Excel Assignment

Covid Consulting, Inc. (CCI)  Marshall Butler purchased Covid Consulting, Inc. (CCI) in March 2020 as he saw an opportunity to help his community of Palatka, Florida. Along with several friends, Marshall set the store up using a corporate structure. Marshall began by purchasing many Personal Protective Equipment items but found that his customers were very quick to buy items from the Internet, so he started to acquire some unique supplies. To help Marshall to better understand the results of his operations for 2020, he would like you to prepare a set of financial statements for him on December 31, 2020. In addition, he has done a little consulting for his customers to help them better practice Social Distancing resulting in service revenue (NOT Sales Revenue). The accounts and amounts (normal balances) at the end of 2020 for CCI are presented on the following page. Additional Information Earned but unpaid salaries at year end amounted to $9,750. $8,350 of unearned service revenue was earned during the year. Additional supplies used during the year amounted to $1,600. Additional depreciation of $3,170 on the furniture and fixtures was not recorded. Additional interest revenue of $850 was earned but not received. Prepaid rent at year end was $3,700. Total interest expense for the year was $1,750. Butler did a physical inventory on December 31 and found $105,350 goods on hand. Butler uses the perpetual inventory system. CCI declared a cash dividend of $10,000 on December 31. The dividend will be paid on April 15, 2021. Required:      Prepare a 10-column work sheet using Microsoft Excel. A 10-column “Accountant’s” worksheet is sim­ilar to the one presented in Module 4. A listing of the unadjusted account balances for CCI is presented on the following page. Prepare a multi-step income statement, state­ment of retained earnings and classified balance sheet in good form. The “Accountant’s” worksheet and each of the financial statements should be located in a separate tab of the Excel spreadsheet. All values should articulate with the worksheet or the financial statements as appropriate (e.g. you need to use appropriate cell referencing). In a separate tab discuss the following: Calculate the Acid Test ratio and discuss what it means for CCI. Calculate the Profit Margin and discuss what it means CCI. Discuss any issues of concern about the inventory account and its impact on the financial statements of CCI. What should Marshall consider doing? Remember to save your spreadsheet so that the first tab contains your worksheet and has your name in the upper left-hand corner when the spreadsheet is pulled up. Each tab should come up on the upper left. Make sure that you save the spreadsheet on the “Normal” view (not page layout). The spreadsheet should be set up so that each tab is set to print, properly formatted, on only one page using landscape or portrait as appropriate. Each tab should contain a footer (in addition to the appropriate heading) that contains the date, your name, the name of the schedule. Each of the three parts should be separated in the footer (left, center and middle). You will have a chance to get feedback on critical number and achieve extra credit points by completing the quiz July 19, 2020. The project should be uploaded in Canvas as an EXCEL file attachment and received no later than July 26, 2020 at 11:59pm. The filename should be your name (i.e. MichelmanJeffrey). Note: other file formats are not acceptable.   Covid Consulting, Inc. Unadjusted Account Balances December 31, 2020 Accounts Payable          $ 2,400 Accounts Receivable       15,400 Accumulated Depreciation       14,700 Capital Stock    402,000 Cash    135,048 Cost of Goods Sold    460,000 Depreciation Expense          4,300 Dividends       30,300 Freight In       15,789 Furniture & Fixtures    185,760 Interest Expense          1,237 Interest Revenue               450 Merchandise Inventory    156,000 Notes Payable:  Long Term          8,000 Notes Receivable: Current       20,000 Prepaid Rent          8,000 Rent Expense       88,700 Retained Earnings       56,000 Salary Expense    170,000 Sales Discounts          8,650 Sales Returns & Allowance          3,400 Sales Revenue    812,101 Supplies          3,400 Supplies Expense          2,300 Unearned Revenue       17,000 Utilities Expense         $  4,367