AC312 â Comprehensive Articulation Project This project shouldbe completed using Excel (with formulas and linked data). Below arethe deliverables:
1. Prepare a Multi-Step Income Statement for the year ended2018. This statement should be flexibly designed (formulas incells). To the right of your dollars in this statement, showcommon-sized percentages based on sales (vertical analysis).
2. Show journal entries, adjusting entries and closing entriesfor the below additional informationâ¦none of the journal entriesfor 2018 have been posted to the ledger.
3. Prepare a Statement of Retained Earnings for the year ended2018. This statement should be flexibly designed.
4. Prepare a Classified Balance Sheet dated Dec. 31, 2018.Again, a flexible design is required so any changes willautomatically update the balance sheet.
5. Prepare a Statement of Cash Flows using the indirect methodfor the year ended 2018. The Statement of Cash Flows (operatingsection) should automatically change when assumptions arechanged.
Your Name, Inc.
Marketable Securities (Short-term) 2,000
Accounts Receivable 14,000
Allowance for Bad Debt (2,000)
Prepaid Insurance 5,000
Total Current Assets $52,000
Property, Plant, and Equipment
Accumulated Dep. â Building (45,000)
Accumulated Dep. - Equipment (20,000)
Total PPE $215,000
Total Assets $267,000
Accounts Payable $9,000
Unearned Revenue 3,000
Income Taxes Payable 3,000
Total Current Liabilities $15,000
Bonds, 10%, due in 2021 $100,000
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 2018 are $250,000. All sales are on credit.
2. Gross Margin/Profit ratio is 40 percent
3. Accounts Receivable:
i. $180,000 of the accounts receivable is paid by the end of theyear (the remaining balance remains on the balance sheet).
ii. $3,000 of A/R is written off during the year. iii. 5% ofAccounts Receivable (after write-off and collections) is consideredto be uncollectible.
i. Inventory purchases is $175,000, all on credit (the periodicmethod is used).
ii. All accounts payable is from inventory purchases; all but$12,000 of inventory purchased is paid by the end of the year.
5. Additional equipment is purchased on 4/1/18 for $20,000 cash.All equipment when new, including the new purchase, has/had a fiveyear life, no salvage value, and is depreciated using thestraight-line method.
6. The building depreciates at $5,000 per year.
7. Half of the marketable securities were sold for $1,300. TheFMV of the other half of the securities is also $1,300 and anadjustment to FMV is required.
8. Salaries are $2,100 per month (12 months of salaries expensemust be booked). It is expected that one-half month will be owed on12/31/18 because of when payday falls (therefore, 11.5 months ofsalaries have been paid and Â½ month is still owed to the employeesat year end).
9. $60,000 in cash is borrowed on 10/31/18 by issuing a NotePayable. Interest is 8% per year.
10. The bonds were sold at face value last December and payinterest on Dec. 31, 2018.
11. 10,000 additional shares of stock were sold for $4 a share(for EPS purposes, assume these shares were outstanding allyear).
12. Insurance costing $20,000 was purchased on 7/1/18 (the sametime in which the policy purchased in 2017 expired. The new policywas for 12 months).
13. On Dec. 31, 2018, 1000 shares of stock are repurchased fromthe market at $2.80/share (treasury stock).
14. The tax rate is 30 percent. Income taxes for the currentyear are due and therefore paid during the first two months of thenext year (you will have to complete an entry to pay the 2017taxes, however the 2018 taxes will not be paid until the end ofJanuary 2019).
15. Dividends of $4,000 were paid during 2018.
16. The unearned revenue has been earned during the year(classified as other revenue on the multi-step income stmt.).
Required Labeled Sheets in Excel (all statements should be for2018):
1. Data Sheet (the ending balances from 2017 â provided on the2017 balance sheet)
2. Entries: Basic and Adjusting (you do not have to separatethese entries)
3. Adjusted Trial Balance for 2018 (includes the posted amountsof all entries and adjusting entries)
4. Multi-step Income Statement
5. Retained Earnings Statement
6. Classified Balance Sheet
7. Cash Flow Statement (using the indirect method)
8. Post-Close Trial Balance for 2018 (include your closingentries above your post close trial balance)
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