Accounting Trial Balance Project

Anonymous
timer Asked: Feb 2nd, 2016

Question description

I have this project and I have no clue where to start. 

1.  Use the information in the provided trial balance to create the following financial statements:

a.  2015 Income Statement

b.  2015 Balance Sheet

c.  2015 Cash Flow Statement

2.  Create ONE Excel Workbook with the following tabs:

a.  Tab 1:  Trial Balance for 2014 and 2015 provided

b.  Tab 2: Closing Entries for 2014 Income Statement

c.  Tab 3:  2015 Income Statement

d.  Tab 4:  Closing entries for 2015

e.  Tab 5: 2015 Balance Sheet post-closing entries  (Use the 2014 Retained Earnings balance as your beginning 2015 balance) 

f.  Tab 6:  Cash Flow Statement 

g.  NOTE:  Use the financial statements found in Appendix A as an example of proper statement format. 

3.  Formulas:

a.  Use Excel to setup the financial statements by linking the values from the trial balance.

b.  Use Excel formulas to calculate all totals and sub-totals. 

2014 Trial Balance 2015 Trial Balance
Account Title Debits Credits     Account Title Debits Credits  
Cash and cash equivalents  $  299     Cash and cash equivalents  $  364  
Short-term investments  $  553     Short-term investments  $  155  
Accounts receivable  $  198     Accounts receivable  $  218  
Merchandise inventories  $  441     Merchandise inventories  $  500  
Prepaid expenses and other current assets  $  265     Prepaid expenses and other current assets  $  307  
Property and Equipment   $  3,023     Property and Equipment   $  3,363  
Accumulated depreciation  $  100     Accumulated depreciation   $  200  
Long-term investments   $  120     Long-term investments   $  63  
Goodwill  $  708     Goodwill  $  710  
Intangible assets  $  91     Intangible assets  $  89  
Accumulated amortization of intangible assets  $  10     Accumulated amortization of intangible assets  $  10  
Other assets  $  156     Other assets  $  182  
Current installments of capital lease obligations  $  2     Current installments of capital lease obligations  $  3  
Accounts payable  $  276     Accounts payable  $  295  
Accrued payroll, bonus and other benefits due team members  $  379     Accrued payroll, bonus and other benefits due team members  $  436  
Dividends payable  $  43     Dividends payable  $  45  
Other current liabilities  $  557     Other current liabilities  $  473  
Long-term capital lease obligations, less current installments  $  60     Long-term capital lease obligations, less current installments  $  62  
Deferred lease liabilities  $  548     Deferred lease liabilities  $  587  
Other long-term liabilities  $  66     Other long-term liabilities  $  71  
Common Stock  $  2,863     Common Stock  $  2,904  
Treasury Stock  $  (711)     Treasury Stock  $  (1,124)  
Accumulated Other Comprehensive Loss  $  (7)     Accumulated Other Comprehensive Loss  $  (28)  
Retained earnings (beginning of year)  $  176  $  1,265     Retained earnings (beginning of year will be ending 2014 balance after closing entries)  $  187  must be calculated from 2014 close  **2015 ending balance must also be calculated after closing 2015 income statement
Sales  $  14,194     Sales  $  15,389  
Cost of Goods Sold  $  9,150     Cost of Goods Sold  $  9,973  
Selling, general and administrative expenses  $  4,032     Selling, general and administrative expenses  $  4,472  
Pre-opening expenses  $  67     Pre-opening expenses  $  67  
Relocation, store closure and lease termination expenses  $  11     Relocation, store closure and lease termination expenses  $  16  
Investment and other income  $  12     Investment and other income  $  17  
Income tax expense  $  367     Income tax expense  $  342  
 $  19,657  $  19,657        $  21,008  $  19,340  
               
*Debit to Retained Earnings represents dividends declared               
2014 Trial Balance 2015 Trial Balance
Account Title Debits Credits     Account Title Debits Credits  
Cash and cash equivalents  $  299     Cash and cash equivalents  $  364  
Short-term investments  $  553     Short-term investments  $  155  
Accounts receivable  $  198     Accounts receivable  $  218  
Merchandise inventories  $  441     Merchandise inventories  $  500  
Prepaid expenses and other current assets  $  265     Prepaid expenses and other current assets  $  307  
Property and Equipment   $  3,023     Property and Equipment   $  3,363  
Accumulated depreciation  $  100     Accumulated depreciation   $  200  
Long-term investments   $  120     Long-term investments   $  63  
Goodwill  $  708     Goodwill  $  710  
Intangible assets  $  91     Intangible assets  $  89  
Accumulated amortization of intangible assets  $  10     Accumulated amortization of intangible assets  $  10  
Other assets  $  156     Other assets  $  182  
Current installments of capital lease obligations  $  2     Current installments of capital lease obligations  $  3  
Accounts payable  $  276     Accounts payable  $  295  
Accrued payroll, bonus and other benefits due team members  $  379     Accrued payroll, bonus and other benefits due team members  $  436  
Dividends payable  $  43     Dividends payable  $  45  
Other current liabilities  $  557     Other current liabilities  $  473  
Long-term capital lease obligations, less current installments  $  60     Long-term capital lease obligations, less current installments  $  62  
Deferred lease liabilities  $  548     Deferred lease liabilities  $  587  
Other long-term liabilities  $  66     Other long-term liabilities  $  71  
Common Stock  $  2,863     Common Stock  $  2,904  
Treasury Stock  $  (711)     Treasury Stock  $  (1,124)  
Accumulated Other Comprehensive Loss  $  (7)     Accumulated Other Comprehensive Loss  $  (28)  
Retained earnings (beginning of year)  $  176  $  1,265     Retained earnings (beginning of year will be ending 2014 balance after closing entries)  $  187  must be calculated from 2014 close  **2015 ending balance must also be calculated after closing 2015 income statement
Sales  $  14,194     Sales  $  15,389  
Cost of Goods Sold  $  9,150     Cost of Goods Sold  $  9,973  
Selling, general and administrative expenses  $  4,032     Selling, general and administrative expenses  $  4,472  
Pre-opening expenses  $  67     Pre-opening expenses  $  67  
Relocation, store closure and lease termination expenses  $  11     Relocation, store closure and lease termination expenses  $  16  
Investment and other income  $  12     Investment and other income  $  17  
Income tax expense  $  367     Income tax expense  $  342  
 $  19,657  $  19,657        $  21,008  $  19,340  
               
*Debit to Retained Earnings represents dividends declared               

project_1_trial_balance.xlsx

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