create financial statements using appropriate methods based on accepted accounting principles. Be sure to prepare these financial statements in the order listed, as there are important interdependencies among them.
1. Income Statement: Prepare the income statement using the adjusted trial balance.
2. Statement of Owners Equity: Prepare the statement of owners equity using the adjusted trial balance.
3. Balance Sheet: Prepare the balance sheet using the adjusted trial balance.
4. Closing Entries: Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.
5. Post-Closing Trial Balance: Prepare the Post-Closing Trial Balance tab of the company accounting workbook in preparation for the next accounting period.