Accounting Trial Balance Project
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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