Ac312 Project 4

AC312   Project 4


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This project should be completed using Excel (with formulas and linked data). Below are the deliverables:
1. Prepare a Multi-Step Income Statement for the year ended 2016. This statement should be flexibly designed (formulas in cells). To the right of your dollars in this statement, show common-sized percentages based on sales (vertical analysis).
2. Show journal entries, adjusting entries and closing entries for the below additional information…none of the journal entries for 2016 have been posted to the ledger.
1. Prepare a Statement of Retained Earnings for the year ended 2016. This statement should be flexibly designed.
2. Prepare a Classified Balance Sheet dated Dec. 31, 2016. Again, a flexible design is required so any changes will automatically update the balance sheet.
3. Prepare a Statement of Cash Flows using the indirect method for the year ended 2016. The Statement of Cash Flows (operating section) should automatically change when assumptions are changed.
Your Name, Inc.
Balance Sheet
12/31/2015
Current Assets
Cash $18,000
Marketable Securities (Short-term) 2,000
Accounts Receivable 14,000
Allowance for Bad Debt (2,000)
Inventory 15,000
Prepaid Insurance 5,000
Total Current Assets $52,000
Property, Plant, and Equipment
Land $30,000
Building 150,000
Accumulated Dep. – Building (45,000)
Equipment 100,000
Accumulated Dep. - Equipment (20,000)
Total PPE $215,000
Total Assets $267,000
Current Liabilities
Accounts Payable $9,000
Unearned Revenue 3,000
Income Taxes Payable 3,000
Total Current Liabilities $15,000
Long-term Liabilities
Bonds, 10%, due in 2020 $100,000
Equity
Common Stock $ 50,000
(100,000 authorized, 50,000 issued) cont.
Additional Pd.-in Capital 80,000
Retained Earnings not given (must be calc.)
Total Equity $152,000
Total Liabilities & Equity $267,000
Additional Information (for all entries):
1. Sales for...